Websol Energy System Limited disclosed its unaudited financial results for the quarter and half-year ended 30th September 2026 through a press release and investor presentation filed pursuant to Regulation 30 of SEBI LODR Regulations.
Financial Performance Highlights
Q2 FY27 (Standalone & Consolidated):
- Revenue from operations: ₹361.02 crore, up 114.6% YoY from ₹168.22 crore in Q2FY26
- EBITDA: ₹128.14 crore, up 77.3% YoY from ₹72.29 crore (excludes other income)
- EBITDA Margin: 35.5% vs 43.0% in Q2FY26 (748 bps decline)
- Profit After Tax (PAT): ₹80.21 crore, up 73.2% YoY from ₹46.32 crore
- PAT Margin: 22.0% vs 27.0% in Q2FY26 (505 bps decline)
- EPS (Basic): ₹1.85, up 68.4% YoY from ₹1.10
H1 FY27 (Standalone & Consolidated):
- Revenue from operations: ₹733.62 crore, up 89.6% YoY from ₹386.97 crore
- EBITDA: ₹253.72 crore, up 44.4% YoY from ₹175.77 crore
- EBITDA Margin: 34.6% vs 45.4% in H1FY26 (1,084 bps decline)
- PAT: ₹158.00 crore, up 39.2% YoY from ₹113.50 crore
- PAT Margin: 21.3% vs 28.9% in H1FY26 (764 bps decline)
- EPS (Basic): ₹3.64, up 35.3% YoY from ₹2.69
Operational Metrics
- Cell production: 255 MW during Q2FY27 with 91% capacity utilization
- Module production: 88 MW during Q2FY27 with 68% capacity utilization
- Outstanding order book: ₹1,280 crore as of 30 September 2026
Strategic Developments
Debt Prepayment:
- Entire ₹110 crore IREDA term loan prepaid on 4th August 2026 from internal accruals
- Pledge on promoter shares released (reduced from ~80% to nil)
- Interest outgo reduced, promoter holding unchanged at 29.72%
Capacity Expansion:
- Secured 54.20-acre land allotment from Government of West Bengal at Falta Industrial Park
- Land amount paid: ₹27.13 crore
- Planned greenfield solar cell manufacturing facility with 4 GW capacity in two equal 2 GW phases
- Expected COD for Phase 1: Q3 FY28
- Location advantages: Proximity to existing SEZ plant, established skilled workforce, supplier network
Technology Upgrade:
- Upgrading one Mono PERC cell line to TOPCon technology
- Incremental capacity addition of 150 MW
- Expected cell efficiency: ~25% (from current 23.3% average)
- Trial runs targeted by end of FY27
Financial Position (as of September 2026)
- Net Worth: ₹777 crore (vs ₹631 crore in March 2026)
- Gross Debt: Nil (vs ₹118 crore in FY26)
- Net Cash Position: ₹165 crore (vs net debt of ₹34 crore in FY26)
- Debt/Equity: 0.00x (vs 0.19x in FY26)
- Return on Equity: 44.9%
- Return on Capital: 56.2%
Management Commentary
Mr. Sohan Lal Agarwal, Managing Director, stated that Q2FY27 was a particularly proud quarter with revenue more than doubling YoY and cell lines operating at 91% utilization. He emphasized the company's evolution from a solar cell manufacturer to an integrated solar energy solutions provider.
Strategic Initiatives Approved by Board:
- Entry into EPC (Engineering, Procurement, Construction)
- Solar IPP (Independent Power Producer) including solar parks
- Energy trading
These initiatives aim to expand Websol's presence across the broader solar energy value chain and open new growth opportunities.
Balance Sheet Highlights (₹ crore)
| Item | Sep-26 | Mar-26 |
| Total Equity | 777 | 631 |
| Property, Plant & Equipment | 406 | 446 |
| Inventory | 200 | 160 |
| Trade Receivables | 52 | 93 |
| Cash & Cash Equivalents | 74 | 66 |
| Other Bank Balances | 38 | 34 |
| Total Assets | 969 | 931 |
Cash Flow Highlights (H1 FY27, ₹ crore)
- Cash from Operating Activities: ₹212
- Cash from Investing Activities: (₹67)
- Cash from Financing Activities: (₹137)
- Net Cash Inflow: ₹8
Company Background
Websol Energy System Limited, established in 1990, is one of India's earliest solar photovoltaic manufacturers specializing in high-efficiency solar cells and modules using Mono PERC technology. The company currently operates with:
- Solar cell capacity: 1,200 MW
- Module capacity: 550 MW
- Facility location: Falta Special Economic Zone, West Bengal
- ALMM-approved for supplying to government schemes including PM Surya Ghar and PM-KUSUM