Websol Energy System Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,905 Cr
- P/E
- 9.24
- ROE
- 66.94%
- PEG
- 0.06
- Price to sales
- 2.41
- Debt to equity
- 0.21
- 52W high / low
- ₹1,353 / ₹51.9
- Sales growth (5Y)
- 44.69%
- EBITDA margin
- 37.45%
- Net profit margin
- 31.22%
- Promoter holding
- 29.72%
- Sales (last year)
- ₹1,203 Cr
Websol Energy System Limited is engaged in the business of manufacturing photovoltaic crystalline solar cells and related modules in India. [1]
Guidance scorecard · Q1 FY27 call
What Websol Energy System Ltd's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ1 FY27 call
20–40%- Websol is undertaking a 4-gigawatt capacity expansion in two phases (2 GW each) for cells and modules, indicating significant volume growth potential.
- The upgrade of an existing 600 MW Mono PERC line to 750 MW TOPCon is expected to be completed by March 2027, enhancing efficiency and revenue.
- TOPCon technology offers higher watt peak per cell and better realizations, contributing to incremental revenue.
- Management expresses confidence in selling all production with firm purchase orders and good order pipeline visibility.
- Despite some quarter-on-quarter cyclicality, the company expects to maintain current EBITDA margins due to strong utilization.
2 more points from Websol Energy System Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Websol Energy System Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Websol is undertaking a 4-gigawatt expansion in two phases (2 GW each) for cell and module capacity.
- The expansion location has shifted from Andhra Pradesh to West Bengal to leverage better synergies, infrastructure, skilled manpower, and operational resources.
- Land in West Bengal has been shortlisted, with land approval expected within the current quarter.
- Project timelines, capex estimates, and funding strategy remain unchanged despite the location shift.
- Machinery lead time is 4-6 months; equipment finalization is complete, and advances for equipment will be released per project schedule.
- Upgrade of an existing 750 MW mono PERC cell line to TOPCon technology is expected to complete by March 2027.
2 more points from Websol Energy System Ltd's call on capex
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FundraisingQ1 FY27 call
See what Websol Energy System Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- As of Q1 FY27, the order book stands at approximately INR 1,200 crores.
- The company focuses on firm purchase orders only, mainly for the DCR market, with regular repeat business from customers.
- Management does not target higher order book values but emphasizes production and supply to existing customers.
- There is strong order visibility for the capacity being produced, with sufficient orders in the pipeline to absorb production.
- The mix of orders is dynamic and depends on realization rates for cells and modules; the company converts own cell production into modules for captive use.
2 more points from Websol Energy System Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingWebsol Energy System Ltd announcements
All announcements →- Dividend / buyback / bonusNotableWebsol Energy System Ltd reports FY26 record revenue and debt-free status
Financials of Websol Energy System Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Websol Energy System Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 0 | 0 | 0 | 1 | 25 | 112 | 144 | 147 | 173 | 219 | 168 | 261 | 401 |
| Expenses + | 2 | 2 | 1 | 3 | 28 | 68 | 81 | 80 | 95 | 115 | 96 | 155 | 255 |
| Operating Profit | -1 | -1 | -1 | -2 | -3 | 44 | 63 | 68 | 78 | 103 | 72 | 106 | 146 |
| OPM % | -1,327% | -750% | -277% | -429% | -13% | 39% | 44% | 46% | 45% | 47% | 43% | 41% | 36% |
| Other Income + | 1 | 0 | 0 | -101 | -4 | 0 | 0 | 0 | 1 | 2 | 3 | -3 | 6 |
| Interest | 1 | 1 | 1 | 0 | 5 | 5 | 6 | 5 | 4 | 4 | 5 | 4 | 4 |
| Depreciation | 4 | 4 | 4 | 4 | 24 | 8 | 9 | 15 | 10 | 11 | 11 | 16 | 24 |
| Profit before tax | -5 | -6 | -5 | -107 | -36 | 32 | 49 | 48 | 66 | 91 | 60 | 84 | 125 |
| Tax % | 6% | -12% | -25% | -49% | 62% | 28% | 14% | 14% | 27% | 26% | 23% | 23% | 0% |
| Net Profit + | -5 | -5 | -4 | -55 | -59 | 23 | 42 | 42 | 48 | 67 | 46 | 65 | 124 |
| EPS in Rs | -0.14 | -0.13 | -0.10 | -1.29 | -1.39 | 0.54 | 0.99 | 0.98 | 1.14 | 1.59 | 1.10 | 1.54 | 2.87 |
Financials of Websol Energy System Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 356 | 280 | 296 | 183 | 69 | 196 | 154 | 213 | 17 | 26 | 575 | 1,049 |
| Expenses + | 351 | 271 | 267 | 167 | 93 | 193 | 120 | 187 | 30 | 27 | 322 | 621 |
| Operating Profit | 5 | 9 | 29 | 17 | -25 | 3 | 34 | 26 | -13 | -1 | 253 | 429 |
| OPM % | 1% | 3% | 10% | 9% | -36% | 1% | 22% | 12% | -74% | -5% | 44% | 41% |
| Other Income + | -39 | -1 | 70 | 11 | 17 | 4 | 60 | 6 | 1 | -110 | 2 | 9 |
| Interest | 2 | 1 | 5 | 9 | 6 | 6 | 9 | 3 | 4 | 5 | 20 | 16 |
| Depreciation | 16 | 15 | 15 | 14 | 15 | 15 | 15 | 15 | 15 | 36 | 41 | 62 |
| Profit before tax | -52 | -9 | 79 | 5 | -29 | -15 | 69 | 14 | -32 | -153 | 194 | 359 |
| Tax % | 1% | 14% | 0% | 0% | 0% | -127% | 29% | 30% | -25% | -21% | 20% | 16% |
| Net Profit + | -52 | -10 | 79 | 5 | -29 | 4 | 49 | 10 | -24 | -121 | 155 | 303 |
| EPS in Rs | -2.38 | -0.45 | 3.58 | 0.18 | -1.00 | 0.13 | 1.59 | 0.26 | -0.61 | -2.87 | 3.67 | 6.98 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 4% |
Financials of Websol Energy System Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 27 | 29 | 31 | 31 | 37 | 39 | 42 | 42 | 43 |
| Reserves | -217 | -227 | 36 | 74 | 95 | 94 | 143 | 155 | 152 | 66 | 236 | 587 |
| Borrowings + | 382 | 352 | 84 | 81 | 76 | 78 | 35 | 36 | 28 | 184 | 153 | 131 |
| Other Liabilities + | 400 | 306 | 175 | 187 | 152 | 109 | 75 | 58 | 48 | 61 | 83 | 169 |
| Total Liabilities | 587 | 453 | 317 | 369 | 352 | 311 | 284 | 286 | 267 | 353 | 514 | 930 |
| Fixed Assets + | 280 | 266 | 283 | 304 | 287 | 254 | 239 | 225 | 210 | 270 | 285 | 459 |
| CWIP | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 6 | 30 | 17 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 52 |
| Other Assets + | 307 | 187 | 34 | 65 | 64 | 56 | 45 | 61 | 51 | 53 | 208 | 419 |
| Total Assets | 587 | 453 | 317 | 369 | 352 | 311 | 284 | 286 | 267 | 353 | 514 | 930 |
Financials of Websol Energy System Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -13 | 30 | 142 | 10 | 5 | 1 | 36 | -3 | -8 | 35 | 167 | 255 |
| Cash from Investing Activity + | -4 | -0 | 28 | -1 | 6 | 13 | -0 | -1 | -6 | -223 | -86 | -233 |
| Cash from Financing Activity + | 15 | -30 | -168 | -12 | -11 | -14 | -35 | 6 | 10 | 189 | -35 | -3 |
| Net Cash Flow | -1 | -1 | 2 | -3 | 0 | 0 | 1 | 2 | -4 | 1 | 47 | 18 |
| Free Cash Flow | -14 | 30 | 164 | 4 | 6 | 12 | 36 | -4 | -14 | -189 | 86 | 75 |
| CFO/OP | -235% | 357% | 497% | 81% | -23% | 1% | 107% | -11% | 65% | -2,645% | 67% | 66% |
Financials of Websol Energy System Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 162 | 94 | 2 | 42 | 51 | 33 | 47 | 46 | 37 | 11 | 3 | 32 |
| Inventory Days | 61 | 33 | 7 | 51 | 216 | 29 | 70 | 56 | 544 | 525 | 70 | 142 |
| Days Payable | 283 | 250 | 64 | 172 | 517 | 134 | 157 | 58 | 878 | 1,334 | 66 | 63 |
| Cash Conversion Cycle | -60 | -124 | -55 | -79 | -249 | -72 | -40 | 45 | -298 | -798 | 7 | 111 |
| Working Capital Days | -363 | -353 | -183 | -98 | -397 | -102 | -77 | -16 | -853 | -709 | -5 | 69 |
| ROCE % | -5% | -3% | 62% | 8% | -12% | -1% | 11% | 7% | -11% | -14% | 59% | 63% |
Guidance history
How Websol Energy System Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Down 0–2% | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
4 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −45.2% | 7% |
| Last 6 months | −25.3% | 12% |
| Last 3 months | −34.6% | 2% |
The price is 61.1% below its all-time high of ₹175.6 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 8 became 4.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Websol Energy System Ltd: 0.4 × 7 + 0.4 × 12 + 0.2 × 2 = 8, halved to 4 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Websol Energy System Ltd's management said in earlier quarters
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