Websol Energy System LimitedEnergyWEBELSOLAR
Q1 FY27 earnings callWebsol Energy System Limited
The quarter was about converting built capacity into strong operating performance, marked by significantly higher utilization and absolute earnings, while repaying all term debt.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR 373 crores | 70% | |
| EBITDA | INR 126 crores | 21% | |
| PAT | INR 78 crores | 16% | |
| Cell Production | 259 megawatt | — | |
| Module Production | 103 megawatt | — | |
| Order Book | INR 1,278 crores | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹147.31 Cr+28784.3% YoY+2.6% QoQ | ₹41.59 CrTurned profitable YoY-1% QoQ | ₹9.85Turned positive YoY-35.9% QoQ |
| Q2 FY25 | ₹143.55 Cr+47750% YoY+28.6% QoQ | ₹42.00 CrTurned profitable YoY+83.6% QoQ | ₹15.37Turned positive YoY+183.6% QoQ |
| Q1 FY25 | ₹111.60 Cr+61900% YoY+348.7% QoQ | ₹22.88 CrTurned profitable YoYTurned profitable QoQ | ₹5.42Turned positive YoYTurned positive QoQ |
| Q4 FY24 | ₹24.87 Cr+22509.1% YoY+4776.5% QoQ | ₹-58.57 CrLoss widened YoYLoss widened QoQ | ₹-13.53Loss/share widened YoYLoss/share narrowed QoQ |
| Q3 FY24 | ₹0.51 Cr+54.5% YoY+70% QoQ | ₹-54.64 CrLoss widened YoYLoss widened QoQ | ₹-13.83Loss/share widened YoYLoss/share widened QoQ |
TL;DR
- Revenue grew 70% YoY to INR 373 crore, with EBITDA and PAT up 21% and 16% respectively.
- Cell and module production more than doubled YoY, with utilizations reaching 92% and 81%.
- EBITDA margin declined to 34% from 47% YoY due to a higher proportion of lower-margin module sales in the mix.
- The entire INR 110 crore IREDA term loan was repaid post-quarter, reducing promoter pledge from 80% to 16%.
- A TOPCon technology upgrade on a 750 MW cell line is underway, with expected completion by March 2027.
- The company confirmed its 4 GW capacity expansion plans are now focused on West Bengal, not Andhra Pradesh.
Said on the call
“Growth is important, but how we fund that growth is equally important.”
From the Q&A
| Topic | What management said |
|---|---|
| Expansion Location Change | Management explained the shift of the 4 GW expansion from Andhra Pradesh to West Bengal, citing a more constructive environment, synergies with existing operations, and lower land cost, but stated timelines, capex, and funding strategy remain unchanged. |
| Margins and Realizations | Management attributed the YoY and QoQ margin decline primarily to a higher share of lower-margin module sales in the mix and softer cell prices in Q1. Current realizations are INR0.13 per watt for cells and ~INR21 per watt for modules. |
| Valuation and Investor Relations | Several analysts pressed on the stock's low valuation relative to peers and perceived poor investor relations. Management acknowledged limited institutional exposure and pledged to increase investor interactions but stated they have no control over stock prices. |
| Inventory Levels | In response to questions on rising inventory, management said the ~7% QoQ increase was due to industry cyclicality, slower monsoon-season offtake, and the company's shift to using its own cells for captive module production. |
| TOPCon Upgrade Payback | Management expects the payback period for the INR 270 crore TOPCon upgrade to be between 2 to 3 years, driven by incremental capacity, higher efficiency (9.5Wp+ vs. 7.6-7.7Wp), and better realizations. |
Guidance
- Expect to operate close to full run-rate utilization across lines, barring downtime for the TOPCon upgrade.
- TOPCon upgrade of 750 MW capacity is expected to be completed by March 2027.
- Aim to reduce silver consumption in cells by a further 10%.
- The 4 GW expansion plan (cell & module) is proceeding, now focused on West Bengal, with land approval expected soon and construction start targeted for mid-September.
Source
Summary written from the transcript filed by Websol Energy System Limited for the call held on 11 Aug 2026; published 19 Aug 2026, 10:03 IST.