Insolation Energy Posts INR 575.3 Cr Q3 FY26 Revenue as EBITDA Jumps 175 Percent to INR 81.7 Cr

Insolation Energy Ltd., India’s solar PV module manufacturers, reported strong financial performance for the third quarter and nine months ended December 31, 2025, supported by higher dispatches, capacity expansion and operating leverage.

For Q3 FY26, the company recorded revenue from operations of INR 575.34 crore, registering a 77 percent year-on-year growth. EBITDA for the quarter surged 175 percent YoY to INR 81.72 crore, with margins improving to 14.20. Profit after tax rose 174 percent YoY to INR 50.72 crore, while earnings per share stood at INR 2.27.

For the nine-month period ended FY26, Insolation Energy posted revenue of INR 1,352.09 crore, marking a 44 percent YoY increase. EBITDA grew 69 pecent YoY to INR 195.52 crore, translating into an EBITDA margin of 14.46 percent. PAT for the nine-month period stood at INR 130.79 crore, up 57 percent YoY, with a PAT margin of 10 percent.

Operationally, the company produced 356 MW of solar modules and dispatched 364 MW during the quarter, driven by steady execution and rising demand from the commercial and industrial segment. Insolation’s newly commissioned INA3 manufacturing facility with 4.5 GW capacity was in the ramp-up phase during the quarter and is expected to contribute meaningfully to production in the coming quarters. As of December 31, 2025, the company’s total installed module manufacturing capacity stood at 5.5 GW, including a recently added 1.5 GW line.

The company also reported strong demand visibility backed by a healthy 2.1 GW order book. Its greenfield project at Narmadapuram, Madhya Pradesh, comprising a 4.5 GW TOPCon G12R solar cell manufacturing plant and an 18,000-tonne aluminium frame facility, is progressing as planned, with civil and pre-engineered building works underway. The expansion is aimed at strengthening Insolation’s backward integration and building a fully indigenous solar manufacturing value chain.

In addition, the firm said that its KUSUM projects in Rajasthan, covering more than 200 sites with a cumulative capacity of 400 MW (DC), have completed all power purchase agreements, providing strong execution revealed and supporting the gradual development of its independent power producer (IPP) portfolio.

Commenting on the results, Manish Gupta, Chairman, said that  the company crossed its full FY25 financial performance within the first nine months of FY26, driven by disciplined cost management and improved operating leverage despite price volatility in the solar sector.

Vikas Jain, Managing Director, said that the company’s manufacturing roadmap is focused on automation, inline quality control and full traceability, enabling end-to-end control over the supply chain and supporting long-term margin sustainability.