Websol Energy Q1 FY27 Results: Revenue Surges 70% to ₹373 Crore as Order Book Reaches ₹1,278 Crore
Websol Energy System Limited (NSE: WEBELSOLAR, BSE: 517498) has started FY2026-27 on a strong note, reporting significant year-on-year growth in revenue and profitability in the first quarter ended June 30, 2026.
According to the company’s Q1 FY27 investor presentation, revenue from operations increased 70.3% year-on-year to ₹373 crore, while EBITDA rose 21.4% to ₹126 crore. Profit after tax increased 15.8% to ₹78 crore.
The company also reported a ₹1,278 crore closing order book, providing strong revenue visibility for upcoming quarters.
Beyond the quarterly results, Websol is accelerating its transition to TOPCon solar cell technology, expanding manufacturing capacity, and developing a 4 GW integrated cell-and-module facility.
Websol Energy Q1 FY27 Results: Key Highlights
| Metric | Q1 FY27 | YoY Growth |
|---|---|---|
| Revenue from Operations | ₹373 crore | 70.3% |
| EBITDA | ₹126 crore | 21.4% |
| Profit After Tax | ₹78 crore | 15.8% |
| EBITDA Margin | 33.7% | — |
| PAT Margin | 20.6% | — |
| Gross Margin | 51.2% | — |
| Debt/Equity | 0.19x | Improved |
| Net Debt | ₹(34) crore | Net cash position |
| ROE | 66.7% | — |
| ROCE | 65.7% | — |
Websol’s Q1 FY27 revenue of ₹373 crore compares with ₹219 crore in Q1 FY26.
The company said the performance reflects continued momentum from FY26, when revenue from operations grew 82.4% year-on-year to ₹1,049 crore.
Profitability Continues to Grow
Websol reported EBITDA of ₹126 crore in Q1 FY27, compared with ₹103 crore in the year-ago quarter.
However, the EBITDA margin moderated to 33.7% from 47.3% in Q1 FY26.
Profit after tax increased to ₹78 crore from ₹67 crore, representing 15.8% year-on-year growth.
The company reported profit before tax of ₹104 crore, compared with ₹91 crore in Q1 FY26.
The decline in margins compared with the previous year reflects higher material consumption and other operating costs as the company scales up production.
Websol Energy Q1 FY27 Financial Performance
| ₹ Crore | Q1 FY27 | Q1 FY26 | YoY Change |
| Revenue from Operations | 373 | 219 | 70.3% |
| Total Income | 377 | 221 | 70.6% |
| EBITDA | 126 | 103 | 21.4% |
| Profit Before Tax | 104 | 91 | 14.3% |
| Profit After Tax | 78 | 67 | 15.8% |
On a sequential basis, Q1 revenue declined 7.2% from ₹401 crore in Q4 FY26, while EBITDA declined 14.2% from ₹146 crore.
PAT declined 37.5% sequentially from ₹125 crore in Q4 FY26. The company noted that Q4 FY26 PAT benefited from an appellate order that allowed the set-off of brought-forward losses against current taxable income, reducing tax expense during that quarter.
Websol’s Order Book Reaches ₹1,278 Crore
One of the biggest highlights of the investor presentation is the company’s growing order book.
Websol entered Q1 FY27 with an opening order book of ₹1,161 crore.
During the quarter, the company executed orders worth approximately ₹373 crore and secured ₹490 crore in new orders.
As a result, the closing order book increased to:
₹1,278 Crore
The order book movement was:
| Order Book Movement | ₹ Crore |
| Opening Order Book | 1,161 |
| Orders Executed in Q1 FY27 | 373 |
| New Orders | 490 |
| Closing Order Book | 1,278 |
The strong order inflow provides visibility for future execution and supports Websol’s growth plans.
Solar Cell and Module Order Book Mix
The company’s order book is relatively balanced between solar modules and solar cells.
| Product | Order Book | Share |
| Solar Modules | ₹613 crore | 48% |
| Solar Cells | ₹665 crore | 52% |
| Total | ₹1,278 crore | 100% |
The diversified product mix gives Websol exposure to both the solar cell and module segments.
Cell and Module Production Continue to Scale
Websol reported sustained improvement in production volumes and capacity utilisation.
Cell production increased to 259 MW in Q1 FY27, compared with 126 MW in Q1 FY26.
Cell capacity utilisation reached 92%, compared with 90% in Q1 FY26.
Module production increased to 103 MW from 50 MW in Q1 FY26, while module capacity utilisation improved to 81% from 39%.
| Metric | Q1 FY26 | Q1 FY27 |
| Cell Production | 126 MW | 259 MW |
| Cell Utilisation | 90% | 92% |
| Module Production | 50 MW | 103 MW |
| Module Utilisation | 39% | 81% |
The numbers indicate a significant improvement in utilisation of the company’s manufacturing facilities.
Websol Accelerates TOPCon Solar Cell Expansion
Technology transition is a major part of Websol’s FY27 strategy.
The company is upgrading an existing 600 MW Mono PERC cell production line to TOPCon technology.
The brownfield expansion is expected to add approximately 150 MW of incremental capacity, taking the upgraded line to 750 MW.
The company expects the upgraded TOPCon capacity to deliver cell efficiency of approximately 25%.
TOPCon Project Timeline
| Milestone | Timeline |
| Civil Work | March–September 2026 |
| Equipment Ordering & Installation | June 2026–February 2027 |
| Trial Runs & Validation | February–March 2027 |
| Expected Commercial Operation | March 2027 |
| Incremental Capacity | 150 MW |
| Expected Efficiency | 25% |
| Project Cost | ₹270 crore |
The TOPCon upgrade is expected to improve output per cell and strengthen Websol’s competitiveness in large utility-scale and commercial & industrial solar projects.
4 GW Integrated TOPCon Expansion
Alongside the brownfield TOPCon upgrade, Websol is working on a much larger 4 GW integrated cell and module manufacturing facility.
The greenfield project is planned to be implemented in phases.
According to the company, the integrated facility is designed to:
- Increase manufacturing scale
- Improve production economics
- Support high-efficiency TOPCon technology
- Reduce production costs through economies of scale
- Strengthen the company’s position in India’s domestic solar manufacturing ecosystem
Websol believes that concentrating the expansion near its existing manufacturing base in West Bengal can provide advantages through an established supply chain and skilled workforce.
Websol Plans Backward Integration Into Ingots and Wafers
Another important part of the company’s expansion strategy is the development of ingot and wafer manufacturing capacity.
Websol has partnered with Linton Crystal for equipment and technology support.
The company expects backward integration to provide greater control over its upstream supply chain.
The project is also aimed at supporting compliance with the upcoming ALMM List-III requirements and reducing dependence on imported wafers.
Greater backward integration could potentially improve supply security and provide opportunities for better cost control and margins over the longer term.
Solar Manufacturing Capacity Could Reach Multi-Gigawatt Scale
Websol currently has:
- 1.2 GW cell capacity, including the incremental capacity expected after the TOPCon upgrade
- 550 MW module capacity
- 4 GW TOPCon integrated cell and module expansion pipeline
The company expects TOPCon to become the dominant cell technology, with approximately 88% of its cell capacity expected to be based on TOPCon by FY28.
This transition is important as the Indian solar industry increasingly moves away from older PERC technology toward higher-efficiency solar cells.
Websol’s Technology Evolution
Websol highlighted the rapid evolution of solar cell technology over the past three decades.
The company’s cell output has increased from approximately 1.1 Wp per cell in 1994 to an expected 9.5 Wp in 2027.
This represents nearly a tenfold increase in output per cell.
The company is now positioning TOPCon as the next major step in its technology roadmap.
TOPCon technology offers higher efficiency and is particularly suited to large-scale utility and commercial & industrial solar projects where higher power output can help reduce the levelised cost of electricity.
India’s Solar Market Provides Long-Term Growth Opportunity
Websol’s expansion plans are being supported by strong growth in India’s solar installation market.
According to the company’s presentation, India’s solar installations increased substantially between FY23 and FY26.
The major demand segments include:
| Segment | FY26 Share | Annual Demand |
| Utility Scale | 47% | 20.8 GW |
| Rooftop | 19% | 8.7 GW |
| PM-KUSUM | 17% | 7.7 GW |
| Open Access/C&I | 17% | 7.5 GW |
The company expects several new demand drivers to support the industry in the coming years.
These include:
- Data centres
- Green hydrogen
- Rooftop solar
- PM-KUSUM
- Commercial and industrial solar
- Battery energy storage
- Round-the-clock renewable power
- Night-time connectivity applications
Government Schemes Could Support Domestic Solar Manufacturers
Websol highlighted government programmes such as PM Surya Ghar and PM-KUSUM as important demand drivers.
The company is also an ALMM-approved solar cell manufacturer, allowing it to participate in projects linked to various government programmes.
The expected expansion of domestic-content requirements could further increase demand for locally manufactured solar cells.
The company believes the ALMM-II mandate could lead to a significant shift toward domestic cell procurement.
Solar Plus Battery Storage Emerging as a Major Opportunity
Another important industry trend highlighted in the presentation is the growing competitiveness of solar combined with battery energy storage systems (BESS).
The company cited a sharp decline in battery storage costs over the past decade.
The combination of falling storage costs and renewable energy mandates is making solar-plus-storage projects increasingly attractive for round-the-clock power requirements.
According to the presentation, 1 GW of round-the-clock demand could require approximately 4.9 GW of solar capacity and 13.5 GWh of BESS.
This could create additional demand for solar modules and cells as India’s renewable energy system moves toward firm and dispatchable power.
Websol Moves Into a Net Cash Position
The company’s balance sheet has strengthened significantly over the past three years.
Net debt declined from ₹183 crore in FY24 to ₹65 crore in FY25 and then to negative ₹34 crore in FY26.
This means Websol entered FY27 with a net cash position.
Debt-to-equity also declined sharply:
| Financial Year | Debt/Equity |
| FY24 | 1.70x |
| FY25 | 0.55x |
| FY26 | 0.19x |
The company also reported a significant improvement in interest coverage, which increased to 23x in FY26 from 11x in FY25.
Early Repayment of IREDA Loan
Websol has also taken steps to strengthen its financial position by making an early repayment of its IREDA loan.
The company said the repayment reduces pledged shares of promoters and lowers interest expenses.
The move reflects stronger internal cash generation and provides greater financial flexibility as Websol enters a new phase of capacity expansion.
Cash Flow and Net Worth Strengthen
Websol’s net worth increased substantially over the past three years.
| Metric | FY24 | FY25 | FY26 |
| Net Worth | ₹108 crore | ₹278 crore | ₹631 crore |
| Cash Flow from Operations | ₹35 crore | ₹167 crore | ₹255 crore |
| Net Debt | ₹183 crore | ₹65 crore | ₹(34) crore |
The strengthening balance sheet provides the company with a better foundation for funding its upcoming capacity expansion.
Management Outlook: FY27 as the Year of Acceleration
Websol Managing Director Sohan Lal Agarwal described Q1 FY27 as a transformational milestone for the company.
Management said the momentum built during FY26 has accelerated and that Websol has evolved from a legacy solar manufacturer into a technology-driven, high-growth manufacturing company.
The company’s strategy for FY27 is centred around:
- Aggressive TOPCon technology adoption
- Capacity expansion
- Execution of the ₹1,278 crore order book
- Government-linked solar opportunities
- New product development
- Backward integration
- Maintaining financial discipline
Management believes the company is strategically positioned to capture the next phase of growth in India’s solar manufacturing industry.
Websol Energy Q1 FY27: What Investors Should Watch
For investors tracking WEBELSOLAR, several factors will be important going forward.
1. Order Book Execution
The ₹1,278 crore closing order book provides strong visibility, but the pace at which Websol converts this order book into revenue and cash flow will be critical.
2. TOPCon Commissioning
The successful completion of the 150 MW TOPCon upgrade by March 2027 will be an important milestone.
3. Margin Trends
Revenue growth remains strong, but EBITDA margin declined to 33.7% from 47.3% in Q1 FY26. Investors will therefore watch whether margins stabilise as capacity utilisation improves and the product mix evolves.
4. 4 GW Expansion
The phased greenfield TOPCon facility represents a major long-term opportunity, but execution and capital requirements will remain important considerations.
5. Backward Integration
The proposed ingot and wafer facility could strengthen Websol’s domestic supply chain and reduce dependence on imported inputs.
6. Government Solar Policies
Changes in ALMM requirements, domestic-content rules, PM Surya Ghar and PM-KUSUM could have a significant impact on demand for domestically manufactured solar cells and modules.