Websol Energy System Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Websol Energy System Ltd filed with BSE on 06 May 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 reported full-year FY26 revenue of Rs 1,049 crore, up nearly 82%, with EBITDA of Rs 429 crore and PAT of Rs 303 crore. Management said cell capacity was doubled to nearly 1.2 GW during the year following commissioning of cell line 2, and the company turned net cash surplus with debt to equity falling from 0.55x to 0.19x. Management also discussed an ongoing upgrade of one Mono PERC cell line to TOPCon technology and outlined plans for a phased 4 GW integrated cell and module facility, including a planned Andhra Pradesh expansion.
Numbers mentioned
Revenue: INR 1,049 crores (FY26)
p. 4
“Starting with the full year, revenue from operations stood at INR 1,049 crores a growth of nearly 82% over last year.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
EBITDA: INR 429 crores (FY26)
p. 4
“EBITDA came in at INR 429 crores a growth of around 70% with an EBITDA margin of 41%.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
PAT: INR 303 crores (FY26)
p. 4
“PAT was INR 303 crores, 96% higher than last year, translating to a PAT margin of 28.6%.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Revenue: INR 401 crores (Q4FY26)
p. 4
“For Q4FY26, revenue was INR 401 crores, EBITDA stood at INR 146 crores and PAT was INR 125 crores.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Cash from operations: INR 255 crores (FY26)
p. 4
“during the year we generated INR 255 crores of cash from operations, which is roughly 84% of our PAT.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Net worth: INR 631 crores (FY26)
p. 4
“Net worth has more than doubled from INR 278 crores to INR 631 crores.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Debt to equity: 0.19 times (FY26)
p. 4
“Debt to equity has come down from 0.55 times to 0.19 times.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
ROCE: 66% (FY26)
p. 4
“Our return ratios have also strengthened meaningfully with ROCE at 66% and ROE at 67%.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Order book: INR 1,161 crores (Q4FY26 exit)
p. 4
“we closed Q4FY26 with a confirmed order book of INR 1,161 crores with cells contributing around 40% and modules contributing 60%.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Cell utilization: 90% (Q4FY26)
p. 4
“For Q4 as a whole, our combined cell capacity utilization stood at 90%.”
Sanjana Khaitan, page 4 of the filed PDF · View the filing
Cell realization: 13 to 13.5 cents per watt (current)
p. 7
“the cell realization is around 13 to 13.5 cents per watt and the module realization is around 22 to 22.5 cents per watt peak.”
Amrit Daga, page 7 of the filed PDF · View the filing
IREDA outstanding net debt: approximately INR 92 crores (as of March 31, 2026)
p. 5
“the outstanding net debt under the IREDA facility is at approximately INR 92 crores”
Sanjana Khaitan, page 5 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 line commercial production — commercial start · February 2027
stated firmly by Sanjana Khaitan
p. 5
“We have already started on this project and it seems that by February 2027, which is less than one year from today, we will be able to upgrade the line and start commercial production.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
Andhra Pradesh facility — operational · June 2027
stated as an aspiration by Sanjana Khaitan
p. 10
“I think June 2027 is what we are targeting.”
Sanjana Khaitan, page 10 of the filed PDF · View the filing
TOPCon upgrade capex — INR 250 to INR 270 crores
stated firmly by Amrit Daga
p. 6
“We are expecting as of now that it will cost around INR 250 to INR 270 crores for this upgrade.”
Amrit Daga, page 6 of the filed PDF · View the filing
Cell margin — healthy with some variability · next 2 to 3 years
stated conditionally by Sanjana Khaitan
p. 7
“over the next 2 years, 3 years, we expect cell margins to remain healthy.”
Sanjana Khaitan, page 7 of the filed PDF · View the filing
Cell and module capacity utilization — over 90%
stated as an aspiration by Sanjana Khaitan
p. 12
“the target would remain the same that we have to go over 90%.”
Sanjana Khaitan, page 12 of the filed PDF · View the filing
Ingot and wafer facility — commissioning · June 2028
stated conditionally by Sreeram Vasanthi
p. 14
“The target is that by the deadline of June 2028 ALMM-III, we will be completely ready.”
Sreeram Vasanthi, page 14 of the filed PDF · View the filing
Cell efficiency on upgraded TOPCon line — more than 24.5%
stated as an aspiration by Sohan Lal Agarwal
p. 3
“We are targeting cell efficiency of more than 24.5% on this upgraded line.”
Sohan Lal Agarwal, page 3 of the filed PDF · View the filing
Phase 3 capex (2 GW)
stated firmly by Sanjana Khaitan
p. 6
“our capex commitment and growth roadmap is definitely on track.”
Sanjana Khaitan, page 6 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 it is in advanced discussions with IREDA and expects resolution within one to two months
Answered by Sanjana Khaitan
Asked by Amit Mishra: Timeline for repayment of IREDA loan and release of pledged promoter shares
p. 5
“we are on track to complete the repayment and get the requisite shares released. So, hopefully in the next month or two, we should be able to get this job done.”
Sanjana Khaitan, page 5 of the filed PDF · View the filing
Management estimated capex of INR 250-270 crore with roughly half a month of production disruption
Answered by Amrit Daga
Asked by Naman Jain: Cost and production impact of the TOPCon upgrade
p. 6
“we estimate that roughly half a month there could be some issues with the production as we integrate these lines to TOPCon.”
Amrit Daga, page 6 of the filed PDF · View the filing
Management said cell and module realizations have softened slightly despite rising silver prices
Answered by Amrit Daga
Asked by Naman Jain: Pricing trends for DCR cells and modules
p. 7
“the cell realization is around 13 to 13.5 cents per watt and the module realization is around 22 to 22.5 cents per watt peak. So, there has been some softening in the price.”
Amrit Daga, page 7 of the filed PDF · View the filing
Management attributed the decline to a higher share of lower-margin module sales and increased silver costs
Answered by Sanjana Khaitan
Asked by Abhi Sehgal: Why has EBITDA margin declined quarter over quarter
p. 8
“Module margins are structurally lower than cell margins and definitely as in Q4 we've reported our highest ever module sales, the overall EBITDA has been impacted because of that.”
Sanjana Khaitan, page 8 of the filed PDF · View the filing
Management said deferred orders were executed in Q4 and new orders were secured
Answered by Sanjana Khaitan
Asked by Maitri: Has the earlier inventory build-up and customer liquidity stress eased
p. 8
“there was some delay in off-take last quarter which as we mentioned was an industry-wide phenomenon driven by temporary liquidity stress at the customer end rather than order cancellation.”
Sanjana Khaitan, page 8 of the filed PDF · View the filing
Management said back-contact technology is still immature and will take years to mature, so TOPCon will continue for now
Answered by Sreeram Vasanthi
Asked by Ashish Khurana: Risk of demand shifting from TOPCon to back-contact technology
p. 10
“Back contact is not really that mature a technology. It will take time, it will take at least 2 years' time for that to come fully into the market.”
Sreeram Vasanthi, page 10 of the filed PDF · View the filing
Management said useful life was reduced for new TOPCon equipment to 8 years and Mono PERC maintained at 3 years
Answered by Sanjana Khaitan
Asked by Ashish Khurana: Useful life assumptions for cell and module equipment
p. 11
“we've already reduced the useful life for the new equipment which is the TOPCon to 8 years and for the Mono PERC we are maintaining it at 3 years.”
Sanjana Khaitan, page 11 of the filed PDF · View the filing
Management said margin outlook is difficult to predict that far out but expects some variability with underlying support
Answered by Sanjana Khaitan
Asked by Hriday Choksey: Can EBITDA margins be sustained over the next 3-4 years given supply-demand dynamics
p. 17
“3-4 years is a very long period of time for an industry like ours where pricing and dynamics keep evolving. So, it's difficult to give a time horizon with respect to what the margin variability would look like.”
Sanjana Khaitan, page 17 of the filed PDF · View the filing
Management attributed the increase to capacity expansion, higher inventory intensity of module operations, and higher business volumes, noting receivables are backed by letters of credit
Answered by Amrit Daga
Asked by Hardik Jain: Are rising debtors and inventory a sign of customer liquidity issues
p. 20
“the increase in the working capital is largely driven by the inventory and the receivables.”
Amrit Daga, page 20 of the filed PDF · View the filing
Management said there has been no change in plans and it continues to work toward the June 2027 timeline
Answered by Sanjana Khaitan
Asked by Ankush Agrawal: What changed in commentary around sequencing of the next capex phase
p. 22
“I don't think there has been any change. Definitely we are going to expand and scale up as committed, but we do not have any additional update to give at this moment”
Sanjana Khaitan, page 22 of the filed PDF · View the filing
Risks flagged
Softening cell and module prices despite rising input costs
p. 7
“there has been some softening in the price.”
Amrit Daga, page 7 of the filed PDF · View the filing
Silver price increases compressing cell-level margins
p. 7
“recently we have seen how silver price increase has hit margins and obviously some softening has come on account of the final sale price also.”
Sanjana Khaitan, page 7 of the filed PDF · View the filing
Difficulty predicting future margin sustainability given dynamic market
p. 10
“it's a very dynamic market. It's very difficult to predict how the margins will sustain in the future.”
Amrit Daga, page 10 of the filed PDF · View the filing
Uncertainty around SEZ policy notification affecting DTA market sales
p. 13
“The budget says that the SEZ units will be allowed to sell in the DTA market. But on what conditions has not yet been clarified.”
Sohan Lal Agarwal, page 13 of the filed PDF · View the filing
Temporary liquidity stress at customer end causing delayed off-take
p. 8
“there was some delay in off-take last quarter which as we mentioned was an industry-wide phenomenon driven by temporary liquidity stress at the customer end rather than order cancellation.”
Sanjana Khaitan, page 8 of the filed PDF · View the filing
Technology transition risk from TOPCon to future back-contact technology
p. 10
“we understand there are a lot of challenges that they are facing.”
Sreeram Vasanthi, page 10 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.