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.
INA operates on a vertically integrated model, though it’s not fully backward-integrated yet. Core business is solar module manufacturing, which contributed 87% of FY25 revenue. The remaining 13% is trading (importing solar cells and selling finished goods). By FY27, they’ll own the cell manufacturing too, completing the chain: cells → modules → aluminum frames → (future) ingots and wafers.
Manufacturing channels are diverse: 80% through 500+ dealer-distributor network (small to medium clients), 15% direct to EPC contractors and large developers (NTPC, NHPC, KPI Green, ACME Solar), and 5% under job-work arrangements for large corporate customers. Average ASP (average selling price) is around ₹27–30 per watt for standard Mono modules and ₹32–35 for newer TOPCon modules. Gross margins are around 20–25% on modules before operating expenses.
The concall revealed that management is laser-focused on technology shifts. H1 FY26 was dominated by Mono PERC sales. By Q3, the mix was 50-50 Mono vs TOPCon. By Q4 FY26, TOPCon is the dominant product. By FY27, management plans 80%+ TOPCon, with Mono PERC possibly discontinued unless specific DCR (Domestic Content Requirement) schemes demand it. Why? TOPCon modules are 2–3% more efficient and command 4–5% price premium.
Module Capacity5.5 GWoperational as of Q3
Revenue Mix87%Manufacturing; 13% Trading
Dealer Network500+across 100+ districts
Order Book2.1 GW₹2,600 Cr visibility
Fun fact: INA has supplied over 600 MW of modules under government schemes. That’s 600,000 homes or small businesses that now have solar power. But did you hear about it? No. Because making electricity is about as glamorous as making bricks. The company doesn’t spend 10% of its revenue on ads and market hype. It just makes stuff and sells it. Quietly.
04 — Financials Overview
Q3 FY26: The Scorecard That Makes You Wonder Why The Stock Is Down 67%
Result type: Quarterly Results | Q3 FY26 EPS: ₹2.30 | Q2 FY26 EPS: ₹1.68 | Q1 FY26 EPS: 0.84 | Average Q1–Q3 EPS: (0.84+1.68+2.30)/3 = ₹1.61 | Annualised EPS: ₹6.43
| Metric (₹ Mn) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 5,753 | 3,250 | 4,152 | +77.0% | +38.6% |
| Operating Profit (OPM) | 747 | 272 | 495 | +174.6% | +50.9% |
| Operating Margin % | 13.0% | 8.4% | 11.9% | +460 bps | +110 bps |
| PAT | 507 | 186 | 370 | +173.1% | +36.8% |
| EPS (₹) | 2.30 | 0.84 | 1.68 | +173.8% | +36.9% |
The Math is Brutal: TTM EPS = ₹6.58. CMP = ₹94. P/E = 14.3x. Wait, screener says 11.7x? Let’s recalculate. (₹6.58 × 94) / 6.58 = 14.3x. So either the screener is using older EPS or annualised forward guidance. Either way, a 14x P/E for 35% ROE and 84% revenue CAGR is criminally undervalued. The industry median P/E for solar/renewable energy is 28.7x. INA trades at a 50% discount. The only explanation: Dalal Street forgot this company existed.
💬 A solar manufacturer growing at 77% YoY with 35% ROE and a 2-day cash conversion cycle is trading at half the sector median P/E. Is this a Golden Ticket to Wealth, or a Golden Ticket to Pain? What’s your thesis?
05 — Valuation: Fair Value Range
What’s A 35% ROE Solar Panel Maker Actually Worth?
