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INA Solar Reports 25.6 Percent Rise in Revenue to INR 776.7 Cr in H1 FY26, PAT up by 23.5 Percent

Insolation Energy (INA Solar) has reported a 25.6 percent YoY revenue jump in H1 FY26 to INR 776.7 crore as it has ramped up capacity with a new 3 GW module plant, and another 1.5 GW coming online by Q3 FY26. The company’s 4.5 GW solar cell plant is expected to be operational by H2 FY27.

November 19, 2025. By Mrinmoy Dey

Solar panel manufacturer Insolation Energy (INA Solar) has reported a 25.6 percent y-o-y increase in its revenue from operation in H1 FY26 to INR 776.7 crore from INR 618.3 crore in H1 FY25. The company’s profit after tax (PAT) has increased to INR 80.1 crore up by 23.5 percent from INR 64.8 crore posted in H1 FY25.

Commenting on the performance Manish Gupta, Chairman of Insolation Energy, said, “This performance highlights the strengths of our business model and focused execution approach. Despite industry wide challenges arising from an extended monsoon period, we continued to deliver robust growth supported by strong demand across all our customer segments.”

He further added that the already commissioned new 3 GW solar module plant and the upcoming commissioning of 1.5 GW by Q3 FY26 end will position the company strongly for the second half of the year.

“We have already started construction work on our 4.5 GW solar cell manufacturing plant and 18,000 MTPA aluminium frame manufacturing and expect to commercialise it by H2 FY27. This marks a significant milestone in deepening vertical integration and reinforcing India's domestic value chain in line with national renewable-energy priorities,” stated Gupta.

Vikas Jain, Managing Director of Insolation Energy, said “Our consolidated revenues rose 25.6 percent to INR 776.7 crore, driven by healthy growth underpinning greater acceptance of our solar module products. We saw benefits of scale accruing to our EBITDA resulting in margin increase of 60 bps to 14.7 percent.”

He further added, “We commenced commercial production at our INA 3 plant, which is amongst India’s most advanced, fully automated TOPCon N-type module manufacturing plants. This plant follows stringent testing norms and low defect rate acceptability resulting in high quality output. We have already commenced production on two lines amounting to 3 GW and expect to start Line 3 production for an additional 1.5 GW by Q3 FY26 end.”

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INA Solar H1 FY26 results