ConCallIQ
Go Pro
Home › Insolation Energy › Q3 FY26
IN
INSOLATIONENERGY Energy 10 Feb 2026

Insolation Energy Ltd — Q3 FY26

Insolation Energy delivered a strong Q3 FY26 with revenue of ₹575 crore (+77% YoY) and EBITDA of ₹81.7 crore (+175% YoY), with EBITDA margin expanding 560 bps to 14.2%.

bullish high
Revenue ₹575 Cr +77%
EBITDA ₹82 Cr +175%
PAT ₹51 Cr
EBITDA Margin 14.2% +560bps
Duration 61 min

✓ Verified against BSE filing

2-Min Summary

Insolation Energy delivered a strong Q3 FY26 with revenue of ₹575 crore (+77% YoY) and EBITDA of ₹81.7 crore (+175% YoY), with EBITDA margin expanding 560 bps to 14.2%. Growth was driven by higher dispatches (364 MW) from the new INA3 line and improved operating leverage. The order book stands at 2.1 GW, providing 6-9 months visibility. Management guided for 40-45% revenue CAGR and sustained EBITDA margins of 14.5-15% (ex-cell). The 4.5 GW cell plant at Nirmadapuram is on track for Q3 FY27 commissioning, expected to add 400-500 bps to margins. Key risk: rapid price volatility in polysilicon and solar cells could pressure fixed-price order profitability.

Key Numbers

Production Volume 356 MW
+97% YoY

Q3 FY26 production; dispatches were 364 MW. H1 FY26 was ~360 MW.

Order Book 2.1 GW
flat

Provides 6-9 months visibility; management notes difficulty in maintaining longer fixed-price orders.

Installed Module Capacity 5.5 GW
+450% YoY

Includes new 1.5 GW line commissioned in December 2025 at INA3.

Bid Win Rate 30-40%
flat

Success rate for tenders/quotes; management cited strong brand presence.

Management Guidance

G

Revenue CAGR of 40-45% over medium term

Management expects to sustain 40-45% revenue CAGR, targeting $1 billion (₹8,000 crore) top line in 2-3 years.

revenue
G

Q4 FY26 dispatches of 450-500 MW

Management guided for dispatches of 450-500 MW in Q4 FY26, up from 364 MW in Q3.

growth
G

Cell plant commissioning in Q3 FY27

The 4.5 GW cell plant at Nirmadapuram is expected to be commissioned in Q3 FY27, with full ramp-up in 3 months.

expansion
G

EBITDA margin expansion of 400-500 bps with cell integration

Once cell production starts, EBITDA margins are expected to increase by 400-500 bps, reaching ~20%.

margins

Key Risks

R

Raw material price volatility

Rapid changes in polysilicon and solar cell prices make it difficult to maintain long-term fixed-price orders, potentially squeezing margins.

high · management_commentary
R

Delay in cell plant commissioning

The cell plant is critical for margin expansion; any delay beyond Q3 FY27 could impact profitability targets.

medium · analyst_question
R

Overcapacity concerns in solar manufacturing

Despite management's rebuttal, industry overcapacity could lead to pricing pressure and lower capacity utilization.

medium · analyst_question
R

Revenue guidance miss for FY26

Management revised FY26 revenue guidance down to ~₹2,000 crore from earlier ₹3,300 crore due to capacity ramp-up delays.

high · data_observation

Notable Quotes

Our mission is to become India's leading clean tech solution provider setting the benchmark in integrated solar manufacturing while delivering technology solutions globally.
Manish Gupta · Chairman and Whole Time Director
The sustained EBITDA margin will be in the range of 14 and a half to 15%.
Ravi Duser · Chief Financial Officer
There is a myth in India that there is over capacity of solar panel manufacturing in our country.
Vikas Jen · Managing Director