After a stellar listing on BSE SME platform in October last year, Jaipur-based solar PV panel manufacturer Insolation Energy Ltd (INA) is planning to expand capacity and enter new verticals.
Manish Gupta, founder and chairman of INA, said that the company has been consistently adding new capacity since its inception riding on the robust customer demand and increasing distribution and dealership footprint in 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 next two years which would take our total capacity to 1200MW.” added Gupta.
Gupta is bullish on the country’s ambitious renewable target of 500GW by 2030 and sees many opportunities for INA, not only in driving panel production but foraying into newer segments like 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.”
Gupta is banking on a follow-on offer to raise funds for the cell manufacturing venture. The company counts on the investors’ confidence after its IPO got oversubscribed 183 times last October: The share price doubled on the first day to Rs 80 a share and is currently trading at Rs 122. It had touched 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.
Echoing similar senti-ments, Jain, managing director of INA, said that the country’s relentless pursuit to make renewables the energy of the future would be best 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”.
