Well, they posted very basic results and completely missed the guidance. No details on cancall. Is anyone tracking the company and how do you see it?
Guidance was for the full year. So, can’t say they missed the guidance just based on H1 results.
Well technically true. But to meeting guidance, they literally have to grow 3x QoQ.
They had just 1GW capacity till August 2025. H1 result is based on this. Now they have 4GW and from January 2026, they will have 5.5GW module capacity. Orderbook is sufficient. Hence, it’s feasible.
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Hope you are right. Any reason you think for not talking about guidance + earnings call on the H1 results announcement?
I was hoping they will keep earnings call as they kept after H2. Can’t think of any reason in particular. Let’s hope migration to mainboard happens quickly.
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Subject: Disclosure Under Regulation 30 of SEBI (LODR) Regulations, 2015 - Consolidated Performance Update for the Nine month ended 31st December, 2025
Insolation Energy Limited Consolidated provisional sale for the Nine month ended 31st December, 2025 stands at Rs. 1346.81 Crores, also the Company has achieved its highest ever monthly sale of Rs. 354.59 Crores in December 2025.
Dear Sir/Madam,
• The company has achieved a consolidated provisional sale of Rs. 1346.81 crores during the Nine month ended 31st December, 2025.
• We are pleased to report that the Company’s sales for the nine months ended December, 2025 have already surpassed the total sales achieved in the entire previous financial year, which stood at Rs. 1333.75 crores.
• Furthermore, the Company has achieved its highest ever monthly sale of Rs. 354.59 Crores in December 2025, marking a record-breaking performance in its history.
• This reflects the strong execution of our strategic initiatives and the positive market dynamics. The management stated that the company is looking forward to achieving more milestones.
As we welcome the New Year, we remain confident that with the continued support and trust of all stakeholders, Insolation Energy Limited is well positioned to sustain this positive trajectory and achieve further success in the upcoming quarters.
We deeply value the trust and investment of all stakeholders in our journey, and together, we look forward to setting new benchmarks for growth and innovation in 2026.
This is for your information and records.
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Took a position during today’s fall.
Q4 (Jan-Mar) is historically the strongest period for solar due to the March depreciation rush. With the new Unit 3 module line fully commercialized as of December, revenue is on track to structurally exceed ₹1,000 Cr this quarter.
The recent ₹355 Cr revenue spike is (by my assumption) driven by this new module capacity, while the 4.5 GW Cell Plant remains an FY27 story. This allows me to bank the volume growth now while holding the margin expansion from backward integration as an option for late 2026.
INA also applied for Mainboard migration on Dec 3, 2025. Approval is expected by Jan/Feb 2026. Lots of positive catalysts with some relative margin of safety, although nobody knows what valuation will be low enough in the solar sector after this capitulation. In my view, stock has de-rated enough to warrant a position.
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You maybe right. They look to be oversold now but they may miss their own guidance for FY26 and most importantly, I am concerned that the management hasn’t held a concall or update atleast their view of guidance vs where company stands as of now. They seem to simply ignore the message that Mr.Market is sending.
P.s. I do have positions built at 200 levels.
This might be possible, but their q3 update makes me believe that they have a shot. Going though their past transcript claims and interviews, including a bit of scuttlebutt gives me some relative sense of belief in the promoters, although I do generally go for promoters I know a little more about. This is an excellent value play if the promoters hold through.
Catalyst 1 seems to be playing out soon, given their confirmation on mainboard approval today. We will have to see what Mr. Market will bring.
Discl: While my 12 day old position is now down 20%, this is relatively expected (on my side) in low float SME stocks like this. I added on a bit more before this close, as I believe we have even more in MOS now.
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Sources:
Q3 FY 26 results. Good results but will miss guidance for FY26
Agreed - looks like INA3 ramp up has been delayed.
Tried to model Insolation energy. Please let me know your thoughts and in case it needs any tweaks in the assumptions made.
Insolation Energy - Valuation.xlsx (32.6 KB)
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