Insolation Energy: ₹516 Cr orders, H1FY26 jump details

Stock snapshot and what investors are tracking

Insolation Energy Ltd (NSE: INA, BSE: 543620) is classified under Electronics - Components in the provided market data. The stock was shown at ₹124.11, up ₹4.17 or 3.48%, with the timestamp noted as NSE: 02 Jun, 4:00 PM. The same price panel listed an intraday high of ₹126.5 and an intraday low of ₹119.99. The 52-week high was shown as ₹161.81 and the 52-week low as ₹79.75. Separately, the dataset also states the share price “stands at ₹108.5 at the close of the market”, and that it touched a day high of ₹112.39 and a low of ₹107.03, indicating those figures relate to a different session than the ₹124.11 snapshot. Over the last one year, the stock is stated to have moved down by 55.1%. The market capitalisation was listed at ₹2,391.88 crore.

Subsidiary lands ₹516.05 crore Solar PV module orders

On December 2, 2025, Insolation Energy said its wholly owned subsidiary, Insolation Green Energy Private Limited, secured sale orders worth ₹516.05 crore, inclusive of GST. The company described these as domestic purchase agreements for supplying Solar PV modules. The larger order is a purchase order aggregating to ₹357.00 crore. It is for the supply of Solar PV Module N Type Topcon from a “well-renowned” independent power producer (IPP) company, as per the exchange intimation text shared in the dataset. The second set of orders aggregates to ₹159.05 crore. These are for supplying Solar PV Modules to various companies for projects under the central government’s PM KUSUM scheme.

Where the modules will be used and execution window

The PM KUSUM-linked orders are stated to be for projects across multiple locations in Andhra Pradesh. The stated purpose is to support rural electrification and clean power solutions for agricultural consumers. Insolation Energy also noted that these orders are scheduled to be executed during FY25 to FY27. That execution window is an important operational detail because it indicates revenue recognition will be spread across multiple financial years. The company also framed the orders as reinforcing its position in India’s renewable energy sector. The product mix mentioned in the order description includes N Type Topcon and “Regular” Solar PV modules.

Another disclosed order: ₹143.20 crore from Zetwerk

Separately, Insolation Green Energy Private Limited is also stated to have won an order worth ₹143.20 crore (including GST) from Zetwerk Manufacturing Businesses Private Limited. The order is for the supply of solar modules. The completion timeline mentioned for this contract is within FY2025-26. Together, these order disclosures point to a pipeline that spans both module supply to IPPs and orders linked to government-backed schemes. The dataset does not specify volumes in MW for the module supply contracts, but it does provide values and timelines.

H1FY26 financial update: revenue, EBITDA, and margins

Insolation Energy reported “robust financial results” for H1FY26 in the provided text. Revenue increased 25.6% to ₹776.70 crore for H1FY26. EBITDA grew 30.6% to ₹113.80 crore over the same period. The EBITDA margin expanded by 60 basis points to 14.7%. These figures indicate profitability improved faster than revenue in that half-year snapshot. The article text also links this update to an expansion in manufacturing capacity, though it does not quantify capacity additions.

FY2025 topline: provisional revenue and year-on-year growth

For FY2025, Insolation Energy is stated to have achieved consolidated unaudited provisional revenue of ₹1,338.00 crore. The same line cites an 80.49% year-on-year growth rate for that FY2025 provisional revenue figure. Another set of FY25 numbers in the dataset states consolidated net profit surged 127.51% to ₹126.20 crore, while net sales jumped 80.92% to ₹1,333.76 crore in FY25 over FY24. The revenue and net sales numbers are close, but they are presented as separate metrics in the supplied text and are therefore kept as stated. The combination of high growth in FY25 and continued growth in H1FY26 frames why order wins are being watched closely.

Other reported contracts and operational awards under PM KUSUM

Beyond module supply, the dataset also references a Reuters-style brief that said shares rose 2.1% to ₹276 and were set for a seventh straight day of gains when a unit got a contract from Jaipur Vidyut Vitran Nigam. That brief mentions an investment of 3.8 billion rupees (₹380 crore) and an expected annual generation figure of 458.2 million rupees (₹45.82 crore). Another disclosure in the dataset states Insolation Energy’s subsidiary companies Insolation Green Infra Pvt. Ltd, MGVI Green Infra One Pvt. Ltd and MGVI Green Infra Two Pvt. Ltd received letters of award. The LOAs cover design, survey, supply, installation, testing, commissioning, and operations and maintenance for 25 years from COD for grid-connected solar power plants through RESCO mode, including associated 11 KV lines and remote monitoring systems. These LOAs are under PMKUSUM Component A Scheme of Jodhpur Vidyut Vitran Nigam Ltd for 17 sites, with a combined capacity stated as 34 MW.

Tariffs, trading cues, and how the market reacted

For the PMKUSUM Component A LOAs, the final levelized tariffs were stated as ₹3.02 per unit for 1 site, ₹2.70 per unit for 13 sites, and ₹2.65 per unit for 3 sites. The dataset also notes that at 11:20 am, Insolation Energy was trading at ₹196.75, up 1.55%, with volume of 1.62 lakh shares on the BSE, in connection with the LOA update. In another market reaction line linked to the ₹516.05 crore module orders, the scrip was reported down 0.21% at ₹139.95 on the BSE. These snapshots show mixed near-term price moves across different dates and triggers, which is typical for a stock reacting to multiple announcements. The broader one-year move cited in the dataset remains negative at -55.1%, despite periodic order-driven rallies. Investors typically track whether the order book converts into billed revenue within the stated execution periods.

Key figures table

Why this matters for the solar manufacturing theme

The ₹516.05 crore module orders are significant relative to the company’s stated FY2025 revenue base of ₹1,338.00 crore, because they represent a sizeable multi-year execution pipeline. The presence of PM KUSUM-linked demand underscores how government-backed programmes can translate into procurement activity across states, including Andhra Pradesh in the module supply orders and Rajasthan utilities in the LOA-related projects. The H1FY26 update shows growth in revenue and EBITDA alongside a margin expansion to 14.7%, suggesting operating leverage in that period. At the same time, the one-year stock move of -55.1% in the dataset indicates the market has also priced in risks or volatility over the period. With multiple announcements spanning module supply and RESCO-mode solar plant awards, the market focus typically stays on execution timelines such as FY2025-26 and FY25 to FY27 mentioned in the disclosures.

Conclusion

Insolation Energy’s recent updates combine sizeable order inflows through its subsidiary and an improving profitability snapshot in H1FY26. The disclosed ₹516.05 crore module orders, plus the ₹143.20 crore Zetwerk order, add visibility to near- and medium-term supply commitments. Separately, the PMKUSUM Component A LOAs outline longer-duration operating commitments through 25-year O&M terms and disclosed tariffs across 17 sites. The next key checkpoints, based on the supplied information, are order execution milestones within FY2025-26 and the broader FY25 to FY27 window stated for the ₹516.05 crore orders.