Insolation Green Energy Private Limited, a subsidiary of Insolation Energy, has initiated commercial operations of its new 3 GW PV module manufacturing plant in Rajasthan. The facility is located along the Delhi-Ajmer Expressway at Village Sawarda, Jaipur. The development aligns with the planned capital expenditure announced by the firm and brings the INA Group's total operational PV module manufacturing capacity to 4 GW.

The commissioning of this facility represents a significant expansion in the company's manufacturing capabilities.

Expansion and Integration Strategy

Manish Gupta outlined the company's forward and backward integration approach, stating plans to enter solar wafer manufacturing once the formal policy is announced. This strategy aims to capture all parts of the manufacturing value chain. The company has set ambitious revenue targets, with aspirations of INR 3,000 crores plus in FY26, INR 5,500 crores plus in FY27, and INR 8,500 crores plus in FY28. Corresponding profit after tax targets are set at 300 plus in FY26, 700 plus in FY27, and 1,300 plus in FY28.

Financial Support and Future Strategies

Vikas Jain, Managing Director of Insolation Energy, announced during an investors' call that the company raised INR 395 crores via a preferential issue during the year for its expansion plans. Ravi Dusad, Chief Financial Officer, detailed the company's capacity expansion roadmap. By FY27-28, total module manufacturing capacity will reach 8 GW, with 4 GW each in Madhya Pradesh.

The expansion will include the integration of 3 GW of cells and 54,000 metric tons of aluminium for the frame unit. The company expects to achieve total revenue of INR 8,600 crores by FY27-28, including INR 7,000 crores from solar modules specifically. Dusad projected margin expansion from 11% to 16% with cell integration in FY26-FY27, representing a gain of 500 basis points over the next two years.

Production Objectives and Operational Outlook

For FY26, Manish Gupta indicated the company expects total output of around 2,000 to 2,100 MW from all its units. This production target reflects the company's operational capacity across its manufacturing facilities. The new Rajasthan facility adds substantial manufacturing capability to the company's portfolio, positioning it for the aggressive growth targets outlined by company leadership. The strategic location along the Delhi-Ajmer Expressway provides logistical advantages for distribution and supply chain operations.

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