Insolation Energy Ltd.

•

₹ 93.790.4%

2026-08-21

insolationenergy.inBSE: 543620NSE: INA

Market Cap₹ 2,051 Cr.

Current Price₹ 93

High / Low₹ 162 / 80

Stock P/E10.2

Book Value₹ 38

Price to Book9.37

Dividend Yield0.00 %

ROCE35.0 %

ROE35.2 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 44.5%
Company has a healthy return on capital (ROCE) of 34.3%
Latest quarter profit grew 796.9% YoY, showing strong momentum
Operating margins have improved to 12.1% from 6.5%
Company comfortably covers its interest (21.3x coverage)
Attractively priced for its growth - PEG of 0.1

CONS

Receivables are growing faster than sales - a possible quality concern
Working capital days have increased from 33 to 88 days
Equity base is being diluted - shares outstanding up 46.9%
Free cash flow has been persistently negative
Stock is trading at 9.4x its book value
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SYRMA	1491.90	78.15	28768.38	0.10	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3811.00	73.90	25546.91	0.00	56.43	-24.37	946.02	40.47	14.67	15.60
3.	AVALON	2240.85	112.06	14971.51	0.00	34.87	145.31	484.41	49.83	14.12	11.96
4.	UTLSOLAR	481.20	0.00	14863.25	0.00	577.94	—	13456.93	—	40.63	18.94
5.	VIKRAMSOLR	170.80	17.34	6189.01	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
6.	CYIENTDLM	714.80	69.11	5674.32	0.00	16.29	118.21	373.80	34.25	10.41	9.93
7.	SAATVIKGL	399.70	20.48	5080.39	0.00	53.63	-54.01	5110.10	458.04	55.18	6.62
8.	CENTUM	3372.45	100.33	4978.42	0.15	10.55	135.70	204.15	-22.53	26.02	11.54
9.	WEBELSOLAR	82.79	11.86	3594.44	0.30	777.90	1511.56	3726.00	2053.88	59.38	33.70
10.	KERNEX	1870.00	16.48	3142.28	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
11.	MODINSULAT	439.60	22.01	2072.45	0.00	29.60	94.43	188.30	33.19	10.53	16.89
12.	INA	93.05	10.25	2051.30	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
	325	397	362	575	794	741
	301	339	311	501	683	698
Operating Profit	—	—	—	—	—	—
OPM %	—	—	—	—	—	—
Other Income	5	-0	1	7	-2	5
Interest	4	1	3	8	8	12
Depreciation	3	3	3	12	15	17
	23	53	52	62	86	48
Tax %	17.86%	20.32%	17.16%	18.14%	19.06%	19.95%
Net Profit	0	0	43	51	70	38
	1	2	0	2	3	0
Equity Capital	22	22	22	22	22	22
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	22	22	22	22	22	22
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Dec 2024

: 325
: 301
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 4
Depreciation: 3
: 23
Tax %: 17.86%
Net Profit: 0
: 1
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 397
: 339
Operating Profit: —
OPM %: —
Other Income: -0
Interest: 1
Depreciation: 3
: 53
Tax %: 20.32%
Net Profit: 0
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 362
: 311
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 3
Depreciation: 3
: 52
Tax %: 17.16%
Net Profit: 43
: 0
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 575
: 501
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 8
Depreciation: 12
: 62
Tax %: 18.14%
Net Profit: 51
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 794
: 683
Operating Profit: —
OPM %: —
Other Income: -2
Interest: 8
Depreciation: 15
: 86
Tax %: 19.06%
Net Profit: 70
: 3
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 741
: 698
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 12
Depreciation: 17
: 48
Tax %: 19.95%
Net Profit: 38
: 0
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	215	279	737	1,334	2,472
	202	261	656	1,172	2,193
Operating Profit	14	19	85	171	—
OPM %	6	7	12	13	—
Other Income	0	1	4	9	11
Interest	3	3	10	8	31
Depreciation	2	2	7	9	46
	9	14	68	154	248
Tax %	26	23	18	18	19
Net Profit	7	11	55	126	202
EPS	24	6	27	6	—
Dividend Payout %	0	0	0	2	—
Minority Interest	0	0	0	0	1
Share of Associates	0	0	0	0	0
Adjusted EPS	0	1	3	6	—
Minority Interest	0	0	0	0	1
Share of Associates	0	0	0	0	0
Adjusted EPS	0	1	3	6	—

Mar 2022

: 215
: 202
Operating Profit: 14
OPM %: 6
Other Income: 0
Interest: 3
Depreciation: 2
: 9
Tax %: 26
Net Profit: 7
EPS: 24
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2023

: 279
: 261
Operating Profit: 19
OPM %: 7
Other Income: 1
Interest: 3
Depreciation: 2
: 14
Tax %: 23
Net Profit: 11
EPS: 6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2024

: 737
: 656
Operating Profit: 85
OPM %: 12
Other Income: 4
Interest: 10
Depreciation: 7
: 68
Tax %: 18
Net Profit: 55
EPS: 27
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2025

: 1,334
: 1,172
Operating Profit: 171
OPM %: 13
Other Income: 9
Interest: 8
Depreciation: 9
: 154
Tax %: 18
Net Profit: 126
EPS: 6
Dividend Payout %: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

TTM

: 2,472
: 2,193
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 31
Depreciation: 46
: 248
Tax %: 19
Net Profit: 202
EPS: —
Dividend Payout %: —
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 84%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 163%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 45%
Last Year:: 35%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-
Equity Capital	15	21	21	22
	7	32	88	594
	22	35	65	88
Trade Payables	12	21	37	72
	15	52	65	98
Total Liabilities	70	161	275	874
ASSETS	-	-	-	-
	9	38	46	77
Capital Work in Progress	2	0	1	46
	0	0	5	50
	23	48	74	77
	0	0	52	110
Cash & Bank	8	23	55	314
	27	52	42	200
Total Assets	70	161	275	874
Total Debt	31	68	96	108
Net Working Capital	18	47	67	321
Contingent Liabilities	2	2	2	0
Book Value per Share	14.10	24.97	51.94	27.65
Face Value	10.00	10.00	10.00	1.00
Total Debt	31	68	96	108
Net Working Capital	18	47	67	321
Contingent Liabilities	2	2	2	0
Book Value per Share	14.10	24.97	51.94	27.65
Face Value	10.00	10.00	10.00	1.00

Mar 2022

Equity Capital: 15
: 7
: 22
Trade Payables: 12
: 15
Total Liabilities: 70
: 9
Capital Work in Progress: 2
: 0
: 23
: 0
Cash & Bank: 8
: 27
Total Assets: 70
Total Debt: 31
Net Working Capital: 18
Contingent Liabilities: 2
Book Value per Share: 14.10
Face Value: 10.00
Total Debt: 31
Net Working Capital: 18
Contingent Liabilities: 2
Book Value per Share: 14.10
Face Value: 10.00

Mar 2023

Equity Capital: 21
: 32
: 35
Trade Payables: 21
: 52
Total Liabilities: 161
: 38
Capital Work in Progress: 0
: 0
: 48
: 0
Cash & Bank: 23
: 52
Total Assets: 161
Total Debt: 68
Net Working Capital: 47
Contingent Liabilities: 2
Book Value per Share: 24.97
Face Value: 10.00
Total Debt: 68
Net Working Capital: 47
Contingent Liabilities: 2
Book Value per Share: 24.97
Face Value: 10.00

Mar 2024

Equity Capital: 21
: 88
: 65
Trade Payables: 37
: 65
Total Liabilities: 275
: 46
Capital Work in Progress: 1
: 5
: 74
: 52
Cash & Bank: 55
: 42
Total Assets: 275
Total Debt: 96
Net Working Capital: 67
Contingent Liabilities: 2
Book Value per Share: 51.94
Face Value: 10.00
Total Debt: 96
Net Working Capital: 67
Contingent Liabilities: 2
Book Value per Share: 51.94
Face Value: 10.00

Mar 2025

Equity Capital: 22
: 594
: 88
Trade Payables: 72
: 98
Total Liabilities: 874
: 77
Capital Work in Progress: 46
: 50
: 77
: 110
Cash & Bank: 314
: 200
Total Assets: 874
Total Debt: 108
Net Working Capital: 321
Contingent Liabilities: 0
Book Value per Share: 27.65
Face Value: 1.00
Total Debt: 108
Net Working Capital: 321
Contingent Liabilities: 0
Book Value per Share: 27.65
Face Value: 1.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	-1	30	113
Cash from Investing	-3	-29	-33	-554
Cash from Financing	2	45	28	394
	8	15	25	-46
Free Cash Flow	9	-30	14	28
OCF / Net Profit	1.27	-0.13	0.55	0.90
Cumulative 5-Year FCF	0	0	0	0
OCF / Net Profit	1.27	-0.13	0.55	0.90
Cumulative 5-Year FCF	0	0	0	0

Mar 2022

: 9
Cash from Investing: -3
Cash from Financing: 2
: 8
Free Cash Flow: 9
OCF / Net Profit: 1.27
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.27
Cumulative 5-Year FCF: 0

Mar 2023

: -1
Cash from Investing: -29
Cash from Financing: 45
: 15
Free Cash Flow: -30
OCF / Net Profit: -0.13
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.13
Cumulative 5-Year FCF: 0

Mar 2024

: 30
Cash from Investing: -33
Cash from Financing: 28
: 25
Free Cash Flow: 14
OCF / Net Profit: 0.55
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.55
Cumulative 5-Year FCF: 0

Mar 2025

: 113
Cash from Investing: -554
Cash from Financing: 394
: -46
Free Cash Flow: 28
OCF / Net Profit: 0.90
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.90
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-
EPS (₹)	4.63	5.13	26.63	5.73
Book Value (₹)	14.10	24.97	51.94	27.65
Dividend per Share (₹)	0.00	0.00	0.00	0.10
Cash EPS (₹)	0.59	0.63	3.00	6.14
PROFITABILITY	-	-	-	-
Operating Margin %	6.49%	6.97%	10.98%	12.09%
Net Margin %	3.22%	3.82%	7.53%	9.46%
ROE %	32.85%	29.20%	69.25%	35.18%
ROCE %	22.88%	19.86%	48.14%	34.98%
	9.86%	9.22%	25.42%	21.96%
EFFICIENCY	-	-	-	-
Debtor Days	28	29	20	22
Inventory Days	40	47	30	21
Payable Days	24	26	18	18
	44	50	32	24
FINANCIAL HEALTH	-	-	-	-
Debt to Equity (x)	1.48x	1.31x	0.89x	0.18x
Interest Coverage (x)	4.56x	5.16x	7.43x	21.30x
	1.47x	1.65x	1.46x	2.37x
GROWTH	-	-	-	-
Revenue Growth %	0.00%	29.70%	163.87%	80.93%
Operating Profit Growth %	0.00%	39.30%	337.34%	100.42%
Net Profit Growth %	0.00%	53.79%	419.31%	127.48%
	0.00%	0.00%	419.31%	-78.49%
VALUATION	-	-	-	-
P/E (x)	0.00x	0.00x	6.15x	45.22x
P/B (x)	0.00x	0.00x	31.54x	9.37x
Dividend Yield %	0.00%	0.00%	0.00%	0.04%
	0.00x	0.00x	40.58x	32.25x

Mar 2022

EPS (₹): 4.63
Book Value (₹): 14.10
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.59
Operating Margin %: 6.49%
Net Margin %: 3.22%
ROE %: 32.85%
ROCE %: 22.88%
: 9.86%
Debtor Days: 28
Inventory Days: 40
Payable Days: 24
: 44
Debt to Equity (x): 1.48x
Interest Coverage (x): 4.56x
: 1.47x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 5.13
Book Value (₹): 24.97
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.63
Operating Margin %: 6.97%
Net Margin %: 3.82%
ROE %: 29.20%
ROCE %: 19.86%
: 9.22%
Debtor Days: 29
Inventory Days: 47
Payable Days: 26
: 50
Debt to Equity (x): 1.31x
Interest Coverage (x): 5.16x
: 1.65x
Revenue Growth %: 29.70%
Operating Profit Growth %: 39.30%
Net Profit Growth %: 53.79%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 26.63
Book Value (₹): 51.94
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.00
Operating Margin %: 10.98%
Net Margin %: 7.53%
ROE %: 69.25%
ROCE %: 48.14%
: 25.42%
Debtor Days: 20
Inventory Days: 30
Payable Days: 18
: 32
Debt to Equity (x): 0.89x
Interest Coverage (x): 7.43x
: 1.46x
Revenue Growth %: 163.87%
Operating Profit Growth %: 337.34%
Net Profit Growth %: 419.31%
: 419.31%
P/E (x): 6.15x
P/B (x): 31.54x
Dividend Yield %: 0.00%
: 40.58x

Mar 2025

EPS (₹): 5.73
Book Value (₹): 27.65
Dividend per Share (₹): 0.10
Cash EPS (₹): 6.14
Operating Margin %: 12.09%
Net Margin %: 9.46%
ROE %: 35.18%
ROCE %: 34.98%
: 21.96%
Debtor Days: 22
Inventory Days: 21
Payable Days: 18
: 24
Debt to Equity (x): 0.18x
Interest Coverage (x): 21.30x
: 2.37x
Revenue Growth %: 80.93%
Operating Profit Growth %: 100.42%
Net Profit Growth %: 127.48%
: -78.49%
P/E (x): 45.22x
P/B (x): 9.37x
Dividend Yield %: 0.04%
: 32.25x

Shareholding Pattern

Numbers in percentages

TRADES

	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026	Jun 2026
	69.89	69.95	69.98	70.05	66.02	66.10	66.12	66.12
	0.00	0.04	0.00	0.59	0.94	0.79	1.09	0.84
	0.00	0.00	0.00	0.00	0.42	0.55	0.74	1.24
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	30.11	30.01	30.02	29.37	32.62	32.55	32.05	31.79

Mar 2023

: 69.89
: 0.00
: 0.00
Government: 0.00
: 30.11

Sep 2023

: 69.95
: 0.04
: 0.00
Government: 0.00
: 30.01

Mar 2024

: 69.98
: 0.00
: 0.00
Government: 0.00
: 30.02

Sep 2024

: 70.05
: 0.59
: 0.00
Government: 0.00
: 29.37

Mar 2025

: 66.02
: 0.94
: 0.42
Government: 0.00
: 32.62

Sep 2025

: 66.10
: 0.79
: 0.55
Government: 0.00
: 32.55

Mar 2026

: 66.12
: 1.09
: 0.74
Government: 0.00
: 32.05

Jun 2026

: 66.12
: 0.84
: 1.24
Government: 0.00
: 31.79

Documents

Announcements

Copy of Newspaper Publication
2026-08-13 - Insolation Energy Limited has informed the Exchange about Copy of Newspaper Publication
Press Release
2026-08-13 - Insolation Energy Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "Press Release on Financial Results".

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Jun 2026
TranscriptPPTREC
May 2026
TranscriptPPTREC
Feb 2026
Transcript PPTREC