### **Overview** Insolation Energy Ltd. (INA), headquartered in Jaipur, Rajasthan, is a rapidly growing, fully integrated Indian solar energy company established in 2017. It has evolved into a leading player in the domestic solar manufacturing and renewable energy ecosystem. Listed on the BSE SME platform, INA is recognized as the **first solar module manufacturing company in India to go public**, and the **largest manufacturer of solar panels, batteries, and inverters in North India**. The company operates as a **full-stack solar solutions provider**, offering end-to-end services across the photovoltaic value chain, including module and cell manufacturing, EPC (Engineering, Procurement, and Construction), IPP (Independent Power Producer), rooftop solar, and O&M (Operations & Maintenance). --- ### **Manufacturing & Expansion (Nov 2025 Update)** - **INA 3 (Jaipur):** Commenced commercial production in November 2025 at one of India’s most advanced **fully automated TOPCon N-type module manufacturing plants**. - Initial phase: **3 GW capacity across two production lines**. - A **third line (1.5 GW)** expected to begin production by **end of Q3 FY26**. - Total module capacity from INA 3 will reach **4.5 GW**. - **Sawarda, Rajasthan:** - The company invested **₹320 crore** in its wholly owned subsidiary, **Insolation Green Energy Private Limited (IGEPL)**, to build a **3 GW PV module manufacturing facility** along the Delhi-Ajmer Expressway. - As of November 2025, **₹244.09 crore** has been deployed, progressing **on schedule** with no deviation from plans. - **Narmadapuram, Madhya Pradesh:** - Developing an **integrated solar manufacturing complex (Unit 4 & 5)** focused on backward integration. - **Phase I:** 4.5 GW solar cells + 18,000 MTA aluminum framing. - **Phase II:** Additional 4.5 GW solar cells, 4.5 GW modules, and 36,000 MTA aluminum frames. - **Solar cell production** expected to start in **H1 FY27**. - Land secured, machinery ordered, and construction to begin in Q1 FY26. - **Total Module Manufacturing Capacity:** - Currently: **4 GW (across three units in Rajasthan)**. - Expected by FY28: **Over 8 GW**, supported by expansions in Jaipur, Sawarda, and Narmadapuram. --- ### **Product Portfolio & Technology** - **Modules:** High-efficiency **TOPCon N-type (M10R, G12R)** and **P-type MonoPERC** solar PV modules with capacity up to **600W**. - **Applications:** Designed for low-light performance, suitable for **residential, commercial, industrial, and utility-scale projects**. - **Certifications:** Products are **BIS, ALMM, IEC, CE, UL, and MNRE certified**, meeting global standards. - **Branding:** Marketed under the **"INA" brand** with the tagline **"Made in India, Made for the World"**. - **Additional Products:** Solar batteries (40–230 Ah), solar PCUs (440VA–10,000VA), and solar fasteners. - **Technology Focus:** - **Bifacial modules** (15–20% higher yield). - Preparing for **G12R wafer format** and **tandem cell technology** (>30% efficiency). - Emphasis on **cleanroom manufacturing, robotics, and AI-driven QA systems**. --- ### **Commercial & Financial Performance** - **Order Book (Sep 2025):** - Consolidated order book exceeds **₹2,500 crores**. - Key clients: **KPI Green, RREC, MAHAGENCO**, and various government bodies. - **Recent Orders (Mar 2025):** - **₹219.91 crore** supply order from **KPI Green** for GUVNL Phase-2. - **₹372.20 crore** LOA from **Rajasthan Renewable Energy Corporation Ltd. and Teerth Gopicon Ltd.** under Hybrid Annuity Model. - Combined revenue pipeline: **₹733.04 crore**. - **Revenue Targets:** - **FY26:** ~₹3,300 crores - **FY27:** ~₹5,500 crores - **FY28:** ~₹8,600 crores - **PAT (Net Profit):** Targeting ₹300+ Cr (FY26), ₹700+ Cr (FY27), ₹1,300+ Cr (FY28). - **Growth Trajectory:** - FY23–24 saw **419.5% YoY growth in PAT**. - Module production capacity increased from **200 MW to 950 MW**, now scaling to **8 GW by FY28**. - Revenue CAGR of over **50%** expected through FY28. --- ### **EPC & Project Execution** - **Subsidiary:** **Insolation Green Infra Private Limited** handles EPC, IPP, and O&M services. - **Projects Executed:** - **KUSUM A & C**, solar parks, rooftop installations, and O&M. - Notable projects: **Kanpur Metro Depot, Jindal’s Floating Solar Plant, Jabalpur Jal Mission, BSNL, SECI**. - **Pipeline (FY26):** - **>100 MW** in **rooftop solar** (corporate & government tenders). - Bidding for **>700 MW** under **KUSUM Component A**. - **Confirmed KUSUM projects** to be completed by Q4 FY26. - **EPC Revenue Target:** Subsidiary aims for **₹1,000 crore revenue over next 3 years**. --- ### **Market Presence & Go-To-Market Strategy** - **Distribution Network:** - **100+ distributors**, **300+ dealers**, and **800+ channel partners** across **100+ districts**. - Expanded to **Central and Southern India**, becoming a **pan-India player in FY25**. - **Brand Partnerships:** - **Official Solar Partner of Lucknow Super Giants (IPL)** to boost brand visibility. - Positions as one of only **2–3 trusted brands** stocked by dealers, enhancing market preference. - **Customer Base:** Serves **15,000+ customers**, spanning individuals, industries, government entities, and developers. --- ### **Strategic Initiatives & Future Outlook** 1. **Backward Integration:** - Developing **solar cell and aluminum frame manufacturing** to reduce import dependence and improve margins. - Targeting **3 GW cell capacity by FY27** and **54,000 MTA aluminum framing**. 2. **Forward Integration (New Business Verticals):** - Exploring entry into **Battery Energy Storage Systems (BESS)** and **solar wafer manufacturing**. - Plans to proceed once government **enabling policies** are announced. 3. **International Expansion:** - Evaluating opportunities in **Africa and the Middle East**, targeting emerging solar markets. 4. **Government Collaborations:** - Signed a **₹10,000 crore MoU** with the **Government of Rajasthan** for: - Rooftop solar deployment. - Component manufacturing. - Solar park development under **KUSUM A & C**. 5. **IPO & Listing Plans:** - Aiming to **upgrade listing from BSE SME to BSE Main Board** and **list on NSE** by 2026. --- ### **Leadership & Expertise** - **Mr. Deepak Arvind Jain:** Appointed **Chief Technical Officer (CTO)** in Sep 2024 with 17+ years in renewables; drives tech innovation and global expansion. - **Mr. Manish Gupta (Head of Operations):** Engineering graduate from **BITS Pilani**, over 7 years at INA; instrumental in scaling production and operations. --- ### **Vision & ESG Alignment** - Aligned with India’s **Net Zero by 2070**, **Make in India**, and **Atmanirbhar Bharat** missions. - Supports national solar adoption goals via PM Surya Ghar, KUSUM, and state rooftop schemes. - Deployed **>500 projects**, contributing over **5.5 GW** of solar capacity.