Insolation Energy, the name that has become synonymous with reliability and technology in the Indian solar space, has made headlines again by bagging three big orders in two days which highlights its growth and leadership strategy. As the country is moving fast towards sustainable energy solutions, Insolation Energy’s recent order win is a testimony to its project execution capabilities, market trust and vision ahead.
The first two big orders come from Rajasthan’s leading state utilities — Ajmer Vidyut Vitran Nigam Limited (AVVNL) and Jaipur Vidyut Vitran Nigam Limited (JVVNL). As per regulatory filings dated 20 Mar 2025, Insolation Energy has received Letters of Intent (LOI) for comprehensive work including design, survey, supply, installation, testing, commissioning and maintenance for 25 years of grid-connected solar power plants under the PM-KUSUM Scheme (Component A). The total capacity of these projects is 38.43 MW.
The granular details of these contracts are as follows:
- AVVNL has entrusted Insolation Energy with two large orders: one covering six sites amounting to 9 MW of solar capacity, set at a levelized tariff of INR 2.880 per unit; and another covering twenty-one sites with an aggregate capacity of 28 MW, awarded at INR 3.020 per unit.
- JVVNL’s order involves the development of a 1.43 MW solar plant at a single site, priced at a levelized tariff of INR 2.880 per unit.
The financial projections from these contracts present an encouraging picture:
- The 9 MW project under AVVNL is expected to generate 14.4 million units annually, translating into an estimated yearly revenue of INR 4.15 crore.
- The larger 28 MW AVVNL order is expected to produce 44.8 million units annually, contributing approximately INR 13.53 crore in annual revenue.
- The 1.43 MW JVVNL site is projected to generate 2.29 million units per year, yielding close to INR 0.66 crore in annual earnings.
Collectively, these projects are anticipated to add over INR 18.33 crore annually to Insolation Energy’s revenue stream, with long-term benefits accruing from the stable tariffs and 25-year maintenance commitments.
The third and most notable order has been secured by the company’s wholly-owned subsidiary, Insolation Green Energy Private Limited. This landmark contract from KPI Green Energy is valued at a staggering INR 733.04 crore, making it the largest single order in the company’s history. The orders include:
- A massive purchase order worth INR 513.13 crore for the supply of state-of-the-art Solar PV Module N Type Bi-Facial (G to G) for KPI Green Energy’s flagship project at GUVNL, with scheduled deliveries from June 2025 to March 2026.
- An additional order amounting to INR 219.91 crore for the same module technology, earmarked for KPI Green Energy’s GUVNL Phase-2 project, is also to be delivered over the same period.
This unprecedented order comes on the heels of another significant win: an LOA worth INR 372.20 crore from Rajasthan Renewable Energy Corporation Limited (RREC) and Teerth Gopicon, covering rooftop solar installations on state government buildings in Jaipur, Dausa, and Churu, along with a supply order for SPV modules.
A deeper dive into Insolation Energy’s financial health reveals a company on a robust growth trajectory. For FY24, consolidated net profit surged by an astonishing 419.4%, reaching INR 55.47 crore. This was supported by an equally impressive 163.9% increase in revenue from operations, which scaled to INR 737.17 crore. Such growth rates not only reflect operational efficiency but also strategic capital deployment and supply chain optimization.
Insolation Energy launched its INR 22.16 crore IPO on 26 September 2022, the issue got a warm response from the investors and subscribed 173.4 times. Insolation Energy IPO doubled the investors’ money on the listing day.
Investor sentiment has mirrored this growth, with Insolation Energy’s stock delivering a blistering 284% return within eight months of 2024, touching a record high of INR 475 on 08 November 2024. Despite a correction that has brought the stock 41% below its peak but that’s not a big deal because in the ongoing bearish market most of the IPO stocks are trading below their allotment price, the long-term growth narrative remains intact, bolstered by this new wave of orders.
Beyond financials, the strategic implications are noteworthy. The long-term contracts with AVVNL and JVVNL provide revenue predictability and help diversify the company’s income sources. Meanwhile, the colossal order from KPI Green Energy cements Insolation Energy’s standing as a preferred partner for large-scale solar module supply in India’s rapidly expanding solar ecosystem.
Looking ahead, these project wins demonstrate the company’s ability to consistently attract and deliver large-scale projects, highlighting its engineering expertise and robust execution capabilities. As India ramps up its renewable energy targets, Insolation Energy seems well-positioned to capture significant market share, deepen its customer relationships, and further optimize its cost structures.
With over INR 1,100 crore in fresh orders secured within a single quarter, Insolation Energy’s future looks bright, driven by both volume growth and strategic order book strengthening. In conclusion, Insolation Energy is not merely riding the renewable energy wave—it is helping shape it, positioning itself as one of the pivotal enablers of India’s green energy future.
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