Websol Energy Reports 46.1% EBITDA Growth, Expands Solar Manufacturing To 1.2 GW Capacity

Websol Energy System Limited held its Board of Directors meeting on February 6, 2025, where several key decisions were made regarding financial performance, investment plans, and expansion strategies. The company announced its unaudited financial results for the quarter and nine months ending December 31, 2024, which showed significant growth in revenue and profitability.

The company reported ₹147.31 crore in revenue for Q3 FY25 and ₹402.47 crore for the nine months. This marked a sharp increase from Q3 FY24, when revenue was ₹0.51 crore, due to production upgrades at the Falta SEZ facility. The EBITDA for Q3 FY25 stood at ₹67.90 crore, a substantial improvement from the ₹47.54 crore EBITDA loss in Q3 FY24. Net profit after tax for the quarter reached ₹41.56 crore, a strong recovery from the ₹54.64 crore loss in Q3 FY24. The company achieved an EBITDA margin of 46.1% and a net profit margin of 28.2%.

Websol successfully commissioned Phase I of its expansion, including a 600 MW Mono PERC Bifacial Solar Cell Line and a 550 MW Fully Automated Module Line at its Falta facility. The company is now progressing with Phase II, which involves installing an additional 600 MW Mono PERC Bifacial Solar Cell Line, expected to be operational by July 2025. This phase requires an investment of ₹220 crore, funded through internal accruals and bank financing. Once completed, Websol’s total production capacity will reach 1.2 GW for solar cells and 550 MW for modules.

For Phase III, Websol has initiated the groundwork for a greenfield expansion and is considering forming a joint venture or a wholly owned subsidiary to further increase its solar cell and module manufacturing capacity. The company’s entire projected production capacity for FY24-25 is already fully booked, and it has received strong interest for its upcoming Phase II capacity.

Websol has also secured significant orders for solar modules worth ₹116 crore, with shipments planned for the United States, United Kingdom, Africa, and India. The company aims to strengthen its position in the domestic and international solar markets, reducing reliance on imports and supporting India’s renewable energy goals.

During the board meeting, it was noted that Mr. Deven Kaushik, a Non-Executive Independent Director, will retire on February 10, 2025, upon completing his second five-year term. Additionally, Mr. Kushal Agarwal, another Non-Executive Independent Director, resigned on February 6, 2025, citing personal reasons.

The meeting also covered corporate governance updates, including the adoption of a new Memorandum and Articles of Association, subject to shareholder approval. Shareholder approval will be sought through a postal ballot process.

The board meeting commenced at 2:30 PM and concluded at 4:10 PM. The company reaffirmed its commitment to innovation, expansion, and supporting India’s clean energy transition through large-scale solar manufacturing projects.