Insolation Energy Reports 105.37% Year-on-Year Revenue Growth in Q1FY27, Backed by 2.1+ GW Order Book

Insolation Energy Reports 105.37% Year-on-Year Revenue Growth in Q1FY27, Backed by 2.1+ GW Order Book​

Jaipur: Insolation Energy Limited (INA), a fast-growing solar energy company and leading PV module manufacturer, announced its unaudited financial results for the first quarter of fiscal year 2027 (Q1FY27), ending June 30, 2026. The company reported a substantial increase in top-line revenue, driven by steady dispatches across utility-scale, C&I, and distributed solar segments.

The results reflect strong operational performance and strategic advancements in the company's growth roadmap.

Financial Performance Highlights​

For Q1FY27, Insolation Energy Limited recorded Total Revenue of ₹745.40 Cr, marking a 105.37% increase year-on-year (YoY). EBITDA reached ₹76.87 Cr, representing a 32.97% YoY growth. Net Profit for the quarter stood at ₹38.02 Cr.

The company maintains a focus on operational efficiency and cost discipline to offset input cost inflation during this period. A total capital expenditure (capex) outlay of approximately ₹1,500 Cr is allocated for FY27 to fund capacity expansion and backward integration efforts, which are financed through internal accruals and term debt, including the IREDA facility. Additionally, around ₹347 Cr in project execution financing was arranged during the year specifically to support PM-KUSUM Component A projects.

A detailed overview of the key financial metrics is presented below:

Business Growth and Order Book Strength​

The company's order book as of Q1FY27 stood at over 2.1 GW, providing strong revenue visibility across utility-scale, C&I, government-led, and distributed solar markets.

In terms of manufacturing capabilities, the module production capacity remains at 5.5 GW. The highly automated INA3 facility is actively undergoing utilization ramp-up and one of India's most advanced PV module plants features full traceability and inline quality control. Insolation Energy aims to scale its module capacity further to approximately 7 GW.

Advancing Backward Integration​

Significant progress was reported in the backward integration strategy at Narmadapuram, Madhya Pradesh. Civil works, PEB activities, and utilities infrastructure development for both the 4.5 GW TOPCon solar cell facility and the 18,000 MTPA aluminium frame facilities have advanced as scheduled. Both of these core manufacturing projects are targeted for phased commissioning in H2FY27 and FY27 respectively, which is expected to support future margin expansion.

The company continued deepening its involvement in government-led schemes. Specific highlights include securing 226.45 MW under PM-KUSUM Component A and maintaining a growing IPP portfolio of approximately 400 MW. The ongoing ALMM-II mandate provides strengthened medium-term demand visibility for domestically integrated manufacturers like INA.

Subsequent to the quarter, Insolation Energy secured an order worth ₹558.29 Cr from NTPC Renewable Energy for solar PV modules, which accounts for around 26% of FY26 consolidated revenue and reinforces FY27 order-book visibility.

Management Commentary​

Manish Gupta, Chairman of Insolation Energy Limited, stated that Q1FY27 was characterized by strong top-line execution, with revenue growing 105.37%. While the quarter's margins reflect the prevailing cost environment across the solar manufacturing industry, he emphasized that the underlying business performed strongly, and future margin strengthening is anticipated as the integrated facilities come online.

Vikas Jain, Managing Director, added that management remained focused on maintaining pricing discipline and fostering long-term customer relationships during the quarter. He reiterated confidence in India's structural solar manufacturing growth story, noting that the ongoing investments in the 4.5 GW TOPCon cell facility and aluminium frame plant at Narmadapuram are positioned as significant margin levers upon commissioning.

INA Stock Price Movement​

Insolation Energy Limited shares today slipped by 8.10% to settle at ₹97.4, following a downturn in the post-market trading session. The stock traded with nearly 1.98 million shares on the day, falling below its intraday high of ₹100.55.