Websol Energy System Ltd

- For the Andhra Pradesh Phase-3 project (cost approx. Rs. 1,600-1,700 crores), the Company plans a 70:30 debt-equity mix. - Debt: Discussions are advanced with financial institutions for Rs. 1,100-1,200 crores; financial closure expected by March-April. - Equity: Around Rs. 500 crores will be funded through internal accruals; no current plans for market equity raising. - No plans for QIP or preferential fundraise currently; warrant conversions at promoter level will complete by Feb-March. - For Phase-4, the Company expects to fund mostly from accruals with minimal debt; no equity fundraising planned yet. - Additional loans for expansion in the wholly owned subsidiary are expected without share pledge, and efforts are on to release current pledged shares related to IREDA loans.

- Websol Energy System is undertaking a significant capex for Phase-3: an integrated 2 GW Topcon cell and module manufacturing facility in Andhra Pradesh, estimated at Rs. 1,600-1,700 crores. - Funding for Phase-3 is targeted at a 70:30 debt-equity mix, with Rs. 1,100-1,200 crores expected from financial institutions and banks; equity portion (~Rs. 500 crores) to be funded via internal accruals. - No immediate plans for raising equity externally, apart from promoter warrant conversions completing by Feb-Mar 2026. - Phase-4 capex is expected to be funded mainly through accruals and minimal debt, post successful Phase-3 operations. - The company is expanding capacity with a new 600 MW line (Line-2) commissioned in Sept 2025 and ramping towards ~90% utilization. - Technology partnerships (e.g., with Linton) and movement towards higher efficiency processes like G12R cells planned mid-next year. - Focused on deepening integration across the value chain and reducing cost through supply chain and process optimizations.

- The company maintains a positive growth outlook driven by ongoing capacity ramp-up and improved utilization of its module line. - Management is confident about healthy demand, especially from government schemes like PM KUSUM and PM Surya Ghar. - Current order book stands strong at approx. Rs. 1,150 crores, indicating sustained sales visibility for about one year. - Line-2 utilization is expected to ramp up to 90%, and module line utilization targeted at 75% in the current quarter. - Revenue projections are dynamic due to fluctuating cell/module prices, hence no specific guidance is provided. - The company anticipates margins to remain stable over the next 2-3 years due to gradual capacity ramp-ups and operational efficiencies. - Expansion plans, including backward integration into wafer and ingot production, aim to support future growth. - Exploration of technology advancements (Topcon, Back-Contact, Perovskites) and cost-reduction initiatives (silver consumption) underpin long-term volume growth.

- The company anticipates sustained margins at current levels for the next 2-3 years, with minor variations of 3-4%. - Revenue growth is expected due to ramp-up of new cell lines and increasing utilization of module lines, though exact topline or PAT guidance is not provided. - Management is confident of maintaining or marginally increasing profitability despite industry maturing and capacity expansions by other players. - Future capex (Phase-3) funding planned with a 70:30 debt-equity mix; equity portion expected to be funded through internal accruals without new market equity raise. - The company foresees a positive growth outlook supported by strong order book (~Rs. 1,150 Cr) and ongoing capacity ramp-ups. - Improvements in operational efficiency and supply chain management (e.g., silver consumption reduction) expected to support margins. - Overall, management projects moderate but steady earnings growth aligned with capacity expansion and market opportunities.

- As of December 31, 2025, Websol Energy System Limited's order book stands at approximately Rs. 1,150 crores. - The order book includes firm purchase orders received till that date. - There are repeat orders not included in this figure and ongoing negotiations that may add to the order book. - The order book provides visibility of around one year. - The company expects headroom to take on more orders with the ramp-up of the new cell line and increased module line utilization. - No export orders are currently part of the order book; focus remains on the domestic DCR (Domestic Content Requirement) market. - Despite some inventory build-up due to temporary liquidity constraints at customer end, orders are deferred, not canceled. The company is optimistic about normalizing offtake.