Websol Energy scales up solar cell and module capacity in India, posting strong quarterly growth and setting the stage for multi-year expansion in the domestic renewable energy market.
Websol Energy’s Falta facility expands solar cell and module capacity, strengthening India’s domestic renewable energy manufacturing ecosystem (Photo: File)
Websol Energy System was in corporated on 8th February 1990 in Kolkata with a vision to manu facture solar FV cells and modules and has become a significant player in India's solar manufacturing sector. The company was initially promoted through a collab oration of WEBEL (a West Bengal government under taking), S.1. Industries and Helios Technology, Italy.
The company's manufacturing facilities are in the Falta Special Economic Zone (SEZ) in West Bengal running a fully automated Mono-PERC solar cell line (600 MW) and a module production line (550 MW). Websol Energy System primarily sells to EPC (Engineering, Procurement, Con struction) firms, developers and other industrial custom ers providing off-grid solar solutions for remote or rural areas. It is one of the few techno logically independent solar cell and module manufac turers in India positioning itself to serve the domestic market under the country's domestic "Made in India" push on renewable energy and reducing import depen dency.
Websol Energy System have recently expanded capacity by adding a 600 MW mono-PERC cell line in Falta, West Bengal. They have also announced a large capacity expansion of 4 GW solar cell and 4 GW more so lar modules. The company posted decent quarterly fi nancial results with stand alone Revenue for Q2 FY26 at Rs 168.22 crore up 17.3% year on year indicating the company is scaling up while Profit After Tax for Q2 FY26 stood at Rs 46.32 crores up 10.3% year on year. It has healthy financials of Low leverage (net debt/equity of 0.24x) suggesting financial prudence and ability to fund the expansion on a consistent basis.
Given the industry growth, most analysts track ing the renewable energy sector value the company at 30 times full FY26 Earning Per Share arriving at around 30% upside from the cur rent levels. With the capacity ramp up and technology upgrade, the company management commentary also supports a multi-year growth story with Websol Energy appearing well placed in India's solar manufacturing eco system on the back of strong policy tailwinds mirroring a favourable medium to long term outlook.
Near term or few quarters outlook will be about ramping up new line utilisation, integrating Topcon technology, man aging costs and capturing module shipments and if these go smoothly, earnings should accelerate for the company. Industry analysts looking at the Q2 FY26 re sults reflect a company in transition, delivering good year-on-year growth and laying the foundation for future scale, while facing short-term sequential soft ness due to operational disruptions and capac ity ramp issues. For a long term investor comfortable with manufacturing/tech nology risk in renewables, this could be an interesting growth-oriented play.
Brokers and fund manag ers give the WEBSOLAR Energy stock a thumbs up with a "growth-with-monitoring" stance, that is attrac tive for those portfolio in vestors willing to watch the next 2-3 quarters closely for a strong and sharp upside in the stock price. Readers are requested to do their due dil igence on the Websol Energy stock currently quoting at Rs 111 on the bourses and also do their risk analysis on the info provided in this article.
