WEBSOL ENERGY SYSTEM LTD

Makes solar photovoltaic cells and modules in India. Revenue comes from selling cells (the semiconductor wafers that convert sunlight into electricity) and modules (the finished solar panels assembled from cells). FY26 revenue was Rs 1,049.44 crore, with an order book of Rs 1,161 crore at year-end split roughly 40% cells and 60% modules. Solar cell manufacturing capacity doubled to 1.2 GW in September 2025 via the commissioning of a second cell line, and management is targeting combined cell utilization above 90%. One existing Mono PERC line is being upgraded to TOPCon technology to add 150 MW, taking total cell capacity to 1.35 GW by February 2027 with cell efficiency targeted above 24.5%. Materials and components form the largest cost at 44.8% of revenue, with other operating expenses at 16.5% and depreciation at 5.9%. A 4 GW integrated cell-module facility is being built in Andhra Pradesh (first 2 GW targeted for June 2027, second 2 GW by mid-CY28), and an ingot-wafer facility is targeted ahead of the ALMM List 3 deadline of June 2028. Demand drivers cited include mandatory domestic content (DCR) requirements from June 2026 under ALMM List 2, PM-KUSUM, PM Surya Ghar scheme, and a domestic cell-module capacity gap (31 GW cells versus 173 GW modules).