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10 Yrs X-Ray 
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About
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
₹91.05 3.50 (4.00%)
As on 18-Sep'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
₹91.05 3.50 (4.00%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹2,007 Cr.
Current Price
₹91.1
52-Week Low / High
₹81 / 220
TTM EPS
₹9.1
TTM Sales
₹2,146 Cr.
Book Value per Share
₹38.3
P/E Ratio
10.03
Lower than its 5-year historical median
Industry PE
50.9
Price to Book (P/B)
2.38
Lower than its 5-year historical median
Price to Sales (P/S)
0.94
Lower than its 5-year historical median
EV/EBITDA
7.57
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
28.37%
Outperforms industry median
Return on Capital Employed (ROCE)
22.98%
Outperforms industry median
Return on Assets (ROA)
13.09%
Operating Profit Margin
13.5%
Net Profit Margin
9.35%
Gross Profit Margin
13.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-13.26%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
77.25%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
59.75%
Asset Quality
Promoter Holding
66.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹822 Cr.
Equity
₹22.1 Cr.
Face Value
₹1
All Time Low / High
₹7.25 / 475.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
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?
Revenue growth of Insolation Energy Ltd vs industry peers?
Insolation Energy Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
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.
Stock return of Insolation Energy Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 29.37% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 12.6% | 24.4% | 31.8% | 40% | 27.6% | 16.3% | 8% | 3.4% | 2.5% | - |
| Value Creation Index ⓘ | -0.1 | 0.7 | 1.3 | 1.9 | 1.0 | 0.2 | -0.4 | -0.8 | -0.8 | - |
Growth Parameters ⓘ |
||||||||||
| Sales ⓘ | 51.1 | 64.5 | 88.8 | 163 | 215 | 259 | 229 | 113 | 98 | 98 |
| Sales YoY Gr. | - | 26.3% | 37.6% | 83.3% | 32.4% | 20.1% | -11.4% | -50.7% | -13.3% | - |
| Adj EPS ⓘ | 0 | 0.1 | 0.2 | 0.5 | 0.5 | 0.3 | 0.1 | 0.2 | 0.3 | 0.3 |
| YoY Gr. | - | 250% | 50% | 119.1% | 0% | -34.8% | -56.7% | 61.5% | 57.1% | - |
| BVPS (₹) ⓘ | 0.2 | 0.4 | 0.6 | 1 | 1.5 | 2.3 | 2.4 | 19.8 | 20 | 19.9 |
| Adj Net Profit ⓘ | 0.7 | 2.1 | 3.1 | 6.9 | 7 | 6.2 | 2.8 | 4.7 | 7.3 | 7 |
| Cash Flow from Ops. ⓘ | -0.9 | 1.6 | 3.9 | 1.3 | 9.9 | -19.9 | 29.2 | -22.9 | -0.4 | - |
| Debt/CF from Ops. ⓘ | -12.9 | 7.8 | 3.2 | 15.9 | 2.9 | -2 | 1.2 | -1.1 | -127.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | -9.6% | -27.6% | -13.3% | ||||
| Adj EPS ⓘ | NA | -6.4% | 3.2% | 57.1% | ||||
| BVPSⓘ | NA | 81.7% | 106.2% | 1.1% | ||||
| Share Price | - | - | 30.8% | -53.7% | ||||
Key Financial Parameters ⓘ
| Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.5 | 49.7 | 45.2 | 58.7 | 37.3 | 17.5 | 5.6 | 1.9 | 1.7 | 1.7 |
| Op. Profit Mgn % ⓘ | 5.3 | 8.6 | 8.2 | 7.8 | 6.5 | 4.7 | 1.9 | 1.8 | 8.4 | 2.6 |
| Net Profit Mgn % ⓘ | 1.3 | 3.3 | 3.5 | 4.2 | 3.2 | 2.4 | 1.2 | 4.1 | 7.5 | 7.4 |
| Debt to Equity ⓘ | 4 | 2.4 | 1.5 | 1.4 | 1.3 | 0.8 | 0.7 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 72 | 67 | 67 | 78 | 89 | 107 | 225 | 366 | 111 |
| Cash Conv. Cycle ⓘ | 0 | 31 | 35 | 26 | 35 | 49 | 50 | 98 | 119 | 43 |
Valuation of Insolation Energy - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 215 | 279 | 737 | 1,334 | 2,146 |
| Operating Expenses ⓘ + | 202 | 261 | 656 | 1,171 | 1,857 |
| Operating Profit ⓘ | 14 | 19 | 81 | 163 | 289 |
| Operating Profit Margin (%) | 6.4% | 6.7% | 11.0% | 12.2% | 13.5% |
| Other Income ⓘ + | 0 | 1 | 4 | 10 | 18 |
| Interest ⓘ | 3 | 3 | 10 | 9 | 26 |
| Depreciation ⓘ | 2 | 2 | 7 | 11 | 36 |
| Profit Before Tax ⓘ | 9 | 14 | 68 | 153 | 245 |
| Tax ⓘ | 2 | 3 | 12 | 27 | 45 |
| Profit After Tax | 7 | 11 | 55 | 126 | 201 |
| PAT Margin (%) | 3.2% | 3.8% | 7.5% | 9.4% | 9.4% |
| Adjusted EPS (₹) | 0.5 | 0.5 | 2.7 | 5.7 | 9.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 1.80% | 0% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 22 | 53 | 108 | 608 | 806 | ||||||
| Debt + | 28 | 64 | 84 | 100 | 817 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | 1 | ||||||
| Trade Payables | 12 | 21 | 37 | 72 | 293 | ||||||
| Others Liabilities ⓘ | 9 | 23 | 46 | 97 | 270 | ||||||
| Total Liabilities ⓘ | 70 | 161 | 275 | 878 | 2,187 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 9 | 38 | 46 | 88 | 525 | ||||||
| CWIP ⓘ | 2 | 0 | 1 | 53 | 73 | ||||||
| Investments ⓘ | 0 | 0 | 5 | 39 | 36 | ||||||
| Inventories | 23 | 48 | 74 | 77 | 379 | ||||||
| Trade Receivables | 17 | 28 | 52 | 110 | 282 | ||||||
Cash Equivalents 
ⓘ
| 8 | 23 | 55 | 314 | 521 | ||||||
| Others Assets ⓘ | 11 | 24 | 42 | 197 | 372 | ||||||
| Total Assets ⓘ | 70 | 161 | 275 | 878 | 2,187 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 9 | -1 | 30 | 27 | -73 |
| Cash Flow From Investing Activity ⓘ + | -3 | -29 | -33 | -458 | -186 |
| Cash Flow From Financing Activity ⓘ + | 2 | 45 | 28 | 385 | 698 |
| Net Cash Flow ⓘ | 8 | 15 | 25 | -46 | 439 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 32.85 | 29.2 | 69.25 | 35.05 | 28.37 | |||||
| ROCE (%) | 22.88 | 19.86 | 48.14 | 35.13 | 22.98 | |||||
| Asset Turnover Ratio | 3.06 | 2.41 | 3.38 | 2.31 | 1.4 | |||||
| PAT to CFO Conversion(x) | 1.29 | -0.09 | 0.55 | 0.21 | -0.36 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 28 | 29.30 | 19.90 | 22.20 | 33.30 | |||||
| Inventory Days | 39.70 | 46.70 | 30.20 | 20.60 | 38.80 | |||||
| Payable Days | 24 | 25.80 | 17.70 | 18.40 | 39.10 | |||||
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Insolation Energy Ltd FAQs
The current trading price of Insolation Energy on 18-Sep-2026 16:59 is ₹91.05.
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 17-Sep-2026 the market cap of Insolation Energy stood at ₹2,007.2 Cr
The latest P/E ratio of Insolation Energy as of 17-Sep-2026 is 279.4.
The latest P/B ratio of Insolation Energy as of 17-Sep-2026 is 4.59.
The 52-week high of Insolation Energy is ₹219.9 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 Somewhat Undervalued 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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