Highlights

• Websol Energy reports H1 FY26 revenue of ₹387 crore, a 51.7% increase year-on-year, with a PAT of ₹114 crore.
• Production capacity expanded with the commissioning of a 600 MW Mono PERC solar cell line, taking total cell capacity to 1,200 MW.
• Board approves a ₹3,000 crore investment plan to expand manufacturing capacity to 5.2 GW of solar cells and 4.5 GW of modules by June 2028.

Websol Energy System Limited (BSE:517498; NSE:WEBELSOLAR), a leading manufacturer of high-efficiency solar cells and modules in India, announced its unaudited financial results for Q2 and H1 FY26. The company reported significant year-on-year growth, driven by expanded production capacity and strategic operational initiatives, while remaining on track with its ambitious expansion plans.

Revenue and Profit Performance

For H1 FY26, Websol Energy posted revenue from operations of ₹387 crore, up 51.7% compared to ₹255 crore in H1 FY25. EBITDA for the half-year stood at ₹176 crore, with a margin of 45.4%, while PAT reached ₹114 crore, representing an EPS of ₹26.9 and a margin of 28.9%.

The Q2 FY26 revenue was impacted by an eight-day temporary shutdown for electrical integration of the newly commissioned 600 MW Mono PERC cell line and by logistical slowdowns during the festive season in West Bengal. Despite this, quarterly revenue reached ₹168 crore with an EBITDA margin of 43.0% and a PAT margin of 27.0%.

Financial metrics indicate healthy operational efficiency, with cash flow from operations at ₹132 crore, cash conversion of 75.2%, total debt of ₹146.3 crore, and net debt of ₹92.5 crore. Net debt-to-equity stands at 0.24x and net debt-to-EBITDA at 0.53x. Return on capital employed (ROCE) and return on equity (ROE) were 34.5% and 33.9% respectively.

Capacity Expansion and Strategic Investments

In September 2025, Websol commissioned a 600 MW Mono PERC solar cell line (Phase II) at Falta, West Bengal, raising total solar cell capacity to 1,200 MW. Production has scaled rapidly, achieving efficiency levels of 23%+ within one month of commissioning.

The company’s Board approved a ₹3,000 crore investment plan to expand total solar cell and module capacity. Phase III and IV of the expansion will increase cell capacity to 5.2 GW and module capacity to 4.5 GW by June 2028, incorporating next-generation Topcon technology to meet evolving customer requirements.

Additionally, a 1:10 stock split has been approved, effective 14 November 2025.

WEBELSOLAR  shares were trading at ₹1,207.30 per share at the time of writing on 4 November 2025.

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