Websol Energy System Limited has informed the Exchange about Investor Presentation
Date: 4th November, 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
WEBSOL ENERGY SYSTEM LIMITED: ISIN-INE855C01015
Sub: Investors Presentation
Dear Sir,
Enclosed herewith is an Investors Presentation on the Unaudited Financial Results for the quarter and half year ended 30th September, 2025
This is for your information and records.
For WEBSOL ENERGY SYSTEM LIMITED
Raju Sharma Company Secretary
Earnings Presentation Q2FY26
Websol Energy System Limited
BSE: 517498 NSE: WEBELSOLAR
Key Highlights – Q2FY26
KEY METRIC Key Metric
GROWTH Growth
Margins
CAPITAL BASE Capital Base (H1FY26) (H1FY26)
Highlights
Cash Conversion = Cash Flow from Operations / EBITDA
INR 168 Cr Revenue
17.2% YoY
67.3% Gross Margin
34.5% ROCE
INR 72 Cr EBITDA
15.4% YoY
43.0% EBITDA Margin
INR 46 Cr PAT
10.3% YoY
27.0% PAT Margin
33.9% ROE
75.2% Cash Conversion
Impact on Q2FY26 revenues due to ~8-day planned shutdown for electrical integration of the new 600 MW cell line, and festive-season logistics slowdown in West Bengal
Phase II commissioned — commenced production of additional 600 MW Mono-PERC cell line at Falta, West Bengal
2 Industry Overview 1
3 Business Update 2
4 Financial Performance 3
Global Solar Outlook
Solar to anchor 11 TW global renewable milestone by 2030
Solar’s Breakneck Growth: 70 Years to 1 TW, 2 Years to ~2 TW
Solar PV
Other RE
4.8
2.6
2.2
2024
46%
65%
11
3.9
7.1
2030
26% CAGR (CY20-CY30E)
7,000
714
849
1,053
1,419
1,865
CY20
CY21
CY22
CY23
CY24
CY30E
Solar enters an exponential growth phase, backbone of the global energy transition with capacity doubling in record time
Advanced technologies like Topcon, IBC and perovskites are driving higher efficiency and lower system costs
Solar is now the world’s cheapest power source with LCOE and module prices continuing to fall
Net Zero targets and policy support are anchoring solar at the heart of national decarbonization strategies
Solar-plus-storage and digital integration are enhancing reliability and grid flexibility worldwide
Massive investment and supply chain expansion are setting the stage for sustained global dominance
Source: IRENA, IEA, Global Status Report
India’s Solar Growth Trajectory
Domestic Installed Solar Capacity (GW)
Solar Yearly Installations (GW)
FY25 Cumulative Solar Installed
FY25 Total Installations by States (GW)
24
15
13
13
6
7
7
10
6
7 1 Y F
8 1 Y F
9 1 Y F
0 2 Y F
1 2 Y F
2 2 Y F
3 2 Y F
4 2 Y F
5 2 Y F
1
5 1 Y F
3
6 1 Y F
3
l
e v i t a u m u C 4 1 Y F
22
127
Hybrid Solar (GW), 2.9
Off-grid / KUSUM (GW), 4.7
PM Surya Ghar / Rooftop (GW), 17.0
FY 25 Total 106 GW
) 5 2 0 2 p e S
l l i t ( 6 2 Y F
) 5 2 0 2 p e S
Ground Mounted Solar (GW), 81.0
l l i t ( d e
l l
a t s n
i
l
a t o T
Ground mounted utility-scale projects dominate, driving double-digit annual growth
42× growth — solar capacity rose from 3 GW (FY14) to 127 GW (FY26, Sep 30)
Peak momentum in FY25–FY26, adding 46 GW in ~1.5 years
Source: MNRE data
0.1
0.2
1.4
2.1
0.6
28.3
3.4
0.3
0.2
18.5
5.1
0.2
0.3
1.3
0.6
10.7
9.7
4.8
5.4
10.2
Domestic Policy Boost
Policy
Description
Timeline
ALMM-II Enforcement for Domestic Solar Cells
MNRE mandates use of India-made solar cells
Implementation scheduled FY26
ALMM-III for Ingot–Wafer Manufacturing
New ALMM phase to cover ingot & wafer
Expected by June 2028
Anti-Dumping Duties on Chinese Imports
DGTR recommends up to 30% duty on imports of Chinese solar cells and modules
Issued in Sep 2025
GST Reduction (12% → 5%) on Solar Components
GST on cells, modules, and inverters reduced to 5%
Already in force
2019
ALMM Framework Announced
ALMM Timeline
2021
ALMM Enforced for Modules
2023
Temporary Suspension of ALMM
ALMM Boosts Domestic Capacity
Cells (ALMM List-II)
Modules (ALMM List-I)
109
65
38
2024
Re-implementation of ALMM Begins
2025
ALMM Expansion to Cells
2028
Proposed ALMM expansion to Wafers & Ingots
8
11
13
2021
2022
2023
2024
2025 (Aug)
Source: MNRE data
2 Industry Overview 1
3 Business Update 2
4 Financial Performance 3
Company Snapshot
Legacy
• Incorporated in 1990 — one of India’s earliest integrated solar manufacturers with a 30+ year operating track record
Scale
• 1.2 GW cell and 550 MW module capacity —
commissioned in record time
Technology
• State-of-the-art facility supported by
automated lines producing high-efficiency Mono-PERC cells and modules
Performance
• 90% cell capacity utilization with 23%+
average efficiency level
Growth Pipeline
• ~ ₹ 3,000 Cr greenfield integrated 4 GW cell
and module Topcon expansion
Phase II 600 MW Cell Line Commissioned
Phase II Commissioning 600 MW Mono-PERC solar cell line successfully commissioned on 27th Sep 2025
Self-Funded Expansion Project fully funded through internal accruals
Record Time Execution Phase II commissioned in less than 12 months
Performance Efficiency Achieved 23.6% maximum cell efficiency within first month of production
Project Timeline Summary
Construction Start
Production Start
Complete Ramp-Up (Est)
Oct 2024
Sep 2025
Dec 2025
Websol’s Expansion Blueprint
Solar Cell
Solar Module
Solar Cell and Module Capacity (MW)
~50%+ CAGR (CY24-CY28E)
3,200
2,550
5,200
4,550
600
550
CY24
Phase I Phase I
1200
550
CY25
Phase II Phase II
1200
1200
550
CY27E
Phase III Phase III:
550
CY28E
Phase IV Phase IV:
Focus on Capability Adopted Mono-PERC technology for cell & module
Capacity Upgrade Cell capacity doubled at Falta plant
Greenfield Expansion 2 GW integrated Topcon cell & module facility planned
Strategic Scale-Up Overall capacity to reach 5.2 GW (cell) & 4.5 GW (module)
2 Industry Overview 1
3 Business Update 2
4 Financial Performance 3
Q2FY26 Financial Performance
Revenue from Operations
EBITDA** and Margin
Profit after Tax and Margin
Rs. Cr
45.8%
45.4%
43.0%
47.3%
29.2%
30.4%
28.2%
27.7%
27.0%
43.7%
17.2%
15.4%
10.3%
219
173
168*
144
147
103
78
72
63
68
42
42
48
67
46
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
* Q2FY26 Revenues were impacted by a one-time, temporary shutdown of the existing cell and module line for approximately eight days for electrical integration of the recently commissioned 600 MW cell line and additional impact of logistics slow down on account of festive season in West Bengal
**Excludes Other Income
H1FY26 Financial Performance
Revenue from Operations
EBITDA* and Margin
Profit after Tax and Margin
Rs. Cr
45.4%
28.9%
41.8%
25.4%
51.7%
64.8%
74.9%
387
176
255
107
114
65
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
*Excludes Other Income
Capital Efficiency
Cash Flow from Operations (Rs. Cr)
Debt/Equity Ratio
377.8%
46.3%
167
132
90
35
1.70
0.84
0.55
0.37
Strong Cash Flow generation of Rs. 132 Cr in H1FY26 to support expansion initiatives
Significant improvement in Debt/Equity to 0.37x in H1FY26 from 0.84x in H1FY25
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
Asset Turnover stood at 0.64x in H1FY26 vs 0.67x in H1FY25 inspite of 61% increase in average total assets
Asset Turnover Ratio
Interest Coverage Ratio
1.33
0.67
0.64
0.09
10.99
17.48
Interest Coverage Ratio improved to 17.48x in H1FY26 vs 8.66x in H1FY25 reflecting increase in profitability
8.66
(9.19)
Net Debt as on 30th September 2025 was Rs. 92.5 Cr
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
Asset Turnover = Total Revenue / Average Assets, Interest Coverage = EBIT / Interest
Profit and Loss Statement
Particulars
Revenue from Operations
Other Income
Total Income
Cost of Material Consumed
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
PBT Margin (%)
Tax Expenses
Profit After Tax
PAT Margin (%)
*Excludes Other Income
Q2FY26
Q2FY25
Y-o-Y (%)
Q1FY26
Q-o-Q (%)
H1FY26
H1FY25
Y-o-Y (%)
Rs. Cr
168
3
172
63
(8)
7
34
72
144
0.3
144
46
3
4
29
63
43.0%
43.7%
5
11
60
6
9
49
17.2%
nm
19.2%
37.2%
nm
79.1%
19.7%
15.4%
(68) bps
(18.2)%
28.4%
23.1%
219
2
221
81
(19)
6
47
103
(23.1)%
50.5%
(22.4)%
(22.8)%
(59.1)%
12.5%
(27.3)%
(30.1)%
387
5
392
144
(27)
13
81
176
255
1
256
88
1
7
53
107
47.3%
(434) bps
45.4%
41.8%
4
11
91
15.6%
3.6%
(34.2)%
9
22
151
10
16
80
51.7%
nm
53.5%
64.5%
nm
77.0%
53.4%
64.8%
362 bps
(15.4)%
32.5%
87.4%
34.9%
33.8%
109 bps
41.2%
(627) bps
38.4%
31.5%
696 bps
14
46
7
42
nm
10.3%
24
67
(43.1)%
(31.1)%
37
114
16
65
nm
74.9%
27.0%
29.2%
(219) bps
30.4%
(340) bps
28.9%
25.4%
354 bps
Balance Sheet
Equity and Liabilities
Equity Share Capital
Other Equity
Total Equity
Financial Liabilities
Borrowings
Lease Liabilities
Provisions
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
Current Tax Liabilities
Total Current Liabilities
Total Equity and Liabilities
H1FY26
FY25
Assets
H1FY26
Rs. Cr
42
349
391
101
11
3
43
159
45
64
18
2
8
10
12
159
709
42
236
278
123
1
2
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
Other Non-Current Assets
Total Non-Current Assets
Inventory
Financial Assets
(i) Investments
(ii) Trade Receivable
(iii) Cash and Cash Equivalents
(iv) Other Bank Balances
(vi) Other Financial Assets
Other Current Assets
Current tax assets (net)
Total Current Assets
Total Assets
468
13
8
1
-
12
3
504
93
16
16
4
34
1
42
-
205
709
Rs. Cr
FY25
283
1
17
1
5
3
40
350
34
-
5
48
39
0.4
36
2
164
514
Cash Flow Statement
Particulars
Cash Flow from Operating Activities
Profit before Tax
Adjustment for Non-Operating Items
Operating Profit before Working Capital Changes
Changes in Working Capital
Cash Generated from Operations
Less: Direct Taxes paid
Net Cash from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Net Cash Inflow/ (Outflow)
Cash and Cash Equivalents at the beginning of the period
Cash and Cash equivalents at the end of the period
H1FY26
H1FY25
Rs. Cr
151
26
177
(40)
137
(5)
132
(162)
(14)
(44)
48
4
80
27
107
(17)
90
(0.05)
90
(43)
(20)
28
1
29
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 Balance Sheet securities. It is not intended to be a prospectus under any jurisdiction's laws. The information contained herein 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.
Registered Office: 52/1, Shakespeare Sarani, Unimark Asian, 8th Floor, Kolkata- 700017 Ph.: 033-4009-2100
For Further Information Please Contact:
Amrit Daga
Simran Malhotra / Neha Dingria
Chief Financial Officer
Contact: +91 22 6169 5988
investors@websolenergy.com
websol@churchgatepartners.com