Insolation Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Insolation Energy Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Insolation Energy reported FY26 revenue from operations of Rs 2,146 crores, up 61% year-on-year, with EBITDA of Rs 305 crores and PAT of Rs 201 crores. Q4 FY26 revenue grew 100% year-on-year to Rs 794 crores, with EBITDA of Rs 111 crores and PAT of Rs 70 crores. Management discussed progress on the 4.5 gigawatt TOPCon solar cell facility and aluminum frame plant at Narmadapuram, both targeted for commissioning in FY27, along with plans for wafer and ingot manufacturing.
Numbers mentioned
Revenue from operations: INR2,146 crores (FY26)
p. 3
“we delivered strong operational and financial performance, with revenue from operations growing 61% year-on-year to INR2,146 crores”
Manish Gupta, page 3 of the filed PDF · View the filing
EBITDA margin growth: 79% (FY26)
p. 3
“EBITDA margin increased 79% to INR305 crores, and PAT rising 59% to INR201 crores”
Manish Gupta, page 3 of the filed PDF · View the filing
Total income: INR2,163 crores (FY26)
p. 5
“the total income stood at INR2,163 crores as compared to INR1,334 crores in FY25, registering a strong growth of 61%”
Ravi Dusad, page 5 of the filed PDF · View the filing
Q4 revenue from operations: INR794 crores (Q4 FY26)
p. 5
“For Q4 of FY26, revenue from operations stood at INR794 crores, reflecting a 100% year-on-year growth on a quarterly basis”
Ravi Dusad, page 5 of the filed PDF · View the filing
Q4 EBITDA: INR111 crores (Q4 FY26)
p. 5
“EBITDA stood at INR111 crores, up 93%, while PAT increased 65% to INR70 crores”
Ravi Dusad, page 5 of the filed PDF · View the filing
EBITDA margin: 14% (FY26)
p. 5
“Our EBITDA margins for FY26 improved to 14% as compared to 13% in FY25, supported by operating leverage, improved scale efficiencies, disciplined cost management”
Ravi Dusad, page 5 of the filed PDF · View the filing
PAT margin: 9.3% (FY26)
p. 5
“Our PAT margin for the year stood at 9.3%”
Ravi Dusad, page 5 of the filed PDF · View the filing
Net debt to equity: 0.5x (FY26)
p. 5
“The company continues to maintain a healthy balance sheet with net debt to equity at 0.5x, ROCE at 19%, and ROE at 25%”
Ravi Dusad, page 5 of the filed PDF · View the filing
Long-term debt: INR468 crores (as of FY26 end)
p. 10
“long-term debt, it is less than 500 crores right now, INR468 crores is the total debt in the books”
Ravi Dusad, page 10 of the filed PDF · View the filing
Module manufacturing capacity: 5.5 gigawatt (current)
p. 4
“We currently operate 5.5 gigawatt of module manufacturing capacity”
Vikas Jain, page 4 of the filed PDF · View the filing
Non-DCR panel price: INR13 to INR14 per watt (last quarter)
p. 13
“Price is you can say the last quarter the price non-DCR is around INR13 to INR14 per watt and DCR is from INR20 to INR22 per watt”
Manish Gupta, page 13 of the filed PDF · View the filing
Non-DCR/DCR sales mix: 85% non-DCR, 15% DCR (FY26)
p. 18
“FY26 around 85% non-DCR and 15% DCR”
Manish Gupta, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — at least the FY26 growth rate · FY27
stated conditionally by Manish Gupta
p. 8
“we definitely we assure that whatever the growth in FY26 should be there, the revenue growth in FY27 at least should be there”
Manish Gupta, page 8 of the filed PDF · View the filing
EBITDA margin — 17%-18% · after cell line ramp-up
stated conditionally by Manish Gupta
p. 7
“definitely EBITDA margins will increase from 14% maybe to 17%, 18%”
Manish Gupta, page 7 of the filed PDF · View the filing
Cell plant commissioning — COD in Q3 FY27 · Q3 FY27
stated firmly by Vikas Jain
p. 4
“our 4.5 gigawatt solar cell project at Narmadapuram is progressing as planned, with COD targeted in Q3 of FY27”
Vikas Jain, page 4 of the filed PDF · View the filing
Aluminum frame facility commissioning — Q1 FY27 · Q1 FY27
stated firmly by Vikas Jain
p. 4
“The aluminum frame manufacturing facility is also progressing well and is expected to commission in Q1 of FY27”
Vikas Jain, page 4 of the filed PDF · View the filing
Free cash flow — positive · 6 to 8 months after Q4 FY27 cell plant goes live
stated conditionally by Ravi Dusad
p. 9
“we are targeting that in Q4 of FY27 our cell plant will be live, and in next 6 to 8 months you will see a positive free cash flow because all the heavy capex will be done this year only”
Ravi Dusad, page 9 of the filed PDF · View the filing
Capacity utilization post cell commissioning — 60% to 70% · next two quarters after Q4 FY27
stated firmly by Ravi Dusad
p. 9
“in next two quarters the capacity will be maximum 60% to 70%”
Ravi Dusad, page 9 of the filed PDF · View the filing
Full plant ramp-up — full ramp-up · Q1 FY28
stated firmly by Manish Gupta
p. 7
“In Q1 FY28, definitely, that whole plant should be ramp up”
Manish Gupta, page 7 of the filed PDF · View the filing
Module production/sales target — 2 gigawatt production and 2 gigawatt sales (non-DCR) · FY27
stated firmly by Ravi Dusad
p. 12
“For FY27 nearly from 2 gigawatt of production and 2 gigawatt of sales from the module line we are targeting”
Ravi Dusad, page 12 of the filed PDF · View the filing
Total capex — INR2,500 crores · FY27
stated firmly by Ravi Dusad
p. 8
“all-in-all, INR1,500 crores of capex for cell line and INR1,000 crores of capex in KUSUM. So, all-in-all, INR2,500 crores capex this year”
Ravi Dusad, page 8 of the filed PDF · View the filing
Peak debt — INR1,500 crores · FY26-27
stated firmly by Ravi Dusad
p. 11
“It is it is close to INR1,500 crores peak debt in this year, ‘26-‘27”
Ravi Dusad, page 11 of the filed PDF · View the filing
FY28 revenue — more than INR5,000 crores · FY28
stated conditionally by Manish Gupta
p. 16
“Sir, FY28 we are targeting more than INR5,000 crores of the top-line revenue”
Manish Gupta, page 16 of the filed PDF · View the filing
EBITDA margin — 20% plus · FY27-28
stated conditionally by Manish Gupta
p. 16
“if the full cell line should be operational then EBITDA should be 100%, 20% plus”
Manish Gupta, page 16 of the filed PDF · View the filing
EBITDA margin — 14%-15% · FY27
stated conditionally by Ravi Dusad
p. 18
“14%-15% is where we are looking for. And if the conditions changes and if there is any further margin expansion then we will communicate to investors accordingly”
Ravi Dusad, page 18 of the filed PDF · View the filing
Wafer and ingot capacity — 4.5 gigawatt
stated as an aspiration by Manish Gupta
p. 13
“Around sir, but DPR is under progress, but I think that some something around INR1,000 crores to INR1,200 crores”
Manish Gupta, page 13 of the filed PDF · View the filing
Cell plant efficiency — more than 80% plant efficiency
stated as an aspiration by Vikas Jain
p. 20
“We are targeting for more than 80% of the plant efficiency”
Vikas Jain, page 20 of the filed PDF · View the filing
IPP revenue — INR135 crores · FY27
stated conditionally by Ravi Dusad
p. 20
“the revenue will be around INR135 crores for the first year”
Ravi Dusad, page 20 of the filed PDF · View the filing
IPP revenue — close to INR300 crores · FY28
stated conditionally by Ravi Dusad
p. 21
“FY28 it is close to INR300 crores”
Ravi Dusad, page 21 of the filed PDF · View the filing
BESS foray — near future
stated conditionally by Vikas Jain
p. 14
“as of now we have already told you that we are just evaluating the BESS market and in the near future we have no plans for BESS”
Vikas Jain, page 14 of the filed PDF · View the filing
IPP portfolio — 400 megawatt · FY27
stated firmly by Vikas Jain
p. 5
“we continue to scale our execution capabilities with a targeted IPP portfolio of 400 megawatt by FY27”
Vikas Jain, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said some margin pressure will be absorbed and some passed to customers depending on market conditions.
Answered by Manish Gupta
Asked by Vishvender Singh: How is the company managing margin pressure from rising raw material prices?
p. 6
“Definitely. Maybe some margin should be on pressure side, but we believe that on delta basis, some margin, we will absorb and some margin, we will pass on through our customers also”
Manish Gupta, page 6 of the filed PDF · View the filing
Management detailed the Sawarda plant capex already done and the FY27 capex breakdown for cell line and KUSUM projects.
Answered by Ravi Dusad
Asked by Nishita Shanklesha: What is the total capex planned for FY27 versus FY26?
p. 8
“So, approximately INR1,000 crores is the total capex for that. So, all-in-all, INR1,500 crores of capex for cell line and INR1,000 crores of capex in KUSUM”
Ravi Dusad, page 8 of the filed PDF · View the filing
Management explained the increase reflects capacity expansion and detailed the IREDA loan repayment terms.
Answered by Ravi Dusad
Asked by Dharmendra Kumar Jain: Why has borrowing jumped so sharply and what is the repayment plan?
p. 10
“the total loan of IREDA is INR1,134 crores which will be repayable after a moratorium of 12 months in 7 years”
Ravi Dusad, page 10 of the filed PDF · View the filing
Management said dispatches are cumulative and concentrated at quarter-end across the industry.
Answered by Manish Gupta
Asked by Nirav Khandhar: Why did Q4 revenue not match the run rate implied by December's peak month?
p. 15
“The mostly utility scale dispatches are mostly done in the quarter end. And this is not from this year, this is very long, this is pattern in our industry”
Manish Gupta, page 15 of the filed PDF · View the filing
Management described a two-year on-site support arrangement with the Chinese equipment supplier and local Indian representation.
Answered by Vikas Jain
Asked by Ashish Jain: How is the company de-risking dependence on Chinese cell equipment?
p. 17
“We have already awarded the contract with two years' on-site support from Chinese and Indian company who will supply us the equipment”
Vikas Jain, page 17 of the filed PDF · View the filing
Management clarified 14-15% is the FY27 full-year margin and 20%-plus applies from FY27-28 onward.
Answered by Ravi Dusad
Asked by Siddhart Jain: Is the 20%-plus EBITDA margin guidance for FY27 exit rate or full year, and is 14-15% the FY27 full year number?
p. 18
“14%-15% is where we are looking for. And if the conditions changes and if there is any further margin expansion then we will communicate to investors accordingly”
Ravi Dusad, page 18 of the filed PDF · View the filing
Management gave first-year and full-year revenue estimates from the KUSUM IPP projects.
Answered by Ravi Dusad
Asked by Sourav Khara: What revenue is expected from IPP projects in FY27 and FY28?
p. 21
“FY28 it is close to INR300 crores”
Ravi Dusad, page 21 of the filed PDF · View the filing
Risks flagged
Raw material price increases creating margin pressure
p. 6
“Maybe some margin should be on pressure side, but we believe that on delta basis, some margin, we will absorb and some margin, we will pass on through our customers also”
Manish Gupta, page 6 of the filed PDF · View the filing
Market overcapacity and price pressure from non-ALMM compliant modules
p. 14
“in the market there are non-ALMM compliant modules, orders are already available to the tune of maybe 30-gigawatt or so”
Vikas Jain, page 14 of the filed PDF · View the filing
Working capital and free cash flow pressure during capex phase
p. 9
“when a company is in growth phase or capex phase, generally free cash flows are not positive”
Ravi Dusad, page 9 of the filed PDF · View the filing
Solar panel export from India to Europe not currently viable
p. 19
“Europe from India to Europe solar panel export is not viable right now”
Manish Gupta, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.