MR. VIKAS JAIN
Q. Please enlighten our readers about the journey of the Company since its incorporation?
I started my business as a trader and distributor of pipes and fitting segments. During this journey I saw rising demand for solar components not only in Rajasthan but across India. In 2015, I had set up a solar power plant of 1 MW which gradually increased to 3 MW. Jawaharlal Nehru National Solar Mission introduced in January 2010 to promote solar power in India, gave us the major boost to enter into solar panel manufacturing business. In 2015, we decided to diversify our business model and enter into a solar panel manufacturing segment. Isolation Energy was promoted by me with Mr. Manish Gupta in October 2015 to manufacture high efficiency solar modules of various sizes in Jaipur. The Company commenced its production with60 MW capacity in 2017 which was gradually increased to 200 MW in 2021. Today solar panels contribute 90% of our total revenues while the remaining 10% is contributed by trading in other solar power components as well as contract manufacturing for other big players. We are the largest manufacturer in Jaipur and second largest in North India.
Q. What kind of Products and New Technologies you are going to launch in this or next year?
As discussed we are expanding our capacity by additional 500 MW. The new facility will have setup to manufacture 500+ W, 600 + w modules. We are also coming up with glass to glass modules in a big way. Recently we have introduced hybrid PCU’s. Plans are also afoot to explore grid tied inverter market. The strategy is to have presence in major solar system components like modules, inverter& battery etc.
Q. How Insolation Energy is going to participate in REI- 2022 and what are your expectations from this big event?
Insolation Energy has always been participating in all the major Renewable Energy shows. Our association with REI started in 2016 even before our commercial production started. We always look forward to meeting our vendors, clients & industry peers at such events. In fact, these events are learning platforms also. New technologies, products are showcased. After Covid-19 uncertainty over preceding two years we expect REI-22 to be mega successful. We expect to see lot of promising new clients this year.
Q. What does Insolation offer unique to its investors than other competitors?
We are grateful to our investors and confident that our investors would be beneficial by being a part of an emerging sector. As I mentioned, this industry is growing at a much faster pace and will attract impressive valuation as far as the equity market is concerned. In my opinion, the solar panel and modules industry is an emerging industry and can mirror the growth trajectory of the telecommunication industry which has seen a robust growth from its emergence in 1995 till date. What would differentiate us from our competitors are our USPs. First and foremost is the quality of our solar panel. Our solar panel has a guarantee of 25 years. Additionally, we have a wide product portfolio from 40Wp to 545Wp. We are competent in supplying any order at any point of time due to raw material inventory maintained by us. Our products are already well accepted in market & our team has a strong market presence and are well poised to tap the robust demand in the coming years.
Q. According to you, how is the competition environment in the market for your company?
There are few big players who are in the business of power generation and manufacturing solar panels. The industry also has a presence of few medium level manufacturers and many small time players. The healthy competition is good for the industry & we are sitting at an advantageous position having earned a good name in the market by virtue of offering quality products at a competitive price.
Further as discussed above the country aim is to achieve 280 GW of solar capacity by 2030. Our current installed capacity stands at approx. 58 GW which means we need to install about 27+GW of solar capacity every year to land up at 280 GW by 2030. Hence I can see enough space for every manufacturer to cater to this demand.Further as far as my knowledge goes, we would be the only listed entity manufacturing solar panels post our listing on BSE SME. We are growing at a much higher rate and will have a first mover advantage in the listed space.
Q. Insolation Energy is focusing on solar module, solar PCU, Solar battery and solar charge controller etc. Can you shed some light on how do you see the threat to our business from imported solar panels from China or Taiwan?
It is true that most of the solar panels and solar cells are imported from these countries. But with government support and its niche initiative of "Atmanirbhar Bharat", things are changing drastically. Many domestic companies are given incentives to produce solar panels in our Country. In the Union Budget 2022-23, the government allocated Rs. 19,500 crores (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.Further, MNRE has approved the list of models and manufacturers (ALMM) which are eligible for use in government and government assisted projects or government schemes widening scope for domestic products. Our modules are manufactured under stringent quality standards & thus are approved under BIS, ALMM & other quality standards. To decrease reliance on imports& to give fillip to the domestic industry, the government of India imposed a basic custom duty of 40% on solar panels and 25% on solar cells on imports i.e. April 1st, 2022, which makes solar panels manufactured in India much cheaper as compared to imported materials.
Q. What is your future outlook for the company?
I am very confident about our company’s growth perspective as explained earlier. We would grow in tandem with industry, may be at a much higher rate.
