Websol Energy System Limited announced the resignation of its Company Secretary & Compliance Officer, Raju Sharma, effective from the close of business hours on May 31, 2026. The resignation was submitted via a letter dated May 29, 2026, and is attributed to the officer's decision to pursue an alternate career opportunity outside the organization. The disclosure was made to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

The company informed the National Stock Exchange of India Limited and BSE Limited regarding the cessation of the Key Managerial Personnel. The communication, signed by Managing Director Sohan Lal Agarwal, confirmed that Sharma would be relieved effective May 31, 2026. The filing included the necessary details as prescribed under Part A of Schedule III of the SEBI regulations and the circular dated July 13, 2023.

Key Information

The following table outlines the specific details regarding the change in the company's compliance officer position:

The resignation letter addressed to the Board of Directors expressed gratitude for the support received during Sharma's tenure. The company accepted the resignation on May 30, 2026, marking the official end of his tenure as Company Secretary & Compliance Officer.

Websol Energy System Limited has announced its audited financial results for the fourth quarter and fiscal year ended March 31, 2026. The company described FY26 as a landmark year, achieving record highs in revenue, EBITDA, and Profit After Tax (PAT). The Board of Directors has recommended a dividend of INR 0.25 per share for the fiscal year, subject to shareholder approval.

Financial Performance Overview

For the full year FY26, the company reported revenue from operations of INR 1,049 crores, representing a growth of nearly 82% compared to the previous year. EBITDA for the year was INR 429 crores, a growth of around 70%, with an EBITDA margin of 41%. PAT reached INR 303 crores, which is 96% higher than the previous year, translating to a PAT margin of 28.6%.

The fourth quarter (Q4FY26) was the best ever quarter for the company on practically every parameter. Revenue for Q4 stood at INR 401 crores, EBITDA at INR 146 crores, and PAT at INR 125 crores. On a year-on-year basis, Q4 revenue grew by 132%, EBITDA by 86%, and PAT by 158%.

Operational Highlights and Capacity Expansion

During the year, the company commissioned cell line 2 in September 2025, which increased cell capacity from 600 MW to nearly 1.2 GW. This expansion was completed within the planned timeline and funded entirely through internal accruals. Cell utilization remained high, above 90%, while the module line achieved its highest ever monthly utilization at 80%.

Looking ahead, the company is upgrading one of its existing Mono PERC cell lines to TOPCon technology. This upgrade is expected to increase total cell capacity from 1.2 GW to 1.35 GW and position the company at the higher end of the efficiency curve, targeting cell efficiency of more than 24.5%. The capex for this upgrade is estimated to be between INR 250 crores and INR 270 crores, with commercial production expected to start by February 2027.

Balance Sheet and Cash Flow

The company generated INR 255 crores of cash from operations during the year, equivalent to roughly 84% of its PAT. Consequently, the company has turned net cash surplus. Net worth has more than doubled from INR 278 crores to INR 631 crores, and the debt-to-equity ratio has improved significantly from 0.55 times to 0.19 times.

Return ratios have strengthened, with Return on Capital Employed (ROCE) at 66% and Return on Equity (ROE) at 67%. Reflecting this financial improvement, CRISIL assigned the company a BBB Plus stable rating during the year.

Order Book and Future Outlook

Websol closed Q4FY26 with a confirmed order book of INR 1,161 crores, comprising 40% cells and 60% modules. The book-to-bill ratio for the quarter stood at 1.02x, providing healthy visibility for the coming quarters. The company remains focused on the Domestic Content Requirement (DCR) market, largely concentrating on schemes such as PM-KUSUM and PM Surya Ghar.

Regarding the pledged shares with IREDA, the company reported an outstanding net debt of approximately INR 92 crores. Management stated that they are in advanced discussions with IREDA for repayment and the release of pledged shares, expecting to complete this process in the next month or two.