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Insolation Energy Ltd (INA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543620 NSE: INA Electronics - Components | Small Cap | Insolation Energy Share Price

₹113.15 -2.05 (-1.78%)

As on 25-Jun'26 16:59

Insolation Energy Ltd (INA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543620 NSE: INA Electronics - Components | Small Cap | Insolation Energy Share Price

₹113.15 -2.05 (-1.78%)

As on 25-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,494 Cr.
Current Price
₹113.2
52-Week Low / High
₹81 / 282
TTM EPS
₹0.3
TTM Sales
₹98 Cr.
Book Value per Share
₹20
P/E Ratio
347.21
Higher than its 5-year historical median
Industry PE
44.8
Price to Book (P/B)
5.65
Lower than its 5-year historical median
Price to Sales (P/S)
25.45
Higher than its 5-year historical median
EV/EBITDA
168.17
Lower than its 5-year historical median
Dividend Yield
0.09%
Profitability Efficiency
Return on Equity (ROE)
2.07%
Underperforms industry median
Return on Capital Employed (ROCE)
3.26%
Underperforms industry median
Return on Assets (ROA)
1.73%
Operating Profit Margin
1.1%
Net Profit Margin
4.45%
Gross Profit Margin
7.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-50.82%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-72.77%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
74.91%
Asset Quality
Promoter Holding
66.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹420 Cr.
Equity
₹22 Cr.
Face Value
₹1
All Time Low / High
₹7.25 / 475.00

Insolation Energy stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Insolation Energy Ltd a good quality company?
Insolation Energy Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Insolation Energy Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Insolation Energy Ltd vs industry peers?
Insolation Energy Ltd revenue CAGR is 4.91%, compared to the industry median CAGR of 3.03%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Insolation Energy Ltd?
Promoters hold 66.12% of the Insolation Energy Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Insolation Energy Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 111.18% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Insolation Energy Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 12.6%24.4%31.8%40%27.6%16.3%8%3.3%-
Value Creation
Index
-0.10.71.31.91.00.2-0.4-0.8-

Growth Parameters

Sales 51.164.588.816321525922911398
Sales YoY Gr.-26.3%37.6%83.3%32.4%20.1%-11.4%-50.8%-
Adj EPS 00.10.20.50.50.30.10.20.3
YoY Gr.-250%50%119.1%0%-34.8%-56.7%76.9%-
BVPS (₹) 0.20.40.611.52.32.419.820
Adj Net
Profit
0.72.13.16.976.22.85.17
Cash Flow from Ops. -0.91.63.91.39.9-19.929.2-16.1-
Debt/CF from Ops. -12.97.83.215.92.9-21.2-1.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA4.9%-19.4%-50.8%
Adj EPS NA1.8%-20.6%76.9%
BVPSNA104.8%138.5%739%
Share Price - - 106.5% -58.1%

Key Financial Parameters

Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
20.549.745.258.737.317.55.62.11.7
Op. Profit
Mgn %
5.38.68.27.86.54.71.91.11.9
Net Profit
Mgn %
1.33.33.54.23.22.41.24.57.4
Debt to
Equity
42.41.51.41.30.80.70.10.1
Working Cap
Days
07267677889107226357
Cash Conv.
Cycle
031352635495098259

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales516489163215259229113
Operating Expenses + 485982150202246225112
Manufacturing Costs2438121166
Material Costs44507113117822220495
Employee Cost 22345554
Other Costs 135778108
Operating Profit 36713141241
Operating Profit Margin (%) 5.3%8.6%8.2%7.8%6.4%4.7%1.9%1.1%
Other Income + 00000149
Exceptional Items 0000-0-00-0
Interest 11223332
Depreciation 12112211
Profit Before Tax 13599847
Tax 01122212
Profit After Tax 12377635
PAT Margin (%) 1.4%3.4%3.5%4.2%3.2%2.4%1.3%4.5%
Adjusted EPS (₹)0.10.10.20.50.50.30.10.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%43.90%

Valuation of Insolation Energy - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 35815224851438
Share Capital 333315212122
Reserves 1361372830416
Debt +1212122125372318
Long Term Debt776772060
Short Term Debt4571418171718
Minority Interest00000000
Trade Payables344111212815
Others Liabilities 1225991513
Total Liabilities 192226526810698484

Fixed Assets

Net Fixed Assets +878109879
Gross Block910121616171720
Accumulated Depreciation1345791011
CWIP 00000000
Investments 000025879
Inventories5561523291522
Trade Receivables3681017251532
Cash Equivalents 001071624312
Others Assets 3431710233030
Total Assets 192226526810698484

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -124110-2029-16
PBT 12377637
Adjustment 12112211
Changes in Working Capital -3-3-0-71-2828-23
Tax Paid 000000-3-1
Cash Flow From Investing Activity + -1-1-2-4-1-0-23-373
Capex -1-1-2-4-1-0-1-3
Net Investments 000000-9-376
Others 00000-0-137
Cash Flow From Financing Activity + 0-1-12-330-5372
Net Proceeds from Shares 00000200382
Net Proceeds from Borrowing 0-0-12-113-13-6
Interest Paid 00000000
Dividend Paid 00000000
Others -0-000-2-38-4
Net Cash Flow -2-01-06101-17

Financial Ratio

PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)22.6552.1445.6658.737.3417.75.932.07
ROCE (%)12.5624.3931.7940.0227.6316.277.953.26
Asset Turnover Ratio2.673.113.644.153.612.982.250.39
PAT to CFO Conversion(x)-111.330.141.43-3.339.67-3.2
Working Capital Days
Receivable Days22.7025.5028.7020.1022.3029.3031.5075.70
Inventory Days33.2026.3022.8023.7032.3037.3035.6061
Payable Days25.7023.9019.4020.2022.8019.2017.9044.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Insolation Energy Ltd FAQs

The current trading price of Insolation Energy on 25-Jun-2026 16:59 is ₹113.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Jun-2026 the market cap of Insolation Energy stood at ₹2,494.4 Cr

The latest P/E ratio of Insolation Energy as of 24-Jun-2026 is 347.2.

The latest P/B ratio of Insolation Energy as of 24-Jun-2026 is 5.65.

The 52-week high of Insolation Energy is ₹282.0 and the 52-week low is ₹81.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Insolation Energy is ₹98.03 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Insolation Energy Ltd is a average quality company.

The key valuation ratios of Insolation Energy Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Insolation Energy Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Insolation Energy Ltd

The company was originally incorporated as a Private Limited Company in the name of “Insolation Energy Private Limited” under the provisions of the Companies Act, 2013 vide Certificate of Incorporation dated October 15, 2015 issued by Registrar of Companies, Jaipur, Rajasthan. Subsequently, the company was converted into Public Limited Company vide shareholders resolution passed at the Extra-Ordinary General Meeting held on December 24, 2021 and name of company was changed to “Insolation Energy Limited” pursuant to issuance of Fresh Certification of Incorporation dated February 7, 2022 by Registrar of Companies, Jaipur, Rajasthan.

The company is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes as per the demand in the market from its fully automatic a state-of-the-art 200 MW (Rated Installed Capacity) SPV Module manufacturing unit located at Jaipur, spread in more than 60,000 Sq. ft area with latest machinery and stringent quality assurance process which delivers quality solar PV module. In addition to the manufacture of solar PV modules, the company also trades in Solar Power Conditioning Unit (PCU) which uses solar energy and power from the grid to charge batteries and tall tabular Lead Acid Batteries which are used to store energy generated from the solar panels. It is also an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services to its customers.

The company has built a strong brand reputation for its solar PV modules manufactured on a fully automatic state-of-art manufacturing unit and sold under the brand name of ‘INA’ along with a successful track record of developing, engineering and constructing. It strives to deliver reliable solar solutions through innovative products, and it achieves this majorly through its specialized high efficiency PV module manufacturing line and comprehensive EPC solutions. The company adheres to some of the industry’s best quality product accreditations. The company has obtained certifications such as ISO 9001:2015, ISO 45001:2018, ISO 14001:2015, BIS-IS:14286 etc. The company’s solar PV modules are currently manufactured using both polycrystalline and Mono-PERC crystalline cell technology. Its portfolio of solar energy products consists of the following solar PV modules which includes bifacial (glass - to - Transparent back sheet modules) and are differentiated on the basis of solar PV module technology and type as well as cell size: (i) polycrystalline modules; and (ii) monocrystalline passivated emitter and rear cell (Mono PERC) modules.

Business area of the company

The company is a national solar energy provider and has set up a state of the art fully automatic solar PV module manufacturing plant at Jaipur. Portfolio covers both Poly and Mono crystalline modules and new innovative products such as Twin power, Dual glass (Glass to Glass), BIPV, Poly, Mono & Mono PERC. Its solar PV modules are rated highly efficient, provide better generation and offer unique technical advantages across varied applications.

Awards and Accreditations

  • 2017: Mission Energy Award in Roadmap for Innovators in Solar Energy.
  • 2017: Award in the category of PV Materials Innovation in Solar Innovation & Excellence Awards.
  • 2017: India Solar Week Excellence Award for Rising Star in the Category of Solar Module Company of the Year-Utility Scale (Domestic Manufacturer).
  • 2018: Best Solar Rooftop Module Manufacturer Excellence Award.
  • 2018: Gold Award Winner at India Solar Week Business Excellence Awards in the Category of Solar Module Company of the Year-Utility Scale (Domestic Manufacturer).
  • 2018: Outstanding Achievement award in the Rising Star Category of Solar Module Company of the Year-Domestic Manufacturer.
  • 2019: Award of Best Module Manufacturer in Rajasthan State Solar Awards.
  • 2019: Participation at 15th Regional “India International MSME Expo & Business Conclave 2019.
  • 2019: State Business Excellence Award in the Category of Best Solar Panel Manufacturing Company in the State of Rajasthan by Solar Roofs.
  • 2020: Award of Module Manufacturer of the Year: Make in India (80W) presented by PV Module Tech India.
  • 2021: Award of Biggest Solar PV Module Manufacturer of Rajasthan.
  • 2021: Winner of Outstanding Performance in Production Excellence Trophy by the Employer’s Association of Rajasthan.
  • 2022: International Annual Solar Awards at EQ PV Invest Tech India New Delhi for Leading MSME Indian Module Manufacturer of the Year.

Key events and milestones

  • 2015: Incorporation of the Company as private limited company.
  • 2016:  Received factory licence for manufacturing unit of the company located at Khasra No. 766/2, Village-Bagwada, Tehsil Amer, Near Daulatpura Toll Tax, Jaipur-303805 (Registration No. - RJ/31745).
  • 2017: Commenced manufacturing of solar panels.
  • 2017: Received test certificate for photovoltaic module by UL India Limited.
  • 2020: Registered with Bureau of Indian Standards for manufacturing Crystalline Si PV Module.
  • 2020: Upgraded the registration with Bureau of Indian Standards to manufacture products with additional specifications.
  • 2021: Increased the installed capacity of the Company from 80 MW to 200 MW (Rated Installed Capacity).
  • 2021: Incorporation of a wholly owned subsidiary, Insolation Green Energy Private Limited.
  • 2022: Conversion into public limited company and change of name.
  • 2022: Received certificate from Innovative Systemcert Private Limited for Occupational Health & Safety Management System for compliance with the requirements of ISO 45001:2018 in which the management system includes design and manufacturing of Solar PV Modules & EPC of Solar Power Projects.
  • 2022: Received certificate for conforming to the requirements of Quality Management Standard ISO 9001:2015 for design and manufacturing of Solar PV Modules & EPC of Solar Power Projects.
  • 2022: Received certificate from Innovative Systemcert Private Limited for Environmental Management System for compliance with the requirements of ISO 14001:2015 in which the management system includes Design and Manufacturing of Solar PV Modules & EPC of Solar Power Projects.
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