Websol Energy System Limited has secured a 54.20-acre land allotment from the Government of West Bengal to establish a greenfield solar manufacturing facility. The site at Falta Industrial Park will host a 4 GW integrated capacity for both solar cells and modules.

The project is designed to be developed in two phases of 2 GW each. This expansion aims to leverage the company's existing operational base in the state, which includes access to skilled manpower and established supplier networks. The move supports the broader objective of strengthening domestic renewable energy infrastructure.

Strategic location and execution focus

The decision to expand in West Bengal builds on Websol's presence in the Falta Special Economic Zone. Sohan Lal Agarwal, Chairman and Managing Director, noted that the company entered solar manufacturing in the mid-1990s when the industry was nascent. He emphasized that the new facility allows for scaling up while remaining close to a familiar ecosystem.

Sanjana Khaitan, Executive Director, highlighted that the primary focus now shifts to execution. She stated that growth will be measured by how efficiently installed capacity translates into production and revenue, aligning with the company's targets for 2028.

Current manufacturing capabilities

Websol is one of only 14 ALMM-approved solar cell manufacturers in India and the sole such manufacturer based in eastern India. Its existing modernized facility operates with the following capacities:

The current facility processes wafers up to 210 mm, optimizing energy output and land use. The company supplies cells primarily within India to support Domestic Content Requirement norms, while modules are marketed domestically and internationally.

What the numbers show

The proposed 4 GW capacity represents a more than threefold increase over the existing 1,200 MW cell capacity. This significant jump highlights a strategic pivot toward large-scale domestic manufacturing to meet growing renewable energy demands. The phased approach of 2 GW per phase suggests a measured capital deployment strategy, balancing rapid expansion with operational efficiency.

Websol Energy System Limited reported a record financial performance for FY26, with revenue rising 82.4% to ₹1,049.44 crore and net profit nearly doubling to ₹303.01 crore. The company also declared a final dividend of ₹0.25 per share for the first time in a decade.

The results were disclosed alongside the proceedings of the 36th Annual General Meeting held on September 22, 2026. Chairman Sohan Lal Agarwal highlighted that the milestone was achieved through disciplined execution and internal accruals, resulting in a debt-free balance sheet. Executive Director Sanjana Khaitan noted that the momentum continued into Q1FY27, with revenue surging 70% to ₹372.60 crore.

Financial performance highlights

The company crossed the ₹1,000 crore revenue mark in FY26, driven by the expansion into module manufacturing and strong demand in the renewable energy sector. EBITDA scaled to ₹428.54 crore, delivering a robust margin of 40.84%. Net worth more than doubled within the single financial year, standing at ₹630.71 crore.

Debt reduction and dividend declaration

A key highlight of the fiscal year was the structural shift in the company's capital structure. Websol Energy entirely prepaid its IREDA loan of ₹110 crore ahead of schedule using internal accruals. This move resulted in a net cash position and led to the systematic release of promoter pledged shares. Consequently, CRISIL upgraded the company's credit rating to BBB+.

Reflecting this financial self-sufficiency, shareholders approved a final dividend of ₹0.25 per equity share for FY26 during the AGM. This marks the first dividend payout by the company in ten years.

Strategic expansion and technology upgrade

The company is actively upgrading its production lines from standard Mono PERC to TOPCon technology to enhance panel efficiency and power output. This transition supports the broader strategy of vertical integration, moving from component manufacturing to a comprehensive solar provider model.

Looking ahead, Websol Energy aims to scale its manufacturing capacity to 5,350 MW of solar cells and 4,550 MW of solar modules by 2028. The expansion into module manufacturing also opens avenues for backward integration into wafer production, aiming to secure supply chains and insulate against external price fluctuations.

AGM resolutions and governance

During the AGM, shareholders adopted the standalone and consolidated audited financial statements for FY26. Ms. Sanjana Khaitan was re-appointed as a director, while Mr. Sanjay Kumar was appointed as Non-Executive Non-Independent Director. Mr. Dinesh Agarwal was appointed as Independent Director for five years effective August 10, 2026.

Mr. Rajeeva R Arya retired from the office of Director at the conclusion of the meeting due to personal reasons. The Statutory Auditors' reports contained no qualifications or adverse remarks.

Voting outcomes for key resolutions

The scrutinizer's report for the 36th AGM confirmed that all seven resolutions were passed with requisite majority. Shareholders voted overwhelmingly in favor of adopting the audited financial statements, with 99.99% of valid votes cast in support. The proposal to declare the final dividend of ₹0.25 per share received 99.40% support from voting members.

Regarding board changes, Ms. Sanjana Khaitan’s re-appointment secured 98.70% of votes in favor. Mr. Sanjay Kumar’s appointment as Non-Executive Non-Independent Director received 99.83% support, while Mr. Dinesh Agarwal’s appointment as Independent Director garnered 99.86% approval. The resolution revising Ms. Khaitan’s remuneration terms passed with 98.94% support, and the payment of commission to Non-Executive Directors was approved by 89.77% of voters.