Insolation Energy Reaps Gains With Record FY24 Numbers, Plans Expansion

Rajasthan’s leading solar firm, Insolation Energy Limited (INA Solar), has announced impressive financial results for the fiscal year ending March 31, 2024. The company reported a turnover of Rs 741.32 crore, a substantial increase of 165% from the Rs 280.05 crore recorded in the previous fiscal year. Gross margins surged by 237%, reaching Rs 111.65 crore from the previous Rs 33.09 crore.

The company’s EBITDA saw a remarkable growth of 340.70%, rising to Rs 84.16 crore from Rs 19.10 crore. Net profit after tax experienced an extraordinary increase of 419.50%, soaring to Rs 55.47 crore from Rs 10.68 crore. Consequently, the Earnings Per Share (EPS) also surged by 419.63%, from 6.1 to 31.23. After an IPO at Rs 36 in 2022, the firm’s stock price has surged to over Rs 2200 in recent weeks.

Chairman Manish Gupta highlighted INA Solar’s top ranking on India’s BSE SME & NSE EMERGE platforms and its 757th position on the Main Board platform in SEBI’s Business Responsibility and Sustainability Report (BRSR) for FY 2023-24.

INA Solar is the largest solar panel manufacturer in Rajasthan and is significantly contributing to India’s green energy goals and the Make in India initiative. The company boasts a network of over 300 dealers and distributors, more than 500 successful projects, and over 10,000  customers across 100 districts in India.

MD Vikas Jain announced plans to expand the company’s production capacity from 950 MW to 3000 MW annually and to set up a 1200 MW solar cell manufacturing unit. INA Solar manufactures high-efficiency solar panels, batteries, and inverters, and will soon start manufacturing top-con solar panels so that panels ranging from 40 Wp to 600 Wp are available in the market. According to the company, all products comply with national and international standards such as BIS., recognized by ALMM. The company actively participates in major national initiatives like Jal Jeevan Mission, Kusum Residential Roof Top Solar, BSNL, and Solar Park, further promoting the Make in India mission.

India’s solar manufacturers are looking ahead to a year of record volumes in 2024-25, as the full impact of ALMM (Approved list of module manufacturers) kicks in, although buyers might seek more and more of TOPCon and Bifacial modules, where capacity is still ramping up. Exports to the US in particular have also opened up as a lucrative option with the US imposing high import duty on China made modules.