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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹794 Cr
verified against source
Revenue YoY
61%
reported change
EBITDA
₹305 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Insolation Energy delivered a strong FY26 with revenue of ₹2,146 crore (+61% YoY), EBITDA of ₹305 crore (+79% YoY), and PAT of ₹201 crore (+59% YoY). EBITDA margin expanded 120bps to 14.2% driven by operating leverage. Q4 revenue surged 100% YoY to ₹794 crore. Growth was fueled by robust demand across utility-scale, rooftop, and channel partner segments, supported by 5.5 GW module capacity. The company is executing a 4.5 GW solar cell facility (COD Q3 FY27) and an aluminum frame line (Q1 FY27), targeting backward integration and margin expansion to 17-18% post-cell commissioning. Management guided for similar or higher revenue growth in FY27 and reiterated a 20%+ EBITDA margin target for FY28. Key risk: raw material price volatility and ALMM Part 2 implementation could pressure near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain or exceed the 61% revenue growth achieved in FY26, subject to market conditions post-ALMM Part 2 implementation.
- Once the 4.5 GW solar cell facility is fully operational (expected by Q1 FY28), EBITDA margins are targeted to increase from current 14% to 17-18%.
- With full ramp-up of cell line and IP projects, management targets topline revenue exceeding ₹5,000 crore in FY28.
- Management guided for 20%+ EBITDA margins in FY28, driven by backward integration and operating leverage.
Risks flagged
- Rising raw material costs could compress margins; management plans to absorb some and pass on some, but clarity expected only after June 2026.
- The effectiveness of ALMM Part 2 from June 2026 may disrupt market dynamics; management is cautious on near-term demand visibility.
- Total capex of ₹2,500 crore in FY27 (including ₹1,500 crore for cell line) will push gross debt to ~₹1,500 crore, increasing financial leverage.
- Cell line commissioning targeted for Q4 FY27 with full ramp-up by Q1 FY28; any delays could impact margin expansion timeline.
Key quotes
- FY26 has been a defining year in INA solar journey. We successfully migrated to the mainboard and got listed on both BSE and NSE mainboard platforms on 9th March 2026.
- We are targeting that December this Q4 of FY27 our cell plant will be live and in next 6 to 8 months you will see a positive free cash flow because all the heavy capex will be done this year only.
- We are looking for the same growth or maybe some higher growth but that depend on the market condition. We definitely assure that whatever the growth in FY26 should be there, the revenue growth in FY27 at least should be there.
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