Jaipur-based solar module manufacturer Insolation Energy reported a revenue of ₹6.13 billion (~$72.64 million) in the second quarter (Q2) of the financial year (FY) 2025, an increase of 118% year-over-year (YoY) basis.

The company noted that with the fall in solar cell and module prices, it maintained and improved gross spreads, resulting in profit margin expansion. No single customer constitutes more than 5% of its revenue.

The company’s EBITDA saw a YoY growth of 172%, rising to ₹810 million (~$9.59 million) from ₹297.5 million (~$3.52 million).

Net profit after tax was up 307% YoY, soaring to ₹612.7 million (~$7.26 million) from ₹150.3 million (~$1.78 million).

The earnings per share (EPS) also surged from ₹7.22 (~$0.086) to ₹29.41 (~$0.35).

Insolation Energy recently announced plans to raise ₹4.02 billion (-$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities. The shares will be issued at a price of ₹3,287 ($39.12) per share, including a premium of ₹3,277 (-$39).  The preferential allotment will be made to 117 non-promoter entities, diversifying the company’s investor base.

The company has two subsidiaries – Insolation Green Energy and Insolation Green Infra- that are engaged in solar module manufacturing and installation and maintenance of solar projects.

Last month, Insolation Green Energy broke ground on its 3 GW solar photovoltaic module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan. The company said it is investing ₹4 billion (-$47.6 million) in its third manufacturing facility.

This facility is set to become operational by March 2025, bringing the company’s total solar module capacity to 4 GW. Additionally, as part of Phase 1, they plan to launch 1.5 GW of solar cell manufacturing by March 2026.

In July, the Ministry of New and Renewable Energy added a capacity of 187 MW of Insolation Energy’s solar modules to the Approved List of Models and Manufacturers.

In October 2024, in one of the largest project awards, Insolation Energy won the bid to install 77 MW of rooftop solar systems on the state government buildings in Rajasthan under hybrid annuity mode for Ajmer, Jaipur, and Kota districts. The contract value of ₹5.005 billion (~$49.3 million) was awarded to Insolation by Rajasthan Renewable Energy Corporation. During the same month, Insolation also received an order from Zetwerk Manufacturing to supply 150 MW of 550 W solar modules for its project at the NTPC Khavda Gujarat site.