Insolation Energy is a fully integrated Indian solar manufacturer that makes the physical hardware - panels, cells, frames, batteries and inverters - and then builds and owns the projects those panels go into, all under the “INA Solar” brand. Founded in 2017 by two first-generation entrepreneurs in Jaipur, it started with an 80 MW module line and has since scaled to 5.5 GW of capacity across five factories, becoming the first solar module maker to list on an Indian stock exchange. The recurring approach is backward integration: the company keeps reaching further up the supply chain - from assembling modules to making its own cells and aluminum frames - so it can control costs, secure supply and capture more of the value that would otherwise go to a supplier. # Business segments A single integrated solar energy platform with three reinforcing layers - manufacturing the core hardware, building projects for others, and owning projects for itself - all fed by a shared factory base and a common brand. ## 1. Solar module manufacturing: the factory engine that makes the product **Five factories churn out solar panels at a combined 5.5 GW of capacity, using highly automated lines that the company claims run at some of the lowest production costs in the country.** - **Technology spans two generations of cell design** - the product range covers MonoPERC (P-Type) and the newer N-Type TOPCon modules, using M10R and G12R cell formats, with individual panel output from 40 watts to 600 watts, so the same factory base can serve a small rooftop or a utility-scale solar park. - **Raw material risk is managed through back-to-back deals** - solar silicon wafers make up roughly 70% of manufacturing cost, so the company ties large orders of 100 MW or more to back-to-back raw material purchases, working on a fixed margin rather than betting on wafer prices. - **Quality testing is baked into the line** - every module goes through an in-house R&D lab running more than 15 tests, and products carry BIS, IEC, ALMM, ISO 9001, ISO 14001, ISO 45001, TUV NORD and UL certifications, which is the full set of stamps a buyer in India or abroad would look for. ## 2. Solar cell and aluminum frame manufacturing: the backward-integration bet now under construction **A 4.5 GW cell line and an 18,000-tonne aluminum frame plant are being built side by side on a single 45-acre site in Madhya Pradesh, designed to bring the two biggest purchased inputs in-house.** - **Cells are the costliest missing piece** - the cell facility will use TOPCon G12R technology and is targeting full commercial operation by December 2026, with a planned investment of roughly ₹1,600 Crores that also covers the frame plant on the same plot. - **A Chinese technology partner is running the ramp-up** - the equipment contract includes two years of on-site support from both Chinese and Indian teams to hit the promised efficiency and yield before the plant is handed over, which reduces the risk of a new process failing to reach nameplate output. - **Policy creates captive demand for the cells** - the government’s ALMM Part 2 framework mandates the use of domestically manufactured cells from June 2026, so the cell plant will have a regulatory floor under its order book the moment it starts producing. ## 3. EPC and IPP project development: building solar parks and owning them too **The company does not just sell panels to developers - it acts as the developer itself, executing turnkey projects for government and utility clients while building its own portfolio of power-generating assets.** - **Turnkey projects span the full government solar menu** - the EPC arm executes PM KUSUM schemes across Components A, B and C, along with solar parks, DISCOM tenders and rooftop installations, and then stays on to provide operations and maintenance services, so revenue comes from both construction and long-term service contracts. - **An owned power portfolio is being built to 400 MW** - the IPP business had more than 400 MW ongoing as of early 2026 and targets a 400 MW operating portfolio by FY27, turning the company from a pure manufacturer into a power producer that earns a steady stream from selling electricity. - **A Rajasthan government MoU underwrites the ambition** - a ₹10,000 Crore memorandum of understanding with the state government covers solar power generation, component manufacturing, EPC projects and parks through 2030, giving the pipeline a sovereign-level anchor. - **Twenty-two project subsidiaries just locked in debt funding** - in June 2026 the company approved a corporate guarantee of roughly ₹347 Crores so that 22 step-down special-purpose vehicles could close a rupee term loan with Aseem Infra Finance for 400 MW of PM KUSUM Component A ground-mounted projects in Rajasthan, moving a large chunk of the pipeline from paper to financed construction. ## 4. Batteries and power conditioning: the box that makes solar useful after sunset **Solar panels generate direct current when the sun shines; the company also makes the batteries that store that power and the inverters that convert it into something a home or business can use.** - **A full range under one brand** - the battery line runs from 40 Ah to 220 Ah in solar tubular and lithium-ion chemistries, while power conditioning units (PCUs, or inverters) span 440 VA to 10,000 VA, all sold as “INA Solar” products through the same dealer network that carries the modules. - **Battery energy storage is the next assembly step** - the company has announced plans to diversify into assembling Battery Energy Storage Systems (BESS), responding to the growing number of Indian renewable tenders that now require storage to be bundled with solar generation. # Group structure and partners **A listed parent sits atop a pyramid of subsidiaries - one for manufacturing, one for project development, and dozens of special-purpose vehicles that hold individual solar plants - while a Chinese technology partner and a state government MoU anchor the supply and demand sides.** - **The listed entity is the manufacturing hub** - Insolation Energy Ltd (traded as INA on BSE and NSE) directly holds the module, cell and frame manufacturing capacity, and its shares have been on the main board since March 2026 after migrating from the SME platform. - **Two key operating subsidiaries split the work** - Insolation Green Energy Private Limited runs the PV module factory and handles trading and marketing, while Insolation Green Infra Private Limited houses the entire EPC, IPP and O&M business. - **Dozens of project SPVs sit underneath** - more than 50 step-down subsidiaries have been incorporated as special-purpose vehicles, each with the same object of developing, constructing and operating solar power plants, and 22 of them reached financial closure together in June 2026 for 400 MW of KUSUM projects backed by the parent’s corporate guarantee (D16-D36, D45 p.1). - **Promoters sit at the centre of industry bodies** - founders Manish Gupta and Vikas Jain are first-generation entrepreneurs; Manish Gupta is the Founder President of the North India Module Manufacturer Association and Secretary of the All India Solar Industries Association, giving the company a seat at the table when policy and standards are being shaped.