Insolare Energy Ltd
Pune-based solar engineering company delivering rooftop, ground-mount and open-access projects for industrial customers, now raising pre-IPO capital. Rate on request — the figure shown is an indicative level from public dealer quotes.
Market cap
₹432 Cr
3.00 Cr shares
P/E ratio
22.75
Sector average 30
Book value
₹35.00
P/B 4.11
1-year return
-1.77%
52w ₹110 – ₹175
Currently 52% of the way through its 52-week range.
Indicative price history
1Y change
-1.77% ₹147 → ₹144
52-week band in this window: ₹135.02 – ₹149.72. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Solar EPC and O&M company with several hundred MW installed for C&I customers.
- Expanding into group-captive open-access parks and solar-plus-storage.
- Dealer quotes ₹127 buy / ₹161 sell in lots of 200; indicative mid ₹144.
About Insolare
Insolare Energy Limited is a Pune-headquartered solar energy company that designs, builds and maintains photovoltaic plants for commercial and industrial customers. Founded in the mid-2000s as a private company and converted to a public limited company ahead of a planned listing, it has executed several hundred megawatts of rooftop and ground-mounted capacity across Maharashtra, Gujarat, Karnataka, Tamil Nadu and northern India, and runs an operations-and-maintenance book that gives recurring revenue.
The company has moved up the value chain from pure EPC to developing captive and group-captive open-access solar parks in which industrial buyers take equity and long-term power, and to hybrid solar-plus-storage solutions. Growth is being driven by falling module prices, the ALMM-compliant domestic supply chain and corporate demand for renewable power under state open-access rules.
On our estimates revenue rose from about ₹180 Cr in FY23 to ₹280 Cr in FY24 and ₹400 Cr in FY25 with profit after tax approaching ₹20 Cr; the balance sheet carries working-capital borrowings typical of EPC contractors. Our price board shows a buy quote of ₹127 and a sell quote of ₹161 in lots of 200 shares; the ₹144 mid-point is an indicative level and the dealer should be asked for a live rate.
Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate. Share count and net worth are estimates.
Where the revenue comes from
- Solar EPC – rooftop and ground-mounted70%
Turnkey plants for industrial and commercial customers
- Captive and open-access projects18%
Group-captive solar parks with power sale to industrial buyers
- Operations and maintenance12%
Multi-year O&M contracts on installed base
Products & services
Rooftop and ground-mount EPC
Turnkey solar plants for factories, warehouses and campuses.
Open-access and captive projects
Solar parks supplying industrial buyers under group-captive structures.
O&M services
Monitoring, cleaning and maintenance contracts.
What works
- • Strong policy tailwind: India adds 25-30 GW of solar a year and C&I open-access demand is growing fastest.
- • Fifteen-plus years of EPC track record with repeat industrial customers and a recurring O&M portfolio.
- • Move into captive and group-captive developments raises margins and stickiness relative to pure EPC.
What to watch
- • EPC is a thin-margin, working-capital-heavy business exposed to module price swings and customer payment delays.
- • Competition from large integrated players (Tata Power Solar, Waaree, Sterling & Wilson, KPI Green) with cheaper capital.
- • Rate shown is indicative and the bid-ask spread is wide; a planned IPO has no filing yet.