Rajasthan: Insolation Subsidiary Starts 3 GW PV Solar Module Manufacturing Plant

Insolation Green Energy Private Limited, a subsidiary of Insolation Energy, has commenced commercial operations of its new 3 GW PV module manufacturing plant in Rajasthan.

The project is located along the Delhi-Ajmer Expressway, at Village Sawarda, Jaipur. The  development is in line with the planned capital expenditure announced by the firm, and takes the INA Group's total operational PV module manufacturing capacity at 4 GW.

Insolation Expansion Plans

Sharing an overview of company's future plant, Manish Gupta said, "We also plan to enter into solar wafer manufacturing as and when the formal policy is announced. This is in line with our forward and backward integration approaches for capturing all parts of the manufacturing value chain. We expect the said expansion to increase our top line, hence our aspiration is INR 3,000 crores plus in FY26, INR5,500 crores plus in FY27 and INR8,500 crores plus in FY28. We also expect margin accretion resulting in increase in profit after tax, hence our target for the same is 300 plus in FY26, 700 plus in FY27 and 1,300 plus in FY28." 

Vikas Jain, Managing Director of Insolation Energy, announced during an investors’ call that the company had raised ₹395 crores via a preferential issue during the year for its expansion plans.

Outlining the company’s future plans, Ravi Dusad, Chief Financial Officer (CFO), said:
“By FY27-28, the total module manufacturing capacity will reach 8 GW — split as 4 GW each in Madhya Pradesh — along with the integration of 3 GW of cells and 54,000 metric tons of aluminium for our frames unit. With this, we expect to achieve total revenue of ₹8,600 crores, including ₹7,000 crores from solar modules.”

Dusad further added, “With cell integration, in FY26-FY27 you will see margin expansion from 11% to 16% — a gain of 500 basis points in the next two years.”

Discussing production targets for FY26, Manish Gupta said, “In FY26, we are expecting total output of around 2,000 to 2,100 MW from all our units.”