Jaipur-based solar module manufacturer Insolation Energy posted revenue of ₹7.92 billion (~$83.12 million in the fourth quarter (Q4) of the financial year (FY) 2026, up 99.9% year-over-year (YoY) from ₹3.96 billion (~$41.59 million).

Robust demand across the utility-scale, commercial and industrial (C&I) segment, rooftop, and government-led renewable energy projects fueled the revenue growth.

Profit after tax increased 64.8% YoY to ₹698.40 million (~$7.33 million) from ₹423.90 million (~$4.45 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 91.2% YoY, rising to ₹1.09 billion (~$11.44 million) from ₹570.70 million (~$5.99 million).

Vikas Jain, Managing Director at Insolation Energy, said, “Our ongoing solar cell and aluminum frame expansion projects represent a major step toward backward integration and long-term competitiveness. With automation-led manufacturing and a growing market presence, we remain confident of sustaining growth momentum while strengthening margins and operational efficiencies over the coming years.”

Financial Year 2026

The company posted revenue of ₹21.64 billion (~$226.95 million) in FY 2026, up 61% YoY from ₹13.44 billion (~$140.95 million).

Insolation reported a profit after tax of ₹2.01 billion (~$21.05 million) for the full year, up 59.8% YoY from ₹1.26 billion (~$13.17 million).

EBITDA grew 76.5% YoY, rising to ₹3.05 billion (~$31.95 million) from ₹1.73 billion (~$18.10 million).

Business Highlights

Insolation expanded its installed module manufacturing capacity to 5.5 GW, supported by ramp-up at its INA3 manufacturing facility.

It continued its progress on its strategic backward integration roadmap by developing a 4.5 GW TOPCon solar cell manufacturing facility and an 18,000 MTPA aluminum frame manufacturing facility in Narmadapuram, Madhya Pradesh.

The company expanded its portfolio across Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan-linked projects and continued to expand its independent portfolio to ~400 MW.

Outlook

Going forward, the company’s focus will be on commissioning and ramping up the integrated solar cell and aluminium frame manufacturing facilities.

The company plans to expand its presence across utility-scale, rooftop, C&I, and government-led solar programs and increase its focus on value chain integration to strengthen cost competitiveness and long-term margin sustainability.

It will continue strengthening execution visibility through order inflows, channel expansion, and participation in strategic projects.

In the first half of FY 2026, Insolation Energy reported revenue of ₹7.76 billion (~$81.41 million), up 25.62% YoY from ₹6.18 billion (~$64.83 million).