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InSolare Energy Limited - Unlisted Shares
Fundamentals
- Current Price
- ₹178
- Market Cap
- ₹1,047.58 Cr
- ISIN
- INE0TSJ01021
- Face Value
- ₹2
- P/E Ratio
- 54.77
- EPS
- 3.25
- P/B Ratio
- 5.37
- Book Value
- 33.17
- Debt / Equity Ratio
- 0.4
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 438.4 | 162.7 | 250.4 | 238.5 | 31.8 |
| Growth % | 169.48% | -35.04% | 5.00% | 648.87% | - |
| Operating Expenses | 204.6 | 213.5 | 216.3 | 217.1 | 34.0 |
| Growth % | -4.15% | -1.30% | -0.36% | 538.78% | - |
| Operating Profit | 34.3 | 8.9 | 10.3 | 19.6 | -2.1 |
| Operating Profit Margin % | 7.83% | 5.49% | 4.12% | 8.23% | -6.71% |
| Other Income | 3.1 | 0.8 | 0.5 | 0.7 | 0.2 |
| Finance Costs | 11.4 | 4.3 | 2.1 | 1.5 | 2.0 |
| Depreciation | 2.8 | 1.1 | 0.5 | 0.3 | 0.2 |
| Exceptional Items | 5.8 | -1.8 | 5.2 | 16.1 | -6.4 |
| Profit Before Tax | 23.2 | 4.3 | 8.3 | 18.6 | -4.1 |
| Tax | 6.1 | 1.1 | 2.1 | 3.9 | 0.0 |
| Tax % | 26.37% | 26.26% | 24.78% | 21.09% | -0.06% |
| Profit After Tax | 17.0 | 3.2 | 6.2 | 14.7 | -4.1 |
| Growth % | 433.33% | -48.69% | -57.56% | 456.75% | - |
| PAT % | 3.89% | 1.96% | 2.49% | 6.15% | -12.92% |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 1.5 | 1.3 | 0.8 | 0.8 | 1.0 |
| Reserves and surplus | 193.7 | 88.9 | 18.6 | 13.8 | -0.8 |
| Total Equity | 195.2 | 90.2 | 19.4 | 14.6 | 0.2 |
| Long term Borrowings | 7.1 | 21.8 | 7.1 | 4.4 | 2.7 |
| Long term Provisions | 0.7 | 1.0 | 0.7 | 0.1 | 0.8 |
| Other Non-Current Liabilities | 22.6 | 0.3 | 0.0 | 0.0 | 0.0 |
| Total Non current Liabilities | 30.5 | 23.1 | 7.9 | 4.5 | 3.4 |
| Short term Borrowings | 71.2 | 30.3 | 12.2 | 12.9 | 9.6 |
| Short term Provisions | 0.6 | 0.3 | 0.2 | 0.6 | 0.3 |
| Trade Payables | 78.6 | 21.7 | 21.1 | 54.1 | 3.3 |
| Other Current Liabilities | 117.3 | 48.7 | 31.1 | 6.5 | 10.0 |
| Total current Liabilities | 189.0 | 79.2 | 43.5 | 74.2 | 23.1 |
| Equity + Liabilities | 414.7 | 192.6 | 70.8 | 93.2 | 26.8 |
| Fixed Assets (incl. WIP) | 41.2 | 12.0 | 3.6 | 3.3 | 0.4 |
| Other Non Current Assets | 60.8 | 24.4 | 11.4 | 0.0 | 0.2 |
| Total Non current Assets | 102.0 | 36.4 | 15.0 | 3.3 | 0.6 |
| Inventories | 40.3 | 4.0 | 11.2 | 1.8 | 8.8 |
| Trade Receivables | 59.4 | 26.8 | 23.0 | 63.2 | 10.0 |
| Cash & Cash Equivalents | 32.9 | 41.5 | 0.0 | 13.3 | 3.8 |
| Short term loans and advances | 0.1 | 0.2 | 1.6 | 9.3 | 2.5 |
| Other Current Assets | 180.1 | 83.7 | 20.1 | 2.2 | 1.2 |
| Total current Assets | 312.7 | 156.2 | 55.9 | 89.9 | 26.2 |
| Total Assets | 414.7 | 192.6 | 70.8 | 93.2 | 26.8 |
Shareholding Pattern
- Dr. Sunit Tyagi
- 23.11%%
- Hemanshu D. Bhatt
- 13.87%%
- Navashil V. Sharma
- 13.87%%
- Khazana Tradelinks Private Limited
- 7.49%%
- Mukul Aggarwal
- 5.10%%
- Anchorage Capital Scheme II
- 6.85%%
- Others
- 29.71%%
Strengths & Weaknesses
Strengths
- Diversified revenue profile: InSolare caters to diversified clients like Reliance, Oracle, JSW, Infosys, ITC, across India and this reduces the risk for revenue concentration from one business segment.
- National Recognition in Green Hydrogen: InSolare under the Government of India's SIGHT Scheme was awarded with a 10 MW electrolyser project and a 19,000 MT Green Hydrogen production capacity cementing their leadership in green hydrogen.
- Strong Orderbook: It has confirmed unexecuted orders worth Rs 920 crore as of December 31 2025, which is to be executed between the next 6 to 12 months leading to comfortable revenue visibility over the medium term.
- International JV Agreement: signed a strategic Joint Venture Agreement with Dome Group,UAE to target utility-scale and commercial & industrial ground-mounted solar PV projects across the GCC, Yemen, and Iraq, expanding their global footprint in renewable energy
Weaknesses
- Exposure to intense competition in the solar EPC segment: It derives currently over 90% of revenue from EPC contracts, which is a highly competitive segment. Moreover, peers in the solar EPC industry have also started venturing into solar-park development contracts in recent years.
- Volatile nature of input costs: Solar project margins are directly tied to module, raw material prices, sudden increase in these costs can compress margins quickly.
About InSolare Energy Limited
Founded by IIT Bombay alumni Dr. Sunit Tyagi and Dr. Hemanshu Bhatt in June 2008. InSolare is technology-driven renewable energy company, and a trusted leader in turnkey solar Engineering, Procurement and Construction (EPC) projects, known for efficiency, quality, reliability, and cost-effectiveness. It has completed projects of more than 600 MW and filed more than +50 patents.
Board of Directors
- Dr. Sunit Tyagi - Chairman and Managing Director
- Dr. Hemanshu Bhatt - Executive Director
- Navashil Sharma - Executive Director
- Kai Tarapoervala - Non-Executive and Independent Director
- Pooja Bahry - Non-Executive and Independent Director
- Gajanan V Gandhe - Non-Executive and Independent Director
Senior Management
- Navashil Sharma - Chief Executive Officer
- Dr. Hemanshu Bhatt - Chief Technology Officer
- Col. Pravir Mishra - Chief Operations Officer
- Mr. Lalit Sethi - Chief Financial Officer
- Dr. Bhavesh Agal - Compliance Officer and Chief Risk Officer
Frequently Asked Questions
- Is there any lock in period for InSolare Energy Limited ?
- The lock-in period for InSolare Energy Limited Unlisted Shares differs based on the investor category, as per SEBI regulations:
●Venture Capital Funds and Foreign Venture Capital Investors (FVCIs): A lock-in period of 6 months from the date of acquisition of the shares.
●Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
●Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates): A lock-in period of 6 months from the date of IPO listing of InSolare Energy Limited.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on InSolare Energy Limited ?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on InSolare Energy Limited unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains. This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024
. 3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in InSolare Energy Limited unlisted shares through InCred Money?
- Buying InSolare Energy LimitedLtdUnlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID. Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares Browse and select InSolare Energy LimitedLtdfrom our Unlisted Shares list and place your order.
Step 3: Share Transfer Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in InSolare Energy Limited unlisted shares?
- To invest in InSolare Energy LimitedLtdUnlisted Shares on InCred Money, you need to complete your The lock-in period for InSolare Energy Limited Unlisted Shares differs based on the investor category, as per SEBI regulations:
●Venture Capital Funds and Foreign Venture Capital Investors (FVCIs): A lock-in period of 6 months from the date of acquisition of the shares.
●Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
●Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates): A lock-in period of 6 months from the date of IPO listing of InSolare Energy Limited.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing.KYC verification by submitting the following documents:
●PAN Card
●Aadhaar Card
●Bank account details
●Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.