Websol Energy System Limited reported revenue from operations of ₹361.02 crore for the quarter ended 30 September 2026 (Q2 FY27), up 114.6% from ₹168.22 crore in Q2 FY26. Profit after tax (PAT) grew 73.2% to ₹80.21 crore from ₹46.32 crore a year earlier. The Kolkata-based solar cell and module manufacturer, listed on BSE (517498) and NSE (WEBELSOLAR), announced the results in a press release and investor presentation dated 4 November 2026.
Financial highlights
EBITDA, which excludes other income, rose 77.3% year on year to ₹128.14 crore from ₹72.29 crore. The EBITDA margin was 35.5%, compared with 43.0% in the same quarter last year, a fall of 748 basis points. The PAT margin was 22.0% against 27.0%. Basic earnings per share were ₹1.85 against ₹1.10, an increase of 68.4%.
For the first half of FY27, revenue from operations was ₹733.62 crore, up 89.6% from ₹386.97 crore. Half-year EBITDA was ₹253.72 crore, up 44.4% from ₹175.77 crore, with a margin of 34.6% against 45.4%. PAT for the half year was ₹158.00 crore, up 39.2% from ₹113.50 crore, with a margin of 21.3% against 28.9%. Half-year basic EPS was ₹3.64 against ₹2.69.
The figures show that profit grew more slowly than revenue, which is why margins narrowed even as absolute earnings rose. The company’s release does not explain the margin change in detail.
Production and order book
Cell production in the quarter was 255 MW, at a capacity utilisation of 91%. Module production was 88 MW, at a utilisation of 68%. The outstanding order book stood at ₹1,280 crore as of 30 September 2026. Websol describes its Falta Special Economic Zone facility in West Bengal as having a current solar cell capacity of 1,200 MW and module capacity of 550 MW, designed to process wafers up to 210 mm.
The company says it supplies solar cells primarily within India, supporting module makers in meeting Domestic Content Requirement norms, while its modules are sold in India and internationally.
Balance sheet and land for expansion
Websol repaid its outstanding term loan from the Indian Renewable Energy Development Agency (IREDA) during the quarter, which the company describes as strengthening its balance sheet. It also secured a 54.20-acre land allotment from the Government of West Bengal at Falta Industrial Park for a greenfield solar cell manufacturing facility.
The planned complex will add 4 GW of cell capacity, executed in two equal phases of 2 GW each. It will sit near the company’s existing Falta SEZ operations. The release does not give the investment amount, funding plan or commissioning dates for this project.
Management commentary
Managing Director Sohan Lal Agarwal said the quarter had been one the company was proud of, noting that revenue had more than doubled from the same period last year, that cell lines ran at 91% utilisation, that the IREDA loan had been repaid and that the Falta land allotment had been received. He said the TOPCon upgrade is progressing, with trial runs targeted by the end of FY27.
He added that Websol is evolving from a solar cell manufacturer into an integrated solar energy solutions provider. The Board has approved entry into EPC, solar independent power producer (IPP) business, including solar parks, and energy trading.
What it means for India’s clean-energy sector
Websol’s quarter shows growth in a manufacturer that sells cells mainly in India, where module makers need them to meet domestic content rules. The company is planning a large step up from its current 1,200 MW of cell capacity with the 4 GW Falta project, and is moving beyond manufacturing into project development and trading. The TOPCon trial runs due by the end of FY27 will show how it keeps pace as the industry moves to newer cell technology. The release does not give details of the new businesses’ size or timing.
Official references
- Websol Energy System Limited, Press Release and Investor Presentation on Q2 FY27 results, filed with BSE (517498) and NSE (WEBELSOLAR), 4 November 2026 – bseindia.com
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