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INA Solar Wins Rs 558 Crore NTPC Renewable Energy Contract to Supply Solar PV Modules

Insolation Energy Ltd. (INA Solar) has secured a major order worth Rs 558.29 crore through its wholly owned subsidiary, Insolation Green Energy, for the supply of solar photovoltaic (PV) modules to NTPC Renewable Energy Ltd. (NTPC REL). The contract marks another significant milestone for the company as it strengthens its position in India's rapidly expanding domestic solar manufacturing sector while supporting NTPC's large-scale renewable energy development plans.

According to the company's regulatory filing, the contract covers the supply of high-efficiency solar PV modules for NTPC Renewable Energy's upcoming solar power projects. The order is scheduled to be executed during FY 2026-27 and forms part of NTPC REL's ongoing efforts to expand its renewable energy portfolio in line with India's clean energy targets.

The latest order comes at a time when India's utility-scale solar market continues to witness robust growth, driven by ambitious government targets, rising electricity demand, and increasing emphasis on domestically manufactured solar equipment. Public sector developers such as NTPC Renewable Energy have been actively awarding module procurement contracts to support large solar parks and hybrid renewable energy projects across the country.

The contract further strengthens INA Solar's growing order book and reflects increasing confidence in the company's manufacturing capabilities. Over the past year, the company has significantly expanded its production capacity by scaling its fully automated INA3 manufacturing facility, taking its total solar module manufacturing capacity to 5.5 GW. The expansion is aimed at meeting rising demand for high-efficiency modules from utility-scale developers, commercial and industrial consumers, and government-backed renewable energy programmes.

Alongside module manufacturing, Insolation Energy is advancing its backward integration strategy to improve supply chain resilience and enhance cost competitiveness. The company is developing a 4.5 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell manufacturing facility and an 18,000 MTPA aluminium frame manufacturing plant at Narmadapuram, Madhya Pradesh. The investment is expected to strengthen domestic value addition, reduce dependence on imported components, and align with India's broader objective of building an integrated solar manufacturing ecosystem.

The company also reported strong financial performance for FY 2025-26, reflecting sustained growth in its manufacturing and project execution businesses. Revenue from operations increased by 61.02 percent year-on-year, rising to Rs 2,163.52 crore from Rs 1,343.62 crore in the previous financial year. Net profit also recorded healthy growth, increasing 59.75 percent to Rs 200.63 crore, compared with Rs 125.59 crore in FY 2024-25.

Beyond manufacturing, INA Solar continues to diversify its renewable energy business through project development and engineering activities. During the year, the company made progress on PM-KUSUM-linked solar projects, supporting the deployment of decentralised solar infrastructure for the agricultural sector. It also expanded its Independent Power Producer (IPP) portfolio to around 400 MW, strengthening its presence across multiple segments of the renewable energy value chain.

India's solar manufacturing industry has witnessed rapid expansion over the past few years, supported by policy initiatives such as the Production Linked Incentive (PLI) Scheme, the Approved List of Models and Manufacturers (ALMM) framework, and increasing demand from government and private-sector renewable energy projects. These measures are encouraging manufacturers to invest in integrated production facilities covering solar cells, modules, and balance-of-system components, reducing import dependence and supporting the country's long-term energy security goals.

With the latest NTPC Renewable Energy contract, INA Solar further reinforces its role as a key domestic supplier in India's renewable energy transition, while expanding its manufacturing footprint and contributing to the country's objective of building a self-reliant, globally competitive solar manufacturing ecosystem.