Websol Energy System Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Websol Energy System Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Websol Energy System reported Q1 FY27 revenue of INR373 crores, up 70% year-on-year, with EBITDA of INR126 crores and profit after tax of INR78 crores, higher by 21% and 16% respectively. Cell production rose to 259 megawatt at 92% utilization and module production more than doubled to 103 megawatt at 81% utilization, while EBITDA margin declined to 34% from 47% due to a higher share of module sales. Management also disclosed repayment of the entire INR110 crores IREDA term loan from internal accruals on 4th August, the initiation of a TOPCon upgrade on one cell line, and a shift of the planned Phase 3 expansion location from Andhra Pradesh to West Bengal.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR373 crores (Q1 FY27)
p. 3
“We reported revenue from operations of INR373 crores for the quarter, 70% higher than the same quarter last year.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR126 crores (Q1 FY27)
p. 3
“EBITDA was INR126 crores, and profit after tax was INR78 crores, higher by 21% and 16%, respectively.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
EBITDA margin: 34% (Q1 FY27)
p. 3
“EBITDA margin for the quarter was 34% against 47% in Q1 last year.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
Cell production: 259 megawatt (Q1 FY27)
p. 3
“Our cell production increased from 126 megawatt in Q1 last year to 259 megawatt this quarter, with cell utilization at 92%.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
Module production: 103 megawatt (Q1 FY27)
p. 3
“Module production more than doubled from 50 megawatt to 103 megawatt, and module utilization moved from 39% to 81%.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
IREDA term loan repayment: INR110 crores
p. 3
“On 4th August, we repaid the entire INR110 crores outstanding on our IREDA term loan from internal accruals.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
PAT margin: 21% (Q1 FY27)
p. 4
“Profit after tax was INR78 crores as against INR67 crores, higher by 16%, translating into a PAT margin of 21%.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Order book: INR1,278 crores (as on 30th June 2026)
p. 5
“On the order book, we closed the quarter with a confirmed order book of INR1,278 crores as on 30th June 2026, against INR1,161 crores at the end of March 2026.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
TOPCon upgrade capex: approximately INR270 crores
p. 5
“The project entails an estimated capital expenditure of approximately INR270 crores.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
Cell realization: INR0.125 per watt peak (Q1 FY27)
p. 10
“So, I think the Q1 realization is hovering around INR0.125 per watt peak for solar cells and it is around INR20.50 for solar modules.”
Amrit Daga, page 10 of the filed PDF · View the filing
Cell production sold externally: 153 megawatts (Q1 FY27)
p. 19
“So, we have sold roughly 153 megawatts to external customers.”
Amrit Daga, page 19 of the filed PDF · View the filing
Inventory increase: 7% (Q1 FY27 vs Q4 FY26)
p. 9
“So, sir, the overall inventory has increased by roughly 7% if we compare the Q4 inventory versus Q1.”
Amrit Daga, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
TOPCon upgrade completion — 750 megawatt of TOPCon capacity, total cell capacity 1.3 gigawatt · March 2027
stated firmly by Sohan Lal Agarwal
p. 4
“We expect the upgrade to be completed by March 2027.”
Sohan Lal Agarwal, page 4 of the filed PDF · View the filing
Cell efficiency post-TOPCon upgrade — around 25%
stated firmly by Sanjana Khaitan
p. 5
“Upon completion, the upgraded facility is expected to achieve cell efficiency of around 25%.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
Utilization run-rate — close to full run-rate utilization · remainder of FY27
stated conditionally by Sanjana Khaitan
p. 5
“As we move through the year, we expect to operate close to full run-rate utilization across our lines, other than any downtime associated with the TOPCon upgrade.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
Silver consumption reduction target — further 10% reduction
stated as an aspiration by Sanjana Khaitan
p. 5
“and have set our cells a further 10% reduction target.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
4-gigawatt cell expansion — 4-gigawatt capacity in two phases of 2 gigawatts each
stated firmly by Amrit Daga
p. 15
“So, we are doing a 4-gigawatt expansion in two phases.”
Amrit Daga, page 15 of the filed PDF · View the filing
Land approval for West Bengal Phase 3 — land approval · this quarter, hopefully this month
stated conditionally by Sanjana Khaitan
p. 12
“So, with respect to land approvals are expected definitely this quarter only, hopefully this month.”
Sanjana Khaitan, page 12 of the filed PDF · View the filing
Construction start for Phase 3 — construction start · September
stated conditionally by Sanjana Khaitan
p. 13
“So, accordingly, construction is expected to start in September, sometime mid.”
Sanjana Khaitan, page 13 of the filed PDF · View the filing
Cell margin sustainability — current margin levels · a year or two
stated conditionally by Sanjana Khaitan
p. 11
“but as of now, it seems that the margins we are holding for this quarter, we should be able to hold it for a year or two.”
Sanjana Khaitan, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the capex plan, project cost and timeline remain unchanged, with West Bengal offering synergies in manpower and supply chain.
Answered by Sanjana Khaitan
Asked by Amit Mishra: Why has the Phase 3 expansion location shifted from Andhra Pradesh to West Bengal, and what does this mean for timelines and capex?
p. 6
“There is no change in our capex plans. Whatever capacity we have announced is what we are confident of executing.”
Sanjana Khaitan, page 6 of the filed PDF · View the filing
Management acknowledged limited institutional exposure and said they are increasing investor engagement.
Answered by Sanjana Khaitan
Asked by Amit Mishra: Why does the company trade at a discount to peers despite strong operational performance?
p. 7
“With respect to valuation, definitely our institutional exposure has been limited.”
Sanjana Khaitan, page 7 of the filed PDF · View the filing
Management said 92% is a comfortable level to hold for cells, and 81% for modules is close to full effective utilization.
Answered by Sanjana Khaitan
Asked by Sushil Choksy: Will the company sustain 92% cell utilization and 81% module utilization for the year?
p. 8
“However, otherwise, 92% is what we propose to keep holding for the time being.”
Sanjana Khaitan, page 8 of the filed PDF · View the filing
Management attributed the decline to a softer realization in the prior quarter and higher inventory carried due to timing of sales with clients.
Answered by Sanjana Khaitan
Asked by Ankush Agrawal: Why did revenue decline 7-8% and EBITDA decline 14% sequentially despite higher utilization?
p. 10
“The realization also has decreased in the last quarter like we discussed previously.”
Sanjana Khaitan, page 10 of the filed PDF · View the filing
Management said cell margins may see some decline but not aggressively, and current levels should hold for a year or two.
Answered by Sanjana Khaitan
Asked by Rahul Hemani: Will margin pressure continue over the next two years as previously indicated?
p. 11
“Definitely, in case of cell also there is expectation of some amount of fall in margin, but definitely it wouldn't be a very aggressive fall”
Sanjana Khaitan, page 11 of the filed PDF · View the filing
Management cited softening cell prices in the prior quarter and rising BOM costs, particularly silver, as pressuring margins.
Answered by Sohan Lal Agarwal
Asked by Rajender Passi: What explains the quarter-on-quarter decline in EBITDA margin given a higher cell mix this quarter?
p. 14
“So, you are correct that the one of the reason was the mix of the cell and modules. But apart from the solar cell and module, there were some softening in the price of solar cells during the previous first quarter, and also there were some increase in the BOM cost, particularly silver.”
Sohan Lal Agarwal, page 14 of the filed PDF · View the filing
Management said the increase is partly cyclical and tied to timing of customer deliveries and monsoon-related slowdowns in installation.
Answered by Management
Asked by Sagar Gokani: Why is inventory continuing to rise despite a large order book?
p. 17
“So, sometime it's also cyclical. There can be some delays on account of customer who are taking the delivery.”
Management, page 17 of the filed PDF · View the filing
Management said the mix is difficult to predict and depends on relative realization between cell and module.
Answered by Sanjana Khaitan
Asked by Krupal Rathod: Does the shift in order book mix toward more cell share indicate stronger cell demand?
p. 19
“It's difficult to comment how the mix would evolve, right? Because this is a factor of realization on account of cell and module front.”
Sanjana Khaitan, page 19 of the filed PDF · View the filing
Risks flagged
Change in sales mix toward lower-margin modules compressing percentage EBITDA margin
p. 3
“The principal reason is the change in our sales mix. We sold substantially more modules during the quarter, and module margins are lower than cell margins.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
Rising input cost of silver used in BOM pressuring margins
p. 14
“and also there were some increase in the BOM cost, particularly silver.”
Sohan Lal Agarwal, page 14 of the filed PDF · View the filing
Monsoon seasonality slowing installations and off-take, leading to inventory build-up
p. 18
“But you can't stop the production, you continue it, because the moment the monsoon will be over, the demand will start rising.”
Sohan Lal Agarwal, page 18 of the filed PDF · View the filing
Deferral of ALMM mandate implementation reflecting insufficient domestic cell capacity
p. 18
“So, basically, definitely the ALMM mandate got postponed from June to December, which is an indication of the fact that the solar cell capacity still remains much lower than the module capacity, because of which they had to move this deadline.”
Sanjana Khaitan, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.