INA Solar’s Revenue Increases by 80.9 Percent to INR 1,338 Cr, PAT up by 127.5 Percent
Insolation Energy (INA Solar) has reported a robust 80.9 percent surge in revenue to INR 1,338 crore and a 127.5 percent jump in profit after tax to INR 126.2 crore in FY25, driven by strong performance across segments and aggressive expansion plans.
May 26, 2025. By Mrinmoy Dey
Commenting on the performance Manish Gupta, Chairman of Insolation Energy, said, “Our consolidated revenues increased by 80.9 percent to INR 1,333.8 crore led by strong performance across all our segments. We increased our footprint in Central and South India, making us a national player in the solar sector. We aim to achieve greater scale and hence, we are setting up a 3 GW solar module line in our new Unit 3 at Jaipur. 80 percent of the construction work is already completed and we expect to it to operationalise by Q1FY26 end.”
INA Solar continues to prioritise backward integration and hence, the company is setting up a 3 GW solar cell line and 54,000 MT aluminium frame capacity expansion in Narmadapuram, Madhya Pradesh. “We have already secured possession of the land and machinery orders have been placed and we expect to start construction by Q1FY26 end and begin operations in H1FY27,” said Gupta.
He further added that the company’s subsidiary Insolation Green Infra is witnessing significant traction in EPC and IPP projects and targets a topline of INR 1,000 crore for the same in the next 3 years.
Gupta added, “We expect the said expansions to increase our topline, hence our aspiration is INR 3,000+ crore in FY26, INR 5,500+ crore in FY27 and INR 8,500+ crore in FY28. We also expect margin accretion resulting in increase in Profit after Tax; hence, our target for the same is INR 350+ crore in FY26, INR 800+ crore in FY27 and INR 1,350+ crore in FY28.”
Vikas Jain, Managing Director of Insolation Energy said, “We saw benefits of scale accruing to our EBITDA resulting in margin increase of 120 bps to 12.1 percent. We continue to see increased acceptance of our products resulting in volume expansion. Our operational efficiency resulted in a robust ROCE of 60.1 percent and strong cash flow from operations of INR 113.1 crore.”
The company is having a strong Order book of +2000 crore on consolidated basis across all verticals including module supplies, KUSUM projects, and EPC contracts across both government and private sectors. “We are proudly serving a diverse customer base that includes both DCR and non-DCR segments, reinforcing our adaptability and commitment to national solar initiatives,” said Jain.
“INA's upcoming state-of-the-art facility in Jaipur will be a new landmark in solar panels manufacturing space as it will be one of the most advanced production lines being installed in the country. Our focus remains on optimising costs, attracting and engaging high-quality talent, and leveraging advanced technologies to support sustainable growth. We expect the traction in all our segments to continue, making us confident that we will deliver greater shareholder returns in the medium to long term,” stated Jain.
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