Press Release

Press Release

July 03, 2026

INSOLARE ENERGY LIMITED (ERSTWHILE INSOLARE ENERGY PRIVATE LIMITED)
Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	113.05	ACUITE BB+ \| Downgraded \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	141.95	-	ACUITE A4+ \| Downgraded \| Issuer not co-operating*	RBI
Total Outstanding	0.00	255.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has downgraded its long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB' (read as ACUITE triple B) on Rs. 113.05 Cr. long-term bank facilities and short-term rating to ‘ACUITE A4+’(read as ACUITE A four plus) from ‘ACUITE A3+’ (read as ACUITE A three plus) on Rs. 141.95 Cr. short-term bank facilities of Insolare Energy Limited (Erstwhile Insolare Energy Private Limited) (IEL).

The rating has been downgraded on account of information risk and it is now flagged as “Issuer Not Cooperating” and is based on the best available information .

About the Company

Incorporated in 2008 at Ahmedabad, Gujarat, Insolare Energy Limited (Erstwhile Insolare Energy Private Limited) is an Indian renewable energy and Net-Zero solutions provider that operates as an integrated green energy platform. The company's primary line of business centers on utility-scale and industrial solar Engineering, Procurement, and Construction (EPC), alongside expansion into advanced clean technology infrastructure. The current directors of the company are Mr. Kaikhushru Vicaji Taraporevala, Mr. Sunit Dharamveer Tyagi, Mr. Hemanshu Devshankar Bhatt, Mr. Navashil Vinayak Sharma, Mr. Gajanan Vithal Gandhe, and Ms. Pooja Bahry.

Unsupported Rating

Not Applicable.

Non-cooperation by the issuer/borrower

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveilance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwilingness to provide information could be a sign of potential deterioration in its overal credit quality. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

No information provided by the issuer / available for Acuite to comment upon.

Potential triggers (individual or collective) for a downward rating action:

No information provided by the issuer / available for Acuite to comment upon.

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon.

Outlook

Not Applicable.

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	430.86	162.91
PAT	Rs. Cr.	15.94	3.21
PAT Margin	(%)	3.70	1.97
Total Debt/Tangible Net Worth	Times	0.48	0.58
PBDIT/Interest	Times	3.17	2.27

Status of non-cooperation with previous CRA

Not Applicable.

Any other information

None.

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
15 Apr 2025	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Upgraded from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	11.50	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	21.50	ACUITE A3+ (Upgraded from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	14.00	ACUITE A3+ (Assigned)
	Proposed Bank Guarantee	Short Term	45.60	ACUITE A3+ (Upgraded from ACUITE A3)
	Proposed Bank Guarantee	Short Term	4.35	ACUITE A3+ (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	9.50	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.42	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.88	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.85	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	11.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.75	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Proposed Cash Credit	Long Term	25.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	15.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	9.65	ACUITE BBB \| Stable (Assigned)
02 Jul 2024	Bank Guarantee (BLR)	Short Term	21.50	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Assigned)
	Proposed Bank Guarantee	Short Term	44.00	ACUITE A3 (Assigned)
	Term Loan	Long Term	4.45	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.15	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	15.00	ACUITE BBB- \| Stable (Assigned)
	Working Capital Term Loan	Long Term	5.00	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	2.90	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Proposed Cash Credit	Long Term	25.00	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	33.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A3+ )
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A3+ )
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A3+ )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A3+ )
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A3+ )
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.50	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	49.95	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A3+ )
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Aug 2028	0.85	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2027	3.42	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2027	0.88	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
TJSB Sahakari Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Aug 2033	2.75	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
Vivriti Capital Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )
Vivriti Capital Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2026	14.65	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE BBB )

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Roshni Gupta
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.