Cell capacity utilization
90%
+10pp YoY
Combined cell capacity utilization for Q4 FY26; management expects to approach full run-rate in coming quarters.
WEBSOLENERGYSYSTEM
Information Technology
15 May 2026
Websol Energy System Ltd — Q4 FY26
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.
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2-Min Summary
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.
Key Numbers
Order book
₹1,161 crore
+55% QoQ
Confirmed order book as of Q4 FY26, with 40% cells and 60% modules, providing healthy revenue visibility.
Module utilization (monthly peak)
80%
+20pp YoY
Highest ever monthly module utilization achieved during FY26, reflecting strong demand for DCR modules.
Cell efficiency (target post-upgrade)
24.5%
+1.2pp vs current
Target cell efficiency for the upgraded topcon line, up from ~23.3% for mono PERC, enabling higher wattage per cell.
Management Guidance
Topcon upgrade capex of ₹250-270 crore
Upgrading one 600 MW mono PERC line to topcon, increasing capacity to 750 MW, with commercial production targeted by Feb 2027.
capex2 GW integrated facility in Andhra Pradesh by June 2027
Phased expansion of 2 GW cell and module capacity, with land acquisition and funding structure under evaluation; management reaffirmed June 2027 timeline.
expansionIngot-wafer integration ahead of ALMM list 3 deadline (June 2028)
MOU signed with Linton for ingot and wafer technology; target to commission capacity before June 2028 to comply with domestic wafer mandate.
expansionCell margins expected to remain healthy with variability
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.
marginsKey Risks
Margin compression from rising silver costs and module mix shift
Silver price increases and higher module sales (structurally lower margin) have compressed EBITDA margins; further pressure could impact profitability.
medium · management_commentaryExecution risk for Andhra Pradesh 2 GW facility timeline
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.
medium · analyst_questionCustomer liquidity and working capital buildup
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.
low · analyst_questionTechnology transition risk from mono PERC to topcon
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.
low · management_commentaryNotable 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.