Websol Energy System Q2 FY27 results: net profit ₹80.21 crore

How did Websol Energy System perform in Q2 FY27?

Websol Energy System’s consolidated revenue from operations was ₹361.02 crore in Q2 FY27, compared with ₹168.22 crore in Q2 FY26 and ₹372.60 crore in Q1 FY27. EBITDA was ₹128.14 crore, against ₹72.29 crore a year earlier and ₹125.58 crore in the previous quarter. EBITDA margin was 35.5%, compared with 43.0% in Q2 FY26 and 33.7% in Q1 FY27, while there was no exceptional item.

Profit before tax was ₹106.58 crore and profit after tax was ₹80.21 crore, compared with ₹46.32 crore in Q2 FY26 and ₹77.79 crore in Q1 FY27. Basic EPS was ₹1.85, against ₹1.10 a year earlier and ₹1.79 in the previous quarter. The figures reported for Q2 FY27 are standalone, rather than consolidated.

For H1 FY27, revenue was ₹733.62 crore and total income was ₹742.31 crore. Profit before tax was ₹210.55 crore, profit after tax was ₹158.00 crore and basic EPS was ₹3.64.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹968.56 crore, compared with ₹931.02 crore at 31 March 2026, and total equity was ₹776.89 crore against ₹630.7 crore. Borrowings fell from ₹117.97 crore to nil, while cash increased from ₹66.32 crore to ₹74.38 crore. Inventories were ₹200.34 crore, trade receivables ₹52.49 crore and trade payables ₹56.2 crore.

For H1 FY27, operating cash flow was ₹212.38 crore, investing cash flow was negative ₹67.25 crore and financing cash flow was negative ₹137.07 crore. Capital expenditure was ₹69.15 crore. No prior-period cash-flow figures were provided for comparison.

What else did the company announce?

On 4 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, along with the independent auditor’s review report. The board also approved entry into EPC, solar IPP, including solar parks, and energy-trading businesses.

The company approved subscribing to 40% of the equity share capital of Bright Earth Cell Private Limited, which will operate in energy trading. It also approved the incorporation of wholly owned special purpose vehicles for the other businesses. The same-day filings did not announce a dividend, fund raise or appointment.

What did Websol Energy System's management say?

Management said cell production was 255 MW in Q2 FY27 with 91% utilisation, while module production was 88 MW with 68% utilisation. It also said the order book stood at ₹1,280 crore on 30 September 2026. The company is upgrading a 600 MW Mono PERC line to 750 MW TOPCon, with trial runs targeted by the end of FY27 and targeted efficiency of ~25%, compared with 23.35% on Mono PERC.

Management said the TOPCon upgrade would require ~₹270 Cr and have a payback period of ~3 years. It also said the Falta greenfield plan covers 4 GW of integrated cell capacity on 54.20 acres, divided into two 2 GW phases, with Phase 1 expected COD in Q3 FY28. Management said no total project cost or financing plan had been disclosed.

Management identified margin compression as a risk, noting that H1 FY27 EBITDA margin was 34.6% against 45.4% and PAT margin was 21.3% against 28.9%. It also cited lower module-line utilisation and said the Falta expansion had no disclosed total project cost or financing plan, while TOPCon trial runs were scheduled for February–March 2027. No analysts’ questions were included in the investor presentation.

How did other Other Electrical Equipment companies do?

Twenty-two Other Electrical Equipment companies were compared with Websol Energy System for the quarter. Their median revenue growth was 42.0%, while Websol’s revenue growth was 114.6%. The available peer data does not state how many peers grew slower or faster than Websol.

Thirteen peers reported higher profit, based on a profit comparison covering 20 peers.