Slide 1: Regulation 30 disclosure cover letter
26th May, 2026 To, To, The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, ‘Exchange Plaza’ C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai - 400 051 BSE Scrip Code: 543620 NS
Slide 2: Together We Shine - Insolation Energy Ltd
TOGETHER WE SHINE INSOLATION ENERGY LTD
Slide 3: Disclaimer
This presentation has been prepared by Insolation Energy Limited (“INA” or the “Company”) solely for information purposes. It does not constitute an offer, recommendation or invitation to purchase or subscribe to any securities. It shall not form the basis or be relied on in connection with any cont
Slide 4: Leadership Behind The Growth
Leadership Behind The Growth Expert leadership driving sustainable growth and strategic market expansion Innovation Leadership: Mr. Manish Gupta, Founder and Chairman, propels INA to new heights through his visionary leadership and deep industry expertise. Diverse Experience: With over 25years of le
Slide 5: Leadership Behind The Growth
Leadership Behind The Growth Expert leadership driving sustainable growth and strategic market expansion Driving Force : Mr. Vikas Jain, Founder and Managing Director, has been instrumental in steering Insolation Energy toward becoming one of India’s leading solar panel manufacturers. Quality Advoca
Slide 6: Board of Directors
Board of Directors Mr. AKHILESH KUMAR JAIN (Non-Executive Dr. PALLAVI MISHRA (Independent Director) Director) Holds a BE from Pune University and an MBA from Duke University. BE from Malviya Regional Engineering College, Jaipur, and holds an She also completed an executive program at IIM Calcutta an
Slide 7: Leadership Behind the Growth
Leadership Behind the Growth 6
Slide 8: Key Highlights
Key Highlights FY26 Result Snapshot Target Installed Strong Balance Sheet Capacity Revenue from Operations Modules 2146 Cr Net Debt to Equity 7 GW 0.5x EBITDA 305 Cr Cells ROCE 4.5 GW 19% PAT 201 Cr ROE EBITDA Margin | PAT Margin 25% Aluminium 14% | 9.3% 18000 MT 7
Slide 9: Table of Content
Table of Content 01 Business Update 02 Business Overview 03 Investment Thesis 04 Annexures 8
Slide 10: Business Update
" SOLAR “TOGETHER WE SHINE
Slide 11: A Milestone Moment
A Milestone Moment INA Solar on & Main Board Insolation Energy Limited (INA Solar) migrated to Main Board; Shares Listed on BSE and NSE on 9th March 2026 10
Slide 12: Financial Highlights
Financial Highlights All Figures In Rs. Cr & Margin in % Revenue from EBITDA & Operations Margins (%) PAT & Margins (%) 14.5% 13.9% 10.7% 8.8% 100% 93% 65% Q4 FY26 794 70 111 397 57 42 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Revenue EBITDA PAT 13% 14% 9.5% 9.3% 61% 79% 59% FY2026 2,146 126 2
Slide 13: Earnings at a Glance: Q4 FY26 & FY2026
Earnings at a Glance: Q4 FY26 & FY2026 Revenue EBITDA PBT PAT 2146 Cr 305 Cr 245 Cr 201 Cr FY2026 ↑ 61% YoY ↑ 79% YoY ↑ 60% YoY ↑ 59% YoY 794 Cr 111 Cr 86 Cr 70 Cr Q4 FY26 ↑ 100% YoY ↑ 93% YoY ↑ 62% YoY ↑ 65% YoY 01 02 03 61% YoY Revenue Growth PAT Increased 59% YoY Robust EBITDA Expansion Driven by
Slide 14: Q4 & FY26 Financial Performance
9M & Q3 FY26 Financial Performance Particulars (Rs. Cr) Q4FY26 Q4FY25 YoY % Q3FY26 QoQ % FY2026 FY2025 YoY % Revenue from Operations 794 397 100 575.3 38 2146 1334 60.9 Other Income -2 -0.3 402 6.9 -122 17 9 88.9 Total Income 792 396.7 100 582.2 36 2163 1343 61 Expenses 706 343 106 520 36 1981 1189
Slide 15: Operating Highlights of the Quarter
Operating Highlights of the Quarter Quarter-wise Production (MW) Quarter-wise Sales (MW) 700 500% 414% 600 200% 600 367% 400% 500 500 150% 400 300% 400 161% 203% 300 300 128% 132% 100% 141% 575 200% 460 489 200 200 7% 308 100% 364 100 225 267 50% 93 102 99 112 100 142 152 140 211 117 0 0% 0 0% Q1 Q2
Slide 16: Manufacturing Capacity Expansion Update
Manufacturing Capacity Expansion Update Strategic Partnerships to Strengthen Project Execution Strategic Location Benefits 20 acre is left for future expansion Large CAPEX incentives under MPIDC Pipelines for bulk gas supply nearby ₹4/KWh Electricity & ₹25/KL water Driving On-Schedule Completion via
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Slide 18: Expansion Update
Expansion Update Q4 FY26 | Insolation Energy Limited Current Capacity Overview Upcoming Capacity Overview IPP Schedule 5.5 GW 1.5 GW 4.5 GW 50 MW 120 MW 300 MW+ Module Capacity Module Line Cell Line Project Live Land Cleared FY 27 Target ⊞ Solar Modules Active ⊞ Solar Cells In Progress ⊞ Aluminum Fr
Slide 19: Business
__ SOLAR TOGETHER WE SHINE. BUSINESS
Slide 20: Company at a Glance
COMPANY AT A GLANCE Together We Shine A BSE NSE listed company founded in Jaipur in 2017, INA has scaled from 80 MW to 5.5 GW in eight years, delivering quality projects, maintaining a top-10 position among India’s PV manufacturers, and building a pan-India brand with broad customer reach CUSTOMER B
Slide 21: Business Model
Business Model Solar manufacturing Value Chain Cell Module Polysilicon Ingot Wafer Fully Integrated Manufacturing Hub Multi-channel presence ensures demand stability, reduces customer concentration risk and enhances revenue visibility Government OEMs network Channel Partners EPC Contractors Project
Slide 22: Fully Integrated Manufacturing Ecosystem Enabling Long-Term Competitive Advantage
Fully Integrated Manufacturing Ecosystem Enabling Long-Term Competitive Advantage Advanced Manufacturing Capabilities with Strategic Vertical Integration High-Tech Manufacturing Capabilities Robust Workforce & Specialized Teams Operating single location 4.5 GW Team of 1,500 personnel deployed across
Slide 23: Recognised with Global Certifications & Quality Benchmarks
RECOGNISED WITH GLOBAL CERTIFICATIONS & QUALITY BENCHMARKS Manufacturing facility has obtained various certifications Certified by internationally recognized testing & certification body for global quality compliance and product reliability Product Certifications 22
Slide 24: Our Facilities
Our Facilities Jammu & Kashmir Himachal Pradesh Punjab INA 1: Daulatpura, Jaipur Haryana Uttarakhand Sikkim Arunachal Indicators Delhi INA 2: Jatawali, Jaipur Pradesh Uttar Daulatpura, Jaipur Pradesh Assam 6,000m2: 200 MW Module INA 3: Sawarda, Jaipur Bihar Nagaland Rajasthan Meghalaya Manipur Tripu
Slide 25: Investment
~ SOLAR TOGETHER WE SHINE INVESTMENT
Slide 26: Industry Overview (1/2)
Industry Overview (1/2) INDUSTRY OVERVIEW KEY METRICS ❑ Annual global solar installations hit 600 GW in 2024 — solar was 81% of all new RE capacity added worldwide 600 GW 135.81 GW o Total installations reached ~45 GW in FY26 across all segments Global installations 2024 India installed base (Dec 20
Slide 27: Overcapacity: From over capacity to opportunities [2/2]
Overcapacity: From over capacity to opportunities [2/2] Rising Demand Drivers — Demand Floor is Structural Green Open Access Rules PM-KUSUM — 34,800 MW agricultural Open Access Transactions limit for solar target green energy has been reduced from 1 10,203 MW cumulatively installed; 6,515 MW MW to 1
Slide 28: Investment Thesis
Investment Thesis Created by karyative from Noun Project Created by S iti from Noun Project Created by MUHAMM AT S UKIRMAN from Noun Project Created by Nanik haq from Noun Project Established Position & Diversified Structural Industry Strategic Strong Brand in market Distribution Tailwinds: Expansio
Slide 29: Consistent Value Creation for Shareholders
Consistent Value Creation for Shareholders EBITDA Margin RoCE & RoE 13% 14% 11% 57% 7% 6% 7% 45% 51% 37% FY21 FY22 FY23 FY24 FY25 FY26 42% 31% 20% PAT Margin 24% 19% 9% 9% 8% 19% 20% 25% 4% 4% 3% FY21 FY22 FY23 FY24 FY25* FY26 FY21 FY22 FY23 FY24 FY25 FY26 RoCE RoE Note: INR 394 Cr. of equity was in
Slide 30: Mission FY28
Mission FY28 To become India’s leading cleantech solutions provider, setting the benchmark in integrated solar manufacturing and delivering Ongoing technology across the India Frames 18000MT COD: Q3 FY27 Ongoing IPP 100MW Projects 400MW+ : FY27 Ingots Wafers Cells Modules Ongoing Current Capacity On
Slide 31: Strong Financial Profile
Strong Financial Profile Net Debt & Debt to Equity Gross Profit & Gross Margin 600 1.5x 500 431 25% 427 400 20% 400 1.0x 300 232 15% 200 18 23 45 41 0.5x 200 10% 124 0 FY21 FY22 FY23 FY24 FY25 FY26 100 25 32 38 5% 0.0x -200 0 0% -206 FY21 FY22 FY23 FY24 FY25 FY26 -400 -0.5x Gross Profit Gross Margin
Slide 32: Annexures
Inn TOGETHER WE SHINE 04 ANNEXURES 31
Slide 33: Urja 4.0 – Channel Partner's Meet
Urja 4.0 – Channel Partner’s Meet INA Solar organized “Urja 4.0 – Channel Partner’s Meet”, which witnessed participation from over 700 channel partners across Rajasthan on 2 May to celebrate solarization of 40000 home under PM Surya Ghar proving one of the strongest brands in Rajasthan 32
Slide 34: Achievements & Recognition
Achievements & Recognition No. 1 globally among Featured in The Most Ranked 22nd by Fortune Recognized as one of listed solar Forbes India’s Trusted Brands India's Emerging 100 the Top 10 Solar Panel manufacturer for 4 ‘Best Under A of India 2026-27 Companies (April 2026 issue) Manufacturers by cons
Slide 35: Subsidiaries Structure
Subsidiaries Structure An overview of our corporate entities and their strategic alignment within the group INSOLATION GREEN ENERGY INSOLATION GREEN INFRA PVT. LTD. PVT. LTD. Wholly Owned Subsidiary Subsidiary MANUFACTURING CAPACITY INSOLATION 1. EPC 2. IPP ENERGY LTD. PV Modules Kusum A, B, C 7 GW
Slide 36: Recognized Excellence
Recognized Excellence Awarded and certified for consistent quality and technological advancement CERTIFICATE OF APPRECIATION AT RISING RAJASTHAN IMPACT 1.0 – 2025 INDIA PRODE AWARD 2025 Honoured by Awarded by SHRI BHAJAN LAL SHARMA JI DAINIK BHASKAR Chief Minister of Rajasthan RAJASTHAN VISIONARY IN
Slide 37: Key Government Projects Supplier
Key Government Projects Supplier Trusted partner for key government schemes, providing reliable solar modules 36
Slide 38: Growth Journey
Growth Journey Commercial Operation of our 4.5GW plant. Work for 4th & 5th Unit in cell and aluminum Narmadapuram, MP Successfully raised 395 started in MP on 45- will have 4.5 GW solar crores through a acre land allotted with cell, 300 MW IPP Preferential Issue: Transitioned to a other benefits. Pr
Slide 39: Robust Financial Performance
Robust Financial Performance Revenue from Operations Gross Profit & Gross Margin 164% 20% 81% 15% 17% 17% 61% 15% 14% 2,146 33% 30% 1,334 431 161 737 25 32 38 124 232 215 279 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Revenue Revenue growth Gross Profit Gross margin EBITDA & EBITDA
Slide 40: Healthy Balance Sheet & Working Capital Discipline
Healthy Balance Sheet & Working Capital Discipline Net Working Capital Days Current Ratio 58 2.6x 43 1.9x 38 39 1.7x 33 1.5x 1.5x 1.5x 29 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Cash Conversion Cycle Current Ratio 39
Slide 41: Historical Income Statement
Historical Income Statement Particulars (INR in Cr) FY 2022 FY2023 FY2024 FY2025 FY2026 Revenue from Operations 215 279 737 1,334 2146 Gross Profit 32 38 124 232 431 Other income 0 1 4 9 17 EBITDA 14 19 84 170 305 EBITDA Margin % 6.3% 6.6% 11.4% 12.8% 14.0% Depreciation and amortisation 2 2 7 9 36 E
Slide 42: Historical Balance Sheet
Historical Balance Sheet Particulars (INR in Cr) FY 2022 FY2023 FY2024 FY2025 FY2026 Particulars (INR in Cr) FY 2022 FY2023 FY2024 FY2025 FY2026 Shareholder's Equity Non - Current Assets Share Capital 15 21 21 22 22 Property, Plant and 11 38 46 77 474 Equipment Other Equity 7 32 88 594 785 Capital w
Slide 43: Thank You
Thank You Insolation Energy Ltd Company Contact: Nitesh Sharma Company Secretary and Compliance Office Mail ID: cs@insolationenergy.in Investor Relations Contact: Khushbu Singhania Tanishka Tanvi Go India Advisors Go India Advisors Mail ID: Mail ID: khushbu@goindiaadvisors.com tanishka@GoIndiaAdviso