Insolation Energy Limited (BSE: 543620) reported strong growth in revenue and profitability in the quarter ended December 31, 2025, supported by higher module dispatches, capacity ramp-up, and continued demand from commercial and industrial segments.
For Q3 FY26, revenue from operations increased 77% year-on-year to ₹575.3 crore, while EBITDA rose 174.9% to ₹81.7 crore. Profit after tax climbed 173.5% to ₹50.7 crore, according to the company’s earnings release.
Business overview
Insolation Energy operates in the renewable energy sector with a focus on manufacturing solar photovoltaic (PV) modules. The company reported installed module capacity of 5.5 GW and supplies products across government, EPC, developer, OEM and channel partner segments.
The company is expanding into solar cells, aluminum frames and battery energy storage systems (BESS) as part of its strategy to build an integrated clean-energy value chain.
Financial performance — Q3 FY26
Total income for Q3 FY26 stood at ₹582.3 crore, compared with ₹330.4 crore in Q3 FY25. EBITDA margin improved to 14.2% from 9.1%, reflecting operating leverage and scale benefits.
Profit before tax rose 174.6% to ₹62.0 crore, while PAT margin expanded to 8.8% from 5.7% in the year-ago period.
Sequentially, revenue rose 38.7% compared with Q2 FY26, while PAT increased 37.3%.
Nine-month performance (9M FY26)
For the nine months ended December 31, 2025, revenue from operations rose 44.3% year-on-year to ₹1,352.1 crore. EBITDA increased 69.3% to ₹195.5 crore, with EBITDA margin improving to 14.5%.
PAT for the nine-month period grew 57.2% to ₹130.8 crore.
Operating performance and capacity expansion
Q3 FY26 production stood at 356 MW with dispatches of 364 MW, supported by steady execution and demand from commercial and industrial customers. Newly commissioned INA3 lines continued ramp-up, contributing to the company’s installed 5.5 GW module capacity.
The company is progressing a greenfield project at Narmadapuram, Madhya Pradesh, comprising a 4.5 GW TOPCon solar cell facility and an 18,000 MT aluminium frame plant aimed at strengthening backward integration.
Order book and project visibility
Insolation Energy reported order visibility supported by a healthy order pipeline and execution progress under Rajasthan KUSUM projects, covering more than 200 sites with 400 MW DC capacity, with power purchase agreements completed.
Strategic developments
Management indicated that backward and forward integration initiatives are intended to enhance supply-chain control, improve margin stability and strengthen the “Made in India” manufacturing value chain.
The company also disclosed plans to migrate to BSE and NSE main boards as part of governance and growth strategy.
Risks and constraints
Disclosures note that the business remains exposed to sector price volatility, raw material costs, execution timelines, and broader policy and demand dynamics in the renewable energy market.
Outlook
Management stated that favourable policy support, capacity expansion and improving execution efficiency are expected to support growth momentum and margin expansion, alongside diversification into integrated solar manufacturing.