01 — At a Glance
A 10-Year-Old Solar Panel Maker Just Crashed the Mainboard Party
- 52-Week High / Low₹282 / ₹91.1
- Q3 FY26 Revenue₹575 Cr
- Q3 FY26 PAT₹50.7 Cr
- TTM EPS₹6.58
- Q3 EPS₹2.30
- Book Value / Share₹31.2
- Price to Book3.02x
- Operating Margin (Q3)13%
- ROCE34.7%
- 3-Year Revenue CAGR84%
Flash Summary: Insolation Energy just posted Q3 FY26 revenue of ₹575 crore (up 77% YoY) and PAT of ₹50.7 crore (up 174% YoY). The company migrated to BSE/NSE mainboard on March 9, 2026. P/E of 11.7x with 34.9% ROE. Operating margins at 13%, expanding rapidly. Cash conversion cycle of just 2 days. This is what happens when a Jaipur solar manufacturer decides to crash a party meant for ₹10,000 crore companies. The stock is still 67% below its 52-week high. Either everyone forgot about this company, or everyone’s blind.
02 — Introduction
Solar Panels Made in Jaipur, Dreams of Becoming India’s Clean-Tech Conglomerate
Insolation Energy Limited (INA) was incorporated in 2015 by two childhood friends, Vikas Jain and Manish Gupta, in Jaipur. Back then, making solar panels in India was like selling ice to Eskimos — technically possible, but nobody asked for it. The company started with 200 MW of module manufacturing capacity. Fast forward to March 2026, and INA is operating 5.5 GW of solar module capacity, with another 4.5 GW of cell manufacturing coming online in Q3 FY27. They’ve moved from SME board to mainboard in 48 hours. They’re filing for ₹5,000 crore in borrowing limits. They’re building backward-integrated cell and aluminum frame plants. And somehow, the stock is still cheaper than Domino’s pizza.
INA sells solar modules to everyone with a roof and an opinion about electricity bills: commercial & industrial customers, EPC contractors, government schemes (PM-KUSUM, PM Surya Ghar), dealers across 100+ districts. They make traditional Mono PERC modules, but they’re aggressively pivoting to TOPCon (Top Contact) technology because TOPCon is more efficient and fetches better margins. The company is now the 2nd largest solar manufacturer in North India. Still hungry.
The concall in February 2026 was explosive. Management guided that by next financial year (FY27), they expect to dispatch “more than 3.5 GW” of modules. Their order book is ₹2,100 MW with another ₹1,750 MW in the pipeline. They’re commissioning a 4.5 GW cell plant in Madhya Pradesh. And they have 400+ MW of KUSUM projects lined up with state electricity boards paying ₹2.60–₹3.04 per unit for 25 years.
CARE Ratings (Feb 2026): Assigned CARE BBB+; Stable and CARE A2 ratings to INA’s bank facilities. The ratings acknowledge “significant scaling up of operations,” “healthy order book,” “comfortable financial risk profile,” and “favourable demand for domestically manufactured solar modules.” Key risk: execution risk on the ₹1,512 crore cell manufacturing capex in Madhya Pradesh. But liquidity is rated “Adequate.”
03 — Business Model: Building India’s Solar Panels, One Roof at a Time
They Make Panels. You Use The Electricity. Everyone’s Happy. Except The Stock Market.
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