Websol Energy Reports 61% Surge in 9M FY26 Revenue to ₹648 Crore; Q3 Profit Rises 56%

Websol Energy System Limited, one of India’s leading manufacturers of high-efficiency solar cells and modules, has reported strong financial performance for the third quarter and nine months ended December 31, 2025, driven by capacity expansion, improved utilisation levels, and robust order inflows.

For the nine-month period (9M FY26), the company’s revenue from operations rose 61% year-on-year (YoY) to ₹648 crore, compared to ₹402 crore in the corresponding period last year. EBITDA for the period stood at ₹282 crore, marking a 62% YoY increase, with margins maintained at 43.6%. Profit after tax (PAT) surged 67.7% YoY to ₹179 crore, translating into an earnings per share (EPS) of ₹4.2.

In the third quarter (Q3 FY26), Websol posted revenue of ₹261 crore, registering a 77.2% YoY growth. EBITDA increased 57.6% YoY to ₹106 crore, while PAT rose 56.3% YoY to ₹65 crore, supported by higher production volumes and operating efficiencies.

Capacity Expansion Drives Growth

The strong performance was primarily driven by the commissioning of the company’s second solar cell manufacturing line — a 600 MW Mono PERC facility at Falta, West Bengal, which became operational in September 2025. During Q3 FY26, Websol’s overall solar cell capacity utilisation reached 75%, with Cell Line-1 operating at 97% utilisation and Cell Line-2 at 54%, which continues to ramp up steadily. Module capacity utilisation improved significantly, rising from 39% in Q1 FY26 to 64% in Q3 FY26.

Commenting on the results, Mr. Sohan Lal Agarwal, Managing Director, Websol Energy System Limited, said the company delivered strong growth across all financial parameters, reflecting the success of its operational and expansion strategies.

“Our strategic expansion plan is progressing well. The approval received in January 2026 for our proposed 4 GW integrated solar cell and module manufacturing project in Andhra Pradesh marks a major milestone in our long-term growth journey,” Agarwal said.

Andhra Pradesh Project and Backward Integration Plans

The proposed greenfield project, located at MPSEZ, Naidupeta, Tirupati district, has received comprehensive support from the Government of Andhra Pradesh, including land allotment of approximately 123 acres, capital subsidies, power tariff reimbursement, electricity duty exemption, water tariff subsidies, and stamp duty exemptions.

Additionally, Websol plans to set up a 100 MW captive solar power plant to ensure stable renewable power supply and reduce operational costs.

As part of its backward integration strategy, the company has also signed a Memorandum of Understanding (MoU) with Linton, a global leader in photovoltaic ingot and wafer manufacturing equipment. This collaboration aims to explore domestic manufacturing of PV ingots and wafers, strengthening supply chain resilience and reducing import dependence.

Strong Order Book and Credit Rating

As of December 31, 2025, Websol maintained a robust order book of ₹1,150 crore, providing healthy revenue visibility. The company also received a CRISIL BBB+/Stable credit rating, reflecting its strong operational performance, prudent financial management, and stable business outlook.