Websol Energy System Limited delivered exceptional financial performance in Q3 FY26, demonstrating strong operational execution and strategic growth initiatives. The company's earnings conference call, held on January 30, 2026, revealed significant improvements across key financial metrics and outlined ambitious expansion plans.

Financial Performance Highlights

The company reported impressive financial results for both the quarter and nine-month periods. The growth trajectory reflects successful capacity expansion and improved operational efficiency across manufacturing lines.

Operational Excellence and Capacity Utilization

The company's operational performance demonstrated disciplined execution across manufacturing facilities. Cell Line-1 achieved exceptional utilization of 97%, while the newly commissioned Cell Line-2 reached 54% utilization during its ramp-up phase in Q3 FY26. Module capacity utilization improved to 64% during the quarter.

Cell Line-2, commissioned in September 2025, was completed within a record-breaking timeframe of less than one year and funded entirely through internal accruals. The line has already begun delivering high-efficiency cells, with peak cell efficiency recorded at 23.6% within three months of commissioning.

Strong Order Book and Market Position

As of December 31, 2025, the company maintained a robust order book of approximately Rs. 1,150 crores, providing strong revenue visibility. The order book reflects a balanced portfolio with modules accounting for 57% and cells contributing 43% of total orders.

Financial Health and Credit Rating

The company's financial position remained strong with net debt of Rs. 89 crores as of December 31, 2025. The Debt/EBITDA ratio improved to 0.47x from 0.60x in FY25, reflecting enhanced financial management. CRISIL Rating assigned the company a BBB+ stable rating for cash credit and term loan facilities, recognizing its ability to manage debt effectively while executing growth initiatives.

Expansion Plans and Strategic Initiatives

Websol Energy System received approval for its proposed 4 GW integrated solar cell and module manufacturing facility in Andhra Pradesh. Land allotment has been completed, and the Andhra Pradesh Economic Development Board approved a tailored incentive package, including investment-linked subsidies to support project economics.

The company entered into a memorandum of understanding with Linton, a global provider of photovoltaic ingot and wafer equipment technology, to explore establishing local manufacturing of PV ingots and wafers in India. This initiative forms part of the company's broader backward integration strategy to strengthen control across the solar manufacturing value chain.

Technology and Innovation Focus

The management emphasized ongoing technology advancement initiatives, including silver consumption reduction projects that have already achieved approximately 25% reduction in silver usage through process and technology optimization. The technical team continues working on further consumption reduction targets and evaluating potential alternatives to silver for long-term cost competitiveness.

Market Outlook and Strategic Vision

Management expressed confidence in the supportive policy environment for India's solar sector, with government initiatives strengthening both demand and manufacturing capabilities. The PLI scheme and Approved List of Models and Manufacturing frameworks continue encouraging capacity creation and deeper localization across the solar value chain.

The company remains committed to scaling capacities sustainably while maintaining its position as an integrated solar cell and module manufacturer, supported by three decades of experience in solar technology and deep manufacturing process understanding.

Websol Energy System Limited has announced its Q3FY26 financial results, reporting total income from operations of ₹261.02 crores for the quarter ended December 31, 2025. The leading solar cells and modules manufacturer demonstrated robust financial performance with significant growth across key metrics.

Financial Performance Highlights

The company's Q3FY26 results show strong operational performance with substantial improvements in profitability metrics:

Nine-Month Performance

For the nine months ended December 31, 2025, Websol Energy System maintained consistent growth trajectory:

Earnings Per Share Performance

The company's earnings per share showed positive momentum across both standalone and consolidated results:

Regulatory Compliance

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 29, 2026. The company has filed these unaudited standalone and consolidated financial results with stock exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company Background

Websol Energy System Limited operates as one of India's leading manufacturers of high-efficiency solar cells and solar modules in the renewable energy sector. The company maintains its registered office at 52/1, Shakespeare Sarani, Unimark Asian, 8th Floor, Kolkata-700 017, and continues to focus on solar technology solutions. The paid-up equity share capital remains at ₹42.21 crores with a face value of ₹1 per share.