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Websol Energy Q1FY27 Revenue up 70% YoY at Rs 373 crore; Company Prepays Entire IREDA Term Loan

Posted On : 2026-08-10 23:26:45( TIMEZONE : IST )

Websol Energy System Limited, ("Websol" or the "Company") (BSE: 517498; NSE: WEBELSOLAR), one of the leading manufacturers of high-efficiency solar cells and solar modules in India, announced its unaudited financial results for the quarter ended 30th June 2026.

The Company reported revenue from operations of Rs 372.60 crore for Q1FY27, as against Rs 218.75 crore in Q1FY26, a growth of 70%. EBITDA for the quarter stood at Rs 125.58 crore compared with Rs 103.48 crore, an increase of 21%, and PAT was Rs 77.79 crore against Rs 67.18 crore, a rise of 16%. EBITDA margin for the quarter was 34%.

Module production increased to 103 MW in Q1FY27 from 50 MW a year earlier, taking module capacity utilisation to 81% from 39%. Similarly, cell production has increased to 259 MW in Q1 FY27 from 126 MW a year earlier. The Company views the higher module offtake as evidence that both lines are now operating close to their intended run-rate.

Business Highlights for Q1FY27

- Cell production for the quarter was 259 MW, with cell capacity utilisation sustained at 92%

- Module production was 103 MW, with module capacity utilisation at 81%, against 39% in Q1FY26

- The order book stood at Rs 1,278 crore as on 30 June 2026

Debt Prepayment and Release of Promoter Pledge

On 4th August, 2026, the Company prepaid its entire outstanding term loan of Rs. 110 crore from the Indian Renewable Energy Development Agency Limited ("IREDA") through internal accruals, without raising fresh capital and without deferring any part of its ongoing growth plans. Following the repayment, all collateral securities provided against the facility, including the shares pledged by the promoters is expected to be released. The pledged portion of the promoter shareholding subsequently reduced from 80% to 16%.

Current 750 MW TOPCon Project

The Company has initiated the upgradation of one of its existing Mono PERC solar cell manufacturing lines to TOPCon technology. Upon completion, the Company's total TOPCon cell capacity will increase to 750 MW, while the overall solar cell manufacturing capacity will increase from 1,200 MW to 1,350 MW. With this upgrade, TOPCon technology will account for approximately 55% of the Company's total cell manufacturing capacity, further strengthening its product mix and positioning the Company to cater to the growing demand for high-efficiency solar cells.

The upgradation is expected to be completed by March 2027 and will establish a strong technology and manufacturing platform for the Company's planned expansion to 4 GW of solar cell manufacturing capacity, to be implemented in two phases.

Commenting on the performance, Mr. Sohan Lal Agarwal, Managing Director, said: "Q1 has started FY27 on the footing we wanted. Revenue is up 70% over the same quarter last year and both our lines are running close to the levels we had planned for, with cell utilisation at 92% and module utilisation at 81%. Margins are lower than a year ago, and the reason is we sold considerably more modules this quarter, and modules earn less than solar cells. We would rather run the full asset base well than protect a margin number by holding back volume.

The prepayment of the IREDA term loan is a step we have been working towards for some time. We had said we would strengthen the balance sheet, and we have done it from cash the business generated, without raising capital and without slowing our investment plans.