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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Promoters release pledge of 21.92% shares worth 9.51 crore with IREDA | ownership changes | high | — | — |
| 1 Sept 2026 · Websol Energy files BRSR for FY26 | compliance | minimal | — | — |
| 1 Sept 2026 · Websol Energy 36th AGM on Sep 22, 2026; Dividend Re 0.25 per share | board shareholder meetings | low | — | — |
| 31 Aug 2026 · 36th AGM Notice and Annual Report FY 2025-26 dispatched; AGM on 22 Sept 2026 | compliance | minimal | — | — |
| 29 Aug 2026 · Record Date Set for Final Dividend on 15 September 2026 | corporate actions | medium | — | — |
| 29 Aug 2026 · Websol 36th AGM notice and FY26 annual report; 25% dividend proposed | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · 36th AGM notice on Sept 22, 2026; includes dividend and director appointments | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · Websol Energy files BRSR for FY26; turnover INR 1049 Cr, targets 30% emission cut by FY29 | compliance | low | — | — |
| 18 Aug 2026 · Websol Q1 FY27: Revenue up 70% YoY, debt repaid, TOPCon upgrade begins | investor communications | medium | — | — |
| 12 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 20.0 |
| — |
| 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.4 | 26.2 | 11 of 53 | 81% |
| P/B | 5.2 | 3.6 | 34 of 49 | 31% |
| ROCE | 46.2 | 12.3 | 4 of 56 | 95% |
| ROE | 48.0 | 11.5 | 5 of 53 | 92% |
| Debt / Equity | 0.2 | 0.2 | 27 of 53 | 50% |
| EBITDA margin | 34.9 | 12.6 | 6 of 51 | 90% |
| Market cap | 3279 | 641 | 13 of 56 | 78% |
| 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 |
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.
