Websol Energy System Limited has informed the Exchange about Investor Presentation
Date: 11.08.2025
To, The Manager Listing, National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra (E) Mumbai: 400051 Scrip Code- WEBELSOLAR
To, The Manager Listing, BSE Limited, Floor 25, PJ Towers, Dalal Street, Mumbai: 400 001 Scrip Code- 517498
Sub: Investors Presentation on the Financial Results for the quarter ended 30th June, 2025
Dear Sir,
Enclosed herewith is an Investors Presentation on the Financial Results for the quarter ended 30th June, 2025.
The same will also be made available on the website of the Company viz. www.webelsolar.com.
This is for your information and records.
For WEBSOL ENERGY SYSTEM LIMITED
Raju Sharma Company Secretary
Websol Energy System Limited Registered Office: 48, Pramatha Choudhury Sarani, Plot No-849, Block-‘P’, 2nd Floor, New Alipore, Kolkata - 700 053, Phone: +91-33-24000419, Fax: +91-33-24000375 E-mail: websol@webelsolar.com
Corporate Office and Plant: Sector II, Falta Special Economic Zone, Falta 24 Parganas (South), West Bengal, India, Pin- 743504 Ph.: 91-3174-222932, Fax: 91-3174-222933 E-mail: websol@webelsolar.com
www.webelsolar.com
Websol Energy System Limited (BSE: 517498, NSE: WEBELSOLAR)
Earnings Presentation Q1 FY2026
11th August 2025
Key Highlights – Q1 FY26
Key Metric
Growth
Margins
Capital Base (FY25)
INR 219 Cr Revenue
INR 103 Cr EBITDA
INR 67 Cr PAT
96.0% / 26.5% YoY / QoQ
135.4% / 31.9% YoY / QoQ
193.7% / 39.2% YoY / QoQ
68.1% Gross Margin
63.1% ROCE
47.3% EBITDA Margin
30.4% PAT Margin
80.2% ROE
0.66x Cash Conversion
Highlights
▪ On track to successfully commission 600MW Cell Line (Phase II) in less than 1 year
▪
Phase II expansion funded completely from internal accruals
▪ More than 90% effective capacity utilization of existing Cell Line
Cash Conversion = Cash Flow from Operations / EBITDA
1
2 Industry Overview 1
3 Business Update 2
4 Financial Performance 3
Global Capacity Landscape
Global Renewable Annual Capacity Additions
Solar
Wind
Hydro
Others
Solar PV and Wind
Global Net-Zero Commitments 140+ countries have pledged net-zero emissions by mid-century
19%
3% 1%
585 GW 2024
5%
95%
5,500 GW 2030E
77%
Solar and Wind are together expected to account for 95% capacity additions
Increasing Electrification Shift from fossil fuels to electricity in vehicles, heating, manufacturing
Rapidly Declining Costs Levelized Cost of Energy from utility-scale solar is now cheaper than coal and gas in over 90% of the world
Global Solar Installed Capacity (GW)
Green Hydrogen and Solar Synergy Solar is the best fit for green hydrogen production via electrolysis
26% CAGR (CY20-CY30E)
7,000
~
Digital Infrastructure Boom Growing digital infrastructure such as data centres, AI compute centres need massive new energy capacity
714
849
1,053
1,419
1,865
CY20
CY21
CY22
CY23
CY24
CY30E
Source: IRENA, IEA, Global Status Report; CY refers to the period Jan – Dec
ESG Investing and Corporate Demand 100% renewable supply chain demand worldwide
from major corporations
2
India’s Renewable Energy Shift to Solar
Solar
Fossil
Wind
Hydro
Others
Installed Capacity (GW)
2,100 GW
Record Solar Capacity addition of ~24.5 GW in FY2025
475 GW
777 GW
4% 11% 11%
52%
22%
4% 10%
13%
35%
38%
24%
19%
57%
FY2025
FY2030E
FY2047E
Source: CEA, JMK Research, PIB, EY Energy Transition; FY refers to the period Apr-Mar
50 GW additional RE Capacity per year until FY2028
100 GW of Solar Module Capacity by FY2030
500 GW of Non-Fossil Fuel Energy Capacity FY2030
50% Renewable in the Energy Mix by FY2030
3
India’s Solar Energy Transformation
Government Initiatives
Government Target to Achieve ~280 GW by 2030
Budget Allocation
Rs 100bn for rooftop solar, offering ~300 units free electricity/month
22% CAGR (FY2019-2030E)
*Data till February
280.0
PM-KUSUM Scheme
Financial assistance to farmers and other eligible entities to install solar pumps
29.1
41.2
102.6
*
66.8
DCR Mandate
Indian-made solar cells & modules mandated in government-backed projects
Installed Capacity Breakdown (GW)
FY2019
FY2021
FY2023
FY2025
FY2030E
Tariff Restrictions
40% duty on modules, 25% on cells on imports to boost Indian manufacturing
16.7
ALMM
Only ALMM-listed modules allowed in government projects and direction for ALMM solar cell in future
Sources - MNRE, CEA, PIB, MHI, IEA, IRENA, JMK Research
2.9
4.6
102.6 GW FY2025
Ground-Mounted Solar Plants
Grid-Connected Rooftop Solar
Hybrid Projects
Off-Grid Solar Systems
78.5
4
2 Industry Overview 1
3 Business Update 2
4 Financial Performance 3
Company Snapshot
1990 Date of Incorporation
30+ Years Manufacturing Experience
Falta, West Bengal Plant Location
~ 7 acres Land Area
600MW Current Cell Capacity
550MW Current Module Capacity
+90% Effective Cell Utilization
Mono PERC Current Technology
October 2025 Commercial start of additional 600MW Mono PERC Cell Line
<1 Year To successfully commission new Cell Line
100% Capex Of new Cell Line through Internal Accruals
5
Business Strengths Supporting Long-Term Growth
Rich History in the Indian Solar Space Established in 1990 as one of the first solar cell and module manufacturers in India
Advanced Manufacturing Facility Fully automated facility for Solar Cell and Module at Falta SEZ, West Bengal
Technology Capabilities Evolved with the latest technology in the last 30 years bringing high efficiency products to the market
Well-positioned Product Portfolio Diversified Solar Cell and Module portfolio serving both Domestic and Export markets
Strong Relationships with Clients 10+ years of relationship with key Industry players as one of the oldest manufacturers
Experienced Management Team Leadership team with deep solar manufacturing expertise, driving legacy and growth for 3 decades
6
2 Industry Overview 1
3 Business Update 2
4 Financial Performance 3
Operational Performance and Profitability
Revenue from Operations
EBITDA* and Margin
Profit After Tax and Margin
All figure in Rs. Cr
39.4%
43.7%
45.8%
46.0% 47.3%
29.2%
28.2%
27.7%
30.4%
20.5%
96.0%
135.4%
193.7%
219
173
144
147
112
104
67
63
68
78
44
42
42
48
23
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
*Excludes Other Income
7
Capital Efficiency
Cash Flow from Operations (Rs. Cr)
Debt/Equity Ratio
377.8%
167
1.70
Strong Cash Flow generation of Rs.167 Cr in FY25 to support expansion initiatives
35
FY24
FY25
FY24
FY25
Asset Turnover improved to 1.33x in FY25 vs. 0.09x in FY24, as operations resumed
0.55
Significant improvement in Debt/Equity to 0.55x in FY25 from 1.70x in FY24
Asset Turnover Ratio
Interest Coverage Ratio
1.33
10.99
Interest Coverage turned positive at 10.99x, reflecting sharp recovery in Profitability
Net Debt as on 30th June 2025 is Rs. 89 Cr
0.09
FY24
FY25
FY24
FY25
(9.19)
Asset Turnover = Total Revenue / Average Fixed Assets, Interest Coverage = EBIT / Interest
8
Profit and Loss Statement
Revenue from Operations
Other Income
Total Income
Cost of Material Consumed
Stores & Spares Consumption
Changes in Inventories of Finished Goods and Work in Progress
Employee Benefits Expense
Other Expenses
EBITDA*
EBITDA Margin (%)
Finance Cost
Depreciation and Amortisation Expense
Profit Before Tax
Tax Expenses
Profit After Tax
PAT Margin (%)
*Excludes Other Income
Q1 FY2026
Q1 FY2025
Y-o-Y (%)
Q4 FY2025
Q-o-Q (%)
All figure in Rs. Cr
219
2
221
81
8
(19)
6
40
104
112
0.2
112
42
5
(2)
3
19
44
47.3%
39.4%
4
11
91
24
67
5
8
32
9
23
30.4%
20.5%
96.0%
848.9%
97.6%
94.4%
51.6%
802.8%
74.6%
103.2%
135.4%
791 bps
(12.1)%
37.1%
186.0%
166.3%
193.7%
995 bps
173
1
174
50
8
(1)
6
32
78
26.5%
105.8%
26.9%
63.0%
(1.8)%
2852.6%
7.7%
23.8%
31.9%
45.4%
194 bps
4
10
66
18
48
7.8%
7.6%
38.1%
34.9%
39.2%
27.7%
268 bps
9
Balance Sheet
Balance Sheet Equity and Liabilities
Equity Share Capital
Other Equity
Total Equity
Financial Liabilities
Lease Liabilities
Provisions
Borrowings
Deferred Tax Liabilities (Net)
Total Non-Current Liabilities
Financial Liabilities
(i) Borrowings
(ii) Trade payables
(iii) Other Financial Liabilities
(iv) Lease Liabilities
Provisions
Other Current Liabilities
Total Current Liabilities
Total Equity and Liabilities
FY2024
FY2025
Assets
All figure in Rs. Cr
FY2024
FY2025
42
66
108
-
2
162
-
165
21
49
2
0.1
0.4
7
80
353
42
236
278
1
2
123
24
151
29
32
3
0.3
8
13
86
514
Property, plant and equipment
Right of Use assets
Capital work-in-progress
Other Intangible assets
Financial Assets
(i) Investments
(ii) Other Financial Assets
Deferred Tax Assets (Net)
Other Non-Current Assets
Total Non-Current Assets
Inventory
Financial Assets
(i) Trade Receivable
(ii) Cash and Cash Equivalents
(iii) Other Bank Balances
(iv) Other Financial Assets
Other Current Assets
Current tax assets (net)
Total Current Assets
Total Assets
270
0.1
30
0.00
-
3
16
3
322
19
1
1
-
0.04
10
0.4
31
353
283
1
17
1
5
3
-
40
350
34
5
48
39
0.4
36
2
164
514
10
Board of Directors
Mr Sohan Lal Agarwal
Managing Director
• Commerce Graduate from Calcutta
University
• Pioneer in India’s Solar manufacturing Industry with over four decades of entrepreneurial leadership
Mr Shailesh Kumar Mishra
Independent Director
▪
▪
in Electrical Bachelor’s Degree Engineering the Maulana from Azad College of Technology, Bhopal 38+ years of expertise with leadership positions in NTPC, SECI and Power Grid
Mrs Vasanthi Sreeram
Non Executive Director
▪
▪
Postgraduate in Physics from IIT Mumbai and M.Tech in Energy Study from IIT Delhi technical 25+ years of deep expertise in Solar Cell and Module Manufacturing
Ms Rupanjana De
Independent Director
▪ Qualified Company Secretary from
ICSI and Masters in Law
▪ Global academic credentials and more than 24+ years experience in Corporate and Law, Governance
CSR
Dr Rajeewa R Arya
Non Executive Director
▪ MSc Degree
from
Jadavpur University, MTech from IIT Kanpur and PhD from Brown University 40+ years of expertise with leadership positions in Moser-Baer and BP Solar
▪
Ms Sanjana Khaitan
Executive Director
▪
Commerce Graduate from SRCC, Delhi University and Postgraduate in Finance from University of Cambridge
▪ Dynamic finance professional with
global credentials and insight
Mr Vishal Patodia
Independent Director
▪ Graduation with specialization in Finance & Accounting and qualified CS and CMA (Inter) 15+ Corporate Financial Management
years of experience
Governance
in and
▪
Audit Committee
CSR Committee
Nomination and Remuneration Committee
Stakeholder Relationship Committee
Risk Management Committee
11
Disclaimer
This presentation, provided by Websol Energy System Ltd., is intended for informational purposes only and is not an offer, invitation, or inducement to sell or issue securities. It is not intended to be a prospectus under any jurisdiction's laws. The information contained herein Balance Sheet includes forward-looking statements about the company's future prospects and profitability, identified by expressions such as "will," "aim," "may," and "anticipate.“ Forward-looking statements inherently involve risks, uncertainties and factors that may cause actual results to differ from those expressed or implied in such statements. These factors include, but are not limited to, fluctuations in earnings, managing growth, competition, economic conditions, talent retention, contract overruns, government policies, fiscal deficits, regulations and prevailing economic costs. The company does not guarantee the accuracy, fairness, completeness or correctness of the forward-looking statements, and no reliance should be placed on them. The company disclaims any obligation to publicly update or revise these forward-looking statements, unless required by law. Accessing this presentation implies an agreement to be bound by specified restrictions. No responsibility or liability is accepted for the accuracy or validity of the information by directors, promoters, employees, affiliates, advisors or representatives of Websol Energy System Ltd. The presentation is confidential and may not be copied or disseminated. Viewers are cautioned not to place undue reliance on forward-looking statements, and any actions taken based on such statements are at the viewer's own risk. This disclaimer is issued in compliance with applicable laws and regulations governing the provision of information and the communication of forward-looking statements by Websol Energy System Ltd
For Further Information Please Contact:
Registered Office Sector II, Falta Special Economic Zone, Falta 24 Parganas (South), West Bengal, India, Pin-743504 Ph.: 91-03174-222932, Fax : 91-03174-222933
Mr Amrit Daga
Ms Simran Malhotra / Ms Neha Dingria
Chief Financial Officer
Contact: +91 22 6169 5988
investors@webelsolar.com
websol@churchgatepartners.com 12