Insolation Energy Q3 Revenue Jumps 77%, 9M FY26 Up 44% on Capacity Ramp-Up

Jaipur-based Insolation Energy Limited, in its unaudited financial results for the third quarter and nine months ended FY26, reported revenue of ₹1,352 Cr for 9M FY26, registering 44% year-on-year (YoY) growth. In a press release, the company attributed this growth to a scale-up in capacity, supported by an expanding distribution footprint in the utility segment.

In Q3 FY26, Insolation Energy reported revenue of ₹575.3 Cr, registering 77% YoY growth, aided by higher volumes across key markets. For 9M FY26, the company’s EBITDA stood at ₹195.5 Cr, up 69% YoY, translating into an EBITDA margin of 14%, reflecting operating leverage and better resilience to price volatility. Meanwhile, EBITDA for Q3 FY26 stood at ₹81.7 Cr, up 175% YoY, with an EBITDA margin of 14%.

Insolation also reported growth in profit after tax (PAT) for 9M FY26, which came in at ₹130.8 Cr, reflecting a 57% YoY increase, with a PAT margin of 10%. Q3 FY26 PAT stood at ₹50.7 Cr, up 174% YoY, with a PAT margin of 9%.

Operational Highlights

On the production side, Insolation Energy reported Q3 FY26 production of 356 MW, with dispatches of 364 MW, driven by steady execution and strong C&I demand.

Operational performance was also boosted by capacity ramp-up during the latest quarter. Insolation Energy said its newly commissioned lines at INA3 (a 4.5 GW facility) were in the ramp-up phase during the quarter and are expected to increase production meaningfully in the coming quarters as operations stabilise.

INA3 is designed to be one of the most automated PV module manufacturing facilities in India, supporting higher throughput, quality, and scalability. As of December 31, Insolation’s total rated module capacity stood at 5.5 GW, including the latest 1.5 GW line added in December.

Business & Strategic Updates

Insolation Energy said its performance was also supported by the greenfield project at Narmadapuram, Madhya Pradesh, which comprises 4.5 GW TOPCon G12R cell manufacturing capacity and an 18,000 MT aluminium frame facility. The project is progressing as planned, with civil works and PEB activities in full swing.

Performance was further supported by the KUSUM projects secured in Rajasthan in the previous quarter. These projects, aggregating more than 200 sites with 400 MW (DC), have completed all PPAs, providing strong execution visibility and gradually building an IPP portfolio.

Commenting on the financial performance, Manish Gupta, Chairman, Insolation Energy Limited, said the company’s Q3 and 9M FY26 performance was driven by disciplined cost execution, improving operating leverage, and better resilience to price volatility. Revenue from operations stood at ₹5,753 Mn in Q3 FY26. He added that profitability more than doubled during the quarter, crossing the company’s FY25 financials in the 9M FY26 period itself.

Commenting on the operational and strategic progress, Vikas Jain, Managing Director, Insolation Energy Limited, said, “Our backward and forward integration will enable INA to be one of the few companies to have end-to-end control of its supply chain. This will allow us to control margins and production and sustain our position in the market by providing quality products.”

He added, “We are also migrating to the BSE and NSE Main Board, marking a significant step in our strategy and corporate governance commitment to transparency, governance, and shareholder value creation.”