Websol Energy’s FY2026 revenue increased 82.4% YoY to INR 1,049 crore, while EBITDA rose 69.6%, though EBITDA margin declined
PAT grew 95.8% to INR 303 crore during the reporting year, with PAT margin improving to 28.6%
Management focused on ensuring high utilization levels for its cell and module capacity
Websol Energy System Limited reported strong financial growth in FY2026 (ended March 31, 2026), with significant increases in revenue and profitability, as well as improved operational efficiency. However, the Indian solar PV manufacturer also saw a moderation in margins during the year.
The company’s annual revenues improved by 82.4% year-on-year (YoY) to INR 1,049 crore, while EBITDA of INR 429 crore increased by 69.6%. However, Websol’s EBITDA margin dropped from 43.9% to 40.8% through the course of the year.
Profit after tax (PAT) also rose 95.8% to INR 303 crore, while PAT margin improved from 26.8% in FY2025 to 28.6% in FY2026.
During Q4 FY2026, Websol’s revenue increased 132.1% YoY to INR 401 crore, while PAT grew 157.9% to INR 125 crore over the same period. EBITDA of INR 146 crore for the quarter increased by 86.4%, but EBITDA margin dropped from 45.4% to 36.4%.
“Our Q4 and full-year performance are the result of several deliberate efforts — managing working capital prudently, improving capacity utilisation, maintaining cost discipline and executing with consistency,” said Websol Energy’s Managing Director, Sohan Lal Agarwal. “This has led to record revenue and profitability, stronger cash flows and better operating efficiency.”
The company currently operates 1.2 GW solar cell production capacity with an average cell efficiency level of 23.35%. This operated at over 90% utilization last year. It is currently in the process of upgrading one mono PERC cell line to TOPCon. Following its commissioning, Websol says its overall cell capacity will increase to 1.35 GW.
The company’s 550 MW module capacity at Falta Special Economic Zone in West Bengal operated at 74% utilization, achieving an efficiency of 23.3%. Websol now targets full run-rate utilization, while expanding vertically with backward integration. By 2028, it targets to achieve a combined capacity of 5.35 GW for cells and 4.5 GW for modules.
Earlier this year, Websol Energy’s plans for 4 GW solar cell and module manufacturing plans were approved by the state government of Andhra Pradesh (see India Solar PV News Snippets).
“India’s solar manufacturing sector continues to benefit from strong structural tailwinds, including ambitious renewable capacity targets, supportive government policies such as PLI and ALMM, and increasing domestic demand for high-efficiency solar products,” Agarwal added. “With a strengthened manufacturing base, improving utilization levels, and a clear roadmap for expansion and integration, Websol is well positioned to capitalize on these opportunities.”