NSE: WEBELSOLAR · BSE: 517498
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). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar cells, Solar modules. Capital-intensive domestic solar cell and module manufacturer, currently in a capacity-expansion phase.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,049 |
| EBITDA (ex other income) | 427 |
| margin % | 40.7 |
| Owners' profit | 303 |
| EPS, as reported (₹) | 6.98 |
| ROE % · ROCE % | 48.0 · 48.3 |
| Debt / equity (x) | 0.19 |
| Cash from operations | 255 |
| Capex | (180) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 261 | 401 | 373 |
| Profit before tax | 84 | 125 | 104 |
| Net profit | 65 | 125 | 78 |
| EPS (₹) | 1.54 | 2.75 | 1.79 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.3 | 22.4 | 11 of 52 | 80% |
| P/B | 4.7 | 3.3 | 34 of 49 | 31% |
| ROCE | 46.2 | 12.4 | 4 of 55 | 94% |
| ROE | 48.0 | 12.4 | 5 of 50 | 92% |
| Debt / Equity | 0.2 | 0.3 | 24 of 50 | 53% |
| EBITDA margin | 34.9 | 12.6 | 6 of 51 | 90% |
| Market cap | 2974 | 591 | 14 of 56 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Vinay Vyas appointed CEO of Websol Renewables | compliance | low | — | — |
| 22 Oct 2026 · Vinay Vyas appointed CEO of Websol Renewables | management changes | medium | — | — |
| 22 Oct 2026 · Board Meeting on 4 Nov 2026 to Approve Q2 FY27 Results | results | low | — | — |
| 14 Oct 2026 · Websol Energy promoter group releases 4.65% pledged shares | ownership changes | medium | — | — |
| 5 Oct 2026 · Reg 74(5) compliance certificate filed for quarter ended Sept 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Websol Energy board changes: 2 new directors, 1 retires, 1 re-appointed at AGM | management changes | medium | — | — |
| 24 Sept 2026 · Websol Energy AGM 2026: All 7 Resolutions Passed, Rs 0.25 Dividend Declared | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Websol Energy AGM: all 7 resolutions pass, Rs 0.25 per share dividend approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Websol Energy FY26: Rs 1,049 Cr revenue, debt-free, dividend after a decade | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.