Following the successful listing on the BSE SME platform in October 2022, Insolation Energy Ltd (INA), a solar PV panel manufacturer based in Jaipur, is now embarking on an expansion strategy to increase its capacity and venture into new verticals.
Manish Gupta, the founder, and chairman of INA, expressed that the company has been continuously expanding its capacity since its establishment, driven by strong customer demand and the expansion of its distribution and dealership network across the country.
“We started with a panel production capacity of 50MW in 2017 and currently we have 700MW, including the 500MW capacity that came on stream in February this year. With the INA brand visibility growing apace, we would need to further expand our manufacturing capacity by another 500MW in the next two years which would take our total capacity to 1200MW,” noted Gupta.
Gupta is optimistic about India’s ambitious renewable energy target of 500GW by 2030 and recognizes several opportunities for INA to contribute, not only in panel production but also by venturing into new segments such as solar cell manufacturing. Gupta said, “We are firming up plans to set up a solar cell manufacturing line. The initial plan is to set up a 600MW capacity cell manufacturing unit which will require investments of Rs 300 crore.”
He is also relying on a follow-on offer to raise funds. The company is confident in attracting investor interest based on the overwhelming response to its IPO, which was oversubscribed 183 times in October 2022. On the first day of trading, the share price doubled to Rs 80 per share and is currently trading at Rs 122, having reached a high of Rs 168. “While passing through the BSE building in Mumbai during the student days, I would think of listing my company one day. Along with my cofounder Vikas Jain, we did that in style. INA had a dream listing. It is the first company from Rajasthan in the sector to list on the stock exchange. We are extremely bullish on the company and the solar sector,” added Gupta.
Sharing a similar sentiment, Vikas Jain, the managing director of INA, expressed that the country’s strong commitment to establishing renewables as the energy source of the future will be reflected in the growth of INA.
Jain said, “We have listed the company within five years of its inception. The sales network now covers seven states with more than 42 distributors and 400 dealers. The overall business model of INA is thoughtfully calibrated to seize opportunities early in the fastest growing solar sector”.