Insolation Energy Limited (INA), one of India’s leading solar PV module manufacturers, reported strong financial and operational performance for FY26, driven by robust demand across utility-scale, commercial & industrial (C&I), rooftop, and government-backed renewable energy projects. The company also made significant progress on its capacity expansion and backward integration plans during the year.
For FY26, the company’s revenue from operations increased by 61.02% year-on-year to ₹2,163.52 crore, compared to ₹1,343.62 crore in FY25. EBITDA rose 76.50% to ₹304.61 crore, while profit before tax grew 60.27% to ₹245.29 crore. Net profit for the year stood at ₹200.63 crore, registering a 59.75% increase over the previous fiscal year.
During the year, Insolation Energy successfully migrated to the Main Board of NSE and BSE, enhancing its market visibility and strengthening corporate governance standards. The company also expanded its installed solar module manufacturing capacity to 5.5 GW, supported by the ramp-up of its highly automated INA3 manufacturing facility.
As part of its backward integration strategy, the company continued development of a 4.5 GW TOPCon solar cell manufacturing facility and an 18,000 MTPA aluminium frame manufacturing plant at Narmadapuram, Madhya Pradesh. These projects are expected to strengthen the company’s domestic manufacturing ecosystem and enhance supply-chain integration.
The company also advanced execution of KUSUM-linked projects and expanded its independent power producer (IPP) portfolio of approximately 400 MW. Insolation Energy stated that increasing policy support for domestic manufacturing and the transition toward ALMM-compliant products continue to create opportunities for integrated solar manufacturers in India.
Operationally, the INA3 facility continued scaling with advanced automation, inline quality-control systems, and traceability infrastructure. Construction and infrastructure development activities at the Narmadapuram integrated manufacturing project are progressing as planned. The company also focused on procurement efficiencies, calibrated pricing strategies, and expansion of its distribution and channel partner network across key solar markets.
Looking ahead to FY27, Insolation Energy plans to commission and ramp up its solar cell and aluminium frame manufacturing facilities, further improve throughput efficiencies at INA3, expand its presence across utility-scale, rooftop, C&I, and government-led solar programs, and strengthen value-chain integration to improve long-term competitiveness and margin sustainability.
Mr. Manish Gupta – Chairman, Insolation Energy Limited, said, “FY26 has been a defining year for Insolation Energy as we successfully scaled operations, strengthened our manufacturing platform and delivered strong financial growth despite a dynamic industry environment. Our performance reflects disciplined execution, strong customer relationships and improving operating leverage across the business. The migration to the Main Board marks an important milestone in INA’s growth journey and reflects the Company’s evolving scale, governance standards and long-term strategic vision. We remain focused on building a resilient and future-ready renewable energy platform supported by prudent capital allocation and sustainable value creation.”
Mr. Vikas Jain – Managing Director, Insolation Energy Limited, said, “India is entering a significant domestic solar manufacturing cycle driven by rising renewable energy adoption, policy support and increasing focus on supply-chain localization. INA is strategically positioned to benefit from this transition through its expanding manufacturing footprint and integrated value-chain strategy. Our ongoing solar cell and aluminium frame expansion projects represent a major step toward backward integration and long-term competitiveness. With automation-led manufacturing, strong execution capabilities and a growing market presence, we remain confident of sustaining growth momentum while strengthening margins and operational efficiencies over the coming years.”
