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Raw material price volatility
View Risks →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
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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.
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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.
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Guidance and risk preview
Management expects to sustain 40-45% revenue CAGR, targeting $1 billion (₹8,000 crore) top line in 2-3 years.
Rapid changes in polysilicon and solar cell prices make it difficult to maintain long-term fixed-price orders, potentially squeezing margins.
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