Websol Energy System
WEBELSOLAR · NSE · Small Cap
Websol Energy System
Cell and module manufacturer in West Bengal. ALMM-II listed cell capacity 1,202 MW (FY26E production 699 MW at 77% post Q3FY25 commissioning). Brownfield TOPCon expansion underway.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Websol Energy System: domestic cell scarcity + ALMM List-II protection compound margins through FY27.
Bull case for Websol Energy System: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Websol Energy System: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Realization per watt vs cost per watt (EBITDA/watt)
- 06Imported BOM dependence and ALMM/PLI compliance
- 07Cell sourcing in light of ALMM List-II
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 15.8x | — |
| Forward P/E | — | — |
| EV/EBITDA | 11.5x | — |
| EV/Sales | 4.7x | — |
| P/B | 7.7x | — |
| FCF Yield | 0.4% | — |
| EV / GW (Module) | ₹4,116 cr | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker WEBELSOLAR · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 2 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 575 | 1,049 |
| Operating Profit | 253 | 429 |
| OPM % | 44% | 41% |
| Net Profit | 155 | 303 |
| EPS (₹) | 3.67 | 6.98 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Sales | 147 | 173 | 168 | 261 |
| OPM % | 46% | 45% | 43% | 41% |
| Net Profit | 42 | 48 | 46 | 65 |
Balance sheet · 2 years
₹ Crore.
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Equity Capital | 42 | 43 |
| Reserves | 236 | 587 |
| Borrowings | 153 | 131 |
| Fixed Assets | 285 | 459 |
| Total Assets | 514 | 931 |
Cash flow · 2 years
₹ Crore.
| Activity | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | 167 | 255 |
| Investing | -86 | -234 |
| Financing | -35 | -3 |
| Net Cash Flow | 46 | 18 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary