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Stock Analysis

Description

Websol Energy System Limited is a leading Indian manufacturer of solar cells and modules, specializing in advanced Mono PERC technology and expanding into Topcon technology. The company is focused on scaling its integrated solar manufacturing capabilities to meet India's increasing demand for renewable energy.

Key Growth Triggers

The primary growth trigger is the Government of Andhra Pradesh's approval for a substantial 4 GW solar cell and module expansion project at MPSEZ, Naidupeta, supported by a comprehensive incentive package.
Plans to establish a 100 MW captive solar power plant are set to enhance operational efficiency and ensure energy security for the new facility.
The company is executing a larger ₹3,000 crore expansion plan to reach 5.2 GW cell and 4.5 GW module capacity by FY28, incorporating advanced technologies and backward integration.
Strategic collaborations, including the MoU with Linton for PV ingot and wafer manufacturing, aim to strengthen backward integration and reduce import reliance.

Order Book

Currently no data available for Order Book.

Key Red Flags

Historical data indicates low promoter holding (27.71%) and a high promoter pledge percentage (88.1%), which could be a concern.
The execution of large-scale capacity expansions, such as the 4 GW project, carries inherent risks related to project management, timelines, and capital deployment.
While recent financial performance has improved, the company's past struggles and reliance on debt for expansions could pose financial risks if market conditions change.

Key Dates To Watch

Future announcements regarding the commencement of construction and commissioning timelines for the 4 GW Andhra Pradesh solar expansion project.
Progress updates on the overall ₹3,000 crore expansion plan and the adoption of new technologies like Topcon.
Details on the development and operationalization of the 100 MW captive solar power plant.

Corporate Announcements

16th Mar 26

Impact Rating: 7

Promoter groups of Websol Energy System Ltd, including SL Industries, Websol Green Projects, and Sohan Lal Agarwal, have pledged millions of shares for loans on March 10, 2026, as part of loan security.

13th Mar 26

Impact Rating: 8

Websol Energy's board approved the allotment of 12,100,000 equity shares at ₹53 per share via warrant conversion, increasing the company's paid-up capital to ₹434.16 crore.

10th Mar 26

Impact Rating: 6

A Board Meeting of Websol Energy System Limited is scheduled for March 13, 2026, at 12:30 PM. The agenda includes considering and approving the conversion of warrants and allotting equity shares on a preferential basis.

26th Feb 26

Impact Rating: 8

Websol Energy announced securing three purchase orders for solar modules, totalling 85.5 MW and valued at ₹172 crores. Delivery is scheduled by May 2026.

10th Feb 26

Impact Rating: 8

Websol Energy System's investor presentation highlights robust Q3FY26 performance (77.2% revenue growth) and a strategic roadmap for 5.2 GW capacity, focusing on Topcon technology.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Waaree Energies	2552.20	27.17	73426.05	0.08	878.21	132.97	6065.64	69.70	34.94	17952.69	22.55	2702.29	842.55	6.39	12.40	0.26
2.	Premier Energies	739.70	28.00	33436.84	0.14	353.44	71.61	1836.87	20.28	41.12	6991.77	30.77	1194.26	353.44	9.70	17.90	0.47
3.	Apar Inds.	7410.50	31.72	29799.61	0.69	251.70	29.82	5715.42	23.06	32.70	20745.76	8.33	939.50	251.70	6.13	7.83	0.14
4.	Emmvee Photovol.	215.31	27.92	14893.24	0.00	263.64	165.77	1152.25	118.11	28.01	2335.61	30.91	368.94	263.64	15.58	12.12	2.15
5.	Waaree Renewab.	941.15	23.34	9800.86	0.11	120.20	124.67	851.06	136.18	82.31	2705.61	20.72	419.88	120.22	14.92	25.06	0.12
6.	Genus Power	283.35	18.20	8605.96	0.86	148.15	162.44	1149.00	135.99	19.21	3632.39	21.18	472.85	148.15	4.60	8.43	0.93
7.	Vikram Solar	235.14	32.64	8517.20	0.00	128.49	1645.79	1109.91	93.72	26.45	3423.45	14.37	139.83	128.49	2.88	5.16	0.09
8.	Websol Energy	83.32	17.28	3514.10	0.00	46.32	10.34	168.22	17.19	59.25	707.27	45.49	203.33	46.32	8.99	35.66	0.41
–	Median: 57 Co.	215.31	28.05	652.14	0.0	9.41	53.91	115.26	23.42	20.37	350.85	12.84	24.65	9.41	4.23	8.43	0.32

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	14	0	0	0	0	1	25	112	144	147	173	219	168
Expenses	15	6	2	2	1	3	28	68	81	80	95	115	96
Operating Profit	-2	-5	-1	-1	-1	-2	-3	44	63	68	78	103	72
Other Income	-0	-1	1	0	0	-101	-4	0	0	0	1	2	3
Profit before tax	-7	-11	-5	-6	-5	-107	-36	32	49	48	66	91	60
Tax %	-45%	-39%	6%	-12%	-25%	-49%	62%	28%	14%	14%	27%	26%	23%
Net Profit	-4	-7	-5	-5	-4	-55	-59	23	42	42	48	67	46
EPS in Rs	-0.11	-0.18	-0.14	-0.13	-0.10	-1.29	-1.39	0.54	0.99	0.98	1.14	1.59	1.10

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	305	356	280	296	183	69	196	154	213	17	26	575	707
Expenses	291	351	271	267	167	93	193	120	187	30	27	322	386
Operating Profit	14	5	9	29	17	-25	3	34	26	-13	-1	253	322
Other Income	-39	-39	-1	70	11	17	4	60	6	1	-110	2	7
Interest	31	2	1	5	9	6	6	9	3	4	5	20	18
Depreciation	18	16	15	15	14	15	15	15	15	15	36	41	46
Profit before tax	-74	-52	-9	79	5	-29	-15	69	14	-32	-153	194	265
Net Profit	-74	-52	-10	79	5	-29	4	49	10	-24	-121	155	203
EPS in Rs	-3.38	-2.38	-0.45	3.58	0.18	-1.00	0.13	1.59	0.26	-0.61	-2.87	3.67	4.81
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	22	22	22	22	27	29	31	31	37	39	42	42	42
Reserves	-164	-217	-227	36	74	95	94	143	155	152	66	236	349
Borrowings	389	382	352	84	81	76	78	35	36	28	184	153	159
Other Liabilities	383	400	306	175	187	152	109	75	58	48	61	83	158
Total Liabilities	629	587	453	317	369	352	311	284	286	267	353	514	709
Fixed Assets	322	280	266	283	304	287	254	239	225	210	270	285	481
Gross Block	402.87	357.97	358.29	294.30	328.21	326.49	308.99	309.50	309.53	309.74	353.96	409.10	–
Accumulated Depreciation	81.32	77.78	92.30	11.50	24.17	39.57	54.76	70.16	84.55	99.61	84.11	124.19	–
CWIP	12	0	0	0	0	1	0	0	0	6	30	17	8
Investments	0	0	0	0	0	0	0	0	0	0	0	5	16
Other Assets	296	307	187	34	65	64	56	45	61	51	53	208	204
Total Assets	629	587	453	317	369	352	311	284	286	267	353	514	709

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-56	-13	30	142	10	5	1	36	-3	-8	35	167
Cash from Investing Activity	-14	-4	-0	28	-1	6	13	-0	-1	-6	-223	-86
Cash from Financing Activity	63	15	-30	-168	-12	-11	-14	-35	6	10	189	-35
Net Cash Flow	-7	-1	-1	2	-3	0	0	1	2	-4	1	47

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	210	162	94	2	42	51	33	47	46	37	11	3
Inventory Days	55	61	33	7	51	216	29	70	56	544	525	70
Days Payable	328	283	250	64	172	517	134	157	58	878	1,334	66
Cash Conversion Cycle	-63	-60	-124	-55	-79	-249	-72	-40	45	-298	-798	7
Working Capital Days	-387	-363	-353	-183	-98	-397	-102	-77	-16	-853	-709	-5
ROCE %	-1%	-5%	-3%	62%	8%	-12%	-1%	11%	7%	-11%	-14%	59%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	26.76%	26.76%	26.76%	26.76%	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%
FIIs	3.84%	4.08%	4.14%	0.83%	0.77%	0.47%	0.01%	0.48%	2.46%	4.24%	4.39%	5.47%
DIIs	0.02%	0.02%	0.02%	0.02%	0.25%	0.00%	0.00%	0.00%	0.09%	0.02%	0.44%	0.26%
Public	69.38%	69.13%	69.09%	72.40%	71.26%	71.82%	72.28%	71.80%	69.74%	68.04%	67.47%	66.57%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Promoters of Websol Energy System Ltd Pledge Shares for Loans

17th March 2026, 12:05 am

Websol Energy Board Approves Allotment of 1.21 Crore Equity Shares Via Warrant Conversion

13th March 2026, 8:34 pm

Websol Energy Board Meeting on March 13 to Discuss Warrant Conversion, Share Allotment

11th March 2026, 12:46 am

Websol Energy Secures ₹172 Crore Solar Module Orders

26th February 2026, 2:44 pm

Websol Energy Systems Unveils Aggressive Expansion Plans Post Strong Q3FY26 Results, Targeting 5.2 GW Capacity

10th February 2026, 2:58 pm

Published by Other Websites

External media mentions & references

Indian Markets Climb: Top 3 Stocks Surge on Price-Volume Breakout

17th March 2026, 6:07 pm

Renewable Stocks Cool as Market Dips: Solex, Borosil Lead Losses

13th March 2026, 12:41 pm

US Tariffs Batter Indian Solar Stocks; Market Ends Flat

25th February 2026, 4:39 pm

US Slaps 126% Duty on Indian Solar Imports, Stocks Tumble

25th February 2026, 10:14 am

India's Solar Ambitions Soar: Budget 2026 Fuels Homes & Farms

1st February 2026, 3:27 pm

News Articles

Editorial & research coverage

India's Solar Ambitions Soar: Budget 2026 Fuels Homes & Farms

1st February 2026, 3:27 pm

Websol Energy Secures Green Light for Massive 4 GW Solar Project in AP

12th January 2026, 8:53 am

Indian Stocks Watch: Avenue Supermarts, Vedanta, NTPC Among Key Movers

12th January 2026, 7:37 am

Websol Energy Skyrockets 14% After Winning Crucial ₹73 Crore Tax Dispute!

24th December 2025, 9:49 am

Indian Markets Plunge for 3rd Day! Rupee Hits Record Low – Investors Brace for Impact!

2nd December 2025, 4:12 pm

Documents

Announcements

Announcement under Regulation 30 (LODR)-Press Release / Media Release

12 Jan - Andhra Pradesh approves Websol’s 4 GW solar cell/module plant at MPSEZ Naidupeta; 100 MW captive plant.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

9 Jan - Certificate under SEBI Regulation 74(5) for quarter ended December 31, 2025 by Websol Energy.

Announcement under Regulation 30 (LODR)-Credit Rating

1 Jan - CRISIL assigned BBB+/Stable to Rs15 crore cash credit and Rs135 crore term loan on Jan 1, 2026.

Closure of Trading Window

Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015

24 Dec - CIT(Appeals) allowed appeal; Rs.73.04 Cr FY2016-17 tax demand annulled (AO additions Rs.184.99 Cr).

Annual Reports

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Credit Ratings

Rating update

31 Dec from crisil

Concalls

Dec 2025

Nov 2025

Aug 2025

Feb 2018

Stock Analysis

Description

Websol Energy System Limited is a leading Indian manufacturer of solar cells and modules, specializing in advanced Mono PERC technology and expanding into Topcon technology. The company is focused on scaling its integrated solar manufacturing capabilities to meet India's increasing demand for renewable energy.

Key Growth Triggers

The primary growth trigger is the Government of Andhra Pradesh's approval for a substantial 4 GW solar cell and module expansion project at MPSEZ, Naidupeta, supported by a comprehensive incentive package.
Plans to establish a 100 MW captive solar power plant are set to enhance operational efficiency and ensure energy security for the new facility.
The company is executing a larger ₹3,000 crore expansion plan to reach 5.2 GW cell and 4.5 GW module capacity by FY28, incorporating advanced technologies and backward integration.
Strategic collaborations, including the MoU with Linton for PV ingot and wafer manufacturing, aim to strengthen backward integration and reduce import reliance.

Order Book

Currently no data available for Order Book.

Key Red Flags

Historical data indicates low promoter holding (27.71%) and a high promoter pledge percentage (88.1%), which could be a concern.
The execution of large-scale capacity expansions, such as the 4 GW project, carries inherent risks related to project management, timelines, and capital deployment.
While recent financial performance has improved, the company's past struggles and reliance on debt for expansions could pose financial risks if market conditions change.

Key Dates To Watch

Future announcements regarding the commencement of construction and commissioning timelines for the 4 GW Andhra Pradesh solar expansion project.
Progress updates on the overall ₹3,000 crore expansion plan and the adoption of new technologies like Topcon.
Details on the development and operationalization of the 100 MW captive solar power plant.

Corporate Announcements

16th Mar 26

Impact Rating: 7

13th Mar 26

Impact Rating: 8

Websol Energy's board approved the allotment of 12,100,000 equity shares at ₹53 per share via warrant conversion, increasing the company's paid-up capital to ₹434.16 crore.

10th Mar 26

Impact Rating: 6

26th Feb 26

Impact Rating: 8

Websol Energy announced securing three purchase orders for solar modules, totalling 85.5 MW and valued at ₹172 crores. Delivery is scheduled by May 2026.

10th Feb 26

Impact Rating: 8

Websol Energy System's investor presentation highlights robust Q3FY26 performance (77.2% revenue growth) and a strategic roadmap for 5.2 GW capacity, focusing on Topcon technology.

Websol Energy System Ltd

ABOUT

KEY POINTS

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch

Peer Comparision

Quarterly Results

Profit & Loss

Compounded Sales Growth

Compounded Profit Growth

Stock Price CAGR

Return on Equity

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

BSE Announcements AI Summary

Published by Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch