Insolare Energy Limited
1 MAbout Insolare Energy Limited
A Comprehensive Overview of Price & Journey
Understanding Insolare Energy Limited Inception and Growth
Section 1 – Overview
Founded in 2008, Insolare is one of the oldest technologies-driven solar EPC companies that has evolved into a comprehensive clean energy platform, producing products like solar, wind hybrid, floating solar, canal-top solar, BESS, and TOPcon modules, and also expanding in green hydrogen and green ammonia.
There might be confusion regarding the corporate structure of two entities and Insolare Energy Unlisted Share Price. As a matter of fact, both are the same; the company started as a private limited, but as the company grew and raised pre-IPO funding, it transitioned to a public limited, pre-IPO, unlisted company.
As a result, investor interest in Insolare Energy Limited Share and Insolare Energy Unlisted Share has increased alongside the company's expansion across solar EPC, module manufacturing, green hydrogen, and energy storage segments.
The company is operating at a 1+ GW EPC portfolio and aims to touch 5 GW base by 2030. The company’s top line grew from INR 163 Cr in FY24 to INR 438 Cr in FY25.
The company is founded by two veteran PhD holders—Dr. Sunit Tyagi and Dr. Hemanshu Bhatt—writing India’s clean energy transition story.
Section 2 – What company does it? – Operational Model
The operational model of Insolare Energy is one of the most complex due to the large array of products and services offered by the company. The operates 6 different business segments:
Segment – 1 Solar EPC
Insolare delivers EPC solutions for solar projects. EPC stands for Engineering, Procurement, and Construction. The model is used for large infra, solar or industrial projects where a single contractor assumes the responsibility to design, construct, and deliver a ready-to-use project.
This is the core business of Insolare, carrying the legacy of 17 years. Insolare undertakes the following types of projects:
- Ground-Mount and Utility-Scale
- Rooftop Solar
- Solar Carports
- Floating Solar
- Hybrid Systems and Microgrids
Insolare Energy Unlisted Share Price primarily offers its services to commercial and industrial conglomerates and government clients. Some of the prominent customers include Infosys, JSW, Shree Cement, Birla Cement, Institutional developers, independent power producers, and others.
Segment – 2 Operations and Maintenance (O&M)
Insolare is very particular about their operations and maintenance services—they don’t just send the teams to clean and check wires; they follow a data-heavy and tech-driven approach to ensure maximum uptime. O&M services include:
-
Digital Monitoring & AI Analytics
Insolare has set up hubs to continuously monitor and track real-time data using SCADA systems, PAN India. The company also uses built-in proprietary AI models that use historical data to forecast future demand, analyze system health, and minimize downtime.
-
Advanced Inspections
Insolare uses drone thermography technology to detect faults, cracks, and hot spots that are invisible to the naked eye. It reduces human risk. The company also installs smart devices that can capture the fault instantly and report directly to engineering teams.
-
Core Field Maintenance
The company makes sure to take preventive measures, structured as per the site environment, to minimize wear and tear and prevent unexpected failures. Insolare also offers fast-response technical support to rapidly repair and replace the faulty component.
The company maintains full transparency in its reporting and commits to best performance.
Segment – 3 Solar PV Module Manufacturing
Insolare has the PV module manufacturing facility in Ahmedabad, Gujarat, in 2024 in response to a backward integration strategy designed to make the company an end-to-end green energy solution provider. Insolare makes high-efficiency N-type TOPCon PV modules that are used in solar panel manufacturing.
Since the facility was set up as a backward integration strategy, it focuses heavily on captive consumption but retains flexibility to supply to trusted business partners.
The company is closely aligned with MNRE guidelines and included in the Approved List of Models and Manufacturers (ALMM).
Segment – 4 Hybrid Wind Energy
Insolare does not have a standalone wind energy business segment; it complements and maximizes the solar energy generation by installing wind energy plants. The company operates at a utility-scale and large-scale multi-megawatt commercial and industrial level.
In July 2016, Insolare commissioned its first solar hybrid wind energy project at Atria Wind Park in Andhra Pradesh. The company partnered with GE for custom-made equipment.
Segment – 5 Green Hydrogen
Insolare has aggressively pivoted from sole EPC provider to green hydrogen and derivative producer. Their strategy rests on the following pillars:
-
Technology Partnership
Rather than depending on technology imports from other countries, Insolare has partnered with Versogen—a U.S.-based company—to access their patented PiperION Anion Exchange Membrane tech and plans to manufacture its own electrolysers in India.
Using this technology, the company plans to establish a 250-300 MW AEM electrolyzer production unit in India.
For projects requiring a proton exchange membrane setup, the company has partnered with global players like Ohmium.
Commercial Projects of Insolare is heavily backed by the Indian Government National Green Hydrogen Mission. The company has won bids under the SECI (Solar Energy Corporation of India) SIGHT (Strategic Interventions for Green Hydrogen Transition) program. The current capacity touches 19000 metric tonnes per annum.
The company recognized that transporting green hydrogen is extremely complex and expensive. Therefore, they prioritize converting it into green ammonia—that can be easily liquified and transported in a cost-effective manner.
Segment – 6 Battery Energy Storage Systems (BESS)
In late 2025, Insolare won a 600 MW/1200 MWh project from SECI in Andhra Pradesh—this enabled the company to enter the BESS sector.
The system is developed to facilitate Round-the-Clock power by storing excess power generated during the peak daytime and releasing it at times of need. A power grid is installed with stabilizers that control voltage and ensure safety. In addition, proprietary machine learning software is utilized to optimize operations, forecast future demand, and manage battery degradation.
Section 3: Competitive Landscape
InSolare has 6 business lines, and it competes with different competitors in each business segment.
Solar EPC Competitors
- Sterling and Wilson Solar
- TATA Projects
- Rays Power Experts
Green Hydrogen Competitors
- ACME Clean Tech
- Jakson Green
- NTPC Green Energy Limited
Section – Funding rounds and Recent Updates
The company's transition to a public limited structure and previous pre-IPO fundraising activities have led market participants to closely monitor any future developments related to an Insolare Energy Unlisted Share Price.
Section – Key People
The Promoters (Founders)
Insolare was founded way back in 2008 by two PhD holders:
- Dr. Sunit Tyagi
- Dr. Hemanshu Bhatt
Senior Leadership
The following managerial persons are the driving force behind Insolare energy:
-
Navashil Sharma—Executive Director & CEO
Military Officers—The "Uniform Advantage":
- Col. Gopal Samanta—Director, HR & GRC (Solar Acumen of the Year, SolarQuarter Karnataka 2022)
- Col. Pravir Mishra—COO (Technology & Business Innovation Award, Net-Zero Energy Leadership 2023)
- Col. Pankaj Sharma—VP O&M (BSc, MSc Defence Studies, PGD Geo Intelligence, PGD Cyber Security)
- Col. Pradeep Kumar T—VP Projects
- Lt. Col. Manoj Thalore — VP Projects
SHOW MORE...
Section 1 – Overview
Founded in 2008, Insolare is one of the oldest technologies-driven solar EPC companies that has evolved into a comprehensive clean energy platform, producing products like solar, wind hybrid, floating solar, canal-top solar, BESS, and TOPcon modules, and also expanding in green hydrogen and green ammonia.
There might be confusion regarding the corporate structure of two entities and Insolare Energy Unlisted Share Price. As a matter of fact, both are the same; the company started as a private limited, but as the company grew and raised pre-IPO funding, it transitioned to a public limited, pre-IPO, unlisted company.
As a result, investor interest in Insolare Energy Limited Share and Insolare Energy Unlisted Share has increased alongside the company's expansion across solar EPC, module manufacturing, green hydrogen, and energy storage segments.
The company is operating at a 1+ GW EPC portfolio and aims to touch 5 GW base by 2030. The company’s top line grew from INR 163 Cr in FY24 to INR 438 Cr in FY25.
The company is founded by two veteran PhD holders—Dr. Sunit Tyagi and Dr. Hemanshu Bhatt—writing India’s clean energy transition story.
Section 2 – What company does it? – Operational Model
The operational model of Insolare Energy is one of the most complex due to the large array of products and services offered by the company. The operates 6 different business segments:
Segment – 1 Solar EPC
Insolare delivers EPC solutions for solar projects. EPC stands for Engineering, Procurement, and Construction. The model is used for large infra, solar or industrial projects where a single contractor assumes the responsibility to design, construct, and deliver a ready-to-use project.
This is the core business of Insolare, carrying the legacy of 17 years. Insolare undertakes the following types of projects:
- Ground-Mount and Utility-Scale
- Rooftop Solar
- Solar Carports
- Floating Solar
- Hybrid Systems and Microgrids
Insolare Energy Unlisted Share Price primarily offers its services to commercial and industrial conglomerates and government clients. Some of the prominent customers include Infosys, JSW, Shree Cement, Birla Cement, Institutional developers, independent power producers, and others.
Segment – 2 Operations and Maintenance (O&M)
Insolare is very particular about their operations and maintenance services—they don’t just send the teams to clean and check wires; they follow a data-heavy and tech-driven approach to ensure maximum uptime. O&M services include:
-
Digital Monitoring & AI Analytics
Insolare has set up hubs to continuously monitor and track real-time data using SCADA systems, PAN India. The company also uses built-in proprietary AI models that use historical data to forecast future demand, analyze system health, and minimize downtime.
-
Advanced Inspections
Insolare uses drone thermography technology to detect faults, cracks, and hot spots that are invisible to the naked eye. It reduces human risk. The company also installs smart devices that can capture the fault instantly and report directly to engineering teams.
-
Core Field Maintenance
The company makes sure to take preventive measures, structured as per the site environment, to minimize wear and tear and prevent unexpected failures. Insolare also offers fast-response technical support to rapidly repair and replace the faulty component.
The company maintains full transparency in its reporting and commits to best performance.
Segment – 3 Solar PV Module Manufacturing
Insolare has the PV module manufacturing facility in Ahmedabad, Gujarat, in 2024 in response to a backward integration strategy designed to make the company an end-to-end green energy solution provider. Insolare makes high-efficiency N-type TOPCon PV modules that are used in solar panel manufacturing.
Since the facility was set up as a backward integration strategy, it focuses heavily on captive consumption but retains flexibility to supply to trusted business partners.
The company is closely aligned with MNRE guidelines and included in the Approved List of Models and Manufacturers (ALMM).
Segment – 4 Hybrid Wind Energy
Insolare does not have a standalone wind energy business segment; it complements and maximizes the solar energy generation by installing wind energy plants. The company operates at a utility-scale and large-scale multi-megawatt commercial and industrial level.
In July 2016, Insolare commissioned its first solar hybrid wind energy project at Atria Wind Park in Andhra Pradesh. The company partnered with GE for custom-made equipment.
Segment – 5 Green Hydrogen
Insolare has aggressively pivoted from sole EPC provider to green hydrogen and derivative producer. Their strategy rests on the following pillars:
-
Technology Partnership
Rather than depending on technology imports from other countries, Insolare has partnered with Versogen—a U.S.-based company—to access their patented PiperION Anion Exchange Membrane tech and plans to manufacture its own electrolysers in India.
Using this technology, the company plans to establish a 250-300 MW AEM electrolyzer production unit in India.
For projects requiring a proton exchange membrane setup, the company has partnered with global players like Ohmium.
Commercial Projects of Insolare is heavily backed by the Indian Government National Green Hydrogen Mission. The company has won bids under the SECI (Solar Energy Corporation of India) SIGHT (Strategic Interventions for Green Hydrogen Transition) program. The current capacity touches 19000 metric tonnes per annum.
The company recognized that transporting green hydrogen is extremely complex and expensive. Therefore, they prioritize converting it into green ammonia—that can be easily liquified and transported in a cost-effective manner.
Segment – 6 Battery Energy Storage Systems (BESS)
In late 2025, Insolare won a 600 MW/1200 MWh project from SECI in Andhra Pradesh—this enabled the company to enter the BESS sector.
The system is developed to facilitate Round-the-Clock power by storing excess power generated during the peak daytime and releasing it at times of need. A power grid is installed with stabilizers that control voltage and ensure safety. In addition, proprietary machine learning software is utilized to optimize operations, forecast future demand, and manage battery degradation.
Section 3: Competitive Landscape
InSolare has 6 business lines, and it competes with different competitors in each business segment.
Solar EPC Competitors
- Sterling and Wilson Solar
- TATA Projects
- Rays Power Experts
Green Hydrogen Competitors
- ACME Clean Tech
- Jakson Green
- NTPC Green Energy Limited
Section – Funding rounds and Recent Updates
The company's transition to a public limited structure and previous pre-IPO fundraising activities have led market participants to closely monitor any future developments related to an Insolare Energy Unlisted Share Price.
Section – Key People
The Promoters (Founders)
Insolare was founded way back in 2008 by two PhD holders:
- Dr. Sunit Tyagi
- Dr. Hemanshu Bhatt
Senior Leadership
The following managerial persons are the driving force behind Insolare energy:
-
Navashil Sharma—Executive Director & CEO
Military Officers—The "Uniform Advantage":
- Col. Gopal Samanta—Director, HR & GRC (Solar Acumen of the Year, SolarQuarter Karnataka 2022)
- Col. Pravir Mishra—COO (Technology & Business Innovation Award, Net-Zero Energy Leadership 2023)
- Col. Pankaj Sharma—VP O&M (BSc, MSc Defence Studies, PGD Geo Intelligence, PGD Cyber Security)
- Col. Pradeep Kumar T—VP Projects
- Lt. Col. Manoj Thalore — VP Projects
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Sunit Dharamveer Tyagi | Promoter | 23.11% |
| Himanshu Devshankar Bhatt | Promoter | 13.87% |
| Navashil V Sharma | Promoter | 13.87% |
| Khazana Tradelinks Pvt Ltd | Promoter | 7.49% |
| Others | Public | 41.66% |
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Insolar Energy Limited varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.