Insolare Energy Unlisted Shares: Business & Financials (2026)
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
An in-depth look at Insolare Energy's clean energy operations, financial performance, unlisted share price movement, and corporate shareholding as of 18 Oct 2026.
Direct answer: Insolare Energy is an unlisted renewable energy enterprise specializing in solar EPC, battery storage, and green hydrogen infrastructure. Its indicative unlisted share price stands at ₹172.0 per share as of 18 Oct 2026, translating to a valuation of ₹1,047.58 Cr. BuyUnlistedShares — India's premium unlisted shares desk.
Financial Trajectory and Core Balance Sheet Figures
In FY22, Insolare Energy registered revenue of ₹238.50 Cr and profit after tax (PAT) of ₹14.70 Cr. Operations yielded ₹250.40 Cr revenue and ₹6.20 Cr PAT in FY23, followed by a top-line contraction in FY24 to ₹162.68 Cr and ₹3.20 Cr net profit. Revenue rebounded to ₹438.39 Cr in FY25, accompanied by ₹17.05 Cr PAT. Operating EBITDA expanded to ₹33.50 Cr in FY25 from ₹9.50 Cr in FY24.
Looking ahead, corporate guidance projects consolidated revenue of ₹700 Cr for FY26, alongside a FY30 consolidated EBITDA target of ₹2,671 Cr. Planned cumulative capital outlay reaching ₹4,378 Cr by FY30 is modeled on a 70:30 debt-to-equity funding structure.
As of FY25 balance sheet disclosures, net worth reached ₹195.47 Cr, comprising ₹1.47 Cr in share capital and ₹193.73 Cr in reserves and surplus. Total borrowings were reported at ₹96 Cr, trade payables at ₹78.58 Cr, and trade receivables at ₹59.37 Cr. Debt-to-equity is recorded at 0.49x, with a face value of ₹2 per share following a stock split.
The revenue chart reflects top-line movements from ₹238.50 Cr in FY22 down to ₹162.68 Cr in FY24, followed by a recovery to ₹438.39 Cr in FY25.
Business Profile, Technology Pedigree, and Operational Track Record
Insolare Energy (CIN: U45206GJ2008PLC155375) was incorporated in 2008 and maintains its headquarters in Ahmedabad, Gujarat. The business was established by Dr. Sunit Tyagi (Chairman & Managing Director) and Dr. Hemanshu Bhatt (Executive Director & CTO), both bringing engineering backgrounds from IIT Bombay and global technical institutions. Dr. Tyagi holds 17+ global patents, while the corporate organization comprises 400+ professionals with a collective total of 50+ patents. The firm directs 5% of its operational overhead into internal R&D efforts.
After commissioning its initial 5 MWp utility deployment in 2011, Insolare Energy expanded its project portfolio beyond 1+ GW across several Indian states by 2025. Its domestic renewable market share shifted from 0.4% in 2014 (built from a 13 MWp operational base) to 1.1% based on 1.2 GWp volume. The enterprise manages 150+ MWp under long-term operations and maintenance contracts and estimates that its installed capacity has avoided 2.4 million metric tons of carbon dioxide emissions over time.
Strategic Clean Energy Expansion: Hydrogen, Storage, and Parks
Insolare Energy is broadening its focus from pure-play solar EPC contracting toward an integrated clean energy platform. The enterprise currently has 1.6 GWp of clean energy parks under active execution alongside a renewable EPC order pipeline volume of 1 GWp. Secured customer orders for FY26 stand at ₹1,146 Cr.
To address energy transition segments, the company has defined execution targets:
- Solar Module Manufacturing: Aiming for 0.8 GW annual capacity by FY27 and scaling to 2.5 GW by FY30.
- Battery Energy Storage Systems (BESS): Targeting 1 GWhr output by FY27 and expanding to 5 GWhr by FY30.
- Green Hydrogen & Electrolyzers: Aligning with national goals of 5 million metric tonnes per annum of clean hydrogen production by 2030 at $1.5 per kg, Insolare Energy secured ~10 MW/year of electrolyzer manufacturing capability under SIGHT Tranche II.
These initiatives align with broader structural dynamics, such as data center infrastructure currently sourcing about 50% of power from renewables and domestic industries importing approximately 20% of their required ammonia.
Unlisted Equity Valuation, Pricing Dynamics, and Shareholding
Unlisted equity shares trade over-the-counter through negotiated transactions. As of 18 Oct 2026, indicative quotes for Insolare Energy on BuyUnlistedShares stand at ₹172.0 per share against a book value of ₹34.91 per share, giving an implied market capitalization of ₹1,047.58 Cr across 5,88,52,920 equity shares outstanding (ISIN: INE0TSJ01013).
Indicative price tracking shows continuous quotes at ₹172.0 from 20 Jul 2026 through 07 Aug 2026, an adjustment to ₹175.0 between 08 Aug 2026 and 30 Aug 2026, and a return to ₹172.0 on 31 Aug 2026, where it has remained through 18 Oct 2026.
The indicative price chart demonstrates quote stability at ₹172.0 in late July 2026, a step up to ₹175.0 during August 2026, and a return to ₹172.0 through mid-October 2026.
The entity's shareholding structure shows significant founder and institutional representation:
- Dr. Sunit Tyagi: 23.11%
- Dr. Hemanshu D. Bhatt: 13.87%
- Navashil V. Sharma (Executive Director & CEO): 13.87%
- Khazana Tradelinks Private Limited: 7.49%
- Anchorage Capital Scheme II: 6.85%
- Mukul Aggarwal: 5.10%
- Others: 29.71%
To analyze unlisted renewable issuers or review incoming market offerings, users can navigate the Unlisted shares screener or consult the IPO calendar. BuyUnlistedShares — India's premium unlisted shares desk. For financial metrics across other unlisted issuers, review Madhur Iron & Steel Unlisted Share Price & Financials (2026) and HDFC Securities 9M FY26 Results & Unlisted Valuation (2026).
Key Risks in Holding Private Renewable Energy Equities
Investors evaluating unlisted equities in the green energy sector face specific risk considerations:
- Liquidity Limits: Unlisted securities are not listed on formal stock exchanges. Buyers and sellers must be matched bilaterally, which can lead to delayed execution or wide deal spreads.
- Capital Exposure & Execution: Scaling BESS, module fabrication, and green hydrogen assets requires large capital outlay (₹4,378 Cr planned capex through FY30). Project delays or supply chain constraints can affect cash generation.
- Pricing Mechanics: Over-the-counter indicative prices reflect private negotiations rather than exchange-driven order books, meaning valuation quotes can shift based on transaction sizes and market availability.
- Listing Timeline Uncertainty: Any eventual public offer depends on internal board approvals, regulatory filings, and prevailing market conditions. An IPO timeline is never guaranteed.
To inquire about demat transfers, documentation, or transaction procedures for private equities, visit our enquiry page. BuyUnlistedShares — India's premium unlisted shares desk.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹172 | 19 Oct 2026 |
| Lot size | 150 shares | 19 Oct 2026 |
| Minimum investment | ₹25,800 | 19 Oct 2026 |
| Market cap | ₹1,048 Cr | 19 Oct 2026 |
| Face value | ₹2 | 19 Oct 2026 |
| Book value | ₹34.91 | 19 Oct 2026 |
| P/E | 54.77 | 19 Oct 2026 |
| ISIN | INE0TSJ01021 | 19 Oct 2026 |
| Sector | Energy | 19 Oct 2026 |
| Listing status | UNLISTED | 19 Oct 2026 |
Frequently Asked Questions
What business activities does Insolare Energy engage in?
Insolare Energy is an Ahmedabad-based clean energy company incorporated in 2008. It provides solar EPC services, O&M asset management, battery energy storage systems, utility solar-wind hybrid projects, and green hydrogen infrastructure solutions.
Is Insolare Energy listed on public stock exchanges?
No. Insolare Energy is a private, unlisted company and is not traded on the BSE or NSE. Shares are transacted over-the-counter and settled via demat depository accounts (NSDL or CDSL).
What were Insolare Energy's core financial results in FY25?
In FY25, Insolare Energy generated revenue of ₹438.39 Cr and profit after tax of ₹17.05 Cr. Total equity net worth reached ₹195.47 Cr against borrowings of ₹96 Cr.
What is the current unlisted share price of Insolare Energy?
As of 18 Oct 2026, the indicative unlisted price for Insolare Energy is ₹172.0 per share, implying an unlisted market capitalization of ₹1,047.58 Cr across 5,88,52,920 equity shares.
Should investors purchase or subscribe to Insolare Energy unlisted shares?
BuyUnlistedShares does not provide investment advice, ratings, or buy/sell recommendations. Unlisted equities involve liquidity, valuation, and project risks. Investors should review official company filings and consult a registered financial advisor before taking investment decisions.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
