Insolation Energy Q2 FY27 Revenue up 96.45% YoY to ₹836.69 Cr; H1 Revenue Doubles
RESULTS
▼ Concern Flagged
MEDIUM RISK
📅 Filed on BSE: 13 Nov 2026, 08:51 PM IST · BSE ID: 5a84c051-0280-4a3b-97bc-1eee571b0119
View Original BSE Filing (PDF)
💡
In Simple Terms
Insolation Energy saw its revenue nearly double in the last quarter and half-year, driven by strong orders and new factory progress.
🤖 AI Summary
- Q2 FY27 Revenue from Operations increased 96.45% YoY to ₹836.69 Cr.
- H1 FY27 Revenue from Operations doubled by 100.56% YoY to ₹1,582.09 Cr.
- Order book stands at ~2.2 GW, with 1.3 GW scheduled for delivery by March 2027.
- The 4.5 GW TOPCon cell facility at Narmadapuram is nearing commissioning, targeting FCO in Q4 FY27.
- Secured RIPS-2022 incentives of up to ₹224 Cr for its Sawarda facility.
🔢 Key Numbers - exact figures from BSE filing, not rounded
Revenue from Operations (Q2 FY27)
₹836.69 Cr
96.45%
Revenue from Operations (H1 FY27)
₹1,582.09 Cr
100.56%
EBITDA (Q2 FY27)
₹63.44 Cr
13.32%
EBITDA (H1 FY27)
₹140.31 Cr
23.30%
Net Profit (Q2 FY27)
₹25.06 Cr
-32.18%
Net Profit (H1 FY27)
₹63.08 Cr
-21.22%
RIPS-2022 Incentives
up to ₹224 Cr
🏢 How This Affects the Company
The company's market position is strengthened by significant revenue growth and a substantial order book, indicating sustained demand across various solar segments. The impending commissioning of the 4.5 GW TOPCon cell facility and strategic partnership with Caelux Corporation positions it for future technology leadership and integrated manufacturing.
While top-line growth is strong, Net Profit (PAT) declined by 32.18% in Q2 FY27 and 21.22% in H1 FY27, impacted by increased depreciation (₹17.72 Cr) and finance costs (₹12.78 Cr) related to new facility commissioning and capex funding. EBITDA margins also contracted due to industry pricing and input-cost environment.
Operational capacity is expanding with the 4.5 GW TOPCon cell facility nearing commissioning, targeting First Commercial Operations (FCO) in Q4 FY27. The company executed 70 MW of solar projects in H1 FY27 and achieved a record single-day dispatch of ~16 MW (26,660 modules).
The decline in profitability despite revenue growth highlights pressure from industry pricing, input costs, and increased operational expenses. This indicates a risk to margin stability as capacity expands and new facilities come online.
👥 What This Means For Shareholders
✅
Action Required
No action required from shareholders based on this financial results filing.
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Who Is Affected
All shareholders are affected by the operational results showing strong revenue growth alongside reduced profitability for Q2 and H1 FY27. Investors tracking margin performance will note the contraction.
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Management Signal
Management is prioritizing investments in backward integration and next-generation technology despite near-term margin pressure, aiming for long-term cost competitiveness and margin expansion as new facilities become operational.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List - track these upcoming events
Q3 FY27 results — monitor EBITDA and PAT margin recovery.
Commissioning of 4.5 GW TOPCon cell facility — verify FCO in Q4 FY27.
Execution of 1.3 GW orders — track progress against March 2027 delivery target.
MEDIUM RISK
Profitability decline despite strong revenue growth indicates margin pressures and increased costs associated with expansion.
💡 Investor Takeaway
Insolation Energy reported Q2 FY27 Revenue from Operations at ₹836.69 Cr, up 96.45% YoY, and H1 FY27 Revenue at ₹1,582.09 Cr, up 100.56% YoY. Net Profit (PAT) for Q2 FY27 was ₹25.06 Cr, a decrease of 32.18% YoY, while H1 FY27 PAT was ₹63.08 Cr, down 21.22% YoY. A ~2.2 GW order book and commissioning of a 4.5 GW TOPCon cell facility are key updates.
⚖️ Strengths & Concerns
✅ Positives
- Revenue from Operations grew 96.45% YoY to ₹836.69 Cr in Q2 FY27 and 100.56% YoY to ₹1,582.09 Cr in H1 FY27.
- Total order book of ~2.2 GW, with 1.3 GW scheduled for delivery by March 2027, provides significant revenue visibility.
⚠️ Concerns
- Net Profit (PAT) decreased by 32.18% YoY to ₹25.06 Cr in Q2 FY27 and 21.22% YoY to ₹63.08 Cr in H1 FY27.
- EBITDA margin contracted from 13.15% in Q2 FY26 to 7.58% in Q2 FY27, reflecting industry pricing and input-cost pressures.
📅 Company Track Record
Insolation Energy Limited was established in 2017 and has scaled from 80 MW to 5.5 GW of installed module capacity in eight years. The company is developing a 4.5 GW TOPCon solar cell facility and an 18,000 MTPA aluminium frame plant as part of its backward integration strategy.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What was Insolation Energy's revenue in Q2 FY27?
Insolation Energy's Revenue from Operations in Q2 FY27 was ₹836.69 Cr, representing a 96.45% year-on-year increase from ₹425.90 Cr in Q2 FY26.
What was Insolation Energy's Net Profit in H1 FY27?
The Net Profit for Insolation Energy in H1 FY27 was ₹63.08 Cr, which is a decrease of 21.22% compared to ₹80.07 Cr in H1 FY26.
What is the status of Insolation Energy's 4.5 GW TOPCon cell facility?
The 4.5 GW TOPCon cell facility at Narmadapuram is nearing commissioning, with machinery installation underway and trial production on schedule. First Commercial Operations (FCO) are targeted for Q4 FY27.
What is Insolation Energy's current order book value?
Insolation Energy has a total order book of approximately 2.2 GW, with orders worth 1.3 GW scheduled for delivery by March 2027.
What incentives has Insolation Energy secured?
Insolation Energy has secured RIPS-2022 incentives of up to ₹224 Cr for its Sawarda facility (Phase 1 investment: ₹179.12 Cr), along with 100% electricity duty exemption.
Questions based on this BSE filing only. For information purposes.