Insolation Ener Q1 FY27 Results (NSE: INA)
Signal: Margin pressure
The read
The trajectory remains top-line strong but margin-negative: consolidated revenue grew 104.68% YoY to ₹740.7 Cr, yet EBITDA grew only 32.97% to ₹76.87 Cr and margin fell to 10.4% from 15.93%; this is the first quarter after Q4FY26's flat margin that shows renewed contraction, making successful commissioning of the 4.5 GW TOPCon cell and 18,000 MTPA aluminium-frame facilities the key prospective margin inflection.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹740.7 Cr | +104.68% | -6.70% |
| EBIT | ₹59.94 Cr | N/A | |
| Net profit | ₹37.04 Cr | -11.83% | |
| EPS | ₹1.73 | N/A | |
| EBIT margin | 10.4% |
P&L walk
Consolidated revenue rose to ₹740.7 Cr, up 104.68% YoY but down 6.70% QoQ; EBITDA grew 32.97% YoY to ₹76.87 Cr while EBITDA margin contracted to 10.4%, and PAT fell 11.83% YoY to ₹37.04 Cr.
Segments
No segment results table was disclosed, but the ₹12.19 Cr standalone revenue versus ₹740.7 Cr consolidated revenue shows that the subsidiaries drive virtually all reported momentum and earnings.
Key positives
- Revenue reached ₹740.7 Cr, up 104.68% YoY, supported by dispatches across utility-scale, C&I and distributed solar markets.
- Order book exceeded 2.1 GW, providing forward revenue visibility, while the subsequent ₹558.29 Cr NTPC Renewable Energy order strengthens FY27 coverage.
- Module capacity remained 5.5 GW with utilisation ramp-up at the automated INA3 facility, and targeted capacity expansion to ~7 GW supports medium-term scale.
- Backward-integration projects comprise a 4.5 GW TOPCon cell facility and an 18,000 MTPA aluminium-frame plant, both targeted for phased commissioning in H2FY27 and FY27.
Key concerns
- EBITDA grew 32.97% YoY versus revenue growth of 104.68%, while EBITDA margin contracted 553bps to 10.4%, showing that input-cost inflation is currently absorbing much of the operating benefit of scale.
- PAT fell 11.83% YoY to ₹37.04 Cr and 45.56% QoQ despite revenue of ₹740.7 Cr, indicating weak earnings conversion in the current manufacturing cost environment.
- The planned ~₹1,500 Cr FY27 capex is to be funded partly through term debt, increasing execution and balance-sheet risk as the company scales backward integration.
Research and educational content only. Not investment advice.