What does Insolare Energy Limited do?

Insolare Energy Limited is a Gujarat-based solar energy company that provides comprehensive solar solutions including rooftop solar installations, solar EPC (Engineering, Procurement and Construction) services, solar water pumping systems, and operations & maintenance of solar plants.

When was Insolare Energy Limited incorporated?

Insolare Energy Limited was incorporated in 2008, making it one of India's early-stage solar energy companies with over 15 years of industry experience.

Where is Insolare Energy Limited headquartered?

The company is headquartered in Ahmedabad, Gujarat, which is India's leading state for solar energy capacity and policy development.

Is Insolare Energy Limited listed on any stock exchange?

No, Insolare Energy Limited is an unlisted company. Its shares are not listed on BSE or NSE and trade only in the unlisted/grey market.

What is Insolare Energy's primary market focus?

The company primarily focuses on Gujarat and western India for solar rooftop, commercial & industrial (C&I) solar, and agricultural solar pump installations, with potential presence in other solar-active states.

How do I buy Insolare Energy unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Insolare Energy?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Insolare Energy shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Insolare Energy Unlisted Share Price | Buy Insolare Energy Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Talk to us

Insolare Energy Unlisted Share Price | Buy Insolare Energy Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Insolare Energy Limited is an experienced, Gujarat-based solar energy solutions company that has been operating since 2008, well before the Indian solar industry reached mainstream scale. Its longevity, geographic advantage in Gujarat (India's solar leader), and diversified service offerings across rooftop, ground-mount, and agricultural solar position it well for India's ongoing solar energy expansion. The primary challenge is competitive intensity in a rapidly commoditizing EPC market.

Pros

Incorporated in 2008, giving Insolare Energy over 15 years of operational experience in the solar energy sector — one of the early movers in Indian solar
Gujarat is India's leading solar energy state with abundant solar irradiation and strong state policy support including the Surya Gujarat scheme
Solar energy has become the cheapest source of power in India, driving accelerating adoption across commercial, industrial, and utility segments
Long operating history since 2008 means the company navigated multiple solar industry cycles, indicating operational resilience
Integrated solar solutions provider model (rooftop, EPC, O&M) creates multiple revenue streams and customer stickiness

Cons

Unlisted status limits transparency of financials and makes liquidity for investors very limited
The solar EPC market in India is highly fragmented and competitive, with many national and regional players competing on price
Module and equipment price volatility (driven by Chinese manufacturing) can compress margins
Dependence on government policy incentives (MNRE subsidies, net metering regulations) creates regulatory risk
Working capital intensity of EPC contracts, with payment delays from large institutional clients

Business Segments

Solar Rooftop EPC

Design, supply, installation, and commissioning of rooftop solar photovoltaic systems for residential, commercial, and industrial customers. Includes net metering facilitation and subsidy processing.

Ground-Mounted Solar EPC

Turnkey EPC services for utility-scale and large commercial ground-mounted solar power plants, including civil, electrical, and grid-connectivity works.

Solar Pump & Agriculture Solutions

Supply and installation of solar-powered water pumping systems for agriculture under PM-KUSUM and Gujarat state solar pump schemes.

Operations & Maintenance (O&M)

Annual maintenance contracts for installed solar plants, ensuring performance optimization, fault resolution, and system health monitoring.

Revenue Model

Revenue is earned through project-based EPC contracts (lump-sum or cost-plus), annual O&M service contracts, and equipment supply arrangements. Government scheme-linked projects (PM-KUSUM, RDSS) and state DISCOM orders form a significant portion of the order book. O&M revenues provide recurring income with high margins.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

PM Surya Ghar scheme targeting 1 crore rooftop solar installations, creating massive demand for rooftop EPC services

India's solar capacity target of 280 GW by 2030 driving continued EPC project opportunities

PM-KUSUM scheme continuation expanding agricultural solar pump installations

Corporate India's RE100 commitments driving C&I solar demand

Recent Developments

PM Surya Ghar scheme driving rooftop solar demand

The Government of India launched the PM Surya Ghar Muft Bijli Yojana (free electricity scheme) providing subsidies for 1 crore rooftop solar installations. Companies like Insolare Energy, with established rooftop solar EPC capabilities in Gujarat, are well-positioned to capture this demand.

2024

Gujarat solar capacity expansion

Gujarat continued to be India's top solar energy state, adding substantial solar capacity. Insolare Energy's presence and track record in Gujarat provides a strong base for continued project wins.

2023-2024

Solar module prices declined to record lows

Global solar module prices fell sharply in 2023-24, improving project economics for solar EPC players and making installations more affordable for customers, boosting demand.

2023

Comparable Companies

CompanyTypeTickerMkt Cap

Waaree Energies LimitedListedWAAREEENER~INR 50,000 Cr

Premier Energies LimitedListedPREMIERENE~INR 25,000 Cr

Waaree Energies LimitedListed

WAAREEENER · ~INR 50,000 Cr

Premier Energies LimitedListed

PREMIERENE · ~INR 25,000 Cr

Group Structure (22 entities)

EntityExtentReason

Insolare Energy LimitedFullParent

Ashwamedha Kar Solar Private LimitedFullOperational and financial linkages

Solberry Energy Private LimitedFullOperational and financial linkages

GNH3 Solutions 1 Private LimitedFullOperational and financial linkages

GNH3 Solutions 2 Private LimitedFullOperational and financial linkages

GNH3 Solutions 3 Private LimitedFullOperational and financial linkages

Suryaashish TN 1 Re Park Private LimitedFullOperational and financial linkages

Frequently Asked Questions

About Insolare Energy

Insolare Energy Limited is an Ahmedabad-based renewable energy company incorporated in 2008 under CIN U45206GJ2008PLC155375. The company provides end-to-end renewable energy solutions including solar PV module manufacturing, solar project development (EPC), operations and asset management, and is expanding into wind and hydrogen energy solutions. Registered at Office No. 501-505, Altimus, Off Ashram Road, Ahmedabad, Gujarat 380009, Insolare serves both domestic and international renewable energy markets. The company operates across the solar value chain — from module manufacturing to project development and operations — positioning itself as an integrated solar energy player. Insolare's services span solar photovoltaic module manufacturing, EPC for rooftop and utility-scale solar projects, and long-term O&M (operations and maintenance) services for solar installations, ensuring recurring revenue streams beyond initial project commissioning. Insolare received an Acuite credit rating in July 2024, reflecting its position as an emerging player in India's solar sector. Revenue declined 46.99% in FY2024, indicating operational challenges or project completion timing differences typical in EPC businesses. Directors include Hemanshu Devshankar Bhatt, Kaikhushru Vicaji Taraporevala, and Gajanan Vithal Gandhe. India's solar energy market is experiencing transformative growth — India targets 300 GW of solar capacity by 2030, with rooftop solar growing at 30%+ CAGR driven by PM Surya Ghar Yojana (1 crore household rooftop solar programme). This creates a massive long-term demand pipeline for Insolare's solar EPC and module manufacturing capabilities, though near-term revenue volatility remains a characteristic of project-driven businesses.

Key Milestones

2008: Insolare Energy Limited incorporated in Gujarat, among India's early solar energy companies, entering the market before the National Solar Mission was launched

Common questions about unlisted shares

How do I buy Insolare Energy unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Rating drivers & sensitivityFrom CRISIL's rating rationale — rates debt servicing, not share value11

Key Strengths

EPC sector, supported by strong clientele and orderbook: IEL has a strong presence in the solar EPC and solar park development segment, backed by technical and operational expertise of its promoters. Since inception, the company has commissioned 1.2 giga watts of solar ground mounted, rooftop, car port, fl

Diversified revenue profile: IEL caters to diversified clients across India and has the revenue composition of multiple orders related to battery energy storage solution, EPC, solar park development for various client. This reduces the risk for revenue concentration from one bus

Comfortable financial risk profile: Networth of IEL remain comfortable at Rs 190.56 crores as on March 31, 2025 backed by successful track record of raising Rs 155 crores in the past 2 years. This has led to comfortable capital structure with gearing of 0.5 times as on March 31, 2025 a

Key Weaknesses

Sustenance of operating margin and timely execution of contracts: The operating margin has grown from 4.16% in fiscal 2023, to 7.83% in fiscal 2025, due to the higher execution of contracts. In the near term, considering the longer tenor of the contracts in the pipeline and the inherent risks of execution slowness

Exposure to intense competition in the solar EPC segment: Although IEL has a strong competitive edge, considering its confirmed orderbook position, 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

Upward Factors

Improvement in scale of operation by 20% and sustenance of operating above 12% leading to higher net cash accruals.

Completion of project within specified timeline with no major cost overrun and timely realization from the new plant.

Sustenance of the financial risk and liquidity profile.

Downward Factors

Decline in operating revenue below Rs 500 crores or operating margin below 7% leading to low than expected NCA

Major cost overrun or delay in ramping up from the new plant.

Higher than expected debt funded capex leading to weakening of financial risk profile.

Insolare Energy Limited

How settlement works

Get price alerts for Insolare Energy Limited

Discuss Insolare Energy

Similar companies

Other ways to invest