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Websol Energy System Limited (WEBELSOLAR)

₹68.24 -0.04% last close, 16 Oct

📊 NSE: WEBELSOLAR 🏢 Electric Equipment 📢 Latest filing: 24 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Websol Energy's revenue was ₹373 Cr, and net profit ₹78.0 Cr; the operating margin was 33.8%.

Q1 FY27 (₹ Cr)	Value	YoY	QoQ
Revenue	₹373	—	-7.0%
Operating profit	₹126	—	-13.7%
Net profit	₹78.0	—	-37.1%
EPS (₹)	1.79	—	-37.6%
Operating margin	33.8%	—	—

Full quarterly financials → Results calendar →

WEBELSOLAR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 57.73% of the WEBELSOLAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.56%. Delivery was unusually high while the price barely moved (-0.04%). Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 3 sessions in about the last 20.

57.73%Delivery, 16 Oct

52.56%Own 20-session average

0.4×Volume vs its average

₹68.24NSE close · -0.04%

Delivery in the last 5 sessions: 47.0% · 54.1% · 62.2% · 59.7% · 57.7%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Websol Energy Shareholders Approve Key Board Appointments and Directorate Changes at 36th AGM

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Sep 2026, 05:52 PM

At its 36th AGM held on September 22, 2026, Websol Energy System approved the appointment of Mr. Sanjay Kumar as Non-Executive Non-Independent Director and Mr. Dinesh Agarwal as Non-Executive Independent Director for a 5-year term. In addition, Director Mr. Rajeewa R Arya retired by rotation after expressing unwillingness for re-appointment due to personal reasons. Ms. Sanjana Khaitan, Executive Director, was re-appointed upon retirement by rotation.

Mr. Dinesh Agarwal appointed as Independent Director for a period of 5 consecutive years effective August 10, 2026
Mr. Sanjay Kumar appointed as Non-Executive Non-Independent Director, bringing 39 years of energy sector experience
Mr. Rajeewa R Arya ceased to be a Director effective September 22, 2026, following his unwillingness for re-appointment
Ms. Sanjana Khaitan re-appointed as Director liable to retire by rotation at the 36th AGM

💡 Track subsequent governance filings and committee reconstitutions following the entry of the new independent and non-executive directors.

Websol Energy Approves ₹0.25 Dividend and 7 AGM Resolutions Despite Institutional Dissent

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Sep 2026, 03:19 PM

Websol Energy System Limited announced the e-voting results of its 36th Annual General Meeting held on September 22, 2026, where all 7 resolutions were approved by shareholders. Approved items include the adoption of FY26 financial statements and declaration of a dividend of ₹0.25 (25%) per equity share of face value ₹1. Notably, public institutional shareholders heavily voted against Resolution 6 (93.5% against regarding revision in remuneration of Executive Director Ms. Sanjana Khaitan) and Resolution 7 (99.1% against payment of commission to Non-Executive Directors), though promoter support ensured their passage.

Dividend of ₹0.25 (25%) per Re. 1 equity share approved with 99.40% overall votes in favour
All 7 resolutions passed, with overall voter participation of 34.14% of outstanding shares
Institutional shareholders voted 93.50% against revision in terms of remuneration of Executive Director Ms. Sanjana Khaitan
Institutional shareholders voted 99.07% against payment of commission to Non-Executive Directors
Appointments of Mr. Sanjay Kumar (Non-Executive Director) and Mr. Dinesh Agarwal (Independent Director) approved

💡 Track the payment date for the ₹0.25 dividend and monitor corporate governance disclosures in upcoming quarters given institutional pushback on director remuneration.

Websol Allotted 54.2 Acres Land for Greenfield 4 GW Solar Cell & Module Plant

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 23 Sep 2026, 10:44 PM

The West Bengal Government has allotted 54.20 acres of land at Falta Industrial Park to Websol Energy System Limited for a new greenfield manufacturing facility. The planned plant will have 4 GW of solar cell and 4 GW of solar module capacity, to be executed in two phases of 2 GW each. This represents a massive scale-up compared to Websol's current operating capacity of 1,200 MW (1.2 GW) of cells and 550 MW (0.55 GW) of modules. Total capex outlays and financial closure details were not disclosed in the filing.

Government of West Bengal allotted 54.20 acres of land at Falta Industrial Park
Planned greenfield capacity of 4 GW solar cells and 4 GW solar modules
Capacity to be executed in two phases of 2 GW each towards 2028 targets
Expands upon current operating base of 1,200 MW cell and 550 MW module capacity

💡 Track subsequent announcements on capex outlay, funding mix (debt/equity dilution), and construction milestones toward the 2028 targets.

Websol Energy Submits Scrutinizer's Report; All 36th AGM Resolutions Approved

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Sep 2026, 04:46 PM

Websol Energy System Limited has submitted the Scrutinizer's Report for its 36th Annual General Meeting (AGM) held on September 22, 2026. The Scrutinizer, Mr. Abhijit Majumdar, confirmed that all resolutions presented in the AGM notice dated August 10, 2026, were passed with the requisite majority. The company operates at a TTM revenue of Rs 1,203 Cr and net profit of Rs 313 Cr. This filing represents a standard procedural compliance requirement under SEBI Listing Regulations.

36th Annual General Meeting was held on September 22, 2026
All resolutions from the notice dated August 10, 2026, passed with requisite majority
Scrutinizer's Report issued by Practicing Company Secretary Mr. Abhijit Majumdar
Voting conducted via remote e-voting and e-voting during the AGM

💡 Track upcoming Q2 FY27 earnings to evaluate whether capacity additions continue to sustain the current 37.4% operating margin and volume growth.

Websol Eyes 5,350 MW Cell & 4,550 MW Module Capacity by 2028; Reports Rs 1,278 Cr Order Book

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 22 Sep 2026, 06:54 PM

At its 36th AGM, Websol Energy System outlined aggressive long-term targets to reach 5,350 MW solar cell and 4,550 MW module capacity by 2028, alongside upgrading current lines to TOPCon technology (scaling toward 1,350 MW). The company disclosed an active order backlog of Rs 1,278 Crore, which exceeds its TTM revenue of Rs 1,203 Crore (1.06x). Management highlighted that it prepaid its Rs 110 Crore IREDA loan ahead of schedule, facilitating the systematic release of promoter pledged shares and attaining net debt-free status. For FY26, the company recorded Rs 1,049.44 Crore in revenue and a PAT of Rs 303.01 Crore, recommending a dividend for the first time in a decade.

Targeting long-term capacity expansion to 5,350 MW solar cells and 4,550 MW solar modules by 2028
Current order backlog stands at Rs 1,278 Crore (106% of TTM revenue)
Entirely prepaid Rs 110 Crore IREDA term loan ahead of schedule, enabling release of promoter pledged shares
Upgrading production lines to TOPCon technology, scaling near-term capacity toward 1,350 MW
FY26 revenue reached Rs 1,049.44 Crore (up 82.4%) with EBITDA of Rs 428.54 Crore (40.84% margin)

💡 Monitor execution milestones for the TOPCon line upgrade to 1,350 MW and order backlog conversion rates in upcoming quarterly earnings (Q2 FY27).

Websol Energy submits Business Responsibility and Sustainability Report (BRSR) for FY 2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 06:46 PM

Websol Energy System Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34 of SEBI LODR Regulations. The filing details operational ESG metrics, noting that photovoltaic solar cells contributed 56.93% and solar modules contributed 43.03% of turnover. Exports accounted for 0.12% of total turnover across 15 domestic states and 1 international market. The report also highlights sustainability initiatives, including a planned 700-kW rooftop solar installation in FY 2026-27.

Product mix: Photovoltaic Solar Cells accounted for 56.93% and Solar Modules for 43.03% of FY26 turnover
Exports represented 0.12% of turnover, serving 15 Indian states and 1 international market
Workforce stood at 140 employees (122 permanent) and 855 workers (533 permanent) as of FY26-end
Company is targeting a 700-kW rooftop solar project in FY 2026-27 to reduce Scope 2 GHG emissions

💡 This is a routine annual compliance filing with no operational surprise. Investors should track upcoming quarterly financial results and execution progress on solar cell/module manufacturing capacity additions.

Websol Energy Convenes 36th AGM on Sept 22, 2026; Recommends ₹0.25/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 06:37 PM

Websol Energy System Limited has issued the notice for its 36th Annual General Meeting scheduled for September 22, 2026, via video conferencing. The agenda includes shareholder approval for a dividend of ₹0.25 per equity share (25% on face value of Re 1) for FY26. Other key items include director appointments and revised remuneration terms for Executive Director Ms. Sanjana Khaitan, capped at ₹2 crore annually. Remote e-voting is scheduled between September 19 and September 21, 2026, with a cut-off date of September 15, 2026.

36th AGM scheduled for Tuesday, September 22, 2026, via VC/OAVM.
Proposed dividend of ₹0.25 (25%) per equity share of face value Re 1 for FY26.
Cut-off date for e-voting eligibility set as Tuesday, September 15, 2026.
Proposed director remuneration revision includes up to 15% annual increment and commission up to 0.50% of net profits (capped at ₹2 Cr).

💡 Eligible shareholders holding shares on the cut-off date of September 15, 2026, may participate in e-voting from September 19 to September 21, 2026, and track AGM outcome resolutions.

Websol Energy Sets Sept 15, 2026 as Record Date for Rs 0.25 (25%) Final Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 29 Aug 2026, 06:20 PM

Websol Energy System Limited has scheduled Tuesday, September 15, 2026, as the record date for determining shareholder eligibility for its final dividend of Rs 0.25 (25%) per equity share of face value Re 1 for FY 2025-26. The dividend was initially recommended by the Board on April 27, 2026, and remains subject to shareholder approval at the Annual General Meeting on September 22, 2026. Against the current share price of Rs 77.8, the dividend represents a modest yield of approximately 0.32%.

Final dividend declared at Rs 0.25 (25%) per equity share of Re 1 face value
Record date fixed as Tuesday, September 15, 2026
Annual General Meeting scheduled for September 22, 2026 for shareholder approval
Initial recommendation was approved by the Board on April 27, 2026

💡 Investors seeking to receive the payout should hold the stock prior to the ex-dividend date leading up to September 15, 2026, and track AGM proceedings on September 22, 2026.

Websol Q1 FY27 Call: Repays ₹110 Cr Loan, Order Book at ₹1,278 Cr, ₹270 Cr TOPCon Capex

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 18 Aug 2026, 07:24 PM

Websol Energy reported Q1 FY27 revenue of ₹373 Cr (up 70% YoY) and PAT of ₹78 Cr (up 16% YoY), driven by cell utilization reaching 92% (259 MW) and module utilization at 81% (103 MW). Post-quarter on August 4, 2026, the company repaid its entire ₹110 Cr IREDA term loan via internal accruals, which will reduce promoter share pledge from 80% to 16%. The confirmed order book stood at ₹1,278 Cr as of June 30, 2026 (~106% of TTM revenue), while a ₹270 Cr TOPCon upgrade (expanding cell capacity to 1.35 GW) is slated for completion by March 2027.

Q1 FY27 revenue rose 70% YoY to ₹373 Cr, EBITDA up 21% to ₹126 Cr, and PAT reached ₹78 Cr with a 21% margin
Repaid full ₹110 Cr IREDA term loan via internal accruals on Aug 4, 2026, cutting promoter pledged holding from 80% to 16%
Confirmed order book expanded to ₹1,278 Cr as of June 30, 2026 (vs ₹1,161 Cr as of March 2026)
Ongoing ₹270 Cr capex to upgrade mono PERC lines to TOPCon (reaching 1.35 GW capacity) targeted for completion by March 2027

💡 Track execution and commissioning timelines for the 750 MW TOPCon upgrade by March 2027, as well as formal release filings of the promoter share pledge.

Websol Energy releases Q1 FY27 earnings call audio recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 06:30 PM

Websol Energy System Limited has published the audio recording of its Q1 FY27 earnings call held on August 11, 2026. This follows the company's recent financial performance where TTM revenue reached Rs 1,003 Cr with a high operating margin of 40.1%. The call likely covers the company's significant capacity expansion, with PPE increasing by Rs 185 Cr in H1FY26 to a total of Rs 468 Cr. Investors can access the recording via the provided link to understand management's outlook on the solar cell and module market.

Earnings call conducted on August 11, 2026, following Q1 FY27 results declaration
Company TTM revenue stands at Rs 1,003 Cr with a PAT of Rs 283 Cr
PPE increased by Rs 185 Cr in H1FY26, reflecting aggressive capacity expansion
Operating Profit Margin (OPM) remains robust at 40.1% as per latest TTM data
Promoter holding increased from 27.71% in Dec 2025 to 29.72% in Mar 2026

💡 Investors should review the audio recording for management's commentary on the utilization levels of new capacity and the sustainability of the 40.1% operating margins.

70.3% YoY Revenue Growth in Q1 FY27; 4 GW TOPCon Expansion Pipeline Announced

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Aug 2026, 08:17 AM

Websol Energy reported a strong Q1 FY27 with revenue of ₹373 Cr, a 70.3% YoY increase, although revenue declined 7.2% sequentially from Q4 FY26. Profit After Tax (PAT) reached ₹78 Cr, up 15.8% YoY, supported by a healthy PAT margin of 20.6%. The company is aggressively transitioning to TOPCon technology, with a 150 MW upgrade expected by Q4 FY27 and a massive 4 GW greenfield expansion pipeline in progress. The balance sheet has significantly strengthened, moving to a net cash position of ₹34 Cr as of March 2026.

Revenue from operations increased 70.3% YoY to ₹373 Cr in Q1 FY27.
EBITDA stood at ₹126 Cr with a margin of 33.7%, despite a 1,360 bps YoY margin compression.
Upgrading one 600 MW Mono PERC cell line to 750 MW TOPCon, expected to be completed by Q4 FY27.
Announced a 4 GW integrated greenfield TOPCon cell and module expansion project.
Net debt position improved from ₹65 Cr in FY25 to a net cash position of ₹34 Cr in FY26.

💡 Investors should track the execution timeline of the 150 MW TOPCon upgrade by Q4 FY27 and the financing/commencement dates for the 4 GW greenfield expansion, as these will drive the next leg of growth.

Websol Energy Reconstitutes 5 Board Committees Including Audit and Risk Management

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 12:25 AM

Websol Energy System Limited has announced a restructuring of its key board committees following a board meeting on August 10, 2026. The changes affect five major committees: Audit, Nomination and Remuneration, Stakeholder Relationship, CSR & ESG, and Risk Management. These updates are procedural in nature and do not impact the company's financial standing, which includes a TTM revenue of ₹1,003 Cr and a market cap of ₹4,021 Cr. The committees continue to be led by a mix of Independent and Executive Directors to maintain governance standards.

Reconstitution of 5 major board committees effective August 10, 2026
Audit Committee now consists of 4 members, chaired by Independent Director Mr. Dinesh Agarwal
Nomination and Remuneration Committee chaired by Mr. Vishal Patodia with 4 members
CSR & ESG and Risk Management Committees both chaired by Executive Director Ms. Sanjana Khaitan
Company Secretary Mr. Ashok Purohit appointed as secretary to all reconstituted committees

💡 This is a routine administrative update. Investors should continue to focus on the company's capacity expansion execution and quarterly margin trends rather than these governance committee rotations.

Websol Energy to Participate in Emkay Confluence 2026 on August 13

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 10:23 PM

Websol Energy System Limited has announced its participation in the Emkay Confluence 2026 investor conference scheduled for August 13, 2026. This interaction comes at a time when the company has shown significant scale-up, with TTM revenue reaching ‡1,003 Cr and a high ROCE of 63.0%. The company recently increased its property, plant, and equipment (PPE) from ‡283 Cr in FY25 to ‡468 Cr in H1FY26, indicating substantial capacity additions. Such meetings are standard platforms for management to discuss growth strategies and sector outlook with institutional investors.

Participation in Emkay Confluence 2026 scheduled for August 13, 2026
Company operates with a TTM revenue of ‡1,003 Cr as of the latest reporting
Significant capacity expansion noted with PPE increasing by ‡185 Cr in a six-month period
Maintains a strong operating profit margin (OPM) of 40.1% based on TTM figures
Promoter holding recently increased from 27.71% to 29.72% as of March 2026

💡 Watch for the release of any investor presentations or transcripts following the conference for updates on capacity utilization and the timeline for current expansion projects.

70% Revenue Growth in Q1FY27; Websol Prepays Rs 110 Cr Debt and Reduces Promoter Pledge

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Aug 2026, 10:02 PM

Websol Energy reported a strong 70% YoY revenue growth to Rs 372.60 cr for Q1FY27, supported by high capacity utilization in cells (92%) and modules (81%). While PAT rose 16% to Rs 77.79 cr, EBITDA margins compressed to 34% from 47% YoY due to a higher sales mix of lower-margin modules. A major highlight is the prepayment of the entire Rs 110 cr IREDA term loan on August 4, 2026, which is expected to reduce promoter pledges from 80% to 16%. The company maintains a robust order book of Rs 1,278 cr, representing approximately 127% of its TTM revenue.

Revenue from operations grew 70% YoY to Rs 372.60 cr in Q1FY27.
Prepaid entire outstanding IREDA term loan of Rs 110 cr using internal accruals on August 4, 2026.
Promoter share pledge expected to drop significantly from 80% to 16% following debt repayment.
Order book stands at Rs 1,278 cr as of June 30, 2026, providing strong revenue visibility.
Upgrading cell capacity to 1,350 MW with 750 MW TOPCon technology expected by March 2027.

💡 Monitor the margin trajectory as the product mix shifts towards modules and track the timely completion of the TOPCon technology upgrade by March 2027.

₹48.09 Cr Fund Utilization: Websol Energy Reports Zero Deviation in Warrant Conversion Proceeds

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 09:06 PM

Websol Energy System Limited has submitted its quarterly statement of deviation for the period ended June 30, 2026, confirming that funds raised through warrant conversions are being utilized as per original objects. The company raised ₹48.09 Cr (representing the 75% balance consideration) on March 13, 2026. As of the reporting date, ₹6.00 Cr has been fully utilized for debt repayment and ₹16.03 Cr for general corporate purposes. For the renewable energy project expansion, ₹39.23 Cr has been spent out of the allocated ₹42.10 Cr, with the remaining balance held in liquid assets.

₹48.09 Cr raised on March 13, 2026, through the allotment of equity shares upon warrant conversion.
₹39.23 Cr utilized for renewable energy project expansion against an allocation of ₹42.10 Cr.
₹6.00 Cr fully deployed for debt repayment, meeting the original objective.
₹16.03 Cr fully utilized for general corporate purposes as per the May 2024 EGM notice.
Zero deviation or variation reported in the utilization of funds for the quarter ended June 30, 2026.

💡 Investors should track the final deployment of the remaining ₹2.87 Cr allocated for the renewable energy project to ensure the expansion reaches completion as scheduled.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 51.7% YoY in H1FY26 to INR 387 Cr from INR 255 Cr in H1FY25. Q2FY26 revenue was INR 168 Cr, representing a 17.2% YoY increase but a 23.1% sequential decline from Q1FY26.

Profitability Margins

H1FY26 PAT margin stood at 28.9%, an improvement of 354 bps from 25.4% in H1FY25. Q2FY26 PAT margin was 27.0%, down 219 bps YoY and 340 bps QoQ.

EBITDA Margin

EBITDA margin for H1FY26 was 45.4%, up 362 bps from 41.8% in H1FY25. Q2FY26 EBITDA margin was 43.0%, a slight decline of 68 bps YoY.

Capital Expenditure

Historical Capex in H1FY26 was INR 162 Cr (investing activities), significantly higher than INR 43 Cr in H1FY25. Property, Plant and Equipment increased to INR 468 Cr in H1FY26 from INR 283 Cr in FY25.

Credit Rating & Borrowing

Interest Coverage Ratio improved to 17.48 in H1FY26 from 10.99 in FY25. Finance costs decreased 15.4% YoY in H1FY26 to INR 9 Cr.

⚙️ Operational Drivers

Raw Materials

Cost of Material Consumed represents the primary operational cost, totaling INR 144 Cr in H1FY26, which is 37.2% of total revenue.

Capacity Expansion

PPE increased from INR 283 Cr in FY25 to INR 468 Cr in H1FY26, indicating significant capacity addition. Capital work-in-progress stood at INR 8 Cr as of H1FY26.

Raw Material Costs

Raw material costs increased 64.5% YoY in H1FY26 to INR 144 Cr, outpacing revenue growth of 51.7%.

Manufacturing Efficiency

Return on Capital Employed (ROCE) was 67.81% (annualized) in H1FY26, compared to 80.22% in FY25.

Logistics & Distribution

Other expenses, which include distribution and administrative costs, were INR 81 Cr in H1FY26, up 53.4% YoY.

📈 Strategic Growth

Expected Growth Rate

51.70%

Growth Strategy

Growth is driven by capacity expansion (PPE growth of INR 185 Cr in six months), supportive policy frameworks for local production, and technology advancement in the solar industry. The company is also engaging in non-deal roadshows to interact with institutional investors like Jefferies and HSBC AM.