Websol Energy System Reports Q4 FY26 Revenue Growth of 132.1% and PAT Increase of 157.9%

Websol Energy System reported revenue of ₹401.45 crore for the fourth quarter ending March 31, 2026, representing a year-on-year (YoY) increase of 132.1% from the ₹173 crore recorded in the corresponding period of the previous fiscal year. Profit after tax (PAT) for the quarter was ₹124.50 crore, a 157.9% increase over the ₹48 crore reported in Q4 FY25.

Comparative Financial Breakdown (FY26 vs. FY25)

For the full fiscal year ending March 31, 2026, the company recorded total revenue of ₹1,049 crore, compared to ₹575 crore in FY25. While absolute profitability grew, the EBITDA margin experienced a 310 basis point contraction, decreasing to 40.8% in FY26 from 43.9% in the previous year. This margin compression occurred alongside a significant expansion in the company’s revenue base.

Earnings Per Share (EPS)

• Full Year FY2025-26 EPS: ₹7.0
• Fourth Quarter (Q4) EPS: ₹2.8

Operational Status and Capacity Expansion

Websol Energy System conducts its manufacturing activities at its facility in Falta, West Bengal. During the fiscal year, the company ramped up Cell Line-2, maintaining cell capacity utilization above 90%. Module line utilization for the same period was recorded at 74%. These utilization levels provided the internal accruals necessary to fund ongoing technological transitions.

The company is currently upgrading an existing Mono PERC cell line to TOPCon technology. Upon completion of this upgrade, total cell capacity is projected to reach 1.35 GW. This shift toward higher-efficiency TOPCon technology is intended to meet evolving market specifications in the domestic solar sector.

Order Book and Balance Sheet Position

The company reported a total order book value of ₹1,161 crore as of March 31, 2026. This forward contract value provides visibility for manufacturing activities entering the new fiscal year.

Websol transitioned to a net cash surplus position by the end of the reporting period. The company recorded total debt of ₹118 crore against cash and cash equivalents of ₹152 crore, resulting in a net cash position of ₹34 crore. This liquidity position supports the company’s capacity expansion and working capital requirements.

Regulatory Compliance and ALMM Enlistment

Websol Energy System maintains enlistment in the Approved List of Models and Manufacturers (ALMM) List-II, managed by the Ministry of New and Renewable Energy (MNRE). In the sixth revision of the list issued in April 2026, the company is listed with a total approved manufacturing capacity of 1,202 MW per year.

This approval covers the production of Mono Crystalline PERC bifacial P-type cells. According to regulatory data, these cells have a recorded average efficiency of 23.55%.

Management Commentary

Managing Director Sohan Lal Agarwal attributed the fiscal year results to the commissioning of Cell Line-2 and the consistent management of working capital and cost discipline. He noted that the ongoing upgrade of the Mono PERC line to TOPCon technology serves as a milestone for the company’s manufacturing roadmap.

Regarding the company’s long-term objectives, Agarwal stated that Websol is moving toward the goal of establishing “an integrated 2 GW cell and module facility.” The management’s focus remains on optimizing expanded capacity and pursuing backward integration to improve operating efficiency.