By BullScreen Editorial Team 
Websol Energy System Limited reported a strong turnaround in its Q4 results 2026, with revenue and profit more than doubling year-on-year, driven by capacity expansion and improved operational efficiency.
For the March quarter, revenue rose sharply to ₹401 crore, marking a 132.1% increase compared to the same period last year. EBITDA climbed 86.4% to ₹146 crore, while profit after tax surged 157.9% to ₹125 crore. The company also maintained healthy profitability, with gross margins at 52.7%, EBITDA margins at 36.4%, and PAT margins at 30.8%.
The robust quarterly performance capped a record year for the company. For FY26, revenue from operations stood at ₹1,049 crore, up 82.4% year-on-year, while EBITDA reached ₹429 crore, growing 69.6%. Net profit jumped 195.8% to ₹303 crore, with earnings per share at ₹6.98. Net worth more than doubled to ₹631 crore, reflecting stronger financial stability.
Operationally, Websol significantly scaled up its manufacturing capabilities. Total solar cell capacity doubled to around 1.2 GW after commissioning a second production line in September 2025. During Q4 results 2026, solar cell utilization reached 92%, while module utilization stood at 74%, indicating strong demand visibility. The company’s order book remained solid at ₹1,161 crore, split between 60% modules and 40% cells.
Efficiency improvements also played a key role in margin expansion. Websol reduced silver consumption by 25% and achieved an average cell efficiency of 23.3%, positioning itself competitively in the fast-evolving solar manufacturing space.
The balance sheet saw notable strengthening, with the company moving into a net cash surplus position of ₹34 crore compared to net debt of ₹65 crore a year ago. The debt-to-equity ratio improved to 0.19x, while return on equity and return on capital employed stood at 66.7% and 65.7%, respectively. It also secured a CRISIL BBB+ stable rating, underlining improved creditworthiness.
Looking ahead, Websol is focusing on technology upgrades and expansion. It plans to transition its Mono-PERC line to TOPCon technology and is working on a 4 GW integrated facility along with an ingot-wafer plant to reduce import dependency.
The strong Q4 results 2026 highlight Websol’s strategic shift toward scale, efficiency, and advanced technology, positioning it to benefit from India’s growing solar demand.
| Metric | FY26 | YoY Growth |
|---|---|---|
| Revenue from Operations | ₹1,049 Cr | +82.4% |
| EBITDA | ₹429 Cr | +69.6% |
| Profit After Tax (PAT) | ₹303 Cr | +195.8% |
| Earnings Per Share (EPS) | ₹6.98 | — |
| Net Worth | ₹631 Cr | ↑ from ₹278 Cr |
| Cash Flow from Operations | ₹255 Cr | — |
| Metric | Q4 FY26 | YoY Growth |
|---|---|---|
| Revenue | ₹401 Cr | +132.1% |
| EBITDA | ₹146 Cr | +86.4% |
| PAT | ₹125 Cr | +157.9% |
| Margin Type | Value |
|---|---|
| Gross Margin | 52.7% |
| EBITDA Margin | 36.4% |
| PAT Margin | 30.8% |
| Parameter | Value |
|---|---|
| Total Cell Capacity | ~1.2 GW |
| Solar Cell Utilization | 92% |
| Solar Module Utilization | 74% |
| Order Book | ₹1,161 Cr |
| Order Mix | 60% Modules / 40% Cells |
| Avg. Cell Efficiency | 23.3% |
| Silver Consumption Reduction | 25% |
| Metric | FY26 | FY25 |
|---|---|---|
| Net Debt / (Cash) | -₹34 Cr (Cash Surplus) | ₹65 Cr Debt |
| Debt-to-Equity Ratio | 0.19x | 0.55x |
| Return on Equity (ROE) | 66.7% | — |
| Return on Capital Employed (ROCE) | 65.7% | — |
| Credit Rating | CRISIL BBB+ (Stable) | — |
| Initiative | Details |
|---|---|
| Technology Upgrade | Mono-PERC → TOPCon |
| Brownfield Expansion | Upgrade existing 600 MW line |
| Greenfield Projects | 4 GW integrated cell & module facility |
| Backward Integration | Ingot-wafer plant planned |
| Target Capacity (2028) | 5.35 GW Cells / 4.5 GW Modules |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/5fbe715b-f979-49af-8091-38b7fb4694dd.pdf