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Websol Energy System Ltd
NSE: WEBELSOLAR BSE: 517498 INE855C01023 Industrials Electrical Equipment 🔎 Screen
Microcap 250
₹3,279 Cr
Market Cap
10.5
P/E
0.07
PEG
63.2%
ROCE
66.9%
ROE
0.21
D/E
38.5%
OPM
-45.0%
% from 52W High
2
α RS
🔍 WEBELSOLAR is showing a high-conviction setup because it matches 16 of 37 tracked screener presets, it's hugging the 10 EMA, and growth_accelerators preset's Backtest win rate is 54.4% over 90 days. The main caution: promoter pledging is at 89.39% — a real deleveraging risk, not just a technical wobble. Net: Mixed signal stack, not a recommendation. ? Conviction Technicals Backtest Pledging
Sources
Conviction 16/37 · hugging 10 EMA · Backtest win rate 54.4% · Pledging 89.39%
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Websol Energy System Limited is engaged in the business of manufacturing photovoltaic crystalline solar cells and related modules in India.

✓ Strengths 3
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 99.1% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 56.4%
! Concerns 2
  • Promoter holding is low: 29.7%
  • Promoters have pledged 89.4% of their holding.
Key Ratios Snapshot
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📈 Growth Pattern
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Strong YoY beat but sequentially softer — revenue grew 70.3% YoY to ₹373 Cr, yet EBITDA margin fell 1,360 bps YoY and revenue declined 7.2% QoQ. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹373 Cr
+70.3% YoY; -7.2% QoQ from ₹401 Cr
EBITDA Margin
33.7%
-1,360 bps YoY from 47.3%; EBITDA ₹126 Cr, +21.4% YoY
PAT
₹78 Cr
+15.8% YoY; -37.5% QoQ, with Q4 FY26 aided by one-time tax benefit
Key Metric
₹1,278 Cr
Closing order book, +10.1% QoQ; new orders of ₹490 Cr booked in Q1
What Went Right
  • Revenue from operations grew 70.3% YoY to ₹373 Cr, with total income at ₹377 Cr (+70.6% YoY).
  • Cell production rose to 259 MW in Q1 FY27 from 126 MW in Q1 FY26 (+105.6%), with capacity utilisation at 92%.
  • Module production rose to 103 MW from 50 MW (+106.0%), lifting module capacity utilisation to 81% from 39% YoY.
  • Order book expanded to ₹1,278 Cr from ₹1,161 Cr, with ₹490 Cr of new orders and a mix of 52% cells / 48% modules.
  • FY26 balance sheet is strong: net debt of ₹(34) Cr, debt/equity 0.19x, and interest coverage of 23x; ROE/ROCE were 66.7%/65.7%.
What to Watch
  • EBITDA margin contracted sharply to 33.7% from 47.3% YoY (-1,360 bps); PAT margin fell to 20.6% from 30.4% YoY (-977 bps).
  • Cost of material consumed surged 141.2% YoY, nearly double the 70.3% revenue growth, signalling input-cost/pricing pressure.
  • Revenue fell 7.2% QoQ and EBITDA fell 14.2% QoQ; cell production was flat QoQ at 259 MW, so sequential momentum stalled.
  • Module capacity utilisation at 81% continues to lag cell utilisation at 92%, leaving downstream capacity underutilised relative to cell output.
  • No numeric FY27 revenue/EBITDA guidance was given; the 4 GW greenfield and ingot-wafer projects have no disclosed COD or funding plan in this presentation.
Management Guidance
  • 150 MW incremental TOPCon cell capacity expected by Q4 FY27 / COD March 2027; overall cell capacity to rise to 1.35 GW; project cost ~₹270 Cr.
  • Expected cell efficiency after TOPCon upgrade: ~25% vs current Mono PERC average of 23.3%.
  • Greenfield: 4 GW integrated TOPCon cell & module capacity planned in phases; no COD or total capex disclosed.
Investor Lens
Revenue growth of 70.3% YoY, 92% cell utilisation, and a ₹1,278 Cr closing order book keep the near-term thesis intact; the balance sheet is a genuine differentiator with net cash of ₹34 Cr at FY26 and debt/equity of 0.19x. What changed is margin quality: EBITDA margin fell 1,360 bps YoY and revenue declined 7.2% QoQ, so top-line scale is not yet converting into commensurate profit expansion. The Q4 FY26 tax benefit flatters the sequential PAT comparison; Q1 tax expense normalised to ₹26 Cr. Next quarter, watch whether material-cost inflation persists, whether module utilisation can move above 81%, and whether the TOPCon brownfield remains on track for March 2027 COD. If margins stabilise while the order book converts, the high FY26 ROE/ROCE can be sustained; if input costs keep rising, current margin compression will weigh on valuation.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue jumps 70% YoY but margins compress sharply; PAT up 16%
Revenue
Revenue came in at ₹373 Cr for Jun 2026, up 70.3% YoY from ₹219 Cr in Jun 2025. However, on a sequential basis, revenue fell 7.0% from ₹401 Cr in Mar 2026, indicating a slight demand or pricing pullback.
Profitability
Net profit rose 16.4% YoY to ₹78 Cr, with EPS improving to ₹1.79 from ₹1.59. QoQ profit declined sharply by 37.1%, reflecting margin headwinds and base effects. Tax rate stood at 25%.
Margins
Operating profit margin fell to 34% in Jun 2026 from 47% in Jun 2025 and 36% in Mar 2026. Despite strong revenue growth, OPM compression of 1300 bps YoY signals rising input costs or pricing pressures.
Key Risks
Sharp YoY margin erosion (from 47% to 34%) could persist if cost pressures continue. Sequential revenue and profit declines suggest slowing momentum. High ROE/ROCE of over 60% may be unsustainable if margins stay under pressure.
Outlook
The company is growing strongly on a YoY basis, but the sequential decline and margin dip need monitoring. Future quarters will depend on whether management can recover margins while maintaining revenue growth.
Generated by AI · Jun 2026 results · Not investment advice
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