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INA Solar Posts Strong H1 FY26 Performance; Revenue Climbs 25.6 % to RS 776.7 Cr, PAT Rises 23.5 %

Insolation Energy (INA Solar) has announced a robust set of results for the first half of FY26, recording a 25.6% year-on-year increase in revenue from operations, which rose to Rs776.7 crore, compared to Rs618.3 crore in H1 FY25. The company’s profit after tax (PAT) also grew 23.5%, reaching Rs80.1 crore, up from Rs64.8 crore a year earlier.

Capacity Expansion Fuels Growth
Chairman Manish Gupta attributed the strong performance to the company’s resilient business model and disciplined execution, despite industry-wide disruptions caused by an extended monsoon period. He noted that INA Solar’s recently commissioned 3 GW module manufacturing facility, along with an additional 1.5 GW capacity expected to go live by Q3 FY26, will further strengthen the company’s position in the coming months.

Gupta also highlighted progress on the company’s 4.5 GW solar cell manufacturing plant and a 18,000 MTPA aluminium frame unit, both of which are targeted for commercial operations by H2 FY27. This expansion marks a key step in the company’s push toward deeper vertical integration and boosting India’s domestic solar value chain.

Advanced Manufacturing Drives Efficiency
Managing Director Vikas Jain reported that INA Solar’s 25.6% revenue growth reflects strong market acceptance of its module portfolio. Operational efficiencies boosted EBITDA margins, which improved 60 basis points to 14.7%.

Jain added that commercial production has begun at INA 3, one of India’s most advanced fully automated TOPCon N-type module plants. Currently, two lines with 3 GW capacity are active, and Line 3, offering an additional 1.5 GW, is slated to begin production by the end of Q3 FY26. The plant is designed with stringent testing standards and ultra-low defect tolerances to ensure premium output quality.