INA Solar (Insolation Energy Limited), based in Jaipur, has announced that it has won a significant solar module order from NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Limited. The firm announced a stock exchange filing. INA Solar’s stock price jumped almost 15% to ₹124 from ₹110 earlier. At the time of filing this story, the stock was trading up 9% at ₹118 levels.
The ₹558 crore order comes at a crucial time for the firm, which has been under some pressure recently as it is still establishing its cell manufacturing operations, even as the ALCM regime kicked in from June 1 this year. The firm has a 4.5 GW cell-making operation planned at Narmadapuram, Madhya Pradesh, where work has been progressing satisfactorily, as per the firm’s last update in its May analyst call. INA, despite being hopeful of getting operations up and running by December this year, has seen its stock price suffer on fears of the uncertainty around cell supplies in the future.
While the firm has not specific the requirement from NTPC, there is a good chance that the present order is for non DCR modules, as NTPC has some of the largest pipelines from Pre-August 2025 in terms of solar projects to be executed. These projects are exempt from DCR requirements.
Despite a 59% increase in profit after tax to ₹201 crores, INA ended FY 26 with revenues of ₹2146 crores (up 61%). The company is one of the manufacturers that has grown stronger than ever over the last two years to join the top tier of Indian solar producers, despite having a healthy net debt and cash on hand position.
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