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Nirmal Bang Report
Brokerage firm Nirmal Bang has initiated coverage on Insolation Energy Ltd. with a Buy recommendation and a target price of Rs 141, implying a potential upside of 25% upside at 5.5x Jun'28E EV/Ebitda, a modest premium to the current implied forward multiple of 4.9x, aided by backward integration-led margin expansion.
Given the recent sharp correction of the stock, the brokerage believe this to be a good entry point.
Nirmal Bang believes Insolation Energy is at a structural inflection point as it transitions to a vertically integrated solar manufacturer.
Backed by strong solar demand and ALMM-led policy support, the brokerage expects it to outpace industry growth via capacity expansion and higher utilization, while its 4.5 GW captive TOPCon facility lowers costs, expands margins and aids deleveraging.
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