Websol Energy Systems

Listed Manufacturer — per-stock model.

As of 21 Aug 2026

Manufacturer—

CMP ₹83NSE: WEBELSOLAR

Latest concall

Q4 FY26 · 28 Apr 2026

FY26 revenue ₹1,049 cr (+82%); PAT ₹303 cr (+96%); EBITDA margin 41%.
Q4 revenue ₹401 cr (+132% YoY), best-ever; PAT ₹125 cr (+158%).
Cell Line-2 (Sep-2025) doubled cell capacity to 1.2 GW; utilisation >90%.
Turned net-cash; debt/equity 0.19x (from 0.55x); ROE 67%.

Order-book execution

Order book ₹1,161 cr at FY26-end (modules ~60%, cells ~40%); book-to-bill 1.02x; ~1 year execution.

Management guidance

Mono-PERC→TOPCon upgrade lifts cell capacity to 1.35 GW; commercial Feb-2027.
Planned 4 GW integrated cell+module facility (2+2 GW), targeted Jun-2027.
Wafer/ingot feasibility with Linton ahead of ALMM List-3 (Jun-2028).

Q4 FY26 earnings call (Sovrenn / SaurEnergy)

Order book

₹1,160cr

Revenue FY26E

1,049₹ cr

EBITDA margin

41%

P/E

11.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY25	575	253	44.0%	155	—	—	—	—	—	3.7	—
FY26	1,049	429	41.0%	303	—	—	—	—	—	7.0	—

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q3FY25	147	68	46.0%	42	28.6%
Q4FY25	173	78	45.0%	48	27.8%
Q2FY26	168	72	43.0%	46	27.4%
Q3FY26	261	106	41.0%	65	24.9%
Q4FY26	401	146	36.0%	124	30.9%

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

11.4×

EV / EBITDA

8.2×

P/B

5.7×

Operating metrics

What the rest of the dashboard tracks for Websol Energy Systems — capacity, auctions, offtake, manufacturing and returns.

1.2 GW

Cell nameplate

ALMM-II 1.202 GW

25.6%

Greenfield IRR · Cell

at its 41% margin

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Falta TOPCon cell, Phase II to 1.2 GW (West Bengal)	1.2 GW	Q2 FY26	Q2 FY26	—	commissioned
Falta Phase III 2 GW cell (West Bengal)	2 GW	Q1 FY28	Q1 FY28	—	on track

Policy exposure

Schemes whose impact note names this company

Policy

ALMM List-II (Solar Cells)ManufacturingEffective
A major win for domestic cell makers — Premier Energies, Websol, Waaree, Adani — who can sell scarce Indian cells at a premium; assemblers without their own cell lines must now buy domestic cells or lose ALMM eligibility.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Company filings (aggregated)· As of 21 Aug 2026