Insolation Energy Ramps Up Manufacturing, Eyes ₹8,500cr Revenue

Insolation Energy Ramps Up Manufacturing, Eyes ₹8,500cr Revenue

Publicly listed solar module manufacturer Insolation Energy Ltd is aggressively expanding its manufacturing footprint and expects to more than sixfold its revenue to ₹8,500 crore by FY28, driven by demand from emerging sectors such as data centers, EV charging, and green hydrogen.

“These industries will be game changers for solar in the coming years,” Manish Gupta, Chairman of Insolation Energy, said in the investors call of the firm, outlining the company’s roadmap to scale both capacity and market presence.

Manufacturing Expansion in Rajasthan and MP

Insolation currently operates a 950 MW solar module facility in Rajasthan and is nearing completion of a new 3 GW module line in Jaipur, expected to be operational within four to six weeks.

The company is also planning a significant foray into integrated solar manufacturing with a facility in Narmadapuram, Madhya Pradesh, which will house 4 GW of module capacity, 3 GW of solar cell capacity, and an aluminium frame facility with 54,000 metric tons annual capacity.

“All units at the MP plant will use TOPCon N-Type technology,” Gupta said, adding that land has been acquired and machinery orders are being finalised, with construction expected to begin in Q1 FY26. The 3 GW cell line is scheduled to begin operations in H1 FY27 and reach full capacity by January 2027. Estimated capex for the MP project exceeds ₹1,300 crore.

Meanwhile, the company’s existing Rajasthan facilities (Unit 1 and 2) will be upgraded from Mono PERC to TOPCon by September 2025, bringing total TOPCon capacity to around 4 GW. “The conversion will take just 15 to 20 working days, and the required machinery kits are already in stock,” Gupta said.

EPC Business and KUSUM Pipeline

Insolation’s EPC subsidiary, Insolation Green Infra Pvt Ltd, is executing multiple projects under the KUSUM A and C schemes, along with independent power projects, rooftop installations, solar parks, and O&M services.

Gupta said the company has a strong EPC order pipeline, especially under KUSUM Component A, with over 700 MW in bids submitted and expectations of securing more than 350 MW. For FY26, rooftop installations are projected to exceed 100 MW, with 130 MW already awarded for government buildings under the RREC tender in Rajasthan.

“We are confident of exceeding 100 MW installations this year, especially if we secure the upcoming KUSUM tender,” he added.

Future Financial Targets

The company is targeting robust growth:

• ₹3,300+ crore revenue in FY26
• ₹5,500+ crore in FY27
• ₹8,500+ crore in FY28

Corresponding Profit After Tax (PAT) targets are:

• ₹300+ crore in FY26
• ₹700+ crore in FY27
• ₹1,300+ crore in FY28

Strategic Initiatives and Forward Integration

Insolation signed a ₹10,000 crore MoU with the Rajasthan government to develop rooftop solar projects, solar parks, and component manufacturing.

The company also plans to diversify into Battery Energy Storage System (BESS) and solar wafer manufacturing, contingent on clear government policies. “Our strategy is built on scalability, financial discipline, and high return ratios,” Gupta noted.

Migration to Main Board and Quarterly Results

Insolation plans to migrate from the SME platform to the main board starting October 11, 2025, marking three years on the SME exchange. The migration is expected to be completed within 45–60 working days. The company will also begin declaring quarterly results, in line with new regulatory guidelines.

Revenue Mix and Margins

In FY25, 15%-20% of module revenue came from its dealer-distributor network, with the rest via EPC and government tenders. “Margins are 2%-5% higher in the dealer-distributor segment compared to large-scale project supplies,” Gupta explained.

He added that DCR (Domestic Content Requirement) vs. non-DCR margins are currently aligned, as the company operates on a fixed delta over raw material and cell prices. While availability of DCR cells remains tight, Gupta expects the situation to ease in 2-3 years as more manufacturers, including Insolation itself, begin solar cell production.

“We are committed to delivering long-term value to investors and society,” he said, citing a “well-thought growth strategy” and “unwavering focus on execution and quality.”