InSolare Energy Limited - Unlisted Shares
Fundamentals
- Current Price
- ₹195
- Market Cap
- ₹1,147.63 Cr
- ISIN
- INE0TSJ01021
- Face Value
- ₹2
- P/E Ratio
- 60.00
- EPS
- 3.25
- P/B Ratio
- 5.88
- Book Value
- 33.17
- Debt / Equity Ratio
- 0.4
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 438.4 | 162.7 | 250.4 | 238.5 | 31.8 |
| Growth % | 169.48% | -35.04% | 5.00% | 648.87% | - |
| Operating Expenses | 204.6 | 213.5 | 216.3 | 217.1 | 34.0 |
| Growth % | -4.15% | -1.30% | -0.36% | 538.78% | - |
| Operating Profit | 34.3 | 8.9 | 10.3 | 19.6 | -2.1 |
| Operating Profit Margin % | 7.83% | 5.49% | 4.12% | 8.23% | -6.71% |
| Other Income | 3.1 | 0.8 | 0.5 | 0.7 | 0.2 |
| Finance Costs | 11.4 | 4.3 | 2.1 | 1.5 | 2.0 |
| Depreciation | 2.8 | 1.1 | 0.5 | 0.3 | 0.2 |
| Exceptional Items | 5.8 | -1.8 | 5.2 | 16.1 | -6.4 |
| Profit Before Tax | 23.2 | 4.3 | 8.3 | 18.6 | -4.1 |
| Tax | 6.1 | 1.1 | 2.1 | 3.9 | 0.0 |
| Tax % | 26.37% | 26.26% | 24.78% | 21.09% | -0.06% |
| Profit After Tax | 17.0 | 3.2 | 6.2 | 14.7 | -4.1 |
| Growth % | 433.33% | -48.69% | -57.56% | 456.75% | - |
| PAT % | 3.89% | 1.96% | 2.49% | 6.15% | -12.92% |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 1.5 | 1.3 | 0.8 | 0.8 | 1.0 |
| Reserves and surplus | 193.7 | 88.9 | 18.6 | 13.8 | -0.8 |
| Total Equity | 195.2 | 90.2 | 19.4 | 14.6 | 0.2 |
| Long term Borrowings | 7.1 | 21.8 | 7.1 | 4.4 | 2.7 |
| Long term Provisions | 0.7 | 1.0 | 0.7 | 0.1 | 0.8 |
| Other Non-Current Liabilities | 22.6 | 0.3 | 0.0 | 0.0 | 0.0 |
| Total Non current Liabilities | 30.5 | 23.1 | 7.9 | 4.5 | 3.4 |
| Short term Borrowings | 71.2 | 30.3 | 12.2 | 12.9 | 9.6 |
| Short term Provisions | 0.6 | 0.3 | 0.2 | 0.6 | 0.3 |
| Trade Payables | 78.6 | 21.7 | 21.1 | 54.1 | 3.3 |
| Other Current Liabilities | 117.3 | 48.7 | 31.1 | 6.5 | 10.0 |
| Total current Liabilities | 189.0 | 79.2 | 43.5 | 74.2 | 23.1 |
| Equity + Liabilities | 414.7 | 192.6 | 70.8 | 93.2 | 26.8 |
| Fixed Assets (incl. WIP) | 41.2 | 12.0 | 3.6 | 3.3 | 0.4 |
| Other Non Current Assets | 60.8 | 24.4 | 11.4 | 0.0 | 0.2 |
| Total Non current Assets | 102.0 | 36.4 | 15.0 | 3.3 | 0.6 |
| Inventories | 40.3 | 4.0 | 11.2 | 1.8 | 8.8 |
| Trade Receivables | 59.4 | 26.8 | 23.0 | 63.2 | 10.0 |
| Cash & Cash Equivalents | 32.9 | 41.5 | 0.0 | 13.3 | 3.8 |
| Short term loans and advances | 0.1 | 0.2 | 1.6 | 9.3 | 2.5 |
| Other Current Assets | 180.1 | 83.7 | 20.1 | 2.2 | 1.2 |
| Total current Assets | 312.7 | 156.2 | 55.9 | 89.9 | 26.2 |
| Total Assets | 414.7 | 192.6 | 70.8 | 93.2 | 26.8 |
Shareholding Pattern
- Dr. Sunit Tyagi
- 23.11%%
- Hemanshu D. Bhatt
- 13.87%%
- Navashil V. Sharma
- 13.87%%
- Khazana Tradelinks Private Limited
- 7.49%%
- Mukul Aggarwal
- 5.10%%
- Anchorage Capital Scheme II
- 6.85%%
- Others
- 29.71%%
Strengths & Weaknesses
Strengths
- Diversified revenue profile: InSolare caters to diversified clients like Reliance, Oracle, JSW, Infosys, ITC, across India and this reduces the risk for revenue concentration from one business segment.
- National Recognition in Green Hydrogen: InSolare under the Government of India's SIGHT Scheme was awarded with a 10 MW electrolyser project and a 19,000 MT Green Hydrogen production capacity cementing their leadership in green hydrogen.
- Strong Orderbook: It has confirmed unexecuted orders worth Rs 920 crore as of December 31 2025, which is to be executed between the next 6 to 12 months leading to comfortable revenue visibility over the medium term.
- International JV Agreement: signed a strategic Joint Venture Agreement with Dome Group,UAE to target utility-scale and commercial & industrial ground-mounted solar PV projects across the GCC, Yemen, and Iraq, expanding their global footprint in renewable energy
Weaknesses
- Exposure to intense competition in the solar EPC segment: It derives currently over 90% of revenue from EPC contracts, which is a highly competitive segment. Moreover, peers in the solar EPC industry have also started venturing into solar-park development contracts in recent years.
- Volatile nature of input costs: Solar project margins are directly tied to module, raw material prices, sudden increase in these costs can compress margins quickly.
About InSolare Energy Limited
Founded by IIT Bombay alumni Dr. Sunit Tyagi and Dr. Hemanshu Bhatt in June 2008. InSolare is technology-driven renewable energy company, and a trusted leader in turnkey solar Engineering, Procurement and Construction (EPC) projects, known for efficiency, quality, reliability, and cost-effectiveness. It has completed projects of more than 600 MW and filed more than +50 patents.
Board of Directors
- Dr. Sunit Tyagi - Chairman and Managing Director
- Dr. Hemanshu Bhatt - Executive Director
- Navashil Sharma - Executive Director
- Kai Tarapoervala - Non-Executive and Independent Director
- Pooja Bahry - Non-Executive and Independent Director
- Gajanan V Gandhe - Non-Executive and Independent Director
Senior Management
- Navashil Sharma - Chief Executive Officer
- Dr. Hemanshu Bhatt - Chief Technology Officer
- Col. Pravir Mishra - Chief Operations Officer
- Mr. Lalit Sethi - Chief Financial Officer
- Dr. Bhavesh Agal - Compliance Officer and Chief Risk Officer
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