Energetica India Magazine - September 2022

Q Kindly tell Energetica India readers in brief about how the idea of forming Inso- lation Energy came into existence. Vikas Jain: I started my business as a trader and distributor of pipes and fitting segments. During this journey, I saw rising demand for solar components not only in Rajasthan but across India. In 2015, I had set up a solar power plant of 1 MW which gradually increased to 3 MW. Jawaharlal Nehru National Solar Mission intro - duced in January 2010 to promote solar power in India, gave us the major boost to enter into solar panel manufacturing business. In 2015, we decided to diversify our business model and enter into a solar panel manufacturing segment. Insolation En - ergy was promoted by me with Mr. Manish Gupta in October 2015 to manufacture high-efficiency solar modules of various sizes in Jaipur. The company commenced its production with a 60 MW capacity in 2017, which gradually increased to 200 MW in 2021. Today solar panels contribute 90% of our total revenues while the remaining 10% is contributed by trading in other solar power components as well as contract manufacturing for other big players. We are the largest manufacturer in Jaipur and the second largest in North India. 38 energetica INDIA- September_2022 INTERVIEW W e would be the only listed entity manufacturing solar panels post our listing on BSE SME. We are growing at a much higher rate and will have a first mover advantage in the listed space, believes Vikas Jain , Managing Director of Jaipur-based solar module maker Insolation Energy Ltd, ahead of their plan to raise Rs 22 crore via the launch of its IPO. The company reported revenues of Rs 215.32 crore and a net profit of Rs 6.92 crore for FY22. In line with this, Mr. Jain during his interaction with Manu Tayal , Asso - ciate Editor, Energetica India also discussed about his company’s growth journey, IPO plans of the company, industry challenges, etc. Here’re the edited excerpts from that interaction: VIKAS JAIN Managing Director, Insolation Energy Ltd Q Insolation Energy is looking to raise about Rs 22 crore through IPO. Ex- plain. Vikas Jain: As we are an established player in solar panel manufacturing, the largest in Jaipur and the second largest in north India. We are expanding our capacity from 200 MW to 700 MW by adding 500 MW through our subsidiary company by FY23 backed by strong and rising demand for solar panels. We are growing and would need funds for our ris - ing working capital requirements. This is from a financing perspective. What I want to highlight here is that solar panel component manufacturing is an emerging sector considering the ro - bust government targets to make India as one of the largest solar energy produc - er & components manufacturer by 2030. Being an established player, we would be able to take the first mover advantage by entering into the primary equity market. We are looking to raise our capacity by another 500 MW in the next financial year and the entry at the right time in the primary market will enable us to en - hance our valuation as a BSE SME list - ed company. We have robust plans and