Insolation Energy H1 revenue doubles to ₹1,582 crore, EBITDA margin dips

Insolation Energy Limited reported H1 FY27 revenue of ₹1,582.09 crore, marking a 100.56% year-on-year rise from ₹776 crore in the same period last year. The company’s second-quarter revenue stood at ₹836.69 crore, reflecting a 96.45% increase compared to Q2 FY26.

For the half-year, the firm recorded a net profit of ₹63.08 crore. This result translated into a profit-after-tax margin of 3.99%.

Profitability and Costs

Insolation Energy’s H1 FY27 EBITDA grew 23.30% year-on-year to ₹140.31 crore, resulting in an 8.87% margin. The company recorded depreciation of ₹17.72 crore and finance costs of ₹12.78 crore for the period. Both line items increased compared to the previous year, driven by the commissioning of the INA3 plant and the funding required for capital expenditure.

Management Outlook

Insolation Energy Limited Chairman Manish Gupta noted that international supply chain interruptions are stabilizing and pricing is normalizing. He reported that the firm is currently experiencing favorable momentum alongside a rebound in margins. Gupta further indicated that EBITDA and margins are anticipated to strengthen over the coming two quarters. He forecasted that full-year FY27 margins and EBITDA would align with FY26 benchmarks.

Production and Pipeline

• The aggregate order book is valued at roughly 2.2 GW, of which 1.3 GW is slated for handover by March 2027.
• Current pipeline activities underpin a capacity utilization rate exceeding 60%.
• Project execution in the first half of FY27 amounted to 70 MW, whereas the IPP portfolio aims to surpass 400 MW by the close of FY27.
• On November 4, 2026, the firm achieved a one-day dispatch of 16 MW, transporting 26,660 modules using 40 trucks.
• The 4.5 GW TOPCon cell plant located in Narmadapuram is approaching commissioning, with full commercial operations expected to commence in Q4 FY27.
• Roughly 2.5 GW of proposals are currently undergoing internal assessment for the upcoming cell plant.

Technology and Incentives

Insolation Energy is planning to develop 3 GW of Hybrid-Tandem™ modules at its Sawarda site, a move driven by a five-year partnership with Caelux Corporation. The company’s N-type TOPCon technology aims for module efficiencies of up to 29% by 2029.

The Sawarda facility’s Phase 1 involves an investment of ₹179.12 crore, supported by incentives under the RIPS-2022 scheme. This government program offers a turnover-linked incentive of 1.98%, capped at ₹224 crore over roughly nine years. RIPS-2022 grants a 100% exemption on electricity duty, a benefit that saves the company more than ₹1 crore annually.

What to watch

The immediate focus remains on the Narmadapuram 4.5 GW TOPCon cell facility, which targets full commercial operations in Q4 FY27. Separately, the five-year strategic partnership with Caelux Corp. signed on 26 Oct 2026 Luminity reported moves through technology validation and manufacturing readiness. Progress on these 3 GW Hybrid-Tandem™ modules, specifically their compliance with India’s ALMM regulatory framework, will be a key indicator of the company’s ability to reach its stated efficiency targets.