Insolation Energy Limited showcased strong operational and financial performance in its Q3 and nine months FY26 earnings, demonstrating the benefits of capacity expansion and operational efficiency improvements. The solar module manufacturer reported significant growth across key metrics, supported by robust demand from commercial and industrial segments.

Financial Performance Highlights

The company delivered impressive financial results for both the quarter and nine-month periods:

The quarterly EBITDA margin expansion of over 500 basis points year-on-year reflects the company's improved operational leverage, disciplined cost management, and scale benefits. Earnings per share demonstrated strong growth with EPS at 2.27 for Q3 FY26 and 5.89 for 9M FY26, representing growth of 170% and 55% respectively.

Operational Capacity and Production

Insolation Energy's manufacturing capabilities expanded significantly during the period. Production for Q3 FY26 stood at 356 MW with dispatch of 364 MW, supported by consistent execution and healthy market demand. The company's total installed module capacity reached 5.5 GW as of 31st December, 2025, following the addition of a 1.5 GW line in December.

The newly commissioned lines at the INA-3 facility were in ramp-up phase during the quarter, designed to be among India's most automated PV module manufacturing lines. Management expects monthly production capacity to reach 300 MW once all three lines at INA-3 become fully operational.

Strategic Expansion and Integration

The company is advancing its backward integration strategy through a greenfield project at Narmadapuram, Madhya Pradesh. This expansion includes a 4.5 GW TOPCon G12R cell manufacturing facility and an 18,000-ton aluminum extrusion unit, with civil works and building activities progressing as planned.

The cell manufacturing facility is expected to commence operations in Q3 FY27, with management projecting EBITDA margin improvements of 400-500 basis points once the facility becomes operational. The integrated approach aims to strengthen cost competitiveness and enhance resilience against global supply chain disruptions.

Market Position and Order Book

Insolation Energy maintains a strong market position with a healthy order book of approximately 2.1 GW, providing visibility for the next six to nine months. The company secured Kusum projects in Rajasthan covering more than 200 sites and aggregating approximately 400 MW, with all power purchase agreements completed.

Future Outlook

Management expressed confidence in sustaining 40-45% revenue growth CAGR over the medium term, supported by capacity expansion, backward integration initiatives, and strong demand visibility. The company targets becoming India's leading integrated clean-tech solutions provider, with plans to expand into energy storage and other complementary technologies based on market developments and supportive government policies.

Insolation Energy Limited has achieved a significant milestone by receiving in-principle approval from the National Stock Exchange of India Limited (NSE) for migration from the SME Platform of BSE to the Capital Market Segment (Main Board). This development marks an important step in the company's growth trajectory and expansion of its market presence.

Migration Approval Details

The company received the crucial approval on February 19, 2026, as communicated through NSE letter reference number NSE/LIST/64. This follows the earlier in-principle approval received from BSE Limited on January 23, 2026, demonstrating the coordinated approach required for such migrations.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The migration process follows the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, ensuring full regulatory compliance throughout the transition.

Next Steps and Timeline

Insolation Energy Limited is currently in the process of completing the final listing formalities as prescribed by the exchange. The NSE has indicated that it will issue final approval for migration upon submission of the listing application, including the equity listing agreement. The in-principle approval remains valid for a period of 45 days from the date of issuance.

Company Information

The company operates under CIN L40104RJ2015PLC048445 and is currently listed on BSE SME with scrip code 543620 and symbol INA. Insolation Energy Limited maintains multiple manufacturing facilities across Rajasthan and Madhya Pradesh, with its registered office located in Jaipur.

Market Impact

The migration to NSE's main board represents a significant upgrade from the SME platform, potentially providing the company with enhanced visibility, improved liquidity, and access to a broader investor base. The company has committed to keeping the exchange informed about further developments, including the effective date of trading on the main board.