Synopsis: The shares of this solar company skyrocketed more than 13% following the release of the business updates by the company, which include its application to migrate to Mainboard, its manufacturing expansion plan, and its 2,375 MW order book, including both solar and EPC projects.
The shares of this company, which is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes, were in the spotlight today following the release of its business updates, which highlighted the firm’s order book, expansion plan, and its migration to the Mainboard stock segment from SME.
With a market cap of Rs 2,908 crore, the shares of Insolation Energy Ltd zoomed almost 13.5 per cent, reaching a high of Rs 139.90 in today’s trading session when compared to its previous day’s closing price of Rs 123.30. The shares are trading at a PE of 20.1, whereas the industry PE is 24.9, and have given a return of 1261% since their listing in the month of October 2022.
About the business updates
Insolation Energy Limited shared a series of updates that reflect the company’s growing scale and momentum. One of the key developments is its successful application for migration from the BSE SME Platform to the Main Board on 3rd December 2025, marking an important step toward wider market visibility and access to a broader investor base. This move signals the company’s confidence in its expanding operations and its readiness to operate under mainboard regulatory requirements.
The company also highlighted strong progress on its manufacturing expansion plans. Its subsidiary has already begun commercial operations of the new 3 GW PV module lines at Sawarda, Jaipur, while the remaining 1.5 GW capacity is expected to start by January 2026. Alongside this, Insolation has received BIS certification for G12R panels up to 635 WP, with ALMM approval expected soon. Construction is also advancing at the Narmadapuram facility, where work on the 4.5 GW TopCon G12R solar cell plant and the 18,000 MT aluminum frame plant is progressing through active civil work, PEB construction, and major equipment orders.
In terms of business traction, the company shared a healthy order pipeline with 1,750 MW of solar module orders and 625 MW of EPC project orders currently in hand, which aggregates to 2,375 MW of total orders. This strong order book, combined with ongoing capacity expansion across modules, cells and aluminium frames, positions Insolation for meaningful growth across the solar value chain. These updates collectively underline the company’s accelerating execution and its strengthening presence in India’s fast-growing solar sector.
Financials and more
The revenue from operations is at Rs 777 crore in Q2 FY26 versus Rs 612 crore in Q2 FY25, which is an increase of about 27 per cent YoY. Similarly, the net profit also increased from Rs 61 crore in Q2 FY25 to Rs 80 crore in Q2 FY26, which is a growth of about 31% YoY.
INA Solar has built strong credibility as a trusted supplier for numerous key government solar initiatives across the country. Its solar modules are certified and used by a wide range of central and state agencies, including well-known names like BSNL, MAHAGENCO, PEDA, JREDA, UPNEDA, NTPC, SECI, BPCL, and many others.
Being empanelled with such a broad list of government bodies reflects the company’s consistent quality, reliability, and ability to meet the technical standards required for large-scale public solar projects. This widespread acceptance not only strengthens INA Solar’s reputation but also positions it well to benefit from India’s expanding renewable energy programmes and long-term government-backed solar missions.
The company is one of the leaders in India’s solar revolution, offering cutting-edge TOPCon, bifacial and monofacial solar panels that are built on innovation and uncompromising quality. Its manufacturing facilities use advanced technologies like AI and robotics to deliver precision, efficiency and reliability in every panel produced, underscoring its focus on high-performance solar solutions.
At the same time, the company highlights a broader vision where clean energy becomes a natural part of everyday life. It aims to empower homes, businesses, industries and solar farms with high-quality, sustainable solar solutions, reflecting its belief that clean energy is not just an option for the future but a way of life.
Written by Leon Mendonca
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