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Revenue
₹401 Cr
verified against source
Revenue YoY
132%
reported change
EBITDA
₹146 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Websol Energy delivered a record Q4 with revenue of ₹401 crore (up 132% YoY) and PAT of ₹125 crore (up 158% YoY), driven by strong cell utilization above 90% and the commissioning of a second cell line that doubled capacity to 1.2 GW. The company ended FY26 with a net cash surplus, debt-to-equity of 0.19x, and an order book of ₹1,161 crore (book-to-bill 1.02x). Management guided for a topcon upgrade of one line (capex ₹250-270 crore) targeting commercial production by Feb 2027, with cell efficiency exceeding 24.5%. The 2 GW integrated facility in Andhra Pradesh remains on track for June 2027. Key risk: potential margin compression from rising silver costs and increased module mix, which structurally carry lower margins than cell sales.
Colored figures show movement against the previous available record.
Guidance to track
- Upgrading one 600 MW mono PERC line to topcon, increasing capacity to 750 MW, with commercial production targeted by Feb 2027.
- Phased expansion of 2 GW cell and module capacity, with land acquisition and funding structure under evaluation; management reaffirmed June 2027 timeline.
- MOU signed with Linton for ingot and wafer technology; target to commission capacity before June 2028 to comply with domestic wafer mandate.
- Management expects cell margins to stay healthy over next 2-3 years, supported by ALMM list 2 and government schemes, though silver price and pricing dynamics may cause fluctuations.
Risks flagged
- Silver price increases and higher module sales (structurally lower margin) have compressed EBITDA margins; further pressure could impact profitability.
- Management has not provided detailed milestones for the 2 GW project; analyst questioned whether one year is sufficient from scratch, though management claims work is already underway.
- Receivables and inventory increased due to higher volumes and module mix; while backed by LCs, any systemic stress in the EPC segment could delay payments.
- Upgrade involves 15-day production halt for half the line; ramp-up to full utilization may take two months, and actual efficiency gains may vary.
Key quotes
- We have not raised any funds for phase two. That matters to us because in this business it is not only about expansion. It is also about how disciplined you are with your capital.
- Our balance sheet is the strongest it has been in our 30-year journey. Most importantly, we have created the optionality for the next leg of growth.
- We are not directly participating in the government tenders. Instead we are taking the letter of credits from these players.
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