Financial Performance Highlights (Q1FY27 vs Q1FY26)

  • Revenue from Operations: ₹372.60 crore (vs ₹218.75 crore in Q1FY26), representing 70% growth
  • EBITDA: ₹125.58 crore (vs ₹103.48 crore in Q1FY26), representing 21% growth
  • EBITDA Margin: 34% (vs 47% in Q1FY26)
  • PAT: ₹77.79 crore (vs ₹67.18 crore in Q1FY26), representing 16% growth
  • PAT Margin: 21% (vs 30% in Q1FY26)
  • Basic EPS: ₹1.79 (vs ₹1.59 in Q1FY26)
  • Diluted EPS: ₹1.79 (vs ₹1.57 in Q1FY26)

Note: EBITDA excludes other income

Operational Highlights for Q1FY27

  • Cell Production: 259 MW (vs 126 MW in Q1FY26)
  • Cell Capacity Utilization: Sustained at 92%
  • Module Production: 103 MW (vs 50 MW in Q1FY26)
  • Module Capacity Utilization: 81% (vs 39% in Q1FY26)
  • Order Book Position: ₹1,278 crore as on 30th June, 2026

Debt Prepayment and Capital Structure Update

On 4th August, 2026, the company prepaid its entire outstanding term loan of ₹110 crore from Indian Renewable Energy Development Agency Limited (IREDA) through internal accruals. The prepayment was made:

  • Without raising fresh capital
  • Without deferring any part of ongoing growth plans

Following the repayment, all collateral securities provided against the facility, including shares pledged by promoters, are expected to be released. The pledged portion of promoter shareholding subsequently reduced from 80% to 16%.

Capacity Expansion and Technology Upgrade

The company has initiated upgradation of one existing Mono PERC solar cell manufacturing line to TOPCon technology. Key details:

  • Total TOPCon Cell Capacity Post-Upgrade: 750 MW
  • Overall Solar Cell Manufacturing Capacity Post-Upgrade: 1,350 MW (from current 1,200 MW)
  • TOPCon Technology Share: Approximately 55% of total cell manufacturing capacity
  • Expected Completion: March 2027

This upgrade establishes a strong technology and manufacturing platform for the company's planned expansion to 4 GW of solar cell manufacturing capacity, to be implemented in two phases.

Management Commentary

Mr. Sohan Lal Agarwal, Managing Director, commented on the performance:

  • Q1 started FY27 on desired footing with 70% revenue growth
  • Both production lines running close to planned levels (cell utilization 92%, module utilization 81%)
  • Lower margins attributed to higher module sales which earn less than solar cells
  • Prepayment of IREDA term loan strengthens balance sheet using business-generated cash
  • Company prioritizes running full asset base well over protecting margin numbers

Company Background

Websol Energy System Limited specializes in producing high-efficiency solar cells and modules incorporating advanced Mono PERC technology. Key operational details:

  • Manufacturing Facility Location: Falta Special Economic Zone, West Bengal
  • Current Solar Cell Capacity: 1,200 MW
  • Current Module Capacity: 550 MW
  • Wafer Processing Capability: Up to 210 mm
  • Supply Focus: Solar cells primarily within India (supporting Domestic Content Requirement norms); modules marketed in India and internationally
  • Business Model: Integrated production manufacturing both cells and modules in-house