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Margin compression from rising silver costs and module mix shift
View Risks →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.
bullish
high
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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.
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Cell capacity utilization
90%
+10pp YoY
Combined cell capacity utilization for Q4 FY26; management expects to approach full run-rate in coming quarters.
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.
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Guidance and risk preview
Upgrading one 600 MW mono PERC line to topcon, increasing capacity to 750 MW, with commercial production targeted by Feb 2027.
Silver price increases and higher module sales (structurally lower margin) have compressed EBITDA margins; further pressure could impact profitabil...
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