Insolation Energy Ltd

Award details

• Awarding entity: Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL).
• Scope: nine solar projects aggregating 99 MW AC (128.7 MW DC) under a 25-year PPA.
• Recipient: Insolation Green Energy Private Limited, wholly owned by Insolation Energy Limited.
• Contract value: ₹425 crore including GST; investment in 128.70 MW (DC) solar plants.
• Annual revenue: ₹59.72 crore under 25-year PPA.
• Time to execute: commissioning within 18 months from PPA execution.
• Tariff: ₹2.90 per unit; levelized across all sites.
• Domestic award; no promoter-group interest or related-party transactions.
• Locations: spread across multiple sites in Maharashtra.
• Expected material impact: stable, long-term revenue visibility through PPA.

Meeting Details

• Date: 26 August 2026; time not disclosed.
• Type/Mode: Non-Deal Roadshow, Physical meeting.
• Location: Mumbai.
• Event/organizer: Non-Deal Roadshow.
• Representatives from the company will participate.

Participants

• Key participants: Company representatives (roles not specified).

Purpose

• Purpose: Investor interaction at non-deal roadshow.

Additional Notes

• Subject to end-minute changes due to investor or company.
• No UPSI will be shared.

Business overview

• Integrated solar energy company: cells, modules, EPC and IPP assets.
• Multi-channel model provides demand stability across government schemes, developers, OEMs, and retailers.

Operational momentum

• Order book at 2.1 GW+ with 400 MW projects under execution.
• 5 GW module capacity; 4.5 GW TOPCon cell and 18,000 MT frames backward integrated.

Financial performance

• Q1 FY27 revenue Rs 745.4 Cr; YoY growth 105.4%.
• FY26 revenue Rs 2,163 Cr; EBITDA Rs 304.6 Cr; PAT Rs 200.6 Cr.

Capital structure & liquidity

• Long-term borrowings Rs 471 Cr; short-term borrowings Rs 370 Cr in FY26.
• Cash Rs 521 Cr; Total equity Rs 808 Cr; Total assets Rs 2,155 Cr.

Strategic priorities & outlook

• FY28 mission; growth via integrated manufacturing and policy tailwinds (ALMM, PM-KUSUM, PM Surya Ghar).
• Target 400 MW+ IPP/EPC pipeline by FY27; AI data centers expansion noted.

Risks & governance

• Macro/market demand and execution risks; diversification and vertical integration mitigate.
• Board leadership includes founder chairman and independent directors; strong governance posture.

Governance & leadership

• Mr. Manish Gupta, Chairman; Mr. Vikas Jain, MD; CFO: Ravi Dusad; multiple independent directors.

Financial highlights

• Q1FY27 revenue ₹745.40 Cr, up 105.37% YoY.
• EBITDA ₹76.87 Cr; EBITDA margin 10.31%.
• Net profit ₹38.02 Cr; PAT margin 5.10%.

Bookings and orders

• Order book over 2.1 GW as of Q1FY27.
• NTPC Renewable Energy order secured for ₹558.29 Cr.

Capex and backward integration

• Capex outlay ~₹1,500 Cr in FY27 for backward integration.
• ₹347 Cr project execution financing arranged in FY27.
• 5 GW TOPCon and 18,000 MTPA aluminium frame facilities advancing; commissioning targeted H2 FY27 / FY27.

Outlook and commentary

• Margin leverage expected as new facilities come online.
• Order book supports growth across utility-scale, C&I and government programs.

ESOP grant approval

• Nomination and Remuneration Committee approved grant of 7,500 ESOPs under ESOP 2024.
• Exercise price fixed at Rs 3.80 per option.
• 7,500 options constitute tranche 8 of total 2,000,000 options.
• Eligible employees across the company and its subsidiaries, associates, and group companies.
• Vesting period ranges from 1 to 5 years from grant date.
• Exercise period begins at vesting and ends 18 months after vesting.
• Plan complies with SEBI SBEB Regulations, 2021.
• Board reserves right to vary terms subject to applicable laws.
• Grant approved on 12 August 2026.

Financial results

• Board approved unaudited consolidated results for quarter ended 30 June 2026 with Limited Review Report.
• Board approved unaudited standalone results for quarter ended 30 June 2026.
• Statutory auditor expressed an unmodified opinion on the consolidated results.

Directors and management appointments

• Re-appoint Manish Gupta as Whole-Time Director and Chairman for five years from 15 December 2026, subject to AGM.
• Re-appoint Vikas Jain as Managing Director for five years from 15 December 2026, subject to AGM.
• Annexure disclosures under Regulation 30 attached.

ESOP and share allotment

• 54,750 equity shares allotted under Insolation Energy Employee Stock Option Plan 2024 on 25 May 2026.

Auditor and governance notes

• Audit Committee reviewed results; Board approved them.

Meeting Details

• Date: 12 August 2026; Time and venue not disclosed.

Key Agenda Items

• Approve standalone unaudited financial results for quarter ended 30 June 2026.
• Approve consolidated unaudited financial results for quarter ended 30 June 2026.
• Transact such other business.

Other Notes

• Trading window closed from 1 July 2026 to 14 August 2026 for designated persons and immediate relatives.

RTA confirmation

• Confirmation certificate from Registrar submitted under Reg 74(5) for the quarter.