Insolation Energy Limited — Investor Meet, 01-06-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Insolation Energy held an earnings conference call to discuss its Q4 and full-year FY26 financial results. Management discussed strong operational and financial performance, with revenue growing 61% YoY. Key strategic priorities include expanding manufacturing capacity, backward integration into cells, and strengthening market position through advanced technology. The outlook remains positive, supported by industry growth and company expansion plans.

**Financial Performance:** FY26 revenue stood at INR2,146 Cr, a 61% YoY increase. EBITDA grew 79% to INR305 Cr, and PAT rose 59% to INR201 Cr. Q4 FY26 saw 100% YoY revenue growth to INR794 Cr, with EBITDA up 93% to INR111 Cr and PAT up 65% to INR70 Cr. FY26 EBITDA margins improved to 14%.

**Management Commentary & Outlook:** The company is focused on backward integration with a 4.5 GW cell facility targeting Q3 FY27 and aluminum frame manufacturing by Q1 FY27. They anticipate EBITDA margins to increase to 17-18% once the cell line is operational, with full capacity utilization expected by Q1 FY28. Management is confident in maintaining revenue growth and sees significant long-term opportunities in India's renewable energy sector.

**Order Book & Operational Updates:** The current order book is estimated at 1.6-1.8 GW. Production and sales volumes saw significant growth, supported by diversified demand channels. They aim for a 400 MW IPP portfolio by FY27.

**Analyst Q&A Highlights:** Key discussions revolved around managing raw material price fluctuations, the phased ramp-up of the cell plant, capex plans (INR2,500 Cr for FY27), debt levels, and receivable management. Management confirmed plans for wafer and ingot manufacturing, with land secured. Free cash flow is expected to turn positive within 6-8 months after the cell plant commissioning.

**Investor Angle:** The company presented a confident tone, highlighting strong execution, strategic expansion, and a positive outlook for sustained growth and margin improvement, particularly with backward integration into cell manufacturing.