Websol Energy System Limited Reports Record Financial Results for FY26

Websol Energy System Limited has announced its audited financial results for the fourth quarter and fiscal year ended March 31, 2026. The company described FY26 as a landmark year, achieving record highs in revenue, EBITDA, and Profit After Tax (PAT). The Board of Directors has recommended a dividend of INR 0.25 per share for the fiscal year, subject to shareholder approval.

Financial Performance Overview

For the full year FY26, the company reported revenue from operations of INR 1,049 crores, representing a growth of nearly 82% compared to the previous year. EBITDA for the year was INR 429 crores, a growth of around 70%, with an EBITDA margin of 41%. PAT reached INR 303 crores, which is 96% higher than the previous year, translating to a PAT margin of 28.6%.

The fourth quarter (Q4FY26) was the best ever quarter for the company on practically every parameter. Revenue for Q4 stood at INR 401 crores, EBITDA at INR 146 crores, and PAT at INR 125 crores. On a year-on-year basis, Q4 revenue grew by 132%, EBITDA by 86%, and PAT by 158%.

Financial Metric FY26 Performance Growth Margin Revenue INR 1,049 crores ~82% YoY - EBITDA INR 429 crores ~70% YoY 41% PAT INR 303 crores 96% YoY 28.6% Q4 Revenue INR 401 crores 132% YoY - Q4 PAT INR 125 crores 158% YoY -

Operational Highlights and Capacity Expansion

During the year, the company commissioned cell line 2 in September 2025, which increased cell capacity from 600 MW to nearly 1.2 GW. This expansion was completed within the planned timeline and funded entirely through internal accruals. Cell utilization remained high, above 90%, while the module line achieved its highest ever monthly utilization at 80%.

Looking ahead, the company is upgrading one of its existing Mono PERC cell lines to TOPCon technology. This upgrade is expected to increase total cell capacity from 1.2 GW to 1.35 GW and position the company at the higher end of the efficiency curve, targeting cell efficiency of more than 24.5%. The capex for this upgrade is estimated to be between INR 250 crores and INR 270 crores, with commercial production expected to start by February 2027.

Balance Sheet and Cash Flow

The company generated INR 255 crores of cash from operations during the year, equivalent to roughly 84% of its PAT. Consequently, the company has turned net cash surplus. Net worth has more than doubled from INR 278 crores to INR 631 crores, and the debt-to-equity ratio has improved significantly from 0.55 times to 0.19 times.

Return ratios have strengthened, with Return on Capital Employed (ROCE) at 66% and Return on Equity (ROE) at 67%. Reflecting this financial improvement, CRISIL assigned the company a BBB Plus stable rating during the year.

Order Book and Future Outlook

Websol closed Q4FY26 with a confirmed order book of INR 1,161 crores, comprising 40% cells and 60% modules. The book-to-bill ratio for the quarter stood at 1.02x, providing healthy visibility for the coming quarters. The company remains focused on the Domestic Content Requirement (DCR) market, largely concentrating on schemes such as PM-KUSUM and PM Surya Ghar.

Regarding the pledged shares with IREDA, the company reported an outstanding net debt of approximately INR 92 crores. Management stated that they are in advanced discussions with IREDA for repayment and the release of pledged shares, expecting to complete this process in the next month or two.

Websol Energy System Limited has filed its quarterly compliance report with stock exchanges on April 30, 2026, confirming no deviation in the utilization of funds raised through preferential issue for the quarter ended March 31, 2026. The filing was made pursuant to Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Fund Raising Details

The company successfully raised Rs 48.0975 crore on March 13, 2026, through allotment of equity shares pursuant to conversion of warrants under preferential basis. This amount represents the balance 75% of the total consideration from the warrant conversion process.

Parameter: Details Mode of Fund Raising: Allotment of equity shares pursuant to conversion of warrants Date of Fund Raising: March 13, 2026 Amount Raised: Rs 48.0975 crore Reporting Quarter: March 31, 2026 Filing Date: April 30, 2026 Deviation Status: No deviation reported

Fund Utilization Breakdown

The raised funds were allocated across three primary objectives, with varying levels of utilization during the quarter. The company has provided detailed allocation and utilization data for each category.

Object: Original Allocation Funds Utilized Status Debt Repayment: Rs 6.00 crore Rs 6.00 crore Fully utilized Expansion of Renewable Energy Project: Rs 42.10 crore Rs 10.03 crore Partially utilized General Corporate Purpose: Rs 16.03 crore Rs 0.09 crore Minimal utilization

Regulatory Compliance and Oversight

The company confirmed that no monitoring agency oversight was required for this fund raising exercise. Both the Audit Committee and auditors provided clearance with no adverse comments on the fund utilization pattern. The filing was submitted to both NSE (Scrip Code: WEBELSOLAR) and BSE (Scrip Code: 517498).

Management Commentary

Regarding the renewable energy project expansion, which represents the largest allocation at Rs 42.10 crore, the company noted that balance funds are parked in liquid state and will be utilized for the intended purpose. The debt repayment objective was completed in full during the quarter, demonstrating the company's commitment to reducing financial obligations.

The filing was digitally signed by Managing Director Sohan Lal Agarwal and Chief Financial Officer Amrit Daga on April 30, 2026, confirming the accuracy of the reported fund utilization details. The company emphasized its adherence to regulatory compliance requirements and transparent fund management practices.

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