Websol Energy System Limited has informed the Exchange about Investor Presentation
Date: 3rd December, 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- INE855C01023
Sub: Investor Presentation on Non-Deal Roadshow
Ref: Intimation of Non-Deal Roadshow scheduled to be held on Thursday, December 4, 2025 and Friday, December 5, 2025
Dear Sir/Madam,
In continuation of letter dated 28th November, 2025 and 1st December, 2025 regarding Non-Deal Roadshow, please find enclosed herewith an Investor Presentation to be displayed during the Non-Deal Roadshow organized by Churchgate Partners at Sofitel BKC, Mumbai.
The Investor Presentation is also available at our website link https://www.websolenergy.com/investors- meet/.
In addition to this, a Corporate Video is also available in the following link:
www.websolenergy.com Click Watch Video.
Request you to kindly take the same on record.
Thanking you,
Yours faithfully,
For Websol Energy System Limited
______________________
Raju Sharma
Company Secretary & Compliance Officer
Investor Presentation
Websol Energy System Limited
BSE: 517498 NSE: WEBELSOLAR
Websol Panelists
Mr. Sohan Lal Agarwal Managing Director
Ms. Sanjana Khaitan Executive Director
Mrs Vasanthi Sreeram Chief Technology Officer
Mr. Amrit Daga Chief Financial Officer
2
Key Highlights
30+ Years of Solar Legacy
Experienced leadership team with deep solar manufacturing expertise, driving legacy and growth for 3 decades
Capacity Expansion Blueprint
Technology Excellence & Efficiency Focus
Current Operational Capacity - 1.2 GW Mono Perc Cell & 550 MW Module. Additional 4 GW integrated Topcon Cell & Module planned
Achieved 23.6%+ efficiency in current Mono PERC line. Transitioning to next-generation Topcon technology to achieve 25%+ efficiency
DCR Compliant for Cell & Modules
Advanced Research Capabilities
Strong Relationships with Clients
One among Eight ALMM approved Solar Cell manufacturers. Catering to PM-Surya Ghar, KUSUM & other government schemes
Exploring backward integration into Ingot & Wafer. Focused on future technology curve - Back Contact/ Perovskite
10+ years of relationship with key Industry players as one of the oldest manufacturers
2 Company Overview 1
3 Industry Outlook 2
4 3
5 4
6 5
Business Update
Strategic Roadmap
Financial Performance
Pioneering Solar Excellence
Leading manufacturer of Solar PV Cells & Modules; Listed on both NSE and BSE since 1990s
Started operations in 1994 as one of the earliest manufacturers of Solar PV Cells in India; Initial installed capacity was 1 MW
Incorporated as a JV with WEBEL and in technical collaboration with Helios Technology (Italy); JV exited in 2002
Manufacturer of high efficiency Solar Cells & Modules compliant with global standards
Current Capacity: Mono PERC Solar Cells - 1,200 MW and Modules - 550 MW
Mr Sohan Lal Agarwal
Managing Director
Ms Sanjana Khaitan
Executive Director
Mrs Vasanthi Sreeram
Chief Technical Officer
Mr Paritosh Jain
Technical Advisor
Mr Amrit Daga
Chief Financial Officer
Pioneer of Solar Manufacturing in India
Cambridge graduate with experience in global IB firms
3 decades of experience in Solar Cell manufacturing
Scientist with extensive semi-conductor experience
CA with 15+ years of experience in Finance
w e i v r e v O
t n e m e g a n a M y e K
Board of Directors
Mr Sohan Lal Agarwal
Managing Director
leadership
Over four decades of in India’s manufacturing and solar sector, he is a pioneer of the country’s solar manufacturing industry with deep entrepreneurial vision and strategic foresight. His contributions have played a defining role India’s renewable energy landscape
in shaping
Mr Shailesh Kumar Mishra
Independent Director
in Electrical A Bachelor’s degree holder Engineering from Maulana Azad College of Technology, Bhopal, he has over 38 years of experience in the Indian power sector. His career includes leadership roles across NTPC, SECI, and Power Grid, reflecting his industry expertise and strategic contributions
Ms Sanjana Khaitan
Executive Director
A commerce graduate from SRCC and finance postgraduate from the University of Cambridge, she brings experience in finance-led strategy She and global business environments. demonstrates strong analytical and governance skills and is a dynamic, results-driven finance professional
Dr Rajeewa R Arya
Non Executive Director
A MSc graduate from Jadavpur University, MTech from IIT Kanpur, and PhD from Brown University, he brings over 40 years of expertise in the solar and semiconductor industries. A highly accomplished professional, he is known for his deep technical knowledge
Ms Rupanjana De
Independent Director
A qualified Company Secretary (ICSI) with a Master’s in Law, she brings over 24 years of in Corporate Law, CSR, and experience regulatory Governance. A compliance, corporate advisory, she is well-versed in guiding robust legal and governance frameworks
governance,
specialist
in and
Mr Vishal Patodia
Independent Director
A finance and accounting graduate, and a qualified CS (Inter) and CMA (Inter), he brings over 15 years of experience in corporate governance and financial management. He has strong capabilities in compliance systems, financial oversight, and managing board processes
Three Decades of Powering the Journey from Sun to Energy
1990
2009
2018
2025
Incorporated and listed on NSE and BSE
Capacity enhanced to 60 MW; State-of-the-art facility installed in Falta SEZ
Capacity increased to 250 MW; Major technological advancement helped increase efficiency to 18.5%
Additional 600 MW Mono-PERC cell commissioned; Average efficiency levels at 23.3%
Started production with a 1 MW capacity using reclaimed semiconductor wafers
Capacity increased to 180 MW; Transitioned from mono-crystalline to multi-crystalline technology
Strategic pivot to Mono-PERC with commissioning of 600 MW cell line and 550 MW module line
1994
2015
2024
Incremental Cell Capacity (MW) along with Technology
1
1994
3
2001
5
2004
10
2006
20
2007
60
2009
120
2012
180
250
2015
2018
2024
2025
Conventional Mono-Crystalline
Multi-Crystalline
Mono-PERC
1200
600
State of the art Integrated Manufacturing Facility in West Bengal State-of-the-art Integrated Manufacturing Facility in West Bengal
West Bengal, India – 1 Unit, ~7 Acres
Location
Integrated Cell & Module manufacturing facility in Falta SEZ, West Bengal
Kolkata Airport
Uniqueness
Only Solar Cell manufacturer in Eastern India
Kolkata Port
~ 7 Acres
Connectivity
Strategic port access enabling efficient logistics
Falta (SEZ)
Capability
Kolkata Railway Station
High-precision, cleanroom-based manufacturing environment
Coverage
Ideal location to serve Eastern & North-Eastern markets efficiently
Manufacturing Facilities
Port
Airport
Railway Station
2 Company Overview 1
3 Industry Outlook 2
4 3
5 4
6 5
Business Update
Strategic Roadmap
Financial Performance
ALMM Boosts Domestic Cell Demand
~20 GW Additional projected ALMM Cell demand in FY27
DCR Cell Manufacturing Gap — Strategic Opportunity
~20 GW
FY 26 (E)
~40+ GW
FY 27 (P)
Supply Gap In India’s DCR Solar Cells Despite >100 GW Module Capacity
Policy Mandates Make Backward Integration Essential For Solar Manufacturing
“Policy-anchored demand to underwrite new cell facilities”
Current Capacity
FY27 Projected Demand
18.5 GW
40 GW
Source: MNRE data, Internal research
Domestic Policy Support on Both Supply and Demand Front
l
s r e b a n E y c i l
o P
l
s r e b a n E y c i l
o P
) d n a m e D
(
) y l p p u S (
ALMM
RPO
PM Surya Ghar/ PM KUSUM
OA / Net Metering
Mandates use of domestic modules/cells
Ensures long-term solar demand
Boosts mass retail adoption
Drives C&I demand
PLI
Import duties
ALMM expansion
State incentives
Accelerates domestic capacity buildout
BCD/ADD protect against cheap imports
Pushes upstream (Cell + ingot-wafer)
Reduce cost & speed up setup
2 Company Overview 1
3 Industry Outlook 2
4 3
5 4
6 5
Business Update
Strategic Roadmap
Financial Performance
Phase II 600 MW Cell Line Update
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
Efficiency Achieved 23.6% maximum cell efficiency within first month of production
Capacity Utilisation
More than 60% capacity utilization in Nov-25
Project Timeline Summary
Construction Start
Oct 2024
Production Start
Sep 2025
Complete Ramp- Up (Est)
Dec 2025
High Capacity Utilization and Diversified Client Base
Effective Capacity Utilization
Major Client Base
90%
83%*
95%
51%
Q1
Q2
Oct & Nov-25
Unit-1
Unit-2
Module CUF improved as the new cell line increased in-house cell availability, easing earlier constraints from external cell commitments
66%
39%
30%
l l
e C
l
e u d o M
*Impact due to 8 day planned shutdown due to electrical integration of the new cell line
Q1
Q2
Oct & Nov-25
2 Company Overview 1
3 Industry Outlook 2
4 3
5 4
4 5
Business Update
Strategic Roadmap
Financial Performance
Websol’s Expansion Blueprint
Solar Cell and Module Capacity (MW)
Solar Cell
Solar Module
~50%+ CAGR (CY24-CY28E)
5,200
4,550
3,200
2,550
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)
Phase III & IV Progress
Project Status
MoU signed
Land due diligence ongoing
Advance discussion with technology partners
Experienced professionals hired as core project team
s l i
a t e D t c e j o r P
Scale 4 GW integrated facility
Technology TOPCON
Capex ₹3,000+ Cr investment
COD June 2027 (Phase III)
e c n a t r o p m
I c i g e t a r t S
✓ Strengthens India’s domestic solar manufacturing ecosystem
✓ Reduces dependence on Chinese supply chain → boosts energy
security
✓ Supports national RE targets & ALMM/PLI policies
✓ Drives industrial growth & high-skill job creation in Andhra Pradesh
Future Vision Framework and Technology Initiatives
Partnership
• MoU signed with Linton to evaluate Ingot–Wafer facility setup
Integration
• Enables full backward integration across the solar value chain
Supply Security
• Strengthens supply security & ensures future ALMM compliance
Positioning
• Positions Websol for upstream value capture
Self-Reliance
• Supports India’s self-reliant solar manufacturing ambition
Focus on Next-Gen Technologies Topcon, Back-Contact, Perovskite
Continuous Innovation To stay ahead of efficiency curves
Silver Paste Optimization For cost & performance gains
Ancillary Opportunities Exploration Across solar manufacturing
n o i t a r g e t n
I
d r a w k c a B
p a m d a o R
2 Company Overview 1
3 Industry Outlook 2
4 3
5 4
4 5
Business Update
Strategic Roadmap
Financial Performance
Strong Growth and Profitability
Revenue from Operations
EBITDA** and Margin
Profit after Tax and Margin
Rs. Cr
28.9%
45.4%
25.4%
41.8%
51.7%
64.8%
74.9%
575
253
155
387
255
176
107
114
65
FY25
H1FY25
H1FY26
FY25
H1FY25
H1FY26
FY25
H1FY25
H1FY26
**Excludes Other Income
Robust Capital Efficiency
Cash Flow from Operations (Rs. Cr)
Debt/ Equity Ratio
Return on Equity (%)*
Strong Cash Flow to support expansions
Improved ratio owing to increased profitability
Strong ROE maintained
167
1.70
132
90
35
FY24
FY25
H1FY25
H1FY26
0.84
0.55
0.37
87.62
67.81
80.22
(80.91)
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
Net Debt (Rs. Cr)
Interest Coverage Ratio
Return on Capital Employed (%)*
Reduction on account of loan repayments
Improved on account of increase in profitability
Increase due to strong EBIT
183
65
111
92
10.99
17.48
50.26
68.99
59.18
8.66
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
(9.19)
(15.76)
* H1FY25 and H1FY26 have been annualized
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
Rs. Cr
Rs. Cr
H1FY26
FY25
Assets
H1FY26
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
(v) 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
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 / Ansh Gandhi
Chief Financial Officer
Contact: +91 22 6169 5988
investors@websolenergy.com
websol@churchgatepartners.com