Insolation Energy
SME₹22.16 Cr issue
+100.26%
Listing gain over issue price
Issue size
₹22.16 Cr
1 lot at cut-off
₹1,14,000
Lot size
3,000shares
Open
26 Sep 2022
Close
29 Sep 2022
Allotment
04 Oct 2022
Listing
10 Oct 2022
Listing performance
Issue price
₹38
Listed at
₹76.10
Listing-day close
₹79.90
Latest price
₹63.96
Close on 23 Oct 2026
Listing gain
+100.26%
Return since issue
+16731.58%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Sep 2022 – 29 Sep 2022
- Listing date
- 10 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹38 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹22.16 Cr
- Market cap at offer price
- ₹79.16 Cr
- Promoter holding
- 97.00% → 69.84% pre-issue → post-issue
- ISIN
- INE0LGX01024
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- G-25, City Centre, Sansarchand Road, Near MI Road, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 2,94,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹38
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,14,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,28,000 |
| S-HNI (max) | 8 | 24,000 | ₹9,12,000 |
| B-HNI (min) | 9 | 27,000 | ₹10,26,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹38 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.62 | — |
| P/E (×) | 8.23 | — |
| Market cap | — | ₹79.16 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 31.33%
- ROCE
- 46.21%
- Debt / equity
- 2.01
- PAT margin
- 3.22%
- EBITDA margin
- 6.18%
- NAV per share
- ₹14.75
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Insolation Energy
Insolation Energy Limited is a solar PV module manufacturer incorporated in October 2015 and converted to a public limited company in February 2022. The company is primarily engaged in manufacturing solar panels and modules of high efficiency in various sizes from its unit situated in Jaipur. Additionally, the company trades in Solar Power Conditioning Unit (PCU) and tall tabular Lead Acid Batteries in combination with Solar PV Module as 'Solar Power Generation System' (SPGS). The company manufactures solar PV modules using polycrystalline and monocrystalline cell technology with wattages ranging between 340Wp and 450Wp with efficiencies ranging between 17.45% and 20.35%. For FY 2021-22, revenue from solar PV module sales was Rs. 20,734.91 Lakhs, representing 96.30% of total revenue from operations.
Company Analysis
from RHPInsolation Energy Limited manufactures high-efficiency solar photovoltaic (PV) modules and trades in solar power conditioning units and lead-acid batteries in the renewable energy sector.
Insolation Energy Limited is a solar PV module manufacturer incorporated in October 2015 and converted to a public limited company in February 2022. The company is primarily engaged in manufacturing solar panels and modules of high efficiency in various sizes from its unit situated in Jaipur. Additionally, the company trades in Solar Power Conditioning Unit (PCU) and tall tabular Lead Acid Batteries in combination with Solar PV Module as 'Solar Power Generation System' (SPGS). The company manufactures solar PV modules using polycrystalline and monocrystalline cell technology with wattages ranging between 340Wp and 450Wp with efficiencies ranging between 17.45% and 20.35%. For FY 2021-22, revenue from solar PV module sales was Rs. 20,734.91 Lakhs, representing 96.30% of total revenue from operations.
renewable energysolar energysolar power generationmanufacturing
Objects of the Issue
- Working Capital Requirements Rs. 1,545.27 Lakhs p.29
- General corporate purposes p.29
- Funding the working capital requirements of our Company Rs. 1,545.27 Lakhs p.111
- General corporate purposes p.115
- Repayment of borrowings
- General corporate purposes p.359
Issue Structure
- Total Issue
- Rs. 2,216.16 lakhs
- Fresh Issue
- Rs. 2,216.16 lakhs
- Offer for Sale
- NIL
- Face Value
- Rs. 10/-
Business Model
The company manufactures and sells solar PV modules as its primary revenue source. It also engages in trading of Solar Power Conditioning Units (PCU) and lead-acid batteries in combination with solar PV modules. Revenue is generated through the sale of these products to customers in the solar energy sector.
Business Segments
Manufacturing of solar photovoltaic modules using polycrystalline and monocrystalline cell technology with wattages ranging between 340Wp and 450Wp
Trading in Solar Power Conditioning Unit (PCU) and tall tabular Lead Acid Batteries in combination with Solar PV Module
Manufacturing high-efficiency solar photovoltaic modules using both polycrystalline and monocrystalline (Mono-PERC) cell technology with wattages between 340Wp and 450Wp and efficiencies ranging between 17.45% and 20.35%. The company produces modules with various solar cell dimensions (157mm x 157mm, 158.75mm x 158.75mm, and 166mm x 166mm) and offers 30-year warranty coverage including 5-year manufacturing/workmanship warranty and linear power performance warranty of 90% for 10 years and 80% for 25 years.
Procurement and sale of Solar Power Conditioning Units (range 750VA to 15000VA) which convert direct current (DC) to alternating current (AC) using solar energy and grid power to charge batteries, and trading of Tall Tubular Lead Acid Batteries (range 40, 75, 100, 160, 180, 200 AH) designed for deep cycle solar applications. Products are generally sold as combination sales with Solar PV Modules as 'Solar Power Generation System' (SPGS).
Comprehensive EPC solutions provider deploying world-class technology to design, install and commission solar projects. Services include ground-mounted and rooftop solar business with involvement ranging from concept, engineering, execution and commissioning to operations and maintenance of completed solar systems. The company primarily uses its own manufactured solar PV modules in its EPC projects.
Manufacturing of solar panels including solar modules, solar PCU (Power Conditioning Unit), and solar batteries
Trading in solar-related products and stock-in-trade
Manufacturing of solar photovoltaic modules of high efficiency using polycrystalline and Mono-PERC crystalline cell technology with bifacial modules (glass-to-transparent back sheet modules). Products sold under brand name 'INA'.
Trading of Solar Power Conditioning Units which use solar energy and power from the grid to charge batteries, and trading of tall tubular Lead Acid Batteries used to store energy generated from solar panels. In 2020, company launched Solar Tubular/Li-ion Batteries and Solar PCU designed after market inputs and best available techniques.
Providing integrated solar energy solutions including engineering, procurement and construction services to customers for solar energy projects.
SWOT Analysis
Strengths
- • Manufacturing capacity and utilization(p.43)
- • Revenue growth trajectory(p.38)
- • Profitable operations(p.30)
- • Experienced management team with strong track record(p.121)
- • Strong customer and stakeholder relationships(p.121)
- • Asset-light business model with strong financial performance(p.121)
- • In-house design and engineering capabilities focused on innovation(p.121)
- • Positive labor relations(p.121)
- • Integrated EPC service offering(p.121)
- • Experienced management with 23+ years in diverse sectors including solar power(p.147)
- • Fully automatic state-of-the-art 200 MW manufacturing facility with advanced quality controls(p.147)
- • Strong revenue growth and profitability with 34.37% CAGR in revenue (FY2019-22)(p.150)
- • Established brand reputation and geographically diversified distributor network of 30+(p.148)
- • Integrated EPC services capability provides value-added supplementary offerings(p.151)
- • Cordial labor relations with low attrition and no labor disputes(p.151)
- • Established promoter experience and stability(p.211)
- • Strong revenue growth trajectory(p.272)
- • Profitable operations with improving margins(p.272)
- • Diversified product portfolio(p.232)
- • Subsidiary expansion for growth(p.232)
- • Fully automatic state-of-the-art manufacturing facility with capacity expansion(p.315)
- • Strong brand reputation and certifications in solar PV modules(p.316)
- • Industry-leading quality accreditations and standards compliance(p.316)
- • Diversified revenue streams across solar ecosystem(p.316)
- • Established geographically diversified distributor network(p.316)
- • Experienced promoters with 23+ years in business(p.316)
- • Strong revenue growth trajectory(p.331)
- • Government empanelment for solar installation projects(p.317)
Weaknesses
- • Dependence on limited number of customers(p.40)
- • Reliance on short-term raw material contracts(p.37)
- • Product concentration risk(p.38)
- • Properties not owned but leased from promoters(p.46)
- • High working capital intensity(p.45)
- • EPCG export obligations unfulfilled(p.40)
- • High solar cell procurement cost(p.38)
- • Limited operational history(p.48)
- • High dependency on short-term borrowings for working capital(p.113)
- • Significant working capital requirement relative to company size(p.113)
- • Heavy reliance on inventory holding to support operations(p.113)
- • Dependence on limited customer base with top 5 customers accounting for 64.94% of revenue(p.164)
- • Pending export obligations under EPCG licenses totaling USD 920,421.69(p.165)
- • Newly established subsidiary IGEPL has not yet commenced commercial production(p.148)
- • Recent expansion of capacity may face execution and market absorption risks(p.148)
- • High debt levels and leverage(p.260)
- • Significant dependence on short-term borrowings(p.227)
- • Concentration of promoter shareholding(p.210)
- • High inventory levels relative to sales(p.309)
- • Declining return on equity(p.310)
- • Contingent liability from customs duty obligations(p.281)
- • Heavy dependence on few large customers for revenue(p.318)
- • Reliance on external suppliers for raw materials with limited control(p.318)
- • Significant exposure to raw material price volatility(p.317)
- • Declining EBITDA margins despite revenue growth(p.313)
- • Moderate debt levels with finance cost burden(p.338)
Opportunities
- • Strong renewable energy market growth in India(p.29)
- • Government support for solar energy(p.42)
- • Increased customs duty on imports creating domestic advantage(p.45)
- • ALMM approval advantage(p.42)
- • India's aggressive renewable energy capacity targets(p.136)
- • Growing solar market with high capacity additions forecast(p.135)
- • Increased renewable energy investments in India(p.137)
- • Government support through production-linked incentive schemes(p.134)
- • Make in India renewable energy procurement requirements(p.64)
- • Renewable energy sector attractiveness ranking(p.136)
- • India's renewable energy sector expected to attract investment worth US$ 80 billion in next 4 years(p.139)
- • Government target of 227 GW renewable capacity by 2022 with 114 GW planned for solar(p.139)
- • Significant expansion in solar PV segment with India's cumulative installed capacity growing to 39 GW by 2020-21(p.144)
- • Production Linked Incentive (PLI) scheme with Rs. 4,500 crore investment for high-efficiency solar PV module manufacturing(p.144)
- • Growing market for rooftop solar with Phase-II Grid Connected Rooftop Solar Program targeting 40 GW by 2022(p.144)
- • Rising solar capacity utilization with manufacturing at 83.58% in FY 2021-22(p.161)
- • Solar energy sector growth potential(p.232)
- • Expansion through subsidiary operations(p.232)
- • Capacity expansion with new manufacturing facility(p.232)
- • Government support and solar industry growth initiatives(p.318)
- • Grid-connected rooftop solar expansion programs(p.317)
- • Expansion into solar storage and battery solutions(p.316)
- • Growing renewable energy adoption in India(p.317)
- • Penetration in underpenetrated geographies(p.318)
Threats
- • Volatile solar PV cell prices(p.38)
- • Reduction or elimination of government subsidies(p.41)
- • High competition from global and local players(p.49)
- • Competitor vertical integration(p.49)
- • COVID-19 pandemic impact on supply chains(p.51)
- • Foreign exchange fluctuation risk(p.49)
- • Technological obsolescence risk(p.45)
- • Import duty impact on materials(p.46)
- • Circuit breaker restrictions limiting share price movements(p.62)
- • Limited trading liquidity and volatile share price(p.62)
- • Changes in government regulations and implementation(p.64)
- • International trade policy changes affecting raw material costs(p.64)
- • Make in India local content requirements increasing costs(p.65)
- • Economic slowdown affecting consumer purchasing power(p.65)
- • Global financial market instability affecting India(p.68)
- • India securities market volatility and structural problems(p.68)
- • T&D losses and unpredictability in power supply continuity affecting solar market growth(p.143)
- • Rising competition from domestic and international manufacturers(p.165)
- • Price is the decisive factor in competition limiting margin expansion(p.165)
- • Alternate renewable sources like wind energy may restrain solar market growth(p.140)
- • Global solar PV market expected to grow at only 13.78% CAGR through 2027 indicating moderate growth(p.140)
- • Supply chain concentration with top 5 suppliers accounting for 49.94% of procurement(p.165)
- • High and rising interest costs on debt(p.302)
- • Import price and foreign exchange exposure(p.281)
- • Working capital pressure from receivables growth(p.299)
- • Declining debt service coverage ratio(p.308)
- • Customs duty compliance and export obligation risk(p.281)
- • Regulatory changes and policy uncertainty affecting solar incentives(p.318)
- • Increasing competition from larger, better-resourced competitors(p.319)
- • Raw material supply chain disruptions and import dependencies(p.318)
- • COVID-19 pandemic impact on production and operations(p.319)
- • Macroeconomic slowdown affecting renewable energy adoption(p.319)
- • Foreign exchange and commodity price volatility(p.317)
- • Disruptions to sales and distribution channels(p.318)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manish Gupta | Promoter | 48.50% | — |
| Vikas Jain | Promoter | 48.50% | — |
| Vikas Jain | Promoter | 48.49% | — |
| Manish Gupta | Promoter | 48.50% | — |
| Ekta Jain | Promoter Group | Negligible | — |
| Payal Gupta | Promoter Group | Negligible | — |
| Vikas Jain HUF | Promoter Group | Negligible | — |
| Manish Gupta HUF | Promoter Group | Negligible | — |
| Manish Gupta | Promoter/Chairman and Whole-Time Director | 48.50% | — |
| Vikas Jain | Promoter/Managing Director | 48.49% | — |
| Manish Gupta | Promoter | 48.50% | — |
| Vikas Jain | Promoter | 48.50% | — |
| Manish Gupta | Promoter | — | — |
| Vikas Jain | Promoter | — | — |
Leadership
Manish Gupta · Chairman
Vikas Jain · Managing Director
Nitesh Kumar Lata · CFO
Snigdha Khandelwal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Insolation Energy IPO FAQs
What is the lot size of Insolation Energy IPO?
The minimum lot size of Insolation Energy IPO is 3,000 shares. One lot costs ₹1,14,000 at the cut-off price.
When does Insolation Energy IPO open and close?
Insolation Energy IPO opened for subscription on 26 Sep 2022 and closed on 29 Sep 2022.
What is the listing date of Insolation Energy IPO?
Insolation Energy IPO listed on 10 Oct 2022.