Websol Energy System, one of the premier solar manufacturing companies in India, is all set for an expansion with its recent capacity additions. It has expanded its capacity by adding 4 GW of solar cell and 4 GW more solar modules.
In addition, the company has added a 600 MW mono-PERC cell line in Falta, West Bengal, where it runs a fully automated Mono-PERC solar cell line and a module production line.
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On February 8, 1990, Websol began as a collaboration between WEBEL, a West Bengal government enterprise, S.M. Industries and Italy’s Helios Technology, to build a domestic base for manufacturing photovoltaic cells and modules. Over time, it has grown into one of the few technologically independent players in India’s solar supply chain, supplying EPC companies, developers and industrial customers involved in off-grid installations in rural or remote locations.
Websol already indicated in its financial results for the second quarter of FY26 that its expansion strategy is already gaining traction. Revenue has reached INR 168.22 crore (USD 20.1 million) for this period, reflecting a 17.3 per cent annual rise, while profit after tax increased 10.3 per cent to INR 46.32 crore (USD 5.55 million). The company also maintains a relatively low leverage, with a 0.24x net-debt-to-equity ratio. This will help the company to finance its growth strategy without draining the balance sheet.
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Sector specialists who monitor the renewable-energy market have begun valuing the company at around 30 times its anticipated full-year FY26 earnings per share, implying an upside potential of roughly 30 per cent from current price levels.
At present, the focus is on scaling utilisation of its newly installed lines, integrating Topcon technology, managing production costs and ensuring steady module shipments. Analysts interpreting the Q2 FY26 numbers describe Websol as a business in transition: recording notable annual growth while still experiencing some sequential softness linked to temporary operational disruptions and the challenges of ramping up new equipment.
For investors comfortable with the technology and manufacturing risks inherent in the renewable-energy sector, some market commentators see Websol as a potentially attractive long-term idea. Several brokers and fund managers have issued supportive views, labelling the stock as a “growth-with-monitoring” candidate, suitable for portfolios where investors are prepared to track the next few quarters closely as the company attempts to deliver sharper earnings momentum.
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