Insolation Energy Q2FY27 Revenue Surges 96% to ₹836.69 Cr; H1FY27 Revenue Doubles
Insolation Energy's Q2FY27 revenue surged 96.45% YoY to ₹836.69 Cr. H1FY27 revenue doubled to ₹1,582.09 Cr. EBITDA grew 23.30% YoY to ₹140.31 Cr in H1FY27. The company has an order book of ~2.2 GW, with 1.3 GW for delivery by March 2027. Its 4.5 GW TOPCon cell facility is nearing commissioning.
The substantial revenue growth, doubling of H1 revenue, and progress on a large-scale cell facility are material developments that are likely to significantly impact investor perception and the company's future prospects.
The company reported significant YoY revenue growth in both the quarter and half-year, along with progress on key business initiatives like the new cell facility and strategic partnerships, indicating positive business momentum.
Insolation Energy Limited (INA) announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The company reported a significant year-on-year revenue growth of 96.45% in Q2FY27, reaching ₹836.69 crore, compared to ₹425.90 crore in Q2FY26. For the half-year ended H1FY27, revenue doubled, growing by 100.56% YoY to ₹1,582.09 crore from ₹788.85 crore in H1FY26.
EBITDA for Q2FY27 increased by 13.32% YoY to ₹63.44 crore, with an EBITDA margin of 7.58%. Net Profit (PAT) for the quarter stood at ₹25.06 crore, marking a decrease of 32.18% YoY, primarily due to higher depreciation and finance costs associated with the commissioning of the INA3 facility and capex funding. For H1FY27, EBITDA grew 23.30% YoY to ₹140.31 crore, with an EBITDA margin of 8.87%. Net Profit for H1FY27 was ₹63.08 crore, a decrease of 21.22% YoY.
Key business highlights include a total order book of approximately 2.2 GW, with 1.3 GW scheduled for delivery by March 2027. The company's 4.5 GW TOPCon cell facility is nearing commissioning, with trial production on schedule and FCO targeted in Q4 FY27. INA has also secured RIPS-2022 incentives of up to ₹224 crore for its Sawarda facility. A five-year strategic partnership with Caelux Corporation, USA, aims to develop 3 GW of Hybrid-Tandem™ modules targeting up to 29% module efficiency by 2029.
Management commentary indicates expectations of improved EBITDA and margins in the coming quarters, with full-year FY27 margins and EBITDA projected to reach FY26 levels. The commissioning of the captive 4.5 GW TOPCon cell facility and aluminium frame plant is expected to enhance cost competitiveness and support margin expansion.
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