Websol Energy Reports 52% Revenue Growth in H1 FY26
Filing Summary
Websol Energy System Ltd announced its unaudited financial results for H1 FY26, reporting a 52% increase in revenue from operations, reaching Rs. 387 crore. The company’s EBITDA stood at Rs. 176 crore with a margin of 45.4%, while PAT was Rs. 114 crore with a margin of 28.9%. The results were impacted by a temporary shutdown for electrical integration and logistics slowdown. Websol commenced production of a new 600 MW solar cell line and plans further capacity expansions. The company also approved a Rs. 3,000 crore investment plan to expand manufacturing capacity by June 2028.
Websol Energy System Ltd has released its unaudited financial results for the first half of the fiscal year 2026, ending 30th September 2025. The company reported a significant increase in its Revenue from Operations, which rose by 52% year-on-year to Rs. 387 crore. The EBITDA for the period was Rs. 176 crore, reflecting a margin of 45.4%, while the Profit After Tax (PAT) was Rs. 114 crore, with a margin of 28.9%. The earnings per share (EPS) for H1 FY26 was Rs. 26.9.
Financially, Websol’s Cash Flow from Operations was reported at Rs. 132 crore, with a cash conversion ratio of 75.2%. The company maintained a total debt of Rs. 146.3 crore, with cash and equivalents amounting to Rs. 53.8 crore, resulting in a net debt of Rs. 92.5 crore. The Net Debt to Equity ratio stood at 0.24x, and the Net Debt to EBITDA ratio was 0.53x. The Return on Capital Employed (ROCE) was 34.5%, and the Return on Equity (ROE) was 33.9%.
Operationally, Websol commenced production of an additional 600 MW Mono PERC solar cell line at its facility in Falta, West Bengal, increasing its overall cell capacity to 1,200 MW. The company plans to expand its total capacity with a 4 GW Topcon solar cell line and a 4 GW solar module line by June 2028. The expansion is divided into two phases, with Phase III adding 2 GW by June 2027 and Phase IV adding another 2 GW by June 2028.
The timeline for these expansions includes the recent commissioning of the 600 MW line in September 2025. The company also faced a temporary shutdown of its existing cell and module line for approximately eight days during Q2 FY26 due to electrical integration activities. Additionally, logistics were affected by the festive season in West Bengal.
Websol’s strategic initiatives include a Rs. 3,000 crore investment plan to enhance its manufacturing capacity to 5.2 GW of solar cells and 4.5 GW of modules by June 2028. The company also approved a 1:10 stock split, effective from 14th November, to enhance shareholder participation and market liquidity.
In the context of market relevance, Websol’s expansions and technological upgrades align with India’s renewable energy transition and supportive policy environment. The company’s focus on high-efficiency solar products positions it to meet increasing demand both domestically and internationally.
Websol Energy System Ltd specializes in producing high-efficiency solar cells and modules using advanced Mono PERC technology. The company supports module manufacturers in complying with Domestic Content Requirement norms and markets its products globally. Its integrated production model enhances supply chain control and flexibility, supported by partnerships and favorable policy frameworks.