By UnlistedZone Research Desk | March 2026
The Problem No One Is Solving Well Enough
India’s industry is at a crossroads. Data centers are doubling in power consumption every few years, yet today only about 50% of their energy can realistically come from renewable sources — they need a reliable round-the-clock RE solution that simply doesn’t exist at scale yet. Steel and cement manufacturers are staring down European green trade regulations that will shut them out of international markets if they don’t clean up their energy mix. And India’s hydrogen economy? It’s almost entirely dependent on LNG imports, with the country importing 20% of its ammonia needs.
The gap between where Indian industry is and where it needs to be is enormous. InSolare was built to close it.
Who Is InSolare?
InSolare Energy is a Ahmedabad-headquartered renewable energy company founded in 2009 by Dr. Sunit Tyagi, a Ph.D. from RPI USA and BTech from IIT Bombay with 17+ global patents and a background at Intel. What started as a solar EPC company has grown over 16 years into one of India’s most comprehensive clean energy platforms — covering solar, wind, battery storage, green hydrogen, green ammonia, and now manufacturing.
Their tagline is Solar Power Unleashed, but honestly that undersells it. By 2025, InSolare had crossed a 1+ GW project portfolio, received government Letters of Award (LOAs) for green hydrogen production, and set up a Topcon solar module manufacturing facility. They’re not a solar installer anymore — they’re a Net Zero solution provider.
Their market share in India’s RE sector has grown from 0.4% in 2014 (when their total installed base was just 13 MWp) to 1.1% today at 1.2 GWp. That might sound small, but in a market as large and fragmented as India’s renewable sector, that’s a significant foothold.
What They Actually Do
InSolare operates across three business verticals that are deliberately interconnected:
1. Renewable Energy EPC is the core and the cash engine. They handle end-to-end Engineering, Procurement & Construction for solar (rooftop, ground mount, floating, canal-top, carport), wind, and BESS projects. Their client base spans commercial & industrial (C&I) buyers, utility-scale Independent Power Producers (IPPs), government projects, and international clients including the UAE. Right now they have 1.6 GWp of RE parks under execution and a 1 GWp RE EPC order book. FY26 orders alone stand at ₹1,146 Cr across C&I, utility, and government segments.
2. Manufacturing is the strategic bet. InSolare plans to manufacture solar panels (using next-gen Topcon, IBC, HJT, and Tandem cell technologies), Battery Energy Storage Systems with their own BMS, and electrolyzers for green hydrogen production. The logic is simple — if you’re going to build hundreds of gigawatts of clean energy infrastructure across India, you want to control the supply chain, not be at the mercy of Chinese imports. By FY27 they aim for 0.8 GW of solar panel capacity and 1 GWhr of BESS capacity; by FY30, that scales to 2.5 GW and 5 GWhr respectively.
3. Green Platform (IPP) is the crown jewel in the making. Instead of just building and handing over assets, InSolare will own and operate RE parks, BESS plants, and green hydrogen/ammonia facilities — earning long-term annuity revenue. This is the highest-margin, highest-asset-value part of the business. By FY30 they’re targeting 1 GWp of RE IPP capacity, 2 GWhr of BESS IPP, and 200 KTPA of green ammonia. The asset value from this segment alone is projected at ₹13,710 Cr.
The Green Hydrogen Story Deserves Its Own Section
India’s National Hydrogen Mission has set a target of 5 million metric tonnes per annum of green hydrogen production by 2030, backed by 125 GW of dedicated renewable capacity and a government goal to bring the production cost down to $1.5 per kg by 2030.
InSolare is already in. Under the SIGHT (Strategic Interventions for Green Hydrogen Transition) Scheme, they have received Letters of Award for:
- ~19,000 TPA of Green Hydrogen production (Tranche II)
- ~70,000 TPA of Green Ammonia production (Tranche I)
- ~10 MW/year of Electrolyzer Manufacturing capacity (Tranche II)
They’re also spending 5% of overheads on R&D, with active research programs on AEM (Anion Exchange Membrane) electrolyzers and offshore wind-solar hybrid solutions. Their CTO, Dr. Hemanshu Bhatt — a Ph.D. from Virginia Tech with 30+ patents in indigenous PEM technology — leads this charge.
By FY30, InSolare’s Green Hydrogen IPP plan targets 900 KTPA of green ammonia, requiring an investment of ₹2,903 Cr in that year alone.
The Numbers: From ₹430 Cr to ₹12,339 Cr
InSolare’s consolidated revenue has grown from ₹163 Cr in FY24 to ₹430 Cr in FY25 and is targeting ₹700 Cr in FY26. That’s solid but still EPC-only growth. The real step-change happens when manufacturing and the green platform kick in:
- FY27: ₹2,244 Cr revenue, ₹238 Cr EBITDA (RE segment only)
- FY30: ₹12,339 Cr revenue, ₹2,671 Cr EBITDA across RE, BESS, and GH2 segments
The Green Platform segment, while contributing only ₹18 Cr in FY27, is projected to generate ₹1,900 Cr in FY30 with an EBITDA of ₹1,460 Cr — a 77% margin. That’s the kind of margin profile you get when you own the asset and sell power on long-term contracts rather than building for someone else.
Total capital investment required: ₹603 Cr in FY27, rising to ₹1,494 Cr in FY28, ₹3,420 Cr in FY29, and ₹4,378 Cr in FY30. All projects assume a 70:30 debt-to-equity ratio.
16 Years of Doing, Not Just Talking
One thing that distinguishes InSolare from the dozens of clean energy startups making big promises today is their track record. They have been executing projects since 2009, and their milestones read like a textbook of Indian solar history:
In 2011 they commissioned their first 5 MWp utility-scale project. In 2013 they built the first carport solar installation. By 2015 they had installed the largest rooftop solar project in Bangalore. In 2016 they commissioned a Wind-Solar Hybrid project with GE and built what was then the largest canal-top solar project in Asia. In 2018 they installed a Solar + BESS microgrid, entering the storage market years before most competitors.
By 2021 they had developed pan-India solar parks. In 2024 they commissioned their first floating solar project and entered the Green Hydrogen and BESS verticals. In 2025 they crossed the 1 GW portfolio mark, completed their first project in the UAE, received the SIGHT scheme LOAs, and set up their Topcon manufacturing facility.
Today they have completed 600+ MWp of projects, have another 600+ MWp under execution, manage 150+ MWp under O&M contracts, serve 150+ clients, and have saved 2.4 million metric tons of CO₂. Their team of 400+ professionals holds 50+ patents.
The Leadership Advantage
InSolare’s management team is unusually strong for a mid-size Indian RE company. The three-member founding leadership — Dr. Sunit Tyagi, Dr. Hemanshu Bhatt, and CEO Navashil Sharma — all have IIT/IIM/Ivy-equivalent academic backgrounds and prior leadership experience at Intel. This semiconductor industry DNA is not accidental: it drives the company’s heavy focus on R&D, patents, and manufacturing — disciplines that most EPC companies completely ignore.
The operations side is led by two retired Indian Army Colonels — Col. Gopal Samanta (Director-HR & Operations) and Col. Pravir Mishra (COO) — who bring the kind of process discipline, logistics management, and large-scale project execution capability you can’t hire from a management consulting firm.
The board is rounded out by experienced independent directors including Kai Taraporevala (IIT Delhi + INSEAD, former Tata Securities), Pooja Bahry (India’s first women Insolvency Professionals), and Gajanan Gandhe (IIT Bombay + Harvard, former Dana India Country Head who grew it into a $900M+ enterprise).
Why This Matters for Investors
InSolare is currently an unlisted company, which means most retail investors can’t access it through traditional stock market channels. But for those looking at the unlisted space, it ticks several boxes that are hard to find together:
A proven 16-year operating track record with real revenues — not a pre-revenue startup. A government-backed order pipeline through SIGHT scheme LOAs. A rare combination of EPC + Manufacturing + IPP in one platform. IIT-pedigreed founders who understand both the technology and the business. And a market that, by any measure, is only going to grow for the next two decades.
The Indian renewable energy sector is not a trend. It is structural, policy-mandated, and underpinned by one of the largest infrastructure buildouts in human history. InSolare has spent 16 years positioning itself at the center of it.
This blog is based on InSolare’s company presentation and is for informational purposes only. It does not constitute investment advice. Please conduct your own due diligence before making investment decisions.
