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Websol Energy Posts 70 Percent Growth in Q1 FY27 Revenue to INR 372.6 Cr, PAT up by 16 Percent

Websol Energy System reported Q1 FY27 revenue of INR 372.60 crore, up 70 percent YoY, while PAT rose 16 percent to INR 77.79 crore, and TOPCon cell capacity is set to reach 750 MW following a production-line upgrade.

August 11, 2026. By Mrinmoy Dey

Kolkata-based solar cells and modules manufacturer Websol Energy System has reported a 70 percent YoY growth in its revenue from operations in Q1 FY27 to INR 372.60 crore from INR 218.75 crore in Q1 FY26.

EBITDA for the quarter stood at INR 125.58 crore compared with INR 103.48 crore, recording an increase of 21 percent. The company’s profit after tax (PAT) has increased to INR 77.79 crore in Q1 FY27 against INR 67.18 crore in Q1 FY26, registering a rise of 16 percent.

The company has reported that its module production increased to 103 MW in Q1FY27 from 50 MW a year earlier, taking module capacity utilisation to 81 percent from 39 percent. Similarly, cell production has increased to 259 MW in Q1 FY27 from 126 MW a year earlier. The company views the higher module offtake as evidence that both lines are now operating close to their intended run-rate. The order book stood at INR 1,278 crore as on June 30, 2026.

The company further stated that on August 4, 2026, the company prepaid its entire outstanding term loan of INR 110 crore from the Indian Renewable Energy Development Agency (IREDA) through internal accruals, without raising fresh capital and without deferring any part of its ongoing growth plans. Following the repayment, all collateral securities provided against the facility, including the shares pledged by the promoters is expected to be released. The pledged portion of the promoter shareholding subsequently reduced from 80 percent to 16 percent.

Commenting on the performance, Sohan Lal Agarwal, Managing Director, Websol Energy System, said, “Q1 has started FY27 on the footing we wanted. Revenue is up 70 percent over the same quarter last year and both our lines are running close to the levels we had planned for, with cell utilisation at 92 percent and module utilisation at 81 percent. Margins are lower than a year ago, and the reason is that we sold considerably more modules this quarter, and modules earn less than solar cells. We would rather run the full asset base well than protect a margin number by holding back volume.”

He further added, “The prepayment of the IREDA term loan is a step we have been working towards for some time. We had said we would strengthen the balance sheet, and we have done it from cash the business generated, without raising capital and without slowing our investment plans.”

The company has initiated the upgradation of one of its existing Mono PERC solar cell manufacturing lines to TOPCon technology. Upon completion, the company's total TOPCon cell capacity will increase to 750 MW, while the overall solar cell manufacturing capacity will increase from 1,200 MW to 1,350 MW, stated the company.

It further added that with this upgrade, TOPCon technology will account for approximately 55 percent of the company's total cell manufacturing capacity, further strengthening its product mix and positioning the company to cater to the growing demand for high-efficiency solar cells.

Websol stated that the upgradation is expected to be completed by March 2027 and will establish a strong technology and manufacturing platform for the company's planned expansion to 4 GW of solar cell manufacturing capacity, to be implemented in two phases.

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Sohan Lal Agarwal