Websol Energy Q1 FY27 Results: Revenue Jumps 70.3% to ₹373 Crore

What Happened ?

Websol Energy System entered FY27 with a sharp increase in operating scale. Revenue from operations rose from ₹219 crore in Q1 FY26 to ₹373 crore, while EBITDA increased from ₹103 crore to ₹126 crore and PAT increased from ₹67 crore to ₹78 crore. 

The quarter also showed continued high utilisation of the company’s manufacturing base. Cell capacity utilisation remained at 92%, while module capacity utilisation improved to 81%. Cell production more than doubled YoY to 259 MW, while module production increased to 103 MW. 

The order book strengthened during the quarter, increasing from ₹1,161 crore at the end of Q4 FY26 to ₹1,278 crore at the end of Q1 FY27, after ₹490 crore of new orders and ₹373 crore of execution during the quarter. 

key details

Order Book:

• Opening Order Book: ₹1,161 crore
• Orders Executed in Q1 FY27: ₹373 crore
• New Orders Added: ₹490 crore
• Closing Order Book: ₹1,278 crore
• Solar Modules: ₹613 crore | 48%
• Solar Cells: ₹665 crore | 52%

TOPCon Capacity Expansion:

Websol is upgrading an existing 600 MW Mono PERC cell line to TOPCon, with incremental capacity of 150 MW and expected cell efficiency of approximately 25%. The project is targeted for commercial operation by March 2027.  

• Incremental Capacity: 150 MW
• Expected Cell Efficiency: ~25%
• Project Cost: Approximately ₹270 crore
• Expected COD: March 2027
• Civil Work: Scheduled for completion by September 2026
• Equipment Ordering & Installation: Scheduled through February 2027
• Trial Runs & Validation: February–March 2027

Expansion Roadmap:

The company is pursuing three sequential projects:

• Brownfield TOPCon Upgrade: Existing 600 MW Mono PERC line to be upgraded to 750 MW TOPCon.
• Greenfield Expansion: A phased 4 GW integrated TOPCon cell and module facility.
• Backward Integration: Greenfield ingot and wafer manufacturing facility with Linton Crystal providing equipment and technology support. 

The company expects the TOPCon upgrade to improve efficiency and support large utility-scale and commercial & industrial tenders. The planned ingot and wafer facility is intended to strengthen domestic value-chain integration and reduce dependence on imported wafers. 

Capacity and Technology:

• Websol’s presentation identifies 1.2 GW of cell capacity after the incremental 150 MW TOPCon addition, 550 MW of module capacity and a 4 GW TOPCon pipeline.
• The company reported average Mono PERC cell efficiency above 23% and sustained cell capacity utilisation above 90%. 
• The presentation also highlights the industry’s transition toward TOPCon, with TOPCon expected to account for approximately 88% of cell capacity by FY28. 

Financial Discipline:

• Websol reported a net cash position of ₹34 crore as of March 31, 2026, compared with net debt of ₹65 crore in FY25 and ₹183 crore in FY24.
• Debt-to-equity declined to 0.19x, while interest coverage improved to 23x in FY26.
• The presentation also states that the company made an early repayment of its IREDA loan, reducing pledged promoter shares and interest outgo. 

Note:

• The Q1 FY27 performance combines strong revenue growth with high manufacturing utilisation, a growing order book and continued investment in higher-efficiency TOPCon technology.
• The key execution focus for FY27 is commissioning the 150 MW incremental TOPCon capacity while progressing the larger greenfield and backward-integration projects.  

Risk Analysis

Summary:

• Websol’s growth strategy involves significant capacity expansion and technology transition. While the company has entered FY27 with a strong order book and high utilisation, future performance will depend on timely project execution, demand visibility, cost management and successful adoption of TOPCon capacity.

Key Risks:

• TOPCon execution: The 150 MW capacity upgrade requires completion of civil work, equipment installation, trial runs and validation within the stated schedule. 
• Expansion execution: The company is simultaneously progressing a 4 GW integrated facility and backward-integration projects, increasing execution requirements. 
• Margin pressure: EBITDA margin declined to 33.7% from 47.3% YoY despite strong revenue growth. 
• Industry dynamics: Solar manufacturers remain exposed to changes in government policies, regulations, competition and prevailing economic costs. 
• Cost and execution risks: The company’s own presentation identifies managing growth, competition, contract overruns and economic conditions among factors that could cause actual outcomes to differ from forward-looking expectations.

Worst Case:

• Delays in TOPCon commissioning or larger expansion projects, combined with weaker demand or margin pressure, could reduce the pace of earnings growth and affect expected returns on expansion investments.

Risk Level: Medium

Conclusion

• Sohan Lal Agarwal, Managing Director, described Q1 FY27 as a transformational milestone, highlighting the acceleration of momentum built during FY26. 
• Management said Websol has evolved from a legacy entity into a high-growth, technology-driven manufacturer, with TOPCon integration at the centre of its scaling strategy. 
• The company highlighted its robust order book and alignment with flagship government schemes as supporting factors for its capacity expansion strategy. 
• Management’s stated FY27 focus is technology-led scaling and acceleration, with the company positioned to capture the next phase of industry growth.