Insolation Green Energy Private Limited, a wholly owned subsidiary of Insolation Energy Limited (INA Solar), has received a domestic supply order for Solar PV Modules from NTPC Renewable Energy Limited (NTPC REL). The contract is valued at ₹558.29 Crore, inclusive of GST, and is scheduled for execution during the 2026-27 Financial Year.
Specific Contract and Project Parameters
The agreement between Insolation Green Energy and NTPC REL involves the supply of Solar PV Modules for large-scale renewable energy infrastructure in Uttar Pradesh. The project allocations for this supply include:
- Lalitpur Solar Power Park (Uttar Pradesh).
- Chitrakoot Solar Power Park (Uttar Pradesh).
The contract value represents approximately 25% of the company’s total turnover for the 2025-26 fiscal year. From an analytical perspective, market data suggests a high probability that this order pertains to non-DCR (Domestic Content Requirement) modules. This is consistent with NTPC REL’s existing pipeline of projects that were initiated prior to current domestic content mandates and remain exempt from such requirements.
Stock Market Performance and Regulatory Disclosure
The company disclosed the contract award under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Following the disclosure of this corporate action, the company’s equity experienced an immediate upward movement in intra-day trading.
| Metric | Value |
| Stock Movement (%) | ~15% (Peak intra-day) |
| Previous Price (INR) | 110 |
| Peak Intra-day Price (INR) | 124 |
| Current Trading Level (at time of report) | 118 |
The intraday peak of ₹124 reflected a rapid market response to the contract valuation, though the stock consolidated to the ₹118 level by the time of filing.
FY 2025-26 Financial Performance Overview
Insolation Energy Limited reported audited consolidated financial results for the fiscal year ending March 31, 2026. The performance was driven by sustained demand across utility-scale, commercial & industrial (C&I), and rooftop solar segments.
- Consolidated Total Revenue: ₹2,163.52 Crore (a 61.02% Year-on-Year increase from ₹1,343.62 Crore in FY25).
- Net Profit (PAT): ₹200.63 Crore (a 59.75% increase from ₹125.59 Crore in FY25).
- EBITDA: ₹304.61 Crore (a 76.50% increase).
- Profit Before Tax (PBT): ₹245.29 Crore (a 60.27% increase).
Operational Capacity and Manufacturing Ecosystem
The company has reached a total established module manufacturing capacity of 5.5 GW. This capacity is primarily driven by the ramp-up of the automated INA3 facility in Sawarda, Jaipur, which contributes 4.5 GW of Solar PV module capacity. The remaining 1.0 GW is supplied by the legacy INA1 and INA2 facilities.
To mitigate supply chain volatility and align with the Approved List of Models and Manufacturers (ALMM) and upcoming cell-related mandates, the company is executing backward integration at its 4th Unit (INA4) in Narmadapuram, Madhya Pradesh. This facility includes:
- A 4.5 GW TOPCon solar cell manufacturing facility.
- An 18,000 MTPA aluminium frame manufacturing plant.
These initiatives are intended to strengthen the company’s domestic manufacturing ecosystem and ensure long-term throughput efficiencies as the industry transitions toward ALMM-compliant and localized component sourcing.
Official References & Data Sources:
- Insolation Energy Limited – Investor Relations
- Insolation Energy Limited – Corporate Policies & Disclosures
- NTPC Renewable Energy Limited Official Website
- Bharat Electronic Tender Services (ETS) Portal
- THDC India Limited – Ultra Mega Renewable Energy Power Parks
- BSE SME – Insolation Energy Limited (Scrip Code: 543620)
- National Stock Exchange of India (NSE) – Main Board Listing
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