Websol is undergoing a leadership transition as Sanjana Khaitan takes a larger role. The company plans to reach 5.35 GW solar cell capacity by 2028, recently shifting its expansion focus from Andhra Pradesh to West Bengal. Financially, the company reported a strong Q1 FY27 with revenue rising 70% to ₹372.6 crore, while also significantly reducing its debt and promoter share pledges.
Websol is entering a new phase of growth as the company transitions leadership. Executive Director Sanjana Khaitan is taking on increased responsibilities, guiding the company alongside Managing Director Sohan Lal Agarwal. This change comes as the company updates its long-term solar manufacturing strategy to meet the rising domestic demand for solar components.
Ambitious Expansion Plans
The company has set a target to reach 5.35 GW of total solar cell capacity by 2028. A key part of this strategy involves upgrading its existing 600 MW Mono-PERC solar cell line to the more efficient TOPCon technology. This upgrade, involving an investment of ₹270 crore, is expected to be operational by March 2027 and will boost capacity to 750 MW. Beyond this, Websol is pursuing a broader 4 GW phased solar cell and module expansion plan. In a recent strategic shift, the company decided to withdraw its planned investment in Naidupeta, Andhra Pradesh, opting instead to concentrate its new manufacturing projects in West Bengal, citing a more favorable industrial environment.
Financial Improvement and Debt Reduction
Websol's financial health has shown improvement in the first quarter of fiscal year 2026-27. The company reported a revenue of ₹372.6 crore, a 70% increase compared to the same period in the previous year. Net profit for the quarter stood at ₹77.8 crore, reflecting a 16% year-on-year growth.
Crucially for investors, the company has taken steps to strengthen its balance sheet. It has prepaid its entire ₹110 crore outstanding term loan to the Indian Renewable Energy Development Agency (IREDA). Additionally, the company has managed to reduce promoter share pledges significantly, bringing them down from 80% to 16%, a move that often helps in stabilizing investor confidence regarding management control.
Risks and Operational Monitorables
While the company’s expansion plans are significant, they carry inherent risks. The solar manufacturing sector is capital-intensive, and the ongoing 4 GW expansion will require substantial funding, which could pressure cash flows if the projects face delays or cost overruns. Transitioning to advanced technologies like TOPCon requires precise execution and consistent supply chain management to maintain high product quality.
Investors will likely track the progress of the upcoming 750 MW TOPCon facility as a primary monitorable. Success will depend on the company's ability to maintain its profit margins while scaling operations in a competitive market that is sensitive to raw material costs and government policy changes, such as the Approved List of Models and Manufacturers (ALMM) and domestic content requirements.