
1. Company Introduction
Founded in 2009, InSolare Energy is a leading Renewable Energy EPC Solution Provider in India, offering end-to-end solar power solutions that integrate world-class technology with efficient execution capabilities.
Nature of Business: Engineering, Procurement & Construction (EPC) and system integration of solar, BESS, and green hydrogen projects.
Mission: To deliver competitive and innovative solar energy solutions that exceed customer expectations.
Presence: Operations across 19+ states, with installations crossing 500 MWp historically.
FY26 Operational Footprint: 0.70 GWp under execution and 0.75 GWp commissioned in the RE-EPC segment alone.
2. Competitive Edge & Achievements
Projects Executed: 350+ MW of solar projects successfully implemented.
Projects Under Execution: 150 MW ongoing (legacy solar EPC); 0.70 GWp under execution as of FY26.
O&M Portfolio: 100 MW being operated and maintained.
Clients Served: 100+ reputed entities across industries.
Patents: 50+ US/India patents filed (up from 10+ historically), with founders and leadership holding 60+ patents between them across CMOS scaling, AEM electrolyzers, and materials science.
Workforce Strength: 200+ employees.
R&D Intensity: 5% of overheads spent on R&D — a discipline uncommon in the broader EPC industry.
3. Technology Adoption
InSolare demonstrates extensive tech integration capabilities, enabling optimized project performance. EPC projects utilize a mix of:
Racking Systems: Fixed Tilt, Single Axis Trackers, Seasonal Tilt Axis.
Modules: Polycrystalline, Monocrystalline, Thin Film, Bi-facial modules.
Strong supplier ecosystem ensures flexibility in module and inverter selection.
In-house Manufacturing: 1.1 GW module line commissioned; production begins July 2026 (Solberry facility, ₹96 Cr project cost, financed via ₹45 Cr equity and ₹51 Cr debt).
4. The Technology Moat
A typical solar EPC firm sells labour and execution — thin, undifferentiated margins with no real moat. InSolare's differentiation lies in the technology it owns and develops in-house, spanning three founder-tech verticals.
Energy Storage — Batteries that outlast off-the-shelf packs InSolare co-designs the Battery Management System (BMS) and power electronics alongside the battery pack itself, rather than bolting a generic BMS onto bought-in cells. The BMS is effectively the pack's brain — it balances every cell, manages temperature, and controls charge/discharge behavior, the four factors that determine how fast a battery ages. A bought-in battery paired with a generic BMS isn't co-optimized and degrades faster; InSolare's co-designed approach is built to deliver more usable cycles and a lower cost per stored kWh.
Green Hydrogen — Betting on AEM to win the electrolyzer race Green hydrogen production today relies on two proven electrolyzer technologies: alkaline (cheap materials, but bulky and less efficient) and PEM (efficient and compact, but dependent on costly iridium/platinum). InSolare is developing Anion Exchange Membrane (AEM) technology, combining the abundant, nickel-based materials of alkaline systems with PEM-class efficiency — the newest, highest-risk, highest-reward path in the field. The bet is de-risked through a membrane tie-up with Versogen (widely regarded as the hardest part of the stack), lab testing in the US, and building out the rest of the stack in-house.
Fuel Cell Technology & Energy Storage Systems Fuel cell technology converts hydrogen back to electricity at high conversion rates, while Energy Storage Systems (ESS) enable efficient energy capture and release to support power grid stability.
Offshore Hybrid Wind-Solar Systems Proprietary systems for marine-based clean energy generation, extending InSolare's technology stack beyond land-based solar.
Technology Deployed & Owned at Scale:
Metric | Scale |
|---|---|
RE-EPC Commissioned | 0.75 GW |
RE-EPC Under Execution | 0.70 GW |
BESS (SECI project) | 1.4 GWh |
RE Parks Development | 1 GW |
Green Ammonia | 85 KTPA |
5. Project Execution Framework
InSolare follows a structured 5-step execution cycle:
Land Acquisition & Due Diligence
Regulatory & Grid Approvals
Power Purchase Agreement (PPA) Negotiation
Engineering & Execution
Operations & Maintenance (O&M)
This model ensures timely delivery, regulatory compliance, and asset performance optimization.
6. Management & Leadership Pedigree
InSolare is built around a founding team unusual for an EPC company — semiconductor scientists and applied researchers rather than solar contractors, backed by operations leaders with large-scale execution discipline. This is a team, as InSolare's research backers put it, that "cannot be assembled twice."
Dr. Sunit Tyagi — Chairman & Managing Director: IIT Bombay (B.Tech) + PhD from Rensselaer Polytechnic Institute. Spent 15 years at Intel Oregon, leading CMOS scaling efforts and Intel's first India-designed microprocessor. Holds 15 US patents and is an IEEE Distinguished Lecturer.
Dr. Hemanshu Bhatt — Executive Director & CTO: IIT Bombay (M.S.) + PhD from Virginia Tech. NASA alumnus with a background in Chemical Engineering & Materials Science. Holds 30+ US patents and leads the company's AEM electrolyzer and PEM research.
Navashil Sharma — Executive Director & CEO: Prior leadership experience at Intel (13 years). Responsible for scaling the company's deep-tech IP into GW-scale delivery and bridging the lab with the P&L.
Col. Pravir Mishra — COO: Ex-Army, IIM-Ahmedabad, IIM-Lucknow; leads operational execution.
Col. Gopal Samanta — Projects & Operations: Retired Indian Army Colonel with 23 years of service, bringing large-scale logistics and process discipline to GW-scale build-out.
Dipak Patel — Design Head: Former Atkins, UK.
Together, the leadership holds 60+ patents between them, embedding an R&D discipline into project execution that the broader EPC industry typically lacks.
7. Solar Industry Landscape
India's Installed Capacity (2023):
Fossil Fuels: 273 GW
Renewables: 173 GW
Total: 410 GW
Target by 2030:
Renewables to reach 500 GW
Solar alone to reach ~280 GW (from ~67 GW currently)
Annual Market Opportunity: ₹75,000 Cr (assuming ₹2,500 Cr/GW project cost)
Macro Drivers: Rising demand, sustainability mandates, Net-Zero 2070 commitment
8. Business & Revenue Models
InSolare operates through diversified revenue channels:
Captive EPC for A-rated Clients: Shree Cement, JSW, Birla Cement
SME Solar EPC: High-margin turnkey solutions for mid-sized businesses
IPP (Independent Power Producer) Projects: Park development and EPC (excluding module procurement)
International EPC Projects: GCC & Africa via JVs (Yellow Door, Masdar)
Government Projects: Empanelled under NTPC subsidiary NVVN for 1–10 MW and large-scale utility EPC
Special Technology EPC: Green Hydrogen, Offshore Hybrid, BESS projects
This portfolio ensures a balanced risk-return profile and scalability across client segments.
9. Notable Projects
Juniper (14 MWp): Bi-Facial Modules, Single Axis Tracker, 10-year PPA lock-in, 26% equity stake, IRR of 14%
Maharashtra Solar Park (100 MWp): 8 SPVs, 65 MWp completed
Karnataka Solar Park (137 MWp): 5 SPVs, 65 MWp completed
Canal Top Project (10.5 MWp): Unique racking on Sardar Sarovar Nigam canal
10. Financial Performance — Consolidated (₹ Cr), incl. EPC + Module Sale
Metric | FY24 | FY25 | FY26 (Unaudited) | FY27 (Proj.) |
|---|---|---|---|---|
Total Income | 133 | 434 | 747 | 1,547 |
COGS | 100 | 350 | 624 | 1,277 |
Gross Profit | 33 | 85 | 123 | 270 |
EBITDA | 11 | 35 | 64 | 153 |
PBT | 9 | 22 | 38 | 88 |
PAT | 6 | 16 | 28 | 72 |
Margins have remained resilient despite commodity price pressure, with EBIT-level operating leverage becoming increasingly visible as scale grows.
Key Financial Ratios:
Particulars | FY24 | FY25 | FY26 | FY27 (Proj.) |
|---|---|---|---|---|
Return on Equity (ROE) | 10.6% | 11.2% | 13.4% | 28.0% |
Return on Capital Employed (ROCE) | 8.4% | 11.7% | 13.8% | 18.1% |
Total Debt (₹ Cr) | 52.7 | 89.7 | 214.2 | 481.5 |
Capital Employed (₹ Cr) | 152.3 | 282.5 | 435.1 | 775.1 |
ROE and ROCE both show sustained improvement, with leverage rising in line with growth investments.
11. Debt Profile & Utilisation — FY26 (₹ Cr)
Type | Total | Utilization | % |
|---|---|---|---|
Term Loan | 87.58 | 69.65 | 80% |
CC Limit | 155.70 | 144.57 | 93% |
LC/BG Limit | 197.00 | 166.43 | 84% |
Total | 440.28 | 380.65 | 86% |
Additional working capital enhancement is in process: Mezz/Equity of ₹300 Cr and CC/LC limits of ₹625 Cr are being pursued.
12. FY26 Key Challenges & One-offs
Selective exit from ~₹300 Cr of low-margin orders impacted revenue
One-time restructuring cost of ₹3.0 Cr
Commodity price rise increased COGS by ~1.5%
New labour code raised employee costs by ₹1.5 Cr
13. The Re-Rate Case — Valuation
On FY27 company projections, an indicative valuation of ~₹1,000 Cr (as framed by third-party research firm UnlistedZone) implies a multiple that arguably ignores InSolare's manufacturing, IP, and asset-ownership layers entirely:
Metric | FY27E | Implied Multiple |
|---|---|---|
Total Income | ₹1,547 Cr (2.1x over FY26) | P/Sales ~0.65x |
EBITDA | ₹153 Cr (9.9% margin, expanding) | EV/EBITDA ~9.7x* |
PAT | ₹72 Cr (2.6x over FY26) | P/E ~13.9x |
*Valuation used as EV proxy; excludes net debt. Illustrative, based on unaudited company FY27 projections.
Profit trajectory (PAT, ₹ Cr): FY24: 6 → FY25: 16 → FY26: 28 → FY27E: 72
Note: Valuation figures are sourced from UnlistedZone Research, an information platform for unlisted & pre-IPO shares — not a SEBI-recognised exchange. Prices are indicative and for information only, not investment advice.
| Particulars | FY22 | FY23 | FY24 | FY25Latest |
|---|---|---|---|---|
| Revenue | 239 | 250 | 163 | 438▲169% |
| EBITDA | 20 | 10 | 9.5 | 33.5▲253% |
| OPM (%) | 8.37 | 4 | 5.83 | 7.65▲31% |
| PBT | 19 | 8 | 4 | 23▲475% |
| PAT | 15 | 6 | 3 | 17▲467% |
| EPS (₹) | 187.5 | 75 | 23.62 | 115.65▲390% |
| Date | Amount Raised | Price | Allotment Type | Instrument | PAS‑3 | Valuation Report |
|---|---|---|---|---|---|---|
| 30 Sept 2025 | ₹0 Cr | ₹0₹0 nominal + ₹0 premium | Bonus | Equity Shares | — | |
| 01 Feb 2025 | ₹12.25 Cr | ₹5,440₹10 nominal + ₹5,430 premium | Private Placement | Equity Shares | ||
| 20 Jan 2025 | ₹32.5 Cr | ₹5,440₹10 nominal + ₹5,430 premium | Private Placement | Equity Shares | — | |
| 17 Jan 2025 | ₹43.69 Cr | ₹5,440₹10 nominal + ₹5,430 premium | Private Placement | Equity Shares | — | |
| 30 Nov 2024 | ₹4.98 Cr | ₹1,605₹10 nominal + ₹1,595 premium | Private Placement | Equity Shares | Request | — |
Official annual reports and financial statements filed by Insolare Energy, year by year. PDFs open in a new tab.
Please find below the procedure for buying Insolare Energy Unlisted Shares at UnlistedZone.
Please find below the procedure for selling Insolare Energy Unlisted Shares at UnlistedZone.
The lock-in period for Insolare Energy Unlisted Shares varies depending on the category of investors:
This regulation was introduced by SEBI in August 2021. The rule change, which reduced the lock-in period from one year to six months, was aimed at encouraging more investments in startups that are preparing for public offerings or IPOs. This reduction in the lock-in period is seen as a significant step forward, and since its introduction, many Portfolio Management Services (PMS) have been advising their clients to invest in Pre-IPO shares to capitalize on the benefits of early-stage investments.
However, for SME IPOs, the lock-in period is of One year.
DIS, or Delivery Instruction Slip, is a tool used by investors to sell or transfer Insolare Energy Unlisted Shares from their demat account to another. There are two types of DIS Methods:
1. Offline-DIS: This is a traditional, paper-based method for transferring shares. When using Offline-DIS, investors are required to fill out a DIS form and submit it to their broker. The necessary fields in the form include:
a. ISIN number of Insolare Energy Unlisted Shares.
b. Name of Insolare Energy Unlisted Shares.
c. Quantity of Insolare Energy Unlisted Shares.
d. Consideration Amount.
e. Target DP ID and Client ID.
f. Annexure.
2. Online DIS: Some brokers offer the facility to transfer Insolare Energy Unlisted Shares through an online DIS system. It's advisable to check with your broker if such a facility is available.
For instance, platforms like Angel Broking provide an Online-DIS feature. In this method, an investor simply needs to add a beneficiary and transfer Insolare Energy Unlisted Shares by filling in details similar to those required in the Offline-DIS.
For a more comprehensive understanding of this process, you can refer to our detailed article: https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/
In recent years, the unlisted share market has expanded significantly, leading to a reduction in the minimum investment amount. Previously, the typical investment ticket size ranged from 5-10 Lakhs, but in the current market scenario, it has decreased to between 35-50k. Therefore, through our UnlistedZone platform, if someone wishes to invest in Insolare Energy Unlisted Shares, the minimum investment required would now be in the range of 35-50k
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates:
Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favorable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period:
The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance.
When you purchase Insolare Energy Unlisted Shares through UnlistedZone, it's important to note that, as per SEBI regulations, these shares can only be transferred to a demat account.
There are two primary ways to check the credit of Insolare Energy Unlisted Shares in your account:
1. Using NSDL or CDSL Applications:
Download the NSDL or CDSL application from the Google Play Store.
To determine whether your stock broker is registered with NSDL or CDSL, you can examine the format of your Demat Account number. The Demat Account number consists of 16 characters, combining the DP ID and Client ID.
DP ID is the unique identification number of the Broker, assigned by CDSL or NSDL.
Client ID is the unique identification number of the Client, representing their portfolio.
In CDSL, the Demat Account number is entirely numeric (e.g., 12345678 for DP ID and 91234567 for Client ID).
In NSDL, the first two characters are alphabetic, representing the country (e.g., 'IN' for India), followed by a 6-digit unique number for the Broker (DP ID) and an 8-digit Client ID (e.g., IN123456 for DP ID and 78912345 for Client ID).
2. Checking in Broker's Application:
The credit of Insolare Energy Unlisted Shares can also be checked in your broker's application. However, it's important to note that it may take T+2 days for the shares to show up in the application after the transaction.
The Insolare Energy Unlisted Shares are credited in the demat account on the same day as the transfer of funds into our company's bank account.
"The price of Insolare Energy Unlisted Shares can be checked in two ways. First, you can join our Telegram channel, where we share the latest prices of all unlisted shares daily in the morning. Secondly, you can check price on our UnlistedZone platform to view historical graphs and prices of all shares in one place."
Investing in Insolare Energy Unlisted Shares, like any investment, carries certain risks that should be carefully considered:
1. Liquidity Risk: Unlisted shares, by their nature, are not traded on public stock exchanges. This can result in lower liquidity compared to listed shares, meaning it might be more challenging to find buyers when you wish to sell your shares.
2. Price Volatility: The price of Insolare Energy Unlisted Shares can be more volatile compared to listed shares. This is partly due to the lack of regular public trading and potentially limited information available about the company's financial health and performance.
3. Regulatory Risk: Unlisted shares are subject to different regulatory frameworks than listed shares. Any changes in regulations or compliance requirements can impact the value and tradeability of these shares.
4. Limited Information: There may be less publicly available information about unlisted companies. This can make it more difficult to assess the company's true value and potential for growth, increasing the risk of investment.
5. No Guarantee of Future Listing: Investing in Insolare Energy Unlisted Shares with the expectation of future listing on a public exchange carries the risk that the listing may not occur. This can affect both the liquidity and potential value appreciation of the shares.
6. Company-Specific Risks: Each company has its own set of risks based on its industry, management, financial health, and market position. These risks can significantly impact the performance of your investment in Insolare Energy Unlisted Shares.
UnlistedZone: Pioneering Excellence in India's Unlisted Share Market
UnlistedZone stands as India's fastest-growing and leading marketplace for buying and selling unlisted shares. Over the past 5 years, we have carved a niche in the financial market, website hit user inflows over a 2 million users on our platform since inception. This remarkable journey is underscored by the sheer volume of transactions facilitated through UnlistedZone, which has already surpassed the 300 Crore mark.
At the helm of our success are our esteemed co-founders, Mr. Umesh Paliwal and Dinesh Gupta. Their insights and expertise are regularly sought after by leading financial publications such as MoneyControl, Business Standard, and The Economic Times, particularly for their authoritative views on IPOs and the unlisted market. Our journey over these 5 years has not just been about numbers; it's been about building trust and reliability.
UnlistedZone has established a formidable reputation in the industry, earning the trust and confidence of our users. This trust is our cornerstone, ensuring that new investors can engage with us without the apprehensions of fraud that are often associated with unknown brokers in the market.
At UnlistedZone, we are committed to maintaining the highest standards of transparency and integrity, ensuring that your investment journey is not just profitable but also secure and trustworthy.
Valuation Methodology at UnlistedZone for Insolare Energy Unlisted Shares
At UnlistedZone, we employ a meticulous and strategic approach to valuing Insolare Energy Unlisted Shares, utilizing two primary methods: Benchmark Valuation Based on Latest Funding:
1. Our first step is to examine the most recent funding round for Insolare Energy Unlisted Shares. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts. This method is particularly effective in capturing the latest market sentiment and financial health of the company.
2. Comparison with Listed Peers: In cases where there hasn't been recent funding for Insolare Energy Unlisted Shares, we adopt a comparative approach. This involves identifying a business in the listed market that closely resembles Insolare Energy Unlisted Shares in terms of industry, size, and business model. By comparing and contrasting the two, we can ascertain a fair valuation for Insolare Energy Unlisted Shares, drawing on the market data and performance metrics of its listed counterpart.
Investor Advisory: As experts in the unlisted space, we at UnlistedZone emphasize the importance of thorough risk assessment to all our investors. It's crucial to evaluate all risk parameters carefully before investing in unlisted shares. This due diligence is key to making informed and strategic investment decisions in the dynamic and evolving unlisted market.
"At UnlistedZone, our approach to sourcing Insolare Energy Unlisted Shares involves a strategic and direct method. Primarily, we acquire these shares from two key groups:
1. Employees of the Company: Often, employees of a company receive shares as part of their compensation or through employee stock option plans (ESOPs). Over time, some of these employees may decide to liquidate their holdings for various reasons, such as financial needs or portfolio diversification. We engage with these employees, providing them a platform to sell their shares.
2. Initial Investors: These are the early-stage investors or angel investors who provided capital to the company during its initial phases. As the company grows and evolves, these initial investors might look to sell part or all of their stake in the company. This could be for reasons like capitalizing on their investment, reallocating assets, or other strategic financial decisions.
By connecting with these groups, UnlistedZone ensures a reliable and consistent supply of Insolare Energy Unlisted Shares for our clients. This method not only helps employees and initial investors in liquidating their assets but also provides our clients with access to shares that are not readily available in the public market. It's a win-win for both the sellers and buyers, facilitated efficiently through our platform."
"The Securities and Exchange Board of India (SEBI) does have a regulatory influence on the unlisted market, though it's not as comprehensive as its oversight of the listed markets.
Key aspects of SEBI's involvement in the unlisted space include:
1. Applicable Rules and Regulations: Certain SEBI regulations are indeed applicable to transactions in the unlisted market. This includes the mandatory lock-in period of 6 months, the requirement to pay stamp duty, and depository participant (DP) charges for every transaction. These measures are in place to ensure a certain level of standardization and protection in the unlisted market, similar to those in the listed markets.
2. Lack of Specific Regulation for Unlisted Brokers: As of now, SEBI does not have specific regulations for becoming an unlisted broker. This means that while certain SEBI rules apply to transactions within the unlisted market, the process of becoming a broker in this space is not directly regulated by SEBI. This lack of direct regulation highlights the importance of due diligence by investors when engaging with brokers in the unlisted market.
3. Investor Protection and Transparency: The regulations that do apply, such as the lock-in period and transaction charges, are designed to protect investors and add a layer of transparency to these transactions. They aim to mitigate some of the risks inherent in trading unlisted securities, which typically don't have the same level of public scrutiny and regulatory oversight as listed securities. In summary, while SEBI's regulatory framework does extend to certain aspects of the unlisted market, it does not comprehensively regulate all aspects of it, particularly concerning the accreditation of unlisted brokers. This underscores the need for investors to exercise caution and conduct thorough research when participating in the unlisted market."
"For comprehensive and up-to-date news and information about Insolare Energy Unlisted Shares, we have several platforms to keep you informed. Our website is regularly updated with the latest insights and developments. For real-time updates and engaging discussions, you can join our Telegram channel. Additionally, follow us on Twitter for quick news bites and industry trends. And for more in-depth analysis and informative content, subscribe to our YouTube channel. These resources are designed to provide you with a well-rounded understanding of the unlisted market, ensuring you have access to all the information you need about Insolare Energy Unlisted Shares."
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