Insolare Energy Unlisted Shares
InSolare Energy is an Ahmedabad-based solar EPC company that designs, builds and maintains solar projects for commercial and industrial customers. It earned consolidated revenue of ₹430.84 crore in FY25 and has also moved into module manufacturing and green hydrogen.
Read the full company profile
Key facts
Insolare Energy share details
- Lot size
- 500 shares
- Min. investment
- ₹86,000
- Face value
- ₹2
- Implied market cap
- ₹1,012 Cr
- Shares outstanding
- 58,852,920
- Founded
- 2009
- Headquarters
- Ahmedabad, Gujarat
- Website
- insolare.com
- ISIN
- INE0TSJ01021
- CIN
- U45206GJ2008PLC155375
- Lock-in after IPO
- 6 months
Price history
Insolare Energy share price chart
1Y change
-16.10%
High
₹205
Low
₹172
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Insolare Energy
InSolare Energy Limited (earlier InSolare Energy Private Limited) is an end-to-end solar engineering, procurement and construction (EPC) company based in Ahmedabad, Gujarat. It was started in 2009 by Dr. Sunit Tyagi, Dr. Hemanshu Bhatt and Navashil Sharma. The company designs and builds solar projects, mostly for private commercial and industrial customers, and also offers solar asset management and operations and maintenance services. Its work covers ground-mount plants, rooftops, carports, canal-top and floating solar.
The annual report for the year ended 31 March 2025 says the EPC portfolio is now over 1200 MWp. In FY25 the company executed more than 15 projects with over 200 MWp of capacity and managed an O&M portfolio of 120 MWp. It has a team of over 300 people, and it has completed two projects in the UAE through an international joint venture partner.
On a consolidated basis, revenue from operations was ₹430.84 crore in FY25 against ₹162.68 crore in FY24, and profit after tax was ₹17.05 crore against ₹3.20 crore. The company reports that EBITDA margin rose to 8.2% from 5.97%. The company secured new orders worth ₹800 crore during the year. These figures are from the FY25 annual report, which is the latest report we could register, and are in the consolidated statements.
To support its EPC business the company bought a solar module manufacturing facility in Mehsana, Gujarat, which makes 540-watt mono PERC modules. It has also won a tender to produce 19,000 metric tonnes a year of green hydrogen under the government's SIGHT scheme, and it is working on battery energy storage.
InSolare is run by its founders: Dr. Sunit Tyagi is Chairman and Managing Director, Dr. Hemanshu Bhatt is Executive Director and CTO, and Navashil Sharma is Executive Director and CEO. The board also has independent directors. We have not found a filed DRHP or a listing date for the company, so we do not comment on IPO timing.
Unlisted shares of a company like this trade off-market between private parties. The indicative price on this page is ₹172 per share with a lot size of 500, which is not an exchange price and can differ from what a deal actually closes at.
Strengths
- Revenue from operations grew from ₹162.68 crore in FY24 to ₹430.84 crore in FY25 on a consolidated basis, a rise of 164.83%, led by execution of projects in hand.
- Profit after tax rose from ₹3.20 crore to ₹17.05 crore (consolidated) between FY24 and FY25, and EBITDA margin improved to 8.2% from 5.97%.
- The company reports new orders of ₹800 crore in FY25, which gives it a pipeline of work to execute.
- Its EPC portfolio is over 1200 MWp, and in FY25 it executed over 200 MWp across more than 15 projects, so it has a long project record since 2009.
- Backward integration through the Mehsana module plant, which makes BIS-approved 540-watt mono PERC modules, gives it access to its own supply of modules.
- It has started diversifying into green hydrogen, with a tender for 19,000 metric tonnes a year under the government's SIGHT scheme, and into international work through projects in the UAE.
Risks
- Revenue and profit are small and have grown from a low base, so a few delayed projects can change the numbers sharply. The company itself says supply chain problems and execution roadblocks held back FY25.
- EBITDA margin of 8.2% is thin for a contracting business, so cost overruns on fixed-price projects can quickly hurt profit.
- Finance cost was ₹11.40 crore in FY25 against ₹4.28 crore in FY24 on a consolidated basis, which shows borrowing is rising along with growth.
- The business depends on a small number of large EPC contracts won through orders and tenders, so the order book can fluctuate from year to year.
- The solar industry sees cycles of unmet demand followed by oversupply, and the annual report notes that many players have struggled in these phases. Policy and tariff changes also affect project economics.
- The company is moving into new areas such as module manufacturing, green hydrogen and battery storage, which need capital and are different from its core EPC business.
- The company is not listed. Unlisted share prices are indicative, trading is thin, there is no exchange price discovery, and an IPO is not certain.
Financials
Insolare Energy financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 |
|---|---|---|
| Revenue (₹ Cr) | 431 | 163 |
| EBITDA (₹ Cr) | 37.40 | 9.71 |
| PAT (₹ Cr) | 17.05 | 3.20 |
| EBITDA Margin (%) | 8.68 | 5.97 |
| PAT Margin (%) | 3.96 | 1.97 |
Swipe the table sideways for earlier years →
Leadership
Management team
Dr. Sunit Tyagi
Chairman & Managing Director
Co-founder of InSolare Energy.
Dr. Hemanshu Bhatt
Executive Director & CTO
Co-founder, associated with the company since 2010.
Mr. Navashil Sharma
Executive Director & CEO
Co-founder, associated with the company since 2013.
Col. Pravir Mishra
Chief Operating Officer
Senior management personnel.
Dr. Bhavesh Agal
Company Secretary & Compliance Officer
Key managerial personnel.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
