Synopsis:
Insolation Green Energy, a subsidiary of Insolation Energy, secured a Rs. 143.2 crore order from Zetwerk for solar modules, with deliveries planned for FY 2025-26.
During Friday’s trading session, shares of India’s leading solar manufacturer of high-efficiency solar PV modules surged by around 4 percent on BSE, after the company announced securing an order worth Rs. 143.2 crores for the supply of solar modules.
At 10:40 a.m., the shares of Insolation Energy Limited were trading in the green at Rs. 198 on BSE, up by around 1 percent, as against its previous closing price of Rs. 195.9, with a market cap of Rs. 4,363 crores. The stock hit its 52-week high at Rs. 475 on 8th November 2024, and is trading at a discount of around 58 percent from its current price levels.
What’s the News
According to the latest exchange filings, Insolation Green Energy Private Limited, a wholly owned subsidiary of Insolation Energy Limited, has secured a significant order valued at Rs. 143.2 crores.
The order, awarded by Zetwerk Manufacturing Businesses Private Limited, involves the supply of solar modules and is expected to be delivered in the financial year 2025-26.
Management Guidance
The company’s management is optimistic about its growth trajectory, expecting net profit margins to improve significantly over the next few years — rising to 11.1 percent by FY26, 14 percent by FY27, and reaching 16 percent by FY28 (post-cell integration).
On the revenue front, the company expects to cross Rs. 3,000 crore in FY26, Rs. 5,500 crore in FY27, and Rs. 8,500 crore in FY28. Gross profit is projected to grow from Rs. 792 crore in FY26 to Rs. 1,320 crore in FY27 and Rs. 2,494 crore in FY28.
Similarly, EBITDA is expected to rise from Rs. 512 crore in FY26 to Rs. 1,265 crore in FY27 and Rs. 2,064 crore in FY28. Net profits are forecasted at Rs. 366 crore in FY26, Rs. 771 crore in FY27, and Rs. 1,377 crore in FY28.
Looking ahead to FY27-28, the company plans to scale up to 8 GW of module capacity and integrate 3 GW of cell production. Insolation Energy also expects to generate Rs. 7,000 crore in revenue from modules, Rs. 1,100 crore from EPC contracts, with the remaining coming from other business segments.
The company has planned a capex of over Rs. 1,300 crore, which will be funded through a mix of Rs. 300 crore from internal accruals and Rs. 1,000 crore in debt. The new 3 GW cell manufacturing line is set to go live in a single phase, with commissioning expected by January 2027.
Financials & more
Insolation Energy reported a significant growth in its revenue from operations, showing a year-on-year rise of around 57 percent from Rs. 459 crores in H2 FY24 to Rs. 722 crores in H2 FY25. Similarly, its net profit increased during the same period from Rs. 40 crores to Rs. 65 crores, representing a growth of around 62 percent YoY.
The company is currently sitting on a healthy order book of Rs. 2,500 crore. Of this, about 50 percent comes from the EPC/developers segment, 24 percent from the solar rooftop business, while channel partners and government schemes each contribute 12 percent.
Insolation Energy Limited is mainly engaged in the business of manufacturing a wide range of solar products, including solar modules, solar PCUs, and solar batteries, all marketed under the brand name of INA.
Previously, Insolation Energy underwent a 1:10 stock split, with a record date of 24th January 2025, which was the ex-split date. As a result, shareholders received 10 shares for every 1 share held, and the face value of each share was reduced from Rs. 10 to Re. 1 each.
Written by Shivani Singh
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