Insolation Energy Limited has dispatched postal ballot notices to its shareholders as of June 3, 2026, seeking approval for the continuation of a director and amendments to its employee stock option plan. The company published advertisements in the Financial Express and Business Remedies on June 4, 2026, confirming the dispatch. Shareholders are required to vote on two special resolutions via remote e-voting, which is scheduled to commence on June 4, 2026, and conclude on July 3, 2026.

The first resolution seeks approval for the continuation of Mr. Anil Kumar Gupta (DIN: 03573328) as a Non-Executive Independent Director. Mr. Gupta will attain the age of 75 years on July 10, 2026, necessitating a special resolution under Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. He was originally appointed to the Board for a five-year term effective February 10, 2024.

The second resolution proposes amendments to the Insolation Energy Employee Stock Option Plan 2024. The modifications include updating the registered office address, redefining terms such as "Associate Company" and "Stock Exchange" to align with the Companies Act, 2013, and adjusting the vesting schedule. The maximum number of authorized options is proposed to be increased from 2,00,000 to 20,00,000 to account for the subdivision of equity shares from a face value of ₹10 to ₹1.

Members whose names appear in the Register of Members or list of Beneficial Owners as of the cut-off date, May 29, 2026, are eligible to vote. The remote e-voting facility will be available from 09:00 A.M. (IST) on June 4, 2026, until 05:00 P.M. (IST) on July 3, 2026. The results will be announced within two working days of the conclusion of the e-voting period.

Mr. Akshit Kumar Jangid, Practicing Company Secretary and partner of M/s. Pinchaa & Co., has been appointed as the Scrutinizer. The Board of Directors recommends both special resolutions for approval by the members.

Insolation Energy Limited reported a 59.75% increase in consolidated net profit to ₹200.63 crore for the fiscal year ended March 31, 2026, driven by a 61.02% surge in revenue from operations to ₹2,163.52 crore. The strong performance was underpinned by scale expansion and progress in integrated manufacturing, with the company successfully migrating to the Main Board of NSE and BSE during the year. The Board of Directors approved the audited standalone and consolidated financial results at its meeting held on May 25, 2026. The company filed an investor presentation regarding these results with the exchanges on May 26, 2026.

Full Year Financial Performance

For the full year ended March 31, 2026, the company reported a consolidated revenue from operations of ₹2,163.52 crore, a 61.02% increase compared to ₹1,343.62 crore in the previous year. Profit for the period rose to ₹200.63 crore, up from ₹125.59 crore in FY25. EBITDA for the year grew 76.50% year-on-year to ₹304.61 crore, with an EBITDA margin of 14.08%.

The following table summarises the consolidated full year performance:

Q4 Performance

The fourth quarter results reflected strong year-on-year growth across key metrics. Consolidated revenue for Q4FY26 stood at ₹792.38 crore, compared to ₹396.45 crore in the same period of the previous year. Consolidated net profit for the quarter increased 64.76% to ₹69.84 crore, up from ₹42.39 crore year-on-year. The company's Q4 EBITDA also showed notable improvement, rising to ₹109.10 crore from ₹57.07 crore in the year-ago period. However, the EBITDA margin saw a marginal contraction to 13.77% from 14.40%.

Business Highlights

Insolation Energy achieved strong revenue growth driven by higher dispatches across utility-scale, C&I and distributed solar segments. The installed module manufacturing capacity expanded to 5.5 GW, supported by the ramp-up at the highly automated INA3 manufacturing facility. The company continued progress on its strategic backward integration roadmap through the development of a 4.5 GW TOPCon solar cell manufacturing facility and an 18,000 MTPA aluminium frame manufacturing facility at Narmadapuram, Madhya Pradesh.

Future Guidance and Capex

Management stated that the 4.5 GW TOPCon solar cell facility is targeted for commissioning in Q3 of FY27, with the aluminium frame facility expected to be commissioned in Q1 of FY27. The company anticipates that the operationalization of the cell line will enhance EBITDA margins to 17%-18% from the current 14%. For FY27, the company targets a production and sales volume of 2 GW from the module line. The total capex planned for FY27 is approximately ₹2,500 crore, including ₹1,500 crore for the cell line and ₹1,000 crore for IPP projects under the KUSUM scheme. The company also announced plans for a future 4.5 GW wafer and ingot manufacturing facility, for which the detailed project report (DPR) is currently under preparation.