Synopsis: Shares of solar module and cell manufacturer rose 7% after Q3, with revenue up 77% YoY to ₹575 crore and net profit up 174% YoY to ₹50.7 crore. The earnings per share (EPS) for the quarterly period stood at ₹2.30.
The shares of the Small-Cap company specializing in manufacturing high-efficiency solar panels, modules (Mono PERC, TOPCon), and cells are in focus following their Q3 results, with a 174 percent rise in profit.
With a market capitalization of Rs. 2,774.77 Crores on the Day’s Trade, the shares of Insolation Energy Ltd jumped upto 6.5 percent, reaching a high of Rs. 135.00 compared to its previous close of Rs. 126.75.
What Happened
Insolation Energy Ltd, engaged in manufacturing high-efficiency solar panels, modules (Mono PERC, TOPCon), and cells, is in the spotlight following its Q3 results, as follows:
Its Revenue from operations rose by 77 percent YoY from Rs. 325 Crores in Q3FY25 to Rs. 575 Crores in Q3FY26, and it rose by 39 percent QoQ from Rs. 415 Crores in Q2FY26 to Rs. 575 Crores in Q3FY26.
Its Net profit YoY rose by 174 percent from Rs. 18.5 Crores in Q3FY25 to Rs. 50.7 Crores in Q3FY26, and on a QoQ basis, it rose by 37 percent from Rs. 37.0 Crores in Q2FY26 to Rs. 50.7 Crores in Q3FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 2.30, compared to Rs. 1.68 in the previous quarter.
Other Highlights
Production & dispatches: Q3 FY26 production stood at 356 MW, with dispatches of 364 MW driven by steady execution and C&I demand. Capacity ramp-up: The newly commissioned lines at INA3 (4.5 GW facility) were in the ramp-up phase during the quarter and are expected to increase production meaningfully in the coming quarters as operations stabilize.
As of 31 December, Insolation’s total rated module capacity stood at 5.5 GW, including the latest 1.5 GW line added in December. Along with it, INA3 is designed to be one of the most automated PV module manufacturing facilities in India, supporting higher throughput, quality, and scalability.
Insolation’s Greenfield project in Narmadapuram, Madhya Pradesh, featuring 4.5 GW TOPCon G12R cell manufacturing and an 18,000 MT aluminium frame facility, is progressing on schedule, with civil works and PEB activities advancing steadily.
This expansion represents a major step in the company’s backward integration strategy, strengthening its “Made in India” value chain, improving cost competitiveness, supporting long-term margin sustainability, and enhancing geopolitical resilience.
Additionally, KUSUM projects secured in Rajasthan last quarter, covering over 200 sites with a total capacity of 400 MW (DC), have completed all PPAs, providing strong execution visibility and contributing to the gradual development of its IPP portfolio.
Insolation Energy Ltd (INA Solar), established in 2015 and based in Jaipur, India, is a leading BSE SME-listed manufacturer of high-efficiency solar panels and modules. It produces Mono PERC, Bifacial, and TOPCon modules for residential, commercial, and industrial applications.
The company’s commitment to innovation and quality distinguishes it within the solar industry. Its strong industry presence is underpinned by a proven track record of trust and performance, further reinforced by a network of over 800 channel partners spanning more than 100 districts.
The company continues to showcase robust financial health, reflected in a ROCE of 34.7% and a ROE of 34.9%, alongside a conservative debt-to-equity ratio of just 0.18. Its consistent focus on value creation is further highlighted by a strong three-year average ROE of 40%, underscoring a proven track record of generating high returns and efficient capital utilization.
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