Insolation Energy
INSOLATION · NSE · Small Cap
Insolation Energy
Rajasthan-based module maker; expanding to cell manufacturing.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Insolation Energy: scale + integration + ALMM/PLI tailwind drive multi-year module margin expansion.
Bull case for Insolation Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Insolation Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Realization per watt vs cost per watt (EBITDA/watt)
- 06Imported BOM dependence and ALMM/PLI compliance
- 07Cell sourcing in light of ALMM List-II
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 17.2x | — |
| Forward P/E | — | — |
| EV/EBITDA | 19.6x | — |
| EV/Sales | 2.4x | — |
| P/B | 4.4x | — |
| FCF Yield | -14.5% | — |
| EV / GW (Module) | ₹1,577 cr | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker INSOLATION · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 4 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Sales | 215 | 279 | 737 | 1,334 |
| Operating Profit | 14 | 19 | 81 | 161 |
| OPM % | 6% | 7% | 11% | 12% |
| Net Profit | 7 | 11 | 55 | 126 |
| EPS (₹) | 0.46 | 0.51 | 2.66 | 5.73 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Sep 2025 | Dec 2025 |
|---|---|---|---|
| Sales | 325 | 415 | 575 |
| OPM % | 7% | 11% | 13% |
| Net Profit | 19 | 37 | 51 |
Balance sheet · 4 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Equity Capital | 15 | 21 | 21 | 22 |
| Reserves | 7 | 32 | 88 | 594 |
| Borrowings | 31 | 68 | 96 | 108 |
| Fixed Assets | — | — | — | — |
| Total Assets | 70 | 159 | 263 | 847 |
Cash flow · 4 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Operating | 9 | -1 | 30 | 113 |
| Investing | -3 | -29 | -33 | -554 |
| Financing | 2 | 45 | 28 | 394 |
| Net Cash Flow | 8 | 15 | 25 | -47 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary