INA
Insolation Energy share price & financials
- Price
- ₹118.34
- Market cap
- ₹2.1k Cr
- Sector
- Power
- Calls analysed
- 2
INA Q4 FY26
What went well
- Revenue from operations for FY26 grew 61% year-on-year to INR2,146 crores.
- EBITDA for FY26 increased 79% to INR305 crores, with margin improving to 14% from 13% in FY25.
- PAT for FY26 rose 59% to INR201 crores, achieving a 9.3% PAT margin.
What to watch
- Raw material price increases have led to potential margin pressure, which the company plans to absorb partially and pass on to customers.
- Working capital is negative and free cash flow to firm is negative due to significant ongoing capex.
What Insolation Energy Limited does
Insolation Energy Limited (INA Solar) is a fully integrated solar manufacturer producing crystalline-silicon PV modules, solar cells (TOPCon technology) and aluminium module frames, and is extending backward into ingot/wafer capacity to complete the solar value chain. It earns by selling modules and cells through a multi-channel distribution network spanning government schemes (PM KUSUM, DISCOM tenders), EPC contractors, project developers, OEM tie-ups and a pan-India channel-partner/distributor base serving commercial and rooftop solar demand. Through its subsidiary Insolation Green Infra, the group also undertakes EPC contracting and runs its own independent power producer (IPP) solar parks, including PM-KUSUM Component A/B/C projects, rooftop installations and O&M services. A separate wholly-owned subsidiary, Insolation Green Energy, houses part of the manufacturing operations.
Segments
- Solar Manufacturing
- EPC & IPP
- PV module manufacturing capacity (current)
- 5.5 GW
- Employees
- 1,500+
- Customer base
- 25,000+
- Channel partners / distributors
- 700+
- Manufacturing facilities
- 5 units — 3 in Jaipur, Rajasthan and 2 in Narmadapuram, Madhya Pradesh
- Ongoing IPP solar projects
- 400+ MW
Guidance record · Q4 FY26
what the last two calls moved 17 tracked 2 delivered 2 missed 13 open- FY26 Revenue delivered, diluted said Q3 FY26 Promised: INR 3,300 crores Q4 FY26: Achieved INR 2,146 crores for FY26, exceeding the revised guidance of 'close to INR 2,000 crores'.
- FY26 PAT Margin missed said Q3 FY26 Promised: 11% Q4 FY26: The company reported a full-year FY26 PAT margin of 9.3%, missing the 11% target.
- Long-Term Revenue revised down said Q3 FY26 Promised: $1 billion or INR 8,000 crores by FY27-28 or FY28-29 Q4 FY26: Management now targets 'more than INR5,000 crores of the top-line revenue' by FY28, a significant reduction from the previous INR 8,000 crore target for a similar timeframe.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 59.9%, net profit down 706.3% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 23 | 35 | 30 | 35 | 13 −43% | 20 −43% | 12 −60% |
| EBITDA | -1 | 1 | 2 | 4 | 5 +864% | -3 −467% | -2 −176% |
| Net profit | 2 | 1 | 0 | 5 | 3 +94% | -2 −321% | -3 −706% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −4.0% YTD
YTD: ₹96.81 on 9 Mar 2026 → ₹92.98. High ₹156.43 (28 Apr 2026), low ₹82.18 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −9.4%
- 27 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹98 Cr |
| Operating profit | ₹8 Cr |
| Operating margin | 7.7% |
| Interest | ₹3 Cr |
| Depreciation | ₹3 Cr |
| Net profit | ₹7 Cr |
| Net margin | 7.3% |
| Cash from operations | ₹-0 Cr |
| Free cash flow | ₹-29 Cr |
| ROCE | 2.5% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹3 Cr | ₹15 Cr | ₹21 Cr | ₹21 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹13 Cr | ₹7 Cr | ₹28 Cr | ₹30 Cr | ₹666 Cr | ₹420 Cr |
| Borrowings | ₹21 Cr | ₹29 Cr | ₹40 Cr | ₹34 Cr | ₹257 Cr | ₹58 Cr |
| Other liabilities | ₹14 Cr | ₹16 Cr | ₹16 Cr | ₹10 Cr | ₹289 Cr | ₹44 Cr |
| Total liabilities | ₹50 Cr | ₹67 Cr | ₹104 Cr | ₹95 Cr | ₹1.2k Cr | ₹544 Cr |
| Fixed assets | ₹10 Cr | ₹9 Cr | ₹8 Cr | ₹7 Cr | ₹317 Cr | ₹39 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹68 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹2 Cr | ₹5 Cr | ₹8 Cr | ₹41 Cr | ₹387 Cr |
| Other assets | ₹40 Cr | ₹56 Cr | ₹91 Cr | ₹80 Cr | ₹808 Cr | ₹117 Cr |
| Total assets | ₹50 Cr | ₹67 Cr | ₹104 Cr | ₹95 Cr | ₹1.2k Cr | ₹544 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Mar 2025, the public trimmed −0.88 pp while DIIs added +0.85 pp. The shareholder count grew 404% to 26,561.
- Promoters
- 66.1%
- FIIs
- 0.8%
- DIIs
- 1.3%
- Public
- 31.8%
Since Mar 2025
- Public −0.88 pp
- DIIs +0.85 pp
- Promoters +0.11 pp
How it drifted, 10 quarters
Over this window promoters fell from 69.8% to 66.1% — −3.7 pp.
Ownership split by quarter, oldest first. Oct '22: Promoters 69.8%, FIIs 0.1%, DIIs 0.2%, Public 29.9%.Mar '23: Promoters 69.9%, Public 30.1%.Sep '23: Promoters 70.0%, FIIs 0.0%, Public 30.0%.Mar '24: Promoters 70.0%, Public 30.0%.Sep '24: Promoters 70.0%, FIIs 0.6%, Public 29.4%.Dec '24: Promoters 66.2%, FIIs 1.4%, DIIs 0.1%, Public 32.3%.Mar '25: Promoters 66.0%, FIIs 0.9%, DIIs 0.4%, Public 32.6%.Sep '25: Promoters 66.1%, FIIs 0.8%, DIIs 0.6%, Public 32.5%.Mar '26: Promoters 66.1%, FIIs 1.1%, DIIs 0.7%, Public 32.0%.Jun '26: Promoters 66.1%, FIIs 0.8%, DIIs 1.3%, Public 31.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vikas Jain Family Private Trust newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Insolation Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Manish Gupta | 33.06% | unchanged |
| Vikas Jain | 32.91% | unchanged |
| Siddhartha Sharma | 1.51% | unchanged |
| Mahendra Kumar Jain | 0.07% | unchanged |
| Vikas Jain Huf | 0.05% | unchanged |
| Manish Gupta Huf | 0.01% | unchanged |
| Rahul Gupta | 0.01% | unchanged |
| Sudha Jain | 0.00% | unchanged |
| Santosh Jain | 0.00% | unchanged |
| Sachin Gupta | 0.00% | unchanged |
| Sandeep Jain | 0.00% | unchanged |
| Payal Gupta | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Insolation Energy Limited
Guides on how to read this kind of business and the numbers that matter.