Pasal Wealth
Insolation Energy Ltd
North India's largest solar PV module manufacturer — top-10 nationally with 950 MW combined capacity — down ~57% over the past year while reporting 61% YoY revenue growth in FY26.
Company Description
Insolation Energy manufactures high-efficiency solar PV modules, batteries and inverters from its Jaipur facility. It holds a top-10 position among Indian PV manufacturers with combined production capacity of 950 MW annually across its units.
The company recently established a wholly-owned subsidiary to add a further 500 MW of annual manufacturing capacity — a capital-intensive expansion timed to India's accelerating domestic solar module demand under the PLI scheme.
Solar manufacturing attracts less retail attention than solar EPC or IPP names despite being a more capital-intensive and differentiated part of the value chain — a persistent categorisation blind spot.
We reached out to Insolation Energy management with four plain questions. When they respond, answers will appear here in full, unedited, clearly labelled as management's own words.
Company Numbers
Source: Public exchange filings and company financial data, as reported. Verify against latest filings before relying on any figure here.
Worth watching: Debtor days rising (34.6 to 47.9) and screening data flags potential capitalisation of interest costs — both worth checking against the company's stated 61% YoY revenue growth to assess whether accounting is conservative or stretched.
Company Performance
Source: Public company filings, as reported. These are reported figures, not Pasal Wealth's projections.
Why almost nobody's looked at this yet
- 01A 57% stock decline filters it out of momentum screens. Price-performance screeners deprioritise it exactly when operational growth is strongest.
- 02Solar manufacturing gets less attention than EPC or IPP. Despite being more capital-intensive, module manufacturers are less covered than project developers.
- 03The 500 MW subsidiary expansion hasn't been widely discussed. Only in routine exchange announcements — no detailed analytical coverage exists.