Insolation Energy delivers strong H1FY26 performance with solid growth momentum

Insolation Energy Limited, one of the fastest growing and most widely respected solar module manufacturers in India, has reported a strong financial performance for the half year ended 30 September 2025. The company, headquartered in Jaipur Rajasthan, announced its results through a detailed press release submitted to the stock exchanges, including BSE Limited, in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations 2015.

The company delivered 25.6 percent year on year revenue growth, improving profitability, expanding manufacturing capacity, and accelerating its long term strategy focused on vertical integration. These developments highlight its growing role in Indias renewable energy ecosystem and the strengthening position of domestic solar manufacturing.

The announcement was accompanied by comments from the companys leadership team including Chairman Manish Gupta and Managing Director Vikas Jain, who emphasised strong operational execution despite sector challenges.

Performance highlights for H1FY26

In the half year ended September 2025, Insolation Energy recorded:

• Revenue of Rs 776.7 crore, up from Rs 618.3 crore in H1FY25

• EBITDA of Rs 113.8 crore, compared to Rs 87.1 crore last year

• EBITDA margin of 14.7 percent, an improvement of 60 basis points

• PAT of Rs 80.1 crore, compared to Rs 64.8 crore previously

• PBT of Rs 97 crore, reflecting 25.6 percent year on year growth

The company highlighted that these results reflect strong acceptance of its solar module products across various customer groups and growing overall demand in the Indian solar sector.

Leadership insights on the companys performance

Commentary from the Chairman

Commenting on the results, Chairman Manish Gupta expressed satisfaction with the companys performance. He noted that despite operational hurdles caused by an extended monsoon period, Insolation Energy continued to deliver strong growth. He attributed this resilience to the companys robust business model, its focused execution, and the expanding demand for high efficiency solar modules.

He highlighted that the commissioning of the companys new 3 GW solar module plant and the upcoming commissioning of an additional 1.5 GW by the end of Q3FY26 have positioned Insolation Energy favourably for the second half of the financial year. According to his assessment, this enhanced capacity ensures timely fulfilment of customer needs while strengthening operational capabilities.

The Chairman also outlined the companys long term plans, including active construction of a new 4.5 GW solar cell manufacturing facility and an 18000 MTPA aluminium frame manufacturing unit, both expected to be commercialised by the second half of FY27. He stated that these expansions mark significant steps in enhancing the companys vertical integration and strengthening the domestic solar value chain in alignment with national renewable energy priorities.

Commentary from the Managing Director

In his remarks, Managing Director Vikas Jain emphasised the operational benefits arising from scale. He noted that consolidated revenues rose 25.6 percent to Rs 776.7 crore, driven by widespread customer acceptance of the companys product portfolio. He also mentioned that increased volumes helped in improving EBITDA margins by 60 basis points, reaching 14.7 percent.

He highlighted the commencement of commercial production at the INA 3 plant, which is one of the most advanced TOPCon N type module manufacturing facilities in India. This plant features extensive automation, stringent testing protocols, and low defect rate acceptance. The company has already started production on two lines totalling 3 GW and is set to start production on a third line, adding 1.5 GW, by the end of Q3FY26.

Strategic capacity expansion and vertical integration

A central element of Insolation Energys strategy is vertical integration, which enables the company to control multiple stages of the manufacturing process. This approach enhances quality, reduces dependency on external suppliers, improves cost efficiencies, and strengthens the supply chain.

Key expansions underway:

1. 4.5 GW solar cell manufacturing plant

   • Currently under construction

   • Expected commercialisation by H2FY27

   • Strengthens domestic cell manufacturing in line with national solar goals

2. 18000 MTPA aluminium frame manufacturing facility

   • Supports module manufacturing requirements

   • Reduces import reliance

   • Scheduled for commercialisation by H2FY27

3. Recently commissioned 3 GW TOPCon N type plant

   • One of the most advanced automated plants in India

   • Produces high efficiency modules with improved performance and durability

The company stated that these expansions will meaningfully strengthen Indias renewable energy value chain and contribute to energy self sufficiency under national priorities such as Atmanirbhar Bharat and the renewable energy mission.

Strong demand across customer segments

Insolation Energy reported that demand remains strong across all customer categories, including:

• Utility scale solar developers

• Rooftop installers

• Industrial and commercial consumers

• Residential buyers

• Government and institutional projects

The Indian solar sector has seen rapid growth, driven by national targets for renewable energy capacity, supportive government policies, improved financing ecosystems, and rising awareness of clean energy.

The company indicated that demand momentum is expected to continue into the second half of FY26 due to:

• Higher solar adoption in residential and commercial buildings

• Increasing project announcements by state and central agencies

• Accelerated interest from industrial users seeking energy cost savings

• Broader economic focus on sustainability and carbon reduction

Manufacturing strength and advanced technology

Insolation Energy operates multiple state of the art manufacturing units and maintains strong quality control systems.

Key capabilities include:

• Advanced automation using robotics

• Stringent quality assurance protocols

• Use of high grade raw materials

• A skilled workforce with sector expertise

• Production of modules designed for long term durability

• Manufacturing infrastructure aligned with high environmental and safety standards

The companys use of TOPCon N type technology places it among leading manufacturers capable of producing next generation high efficiency solar modules. These modules offer superior performance in varied climatic conditions, making them suitable for large scale power plants as well as distributed rooftop applications.

Financial stability and growth potential

The companys financial results indicate stable and consistent growth. Improvements in revenue, EBITDA, profit before tax, and profit after tax collectively reflect:

• Strong operational efficiency

• Rising product demand

• Effective cost management

• Benefits from scale

• Successful commissioning of new facilities

Zero change in PBT margin at 12.5 percent year on year suggests stable profitability despite expanded operations, investment cycles, and macroeconomic factors.

Industry outlook and company positioning

The Indian solar industry is expected to grow rapidly over the next decade due to:

• Rising renewable energy targets

• Accelerated project executions

• Government backed incentives for domestic manufacturing

• Falling technology costs

• Growing investor interest in sustainable infrastructure

Insolation Energy is positioning itself as a major contributor to this growth. With expanding capacity, strong governance practices, and a vertically integrated model, the company is preparing to meet rising demand and contribute to national clean energy goals.

The leadership team expressed confidence that the company will be able to deliver strong shareholder value in the medium to long term through its sustained expansion plans and commitment to efficiency, innovation, and quality.

Conclusion

Insolation Energy Limited’s H1FY26 results underline robust operational strength, effective execution, and a clear long term growth strategy. The company’s strong revenue performance, margin expansion, capacity additions, and investments in advanced manufacturing place it among the most promising solar manufacturing enterprises in India.

With rapid expansion, increasing demand, and ongoing integration of upstream capabilities such as cell manufacturing and aluminium frame production, Insolation Energy continues to reinforce its position in the renewable energy ecosystem and align itself with India’s broader sustainability goals.

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