Websol Energy System Ltd

Meeting Details

• Date: 11 August 2026.
• Type: Group earnings conference call.
• Mode: Virtual conference call.
• Event: Websol Energy System Limited Q1 FY27 Earnings Conference Call.

Participants

• MD led the earnings call with management present.
• Executive Director participated in the discussion.
• CFO provided financial data and guidance.
• Moderator facilitated Q&A and noted recording.

Purpose

• Discuss Q1 FY27 unaudited results (standalone & consolidated).
• Highlight operating performance and TOPCon upgrade plan.
• Discuss West Bengal Phase 3 expansion update and land approvals.
• Outline CAPEX, timelines, and funding strategy.

Additional Notes

• Recording of the conference call.
• Transcript and presentation available on company website.

Financial Performance

• Revenue from operations: INR 373 crores in Q1 FY27; up 70% YoY
• EBITDA: INR 126 crores; margin 34% vs 47% in Q1 FY26
• PAT: INR 78 crores; margin 21%; up 16% YoY
• Module mix increases; margins moderated; absolute EBITDA up 21%
• CRISIL rating BBB+ stable unchanged

Operations & Capacity

• Cell production 259 MW; utilization 92%
• Module production 103 MW; utilization 81%
• TOPCon upgrade: 750 MW capacity; total cell capacity 1.35 GW
• Upgrade completion expected by March 2027; capex ~ INR 270 crores
• 55% of cell capacity on TOPCon

Balance Sheet & Cash Flows

• Debt repayment: INR 110 crores IREDA term loan repaid on 4 Aug 2026
• Promoter pledge reduced from 80% to 16%; collateral released
• West Bengal expansion funded from internal accruals; capex unchanged

Capex & Projects

• TOPCon capex ~ INR 270 crores; funded via internal accruals; debt financing optional
• Land shift to West Bengal; approvals expected this quarter; timelines unchanged
• Construction to start Sep 2026; ~9 months; equipment at facility by Apr–May 2027
• Cell capacity post-upgrade: 1.35 GW

Outlook & Guidance

• No formal full-year guidance; existing capacity near potential; TOPCon on track
• Phase 3 expansion moved to West Bengal; land approvals imminent; incentives to be disclosed after land allotment

Q&A Highlights

• West Bengal approvals expected this month; capex plans unchanged
• Debt repayment completed; promoter pledge to be released soon
• Margins expected to hold for 1–2 years; TOPCon payback 2–3 years
• Inventory increased ~7% QoQ; ALMM mandate deferred to December
• Q1 realizations: cell ~INR 0.125/Wp; module ~INR 20.50/Wp

Meeting Details

• Date: 11 August 2026.
• Event: Analysts/Institutional Investors Meeting and Earnings Call.
• Post-Results: unaudited Q1 FY27 for quarter ended 30 June 2026.
• Audio recording available; transcript/presentation not indicated.
• Organizer: Websol Energy System Ltd.

Business Overview

• Solar cell and module manufacturer advancing TOPCon technology to scale high-efficiency capacity.

Key Operational Highlights

• Q1 FY27 revenue ₹373 Cr, up 70.3% YoY.
• EBITDA ₹126 Cr, margin 33.7%.
• PAT ₹78 Cr, margin 20.6%.
• Order book opened ₹1,161 Cr; closing ₹1,278 Cr.
• TOPCon upgrade adds 150 MW incremental capacity.
• West Bengal expansion supports near-term production and workforce.
• Debt pre-closure via strong internal accruals; reduced interest outgo.
• Launch of solar kits and flexible modules expands addressable markets.

Financial Performance

• Total income ₹377 Cr; YoY growth 70.6%.
• EBITDA ₹126 Cr; margin 33.7%.
• PAT ₹78 Cr; margin 20.6%.

Capital Structure & Liquidity

• Net cash ₹34 Cr; improved liquidity.
• Debt/equity 0.19x; ROE 66.7%.

Strategic Priorities & Outlook

• FY27 targeted as acceleration year; scale up TOPCon integration.
• 4 GW greenfield TOPCon cell-module facility under development.
• 600 MW line upgraded to 750 MW TOPCon; 150 MW incremental.
• ALMM List-III approval supports domestic supply to government schemes.
• Three-project pipeline: brownfield upgrade, phased greenfield, backward integration.
• Solar kits and flexible modules expand addressable markets.

Business Overview

• Core business: solar cell and module manufacturing with a 30+ year India presence.
• Capacity: 1.2 GW cell, 550 MW module, 4 GW TOPCon pipeline.
• ALMM approved; supplies to PM Surya Ghar and PM-KUSUM schemes.
• TOPCon share expected to reach ~88% of cell capacity by FY28.
• Expansion in West Bengal supports local supply base and skilled workforce.
• Management focus on technology-driven growth through TOPCon deployment.

Operational Highlights

• Q1 FY27 revenue ₹373 Cr, +70.3% YoY.
• EBITDA ₹126 Cr; margin 33.7% YoY +21.4%.
• PAT ₹78 Cr; margin 20.6% YoY +15.8%.
• Upgraded 600 MW Mono PERC line to TOPCon; incremental 150 MW.
• Open order book ₹1,161 Cr (Q4 FY26); closing ₹1,278 Cr (Q1 FY27).
• New projects pipeline: 3 projects including brownfield upgrade and greenfield expansion.

Financial Performance

• Total income ₹377 Cr in Q1 FY27.
• Cost of materials ₹196 Cr; impact on margins.
• PBT ₹104 Cr; PBT margin 27.6%.
• Tax expense ₹26 Cr in Q1 FY27.
• PAT ₹78 Cr; PAT margin 20.6%.
• Balance sheet shows net cash position; debt/EBITDA remains conservative.

Capital Structure & Liquidity

• Debt/Equity: 0.19x.
• Early repayment of IREDA loan; reduced interest outgo.
• Net cash position; strengthened liquidity.

Strategic Priorities & Outlook

• FY27 framed as acceleration year; technology-led scaling.
• Aggressive TOPCon integration to lead market.
• 4 GW integrated TOPCon cell & module facility planned; COD 2027 for 150 MW.
• West Bengal expansion to leverage local supply base near workforce.
• Launch of solar kits and flexible modules to broaden addressable markets.
• ALMM approval supports domestic content and government scheme participation.

Governance & Leadership

• MD: Sohan Lal Agarwal; CFO: Amrit Daga.
• Board maintains diverse composition with independent directors.

Board Committee changes

• Audit Committee: Chairman Dinesh Agarwal; members Sohan Lal Agarwal, Vishal Patodia, Shailesh Kumar Mishra.
• Nomination and Remuneration: Chairman Vishal Patodia; members Dinesh Agarwal, Rupanjana De, Sanjay Kumar.
• Stakeholder Relationship Committee: Chairman Vishal Patodia; members Sohan Lal Agarwal, Sanjana Khaitan, Rupanjana De.
• Corporate Social Responsibility & ESG Committee: Chairman Sanjana Khaitan; members Sohan Lal Agarwal, Rupanjana De, Sanjay Kumar.
• Risk Management Committee: Chairman Sanjana Khaitan; members Sohan Lal Agarwal, Shailesh Kumar Mishra, Sanjay Kumar.
• Company Secretary Ashok Purohit to act as secretary to all committees.

Board committee composition changes

• Audit Committee: Dinesh Agarwal (Independent) Chair; Sohan Lal Agarwal (MD) Member; Vishal Patodia Member; Shailesh Mishra Member.
• Nomination & Remuneration: Vishal Patodia Chair; Dinesh Agarwal Member; Rupanjana De Member; Sanjay Kumar Member.
• Stakeholder Relationship: Vishal Patodia Chair; Sohan Lal Agarwal MD Member; Sanjana Khaitan Executive Director Member; Rupanjana De Member.
• CSR & ESG: Sanjana Khaitan Chair; Sohan Lal Agarwal MD Member; Rupanjana De Member; Sanjay Kumar Member.
• Risk Management: Sanjana Khaitan Chair; Sohan Lal Agarwal Member; Shailesh Mishra Member; Sanjay Kumar Member.
• Secretary to committees: Ashok Purohit to act as secretary.
• Effective Aug 10, 2026, changes implemented.

Meeting Details

• Participation by Websol Energy System in Emkay Confluence 2026 investor conference on 13 August 2026.