WEBELSOLAR
Websol Energy System share price & financials
- Price
- ₹104.29
- Market cap
- ₹3.8k Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Websol Energy System Limited Q1 FY27
What went well
- Revenue from operations grew 70% YoY to INR373 crores.
- Absolute EBITDA increased 21% YoY to INR126 crores, despite margin compression.
- Profit after tax (PAT) rose 16% YoY to INR78 crores.
What to watch
- EBITDA margin compressed to 34% from 47% in Q1 last year due to a change in sales mix towards lower-margin modules.
- Sequential revenue declined by 7-8% and EBITDA by 14% from Q4 FY26, attributed to lower realization and increased BOM costs for silver.
What Websol Energy System Limited does
Websol Energy System Limited is one of India's earliest solar photovoltaic cell manufacturers, incorporated in 1990, ranked among the country's top five solar cell producers. It makes high-efficiency Mono-PERC solar cells and modules at a single integrated facility in the Falta Special Economic Zone, West Bengal, and earns by selling these cells and modules to solar module makers, EPC contractors and project developers. The company began as a fully export-oriented unit serving Europe (notably Germany and Italy) and the United States, and is now expanding its cell and module lines with newer Topcon and Perovskite cell technologies under development.
- Installed solar cell capacity
- 1.2 GW
- Installed solar module capacity
- 550 MW
- Manufacturing facility
- Single integrated plant in Falta Special Economic Zone, West Bengal
- Market position
- Ranked among India's top five solar cell manufacturers
- Operating track record
- 30+ years (incorporated 1990)
- Export markets served historically
- Europe (Germany, Italy) and United States
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 3 delivered 3 missed 10 open- Cell Line-2 Utilization delivered said Q3 FY26 Promised: 90% in the current quarter Q1 FY27: Promise achieved in a prior quarter. Cell utilization for Q1 FY27 was reported at 92%.
- Phase-3 Financial Closure missed said Q3 FY26 Promised: March-April (Q4 FY26) Q1 FY27: The original promise remains missed. The underlying project has been significantly revised, with the location moved from Andhra Pradesh to West Bengal.
- EBITDA Margin diluted said Q3 FY26 Promised: 40%+ for the next 2-3 years (with potential 3-4% variation) Q1 FY27: Q1 EBITDA margin reported at 34%, well below the 40% target. Management attributed this to product mix and now guides to maintain current (lower) margin levels for the next 1-2 years.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 70.3%, net profit up 16.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 144 | 147 | 173 | 219 | 168 +17% | 261 +78% | 401 +132% | 373 +70% |
| EBITDA | 63 | 68 | 78 | 103 | 72 +14% | 106 +56% | 146 +87% | 126 +22% |
| Net profit | 42 | 42 | 48 | 67 | 46 +10% | 65 +55% | 124 +158% | 78 +16% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −94.1% 1Y
1Y: ₹1,296.1 on 10 Sept 2025 → ₹75.84. High ₹1,337.6 (6 Nov 2025), low ₹51.89 (9 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.0%
- 11 Aug
- Q4 FY26
- +5.0%
- 28 Apr
- Q3 FY26
- −6.0%
- 30 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 295.2% a year over 3 years, FY23 to FY26. Operating margin widened to 40.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹17 Cr | ₹26 Cr | ₹576 Cr | ₹1.0k Cr |
| Operating profit | ₹-12 Cr | ₹-7 Cr | ₹253 Cr | ₹427 Cr |
| Operating margin | -70.6% | -26.9% | 43.9% | 40.7% |
| Interest | ₹4 Cr | ₹7 Cr | ₹20 Cr | ₹17 Cr |
| Depreciation | ₹16 Cr | ₹36 Cr | ₹42 Cr | ₹62 Cr |
| Net profit | ₹-24 Cr | ₹-123 Cr | ₹155 Cr | ₹302 Cr |
| Net margin | -141.2% | -473.1% | 26.9% | 28.8% |
| ROCE | -11.0% | -14.0% | 59.0% | 63.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹31 Cr | ₹37 Cr | ₹39 Cr | ₹42 Cr | ₹42 Cr | ₹43 Cr |
| Reserves | ₹143 Cr | ₹155 Cr | ₹152 Cr | ₹66 Cr | ₹349 Cr | ₹587 Cr |
| Borrowings | ₹35 Cr | ₹36 Cr | ₹28 Cr | ₹184 Cr | ₹159 Cr | ₹131 Cr |
| Other liabilities | ₹75 Cr | ₹58 Cr | ₹48 Cr | ₹61 Cr | ₹158 Cr | ₹169 Cr |
| Total liabilities | ₹284 Cr | ₹286 Cr | ₹267 Cr | ₹353 Cr | ₹709 Cr | ₹930 Cr |
| Fixed assets | ₹239 Cr | ₹225 Cr | ₹210 Cr | ₹270 Cr | ₹481 Cr | ₹459 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹30 Cr | ₹8 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹16 Cr | ₹52 Cr |
| Other assets | ₹45 Cr | ₹61 Cr | ₹51 Cr | ₹53 Cr | ₹204 Cr | ₹419 Cr |
| Total assets | ₹284 Cr | ₹286 Cr | ₹267 Cr | ₹353 Cr | ₹709 Cr | ₹930 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +2.01 pp while the public trimmed −1.35 pp. The shareholder count grew 30% to 1,64,654.
- Promoters
- 29.7%
- FIIs
- 3.7%
- DIIs
- 0.4%
- Public
- 66.1%
Since Jun 2025
- Promoters +2.01 pp
- Public −1.35 pp
- FIIs −0.65 pp
How it drifted, 12 quarters
Over this window the public fell from 72.4% to 66.1% — −6.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 26.8%, FIIs 0.8%, DIIs 0.0%, Public 72.4%.Dec '23: Promoters 27.7%, FIIs 0.8%, DIIs 0.3%, Public 71.3%.Mar '24: Promoters 27.7%, FIIs 0.5%, Public 71.8%.Jun '24: Promoters 27.7%, FIIs 0.0%, Public 72.3%.Sep '24: Promoters 27.7%, FIIs 0.5%, Public 71.8%.Dec '24: Promoters 27.7%, FIIs 2.5%, DIIs 0.1%, Public 69.7%.Mar '25: Promoters 27.7%, FIIs 4.2%, DIIs 0.0%, Public 68.0%.Jun '25: Promoters 27.7%, FIIs 4.4%, DIIs 0.4%, Public 67.5%.Sep '25: Promoters 27.7%, FIIs 5.5%, DIIs 0.3%, Public 66.6%.Dec '25: Promoters 27.7%, FIIs 5.4%, DIIs 0.3%, Public 66.6%.Mar '26: Promoters 29.7%, FIIs 4.1%, DIIs 0.3%, Public 65.8%.Jun '26: Promoters 29.7%, FIIs 3.7%, DIIs 0.4%, Public 66.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vijay Kishanlal Kedia +0.08 pp 1.10% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Websol Energy System Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| S L Industries Pvt Ltd | 13.05% | unchanged |
| Sohan Lal Agarwal | 8.90% | unchanged |
| Websol Green Projects Private Limited | 7.74% | unchanged |
| Amit Mishra | 1.73% | −0.40 pp |
| Vijay Kishanlal Kedia | 1.10% | +0.08 pp |
| Chiranji Lall Agarwal | 0.03% | unchanged |
| Rajkumari Agarwal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Websol Energy System Limited
Guides on how to read this kind of business and the numbers that matter.