WEBELSOLAR
Micro CapWebsol Energy System Limited
Industrials
Websol Energy System Limited is an Indian solar cell and module manufacturer with a 30+ year legacy. It recently doubled cell capacity to 1.2 GW, achieved high utilization, and initiated a technology upgrade to Topcon. The company is ALMM approved and reported its highest ever quarterly and yearly financials in FY26.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +173% YoY · PAT +195% YoY · +54% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹401 Cr | +172.8% | +53.6% |
| EBITDA | ₹146 Cr | +87.2% | +37.7% |
| Operating margin | 36.0% | -900 bps | -500 bps |
| PAT | ₹124 Cr | +195.2% | +90.8% |
| PAT margin | 30.9% | +317 bps | +602 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 revenue surged 132.1% YoY to Rs 401 Cr, with PAT up 157.9% YoY to Rs 125 Cr. FY26 revenue grew 82.4% to Rs 1,049 Cr, and PAT increased 95.8% to Rs 303 Cr, marking the highest ever quarterly and yearly financials for the company.
The company demonstrated a strong financial turnaround in FY26, driven by significant capacity expansion and high utilization. The strategic pivot to Topcon technology and planned integrated facilities position it for future growth, supported by a robust order book and favorable policy environment.
Order Book Mix — By Product
Latest issuer-disclosed distribution across 2 reported categories.
Capacity Expansion & Technology Upgrade
Doubled cell capacity to ~1.2 GW. Initiated adoption of Topcon technology. Planning 4 GW integrated cell and module facility and Ingot Wafer facility.
ALMM Approval
One of 13 ALMM-approved solar cell manufacturers, strengthening eligibility for India-focused opportunities like PM-Surya Ghar and KUSUM.
Robust Order Book
Closing Q4FY26 order book of Rs 1,161 Cr provides revenue visibility and supports high capacity utilization.
High Capacity Utilization
1.2 GW Mono PERC cell operating at >90% utilization and 550 MW module at >70% utilization, driving efficient production.
Cell Capacity Doubled
Second cell line commissioned in September 2025, taking overall cell capacity to ~1.2 GW.
Topcon Upgrade (Brownfield)
600 MW Mono-PERC line to be upgraded to 750 MW Topcon technology by 2027 at existing facility.
Integrated Cell & Module Line (Greenfield)
2 GW Topcon integrated cell & module line to be commissioned by 2027. Additional 2 GW by 2028, reaching 5.35 GW cell and 4.5 GW module.
Ingot Wafer Facility
New project pipeline includes an Ingot Wafer Facility for ALMM List 3 compliance and stronger backend integration.
India's Energy Opportunity
India's per capita electricity consumption is low, with peak demand forecast to spike ~51% from 242 GW (FY26) to 366 GW (FY32E).
Solar Powering Renewable Transition
India achieved 50% non-fossil target 5 years early; aims for 500 GW non-fossil capacity and 60%+ share by 2030+.
ALMM Policy Support
ALMM List-II cells mandatory from June 2026, and DCR is mandatory for Government-funded projects, supporting domestic manufacturers.
Competition
The company operates in a competitive environment, which may impact market share and pricing.
Government Policies and Regulations
Changes in government policies, fiscal deficits, and regulations can affect the solar industry and company operations.
Managing Growth
Rapid capacity expansion and technological upgrades require effective management to sustain operational efficiency and profitability.
Economic Conditions
Prevailing economic conditions and costs can influence demand, project viability, and operational expenses.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall annual growth and the impact of capacity additions over a full year. QoQ comparison is important for tracking sequential momentum, utilization ramp-up from new lines, and execution efficiency.
Revenue from Operations
Q4FY26: Rs 401 Cr (+132.1% Y-o-Y, +53.8% Q-o-Q). FY26: Rs 1,049 Cr (+82.4% Y-o-Y).
EBITDA & Margin
Q4FY26: Rs 146 Cr (+86.4% Y-o-Y, +37.4% Q-o-Q), Margin 36.4%. FY26: Rs 429 Cr (+69.6% Y-o-Y), Margin 40.8%.
PAT & Margin
Q4FY26: Rs 125 Cr (+157.9% Y-o-Y, +91.6% Q-o-Q), Margin 30.8%. FY26: Rs 303 Cr (+95.8% Y-o-Y), Margin 28.6%. Q4 PAT benefited from set-off of brought forward losses.
Order Book
Closing Q4FY26 Order Book: Rs 1,161 Cr. New Order Book Q4FY26: Rs 412 Cr.
Financial Turnaround
Management states FY26 was 'A Year of Returning to Power', achieving highest ever quarterly and yearly revenue in company history.
Technology Leadership
Management initiated 'Technology Upgrade Pathway' to Topcon to maximize efficiency and output, positioning Websol at the frontier of solar cell technology.
Balance Sheet Strengthening
Company turned net cash surplus, highlighting strong financial discipline and increased Net Worth from Rs. 278 Cr to Rs. 631 Cr.
Operational Agility
Second cell production line commissioned in under 12 months, demonstrating ability to scale rapidly without compromising quality.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | Rs 1,161 Cr (Q4FY26 closing) | Sustained new order inflows and timely execution to maintain revenue visibility and capacity utilization. |
| Capacity Utilization | >90% for cells, >70% for modules (Q4FY26) | Maintenance of high utilization rates for existing capacity and ramp-up of new/upgraded Topcon lines. |
| Topcon Upgrade Progress | 600 MW Mono-PERC to be upgraded to 750 MW Topcon by 2027. | Adherence to commissioning timelines and achievement of targeted cell efficiency (>24.5%). |
| Ingot Wafer Facility Development | In new projects pipeline for ALMM List 3 compliance. | Initiation of the project and progress towards reducing dependency on imported wafers. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +61.0% / mo · near 52W high
Technical chart
WEBELSOLARweekly · 1Y-91.8%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 50.
- SMA20 rising (~37.9% over last month) — short-term momentum positive.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 93% off 52W high · 111% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 66.2%.
- Quality contributes 20/20 to the score.
Main drags
- Promoter pledge is 89.4%.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 53rd percentile within Industrials. Main check: promoter alignment is weak at 39/100.
Healthy Trust Lite: Promoter holding increased 2%. Key concern: Promoters have pledged 89.4% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 53rd pctile, median 68 · Micro: 40th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding increased 2%.
- ▸FCF yield is positive at 0.5%.
- ▸ROCE is 63.2%.
Trust risks
- ▸Promoters have pledged 89.4% of holding.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.00
- P/B
- 7.24
- EV/EBITDA
- 9.58
- Market Cap
- 4572.00Cr
Profitability
- ROE
- 66.90%
- ROCE
- 63.20%
- ROA
- 32.55%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 81.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 127.00%
- EPS 3Y
- 127.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 26.81×
- Altman Z
- 9.77
- Book Value
- 14.50
Cash Flow
- FCF Yield
- 0.46%
- FCF Positive Y
- 2/5
- OCF
- 255.00 Cr
- EPS TTM
- 6.98
Shareholding
- Promoter Hold
- 29.72%
- Promoter Pledge
- 89.40%
- Momentum 52W
- 51%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.