Synopsis:
Insolation Green Energy secured a ₹1,134 crore IREDA loan for a 4.5 GW solar cell plant in Madhya Pradesh, with ₹378 crore from internal funds, supporting full solar value chain integration.
The shares of one of the leading renewable energy company, specializing in the development and installation of solar power systems, jumped upto 2 percent upon receiving Rs. 1,134 crore from IREDA to finance a new 4.5 GW solar cell manufacturing facility in Madhya Pradesh.
With a market capitalization of Rs. 4,404.66 crores on Thursday, the shares of Insolation Energy Limited jumped upto 2.2 percent, making a high of Rs. 203.00 per share compared to its previous closing price of Rs. 198.45 per share.
What Happened
Insolation Energy Limited has informed that its wholly owned subsidiary, Insolation Green Energy Private Limited, has received a loan sanction of Rs. 1,134 crores from the Indian Renewable Energy Development Agency Limited (IREDA) through a sanction letter dated September 17, 2025.
The loan will be utilized for setting up a new 4.5 GW solar cell manufacturing facility at Mohasa Babai, Narmadapuram, Madhya Pradesh, with a total estimated project cost of Rs. 1,512 crores. While Rs. 1,134 crores will be funded by IREDA, the remaining Rs. 378 crores will be financed through the company’s internal accruals.
This project aligns with the company’s broader strategy of backward and forward integration across the solar energy value chain, with the solar cell facility reinforcing its backward integration efforts.
Within the next two years, the group aims to achieve a cumulative manufacturing capacity comprising 7 GW of PV module production, 4.5 GW of solar cell manufacturing, and 18,000 MTA of aluminum frame production, along with a future plan to establish 3 GW of ingot and wafer manufacturing by 2028.
Financials & Others
The company’s revenue rose by 90 percent from Rs. 372 crore to Rs. 707 crore in H2FY25-26. Meanwhile, the Net profit rose from Rs. 43 crore to Rs. 62 crore during the same period.
The company has delivered strong profit growth of 109% CAGR over the last 5 years and maintains a solid return on equity, with a 3-year average ROE of 39.7%. It also reports a high ROCE of 56.6% and ROE of 49.9%, with a low debt-to-equity ratio of 0.06, indicating strong financial health.
Insolation Energy Limited (INA Solar) is an Indian company, founded in 2015 and based in Jaipur, that manufactures and supplies solar panels, batteries, and power conditioning units under the brand name INA Solar.
INA Solar, a BSE SME-listed company under Insolation Energy Limited, has been providing sustainable energy solutions for over 8 years. With a current manufacturing capacity of 1 GW and three modern units in Jaipur, Rajasthan, the company ranks among the top 10 solar firms in India.
The company currently has a strong order book of ₹2,500 crores, with major projects scheduled for execution in FY25–26. The order split includes ₹1,250 crores from EPC/Developers, ₹650 crores from Government Schemes, ₹300 crores from Rooftop projects, and ₹300 crores from Channel Partners.
Written by Sridhar J
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