Websol Energy System Ltd(WEBELSOLAR)

NSE: WEBELSOLARBSE: 517498

₹ 63.52+4.99%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 2,758 crNext results: 4 Nov 2026Website: www.webelsolar.comUpdated: 27 Oct 2026

About

Websol Energy System Ltd is an Indian manufacturer of solar cells and modules. It sells only in the domestic content requirement (DCR) segment and supplies government schemes such as PM KUSUM and PM Surya Ghar. It makes its products at its Falta SEZ facility in West Bengal, which had 1,200 MW of cell capacity and 550 MW of module capacity as of FY26. It reported revenue of 1049.44 in FY26 and is one of eight ALMM-approved solar cell manufacturers in India.^[1][2]

Business and products

Websol has made and sold solar photovoltaic cells and modules since 1994, all in a single business segment (FY25 annual report).^[3]
Websol makes Mono PERC solar cells and modules at Falta SEZ, West Bengal, entirely for the DCR market. It had no export exposure as of Q3 FY26.^[4]
In FY24, cell production moved from Al-BSF polycrystalline to PERC technology, saving about 10-15% of electricity.^[5]
Average cell efficiency was 23.3% in Q1 FY27. The TOPCon upgrade targets about 25% efficiency on the upgraded line.^[6]
Module wattage has risen from 90 watts in the early 2000s to 550 watts in 2024.^[3]
The company is developing solar kits for different uses and flexible modules to reach more customers.^[6]
The FY25 annual report ranks Websol among India's five leading solar cell manufacturers.^[3]

Manufacturing capacity and utilisation

As of FY26, cell capacity is 1,200 MW and module capacity is 550 MW, both at Falta SEZ, West Bengal.^[1]
The first 600 MW cell line began operating in February 2024 and the 550 MW module line in August 2024.^[3]
Cell Line-2 (600 MW Mono PERC) was commissioned in September 2025. It cost about ₹203 Cr, paid entirely from internal accruals.^[4]
Cell capacity utilisation was 92% in Q1 FY27, with output of 259 MW vs 126 MW in Q1 FY26.^[6]
Module capacity utilisation was 81% in Q1 FY27, up from 39% in Q1 FY26.^[6]
Silver consumption fell by 20% in FY26, and a further 10% cut is targeted in FY27.^[6]

Key operating numbers

The order book was ₹1,278 Cr at 30 June 2026, up from ₹1,161 Cr at 31 March 2026. The mix was 48% cell / 52% module, vs 40% / 60% in Q4 FY26.^[6]
Book-to-bill ratio was 1.02x in Q4 FY26, with ₹412 Cr of new orders won in that quarter.^[7]
Cell realisation was ₹0.125/Wp and module realisation was ₹20.50/W in Q1 FY27.^[6]
DCR cell realisation was 13 - 13.5 cents/Wp and DCR module realisation was 22 - 22.5 cents/Wp in Q4 FY26.^[7]

Customers and distribution

As of Q3 FY26, all sales are in the domestic DCR segment, mainly serving the PM KUSUM and PM Surya Ghar schemes.^[4]
Cells go mainly to module manufacturers; modules go to power developers and installers (FY25).^[3]
Domestic buyers booked the entire FY 2024-25 solar cell output in advance.^[3]
In FY 2024-25, 63.53% of revenue came from clients the company had worked with for more than five years.^[3]
Websol is one of eight ALMM-approved solar cell makers in India. MNRE's ALMM-II mandate projects about 20 GW of additional DCR cell demand in FY27.^[8]

Expansion and capex

One 600 MW Mono PERC line at Falta is being upgraded to 750 MW TOPCon at a capex of ₹250 - 270 Cr. Civil work began in March 2026 and equipment was ordered in June 2026. Completion is expected in March 2027.^[6]
Phase III is a 2 GW integrated TOPCon cell and module plant, moved from Naidupeta, Andhra Pradesh to a site near Falta. Commercial production is targeted for June/July 2027.^[6]
Phase III project cost and funding plan are unchanged after the move to West Bengal. No revised figure has been disclosed.^[6]
Phase IV is a further 2 GW integrated TOPCon facility targeted for around July 2028. Phases III and IV together make up a 4 GW greenfield expansion.^[6]
An MoU with Linton Crystal covers moving back into ingot and wafer manufacturing, targeting ALMM List-III compliance by June 2028.^[6]

Recent developments

On 23 September 2026, the West Bengal government allotted 54.20 acres of land for the planned 4 GW cell and module facility.^[1]
On 4 August 2026, Websol repaid the entire ₹110 Cr outstanding IREDA term loan. The share of promoter holding under pledge is set to fall from 80% to 16%.^[6]
During the Q1 FY27 call, the company said the Phase III site was moved from Naidupeta, Andhra Pradesh, where no money had been spent.^[6]
CRISIL assigned Websol a BBB+ Stable credit rating, reported as of the close of FY26.^[7]

Market Cap

₹2,758 Cr

High / Low

₹138 / 50

Stock P/E

9.8

Price / Book

4.2

Book Value

₹15

EPS

₹7.0

No. of Shares

43.42 Cr

ROCE

49.6%

ROE

48.0%

OPM

35.6%

Debt / Equity

0.19

Sales

₹1,049 Cr

Net Profit

₹303 Cr

Promoter holding

29.7%

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