Websol's Q2FY27 quarterly revenue more than doubled, while PAT increased 73.2% YoY
The company has secured land for a phased 4 GW solar cell manufacturing expansion in West Bengal
Its board has approved diversification into EPC, solar IPP projects, and energy trading
Websol Energy System Limited, the Indian solar cell and module manufacturer, reported strong year-on-year (YoY) growth in revenue and profit for Q2 FY2027 (ended September 30, 2026). The company also announced its entry into additional segments of the solar energy value chain.
Its quarterly revenue of INR 361.02 crore more than doubled (114.6%) from INR 168.22 crore in the same period last year. Profit after tax (PAT) increased 73.2% to INR 80.21 crore from INR 46.32 crore.
Websol’s EBITDA rose 77.3% YoY to INR 128.14 crore, compared with INR 72.29 crore in Q2 FY26. However, the EBITDA margin declined to 35.5% from 43% a year earlier. The PAT margin also fell to 22% from 27%.
For H1 FY27, Websol reported revenue of INR 733.62 crore, up 89.6% YoY, while EBITDA grew 44.4% to INR 253.72 crore. PAT rose 39.2% to INR 158 crore.
During the quarter, Websol produced 255 MW of solar cells, with a capacity utilization of 91%. Module production stood at 88 MW, representing 68% utilization. Websol's outstanding order book stood at INR 1,280 crore as of September 30, 2026, including INR 363 crore during the reporting quarter.
The company is also preparing to upgrade its existing cell manufacturing lines to Tunnel Oxide Passivated Contact (TOPCon) technology. According to its investor presentation, Websol plans to upgrade a 600 MW Mono PERC line to 750 MW of TOPCon capacity, adding 150 MW. The upgraded line is expected to achieve cell efficiency above 25%, with trial production targeted by the end of FY27.
Its current solar cell manufacturing capacity stands at 1.2 GW for cells and 550 MW for modules. The manufacturer plans to add 4 GW of cell capacity in two phases at its West Bengal plant.
The company's investor presentation also outlines plans for an ingot and wafer manufacturing facility through a partnership with Linton Crystal for equipment and technology support. Management said the proposed backward integration is intended to strengthen its control over the supply chain and reduce dependence on imported wafers. Linton CEO & CTO of Zhixin Li discussed the viability of Vietnam as an export destination to India during his presentation at the TaiyangNews PV Leadership Briefing.India 2026 on the sidelines of REI 2026 (see Live Blog: Oct. 22, 2026: PV Leadership Briefing.India 2026 - Greater Noida, India).
Websol said that as of September 30, 2026, it had zero gross debt and had repaid its entire INR 110 crore term loan from the Indian Renewable Energy Development Agency (IREDA) without raising fresh capital. The company’s Managing Director, Sohan Lal Agarwal, said the focus would now be on executing its expansion plans, including site preparation, commissioning, and building utilization at the new facility.
In a separate development, Websol's board has approved the company’s expansion into EPC, solar independent power producer IPP projects, including solar parks, and energy trading. To pursue these activities, the company will subscribe to 40% of the equity share capital of Bright Earth Cell Private Limited, which will undertake energy trading. Websol will also establish wholly owned subsidiary companies through special purpose vehicles (SPVs) for its other proposed businesses.
Websol recently announced the appointment of Vinay Vyas as the CEO of Websol Renewables (see Websol Renewables Appoints Vinay Vyas As CEO).