Insolation Energy LimitedQ1 FY27 Results & Financial Update

Insolation Energy Limited: Q1 FY27 consolidated results and company financials – revenue ₹740.70 Cr, PAT ₹38.02 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: INAPublished 20 Oct 2026Updated 20 Oct 2026~6 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹740.70 CrReported Q1 FY27
Profit after tax₹38.02 CrReported Q1 FY27
EPS₹1.73Reported Q1 FY27

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Quarterly Results AnalysisExplore Insolation Energy Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

Insolation Energy posted consolidated total revenue of Rs 745.40 crore for Q1 FY27, delivering 105.37% year-on-year growth compared to Rs 362.94 crore in Q1 FY26, driven by steady dispatches across utility-scale, C&I, and distributed solar segments.

02

Operating profitability as measured by EBITDA grew 32.97% year-on-year to Rs 76.87 crore from Rs 57.81 crore, reflecting robust top-line execution alongside broader industry input cost pressures.

03

Management noted that margins for the quarter reflected the broader cost environment witnessed across the solar manufacturing sector, while operational efficiencies and cost discipline partially offset input cost inflation.

04

The company maintained healthy capacity utilisation at its INA3 manufacturing facility while advancing its backward integration projects at Narmadapuram to structurally strengthen future margin profiles.

05

Subsequent to the quarter, the order book was further reinforced by a Rs 558.29 crore order from NTPC Renewable Energy for solar PV modules, providing strong forward revenue visibility alongside an overall order book exceeding 2.1 GW.

01 · Business model

What does Insolation Energy do?

Insolation Energy Limited is a Jaipur-headquartered solar photovoltaic (PV) module manufacturer and integrated renewable energy platform serving utility-scale, commercial and industrial (C&I), rooftop, and distributed solar markets across India.

The company operates advanced manufacturing facilities with a cumulative installed module capacity of 5.5 GW, anchored by its highly automated INA3 plant featuring inline quality control and full traceability infrastructure.

INA is executing a major backward integration roadmap at Narmadapuram, Madhya Pradesh, to construct a 4.5 GW TOPCon solar cell facility and an 18,000 MTPA aluminium frame manufacturing plant.

The economic model blends strong direct product dispatches across diverse solar segments with active participation in government-led programs such as PM-KUSUM, PM Surya Ghar Muft Bijli Yojana, and an expanding IPP portfolio.

02 · Historical context

What shaped the business before this quarter

Capacity and Technology Scale-Up

The company established advanced module manufacturing facilities with an installed capacity of 5.5 GW, featuring automated plants such as INA3.

Backward Integration Initiation

INA previously laid out a comprehensive backward integration strategy at Narmadapuram, Madhya Pradesh, encompassing a 4.5 GW TOPCon solar cell facility and an 18,000 MTPA aluminium frame plant.

03 · Financial snapshot

Current-quarter financial snapshot

MetricQ1 FY27
Revenue from operations₹740.70 Cr
Total income₹745.40 Cr
Profit before tax₹47.50 Cr
Profit after tax₹38.02 Cr
EPS₹1.73

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Segment Dispatches

Total revenue of Rs 745.40 crore was supported by steady module dispatches across utility-scale, commercial and industrial (C&I), and distributed solar segments.

Government Program Participation

Revenue visibility was bolstered by deep participation in government-led initiatives including PM-KUSUM and PM Surya Ghar Muft Bijli Yojana.

What drove margins

Input Cost Pressures

EBITDA margin compressed to 10.31% from 15.93% in Q1 FY26 due to the broader cost environment and input cost inflation impacting the solar manufacturing industry.

Pricing Discipline

Management maintained strict pricing discipline and a measured approach to procurement amidst the near-term margin environment.

05 · Demand, customers & order book

Where demand is coming from

Order Book Scale

The company's order book stood at over 2.1 GW as of Q1 FY27, providing strong revenue visibility across multiple market segments.

NTPC Renewable Energy Win

Subsequent to the quarter, INA Solar secured a Rs 558.29 crore order from NTPC Renewable Energy for solar PV modules, representing approximately 26% of FY26 consolidated revenue.

PM-KUSUM Execution Wins

Business execution remained robust with 226.45 MW awarded under PM-KUSUM Component A alongside a ~400 MW IPP portfolio.

06 · Segments, products & geography

Which parts of the business are doing the work

Geography and market mix

Domestic Expansion and Manufacturing Hubs

Operations span multiple manufacturing facilities in Jaipur, Rajasthan, and upcoming backward integration sites in Narmadapuram, Madhya Pradesh, serving pan-India markets.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Capacity Expansion Roadmap

The company remains on track to scale total module manufacturing capacity to approximately 7 GW.

Projects, capex and execution

FY27 Capex Outlay

A total capex outlay of approximately Rs 1,500 crore is earmarked for FY27 to fund backward integration and capacity expansion.

Narmadapuram Backward Integration

Civil works, PEB activities, and utilities development for the 4.5 GW TOPCon cell and 18,000 MTPA aluminium frame facilities advanced as scheduled, with major plant and equipment ordered and advance payments made.

Commissioning Timeline

Both the TOPCon cell and aluminium frame facilities remain targeted for phased commissioning in H2 FY27 and FY27 respectively.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Fully Integrated Ecosystem

The company is executing its backward integration strategy to build a fully integrated 'Made in India' solar manufacturing ecosystem, positioning itself to benefit from the ALMM-II mandate.

IPP Portfolio Development

INA continues to grow its independent power producer (IPP) portfolio alongside participation in government-led solar schemes.

09 · Reported developments

What changed operationally

Strong Top-Line Growth

Q1 FY27 revenue grew 105.37% year-on-year to Rs 745.40 crore, accompanied by a 32.97% increase in EBITDA to Rs 76.87 crore.

Major Order Win

Secured a Rs 558.29 crore solar PV module order from NTPC Renewable Energy subsequent to the quarter end.

Industry Recognition

Recognised with the 'Business Maestro Award' at Tally MSME Honours 2026.

10 · Pressure points & risks

What is not going smoothly

Margin Compression

EBITDA margin declined to 10.31% from 15.93% in Q1 FY26, and Net Profit declined 11.83% year-on-year to Rs 38.02 crore due to broader input cost pressures across the industry.

11 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Project Execution Financing

Approximately Rs 347 crore of project execution financing was arranged during the year to support execution of PM-KUSUM Component A projects.

Capital allocation & funding

Capex Funding Mix

The ~Rs 1,500 crore FY27 capex outlay is funded through a mix of term debt—including an IREDA facility—and internal accruals.

12 · Key Q&A

The quarter, answered directly

What does Insolation Energy do?

Insolation Energy Limited is a Jaipur-headquartered solar photovoltaic (PV) module manufacturer and integrated renewable energy platform serving utility-scale, commercial and industrial (C&I), rooftop, and distributed solar markets across India.

What is the clearest takeaway from Q1 FY27?

Insolation Energy posted consolidated total revenue of Rs 745.40 crore for Q1 FY27, delivering 105.37% year-on-year growth compared to Rs 362.94 crore in Q1 FY26, driven by steady dispatches across utility-scale, C&I, and distributed solar segments.

What drove revenue or demand?

Total revenue of Rs 745.40 crore was supported by steady module dispatches across utility-scale, commercial and industrial (C&I), and distributed solar segments.

What mattered most for margins or profitability?

EBITDA margin compressed to 10.31% from 15.93% in Q1 FY26 due to the broader cost environment and input cost inflation impacting the solar manufacturing industry.

What changed operationally beyond the headline numbers?

The company remains on track to scale total module manufacturing capacity to approximately 7 GW.

What are the main pressure points disclosed for the quarter?

EBITDA margin declined to 10.31% from 15.93% in Q1 FY26, and Net Profit declined 11.83% year-on-year to Rs 38.02 crore due to broader input cost pressures across the industry.

13 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

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14 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Narmadapuram Facility Commissioning: Monitor the phased commissioning of the 4.5 GW TOPCon solar cell facility and 18,000 MTPA aluminium frame plant slated for H2 FY27 and FY27.

  2. 02

    Capacity Scaling to 7 GW: Track progress on scaling total module manufacturing capacity from 5.5 GW to approximately 7 GW.

  3. 03

    NTPC Order Execution: Observe execution progress on the Rs 558.29 crore NTPC Renewable Energy order and overall order book conversion.

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