Solar cell and module manufacturer Websol Energy System reported a revenue from operations of ₹3.61 billion (~$38.16 million) in the second quarter (Q2) of the financial year (FY) 2027, up 114.6% year-over-year (YoY) from ₹1.68 billion (~$17.76 million).

The company’s profit after tax (PAT) rose 73.2% YoY to ₹802.1 million (~$8.48 million) from ₹463.2 million (~$4.90 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding other income, increased 77.3% to ₹1.28 billion (~$13.53 million) from ₹722.9 million (~$7.64 million).

Earnings per share (EPS) came in at ₹1.85 (~$0.020), compared to ₹1.08 (~$0.011) in the same quarter last year.

First Half of 2026

Websol reported a revenue from operations of ₹7.34 billion (~$77.60 million) in the first half (1H) of FY 2027, up 89.6% YoY from ₹3.87 billion (~$40.91 million).

PAT rose 39.2% to ₹1.58 billion (~$16.70 million) from ₹1.14 billion (~$12.05 million).

EBITDA increased 44.4% YoY to ₹2.54 billion (~$26.85 million) from ₹1.76 billion (~$18.61 million).

EPS stood at ₹3.64 (~$0.038), compared to ₹2.64 (~$0.028) in the corresponding period last year.

Business Highlights

The company’s board has approved its diversification into engineering, procurement, and construction (EPC), and solar independent power production, including solar parks, and energy trading. Websol said these initiatives are aimed at expanding its presence across the solar energy value chain beyond cell and module manufacturing.

Websol produced 255 MW of solar cells during the quarter, more than double the 116 MW produced in the corresponding quarter last year.

Cell manufacturing capacity utilization rose to 91% from 83% a year earlier.

The company increased its module production to 88 MW from 38 MW in Q2 FY 2026, while module capacity utilization rose to 68% from 30%.

Websol’s outstanding order book stood at ₹12.8 billion (~$135.32 million) as of September 30, 2026, compared with ₹12.78 billion (~$135.11 million) at the end of the previous quarter.

During Q2, the company executed orders worth ₹3.61 billion (~$38.16 million) and secured new orders worth ₹3.63 billion (~$38.38 million).

Solar cells accounted for ₹7.01 billion (~$74.11 million), or 55%, of the order book, while solar modules contributed ₹5.79 billion (~$61.21 million), or 45%.

Manufacturing Capacity

The company currently has 1.2 GW of solar cell manufacturing capacity and 550 MW of module manufacturing capacity.

The company expects TOPCon technology to account for approximately 88% of its total solar cell manufacturing capacity by FY 2028.

Websol is upgrading an existing 600 MW mono PERC solar cell manufacturing line to a 750 MW tunnel oxide passivated contact (TOPCon) line, adding 150 MW of incremental capacity. Following the upgrade, the company’s total solar cell manufacturing capacity will increase to 1.35 GW.

The upgraded line is expected to achieve solar cell efficiency of approximately 25%, compared with 23.35% for its existing mono PERC technology.

During the quarter, Websol secured an allotment of 54.20 acres of land from the West Bengal government at Falta Industrial Park for a greenfield 4 GW integrated solar cell manufacturing facility. The project will be developed in two 2 GW phases, with the first phase expected to commence commercial operations in Q3 FY 2028.

The company is also planning to establish an ingot and wafer manufacturing facility as part of its backward integration strategy. It has partnered with Linton Crystal for equipment and technology support.

Websol also plans to expand its product portfolio by introducing solar kits for various applications and developing flexible solar modules.

In Q1 FY 2027, Websol reported a revenue from operations of ₹3.73 billion (~$39.43 million), up 70% YoY from ₹2.19 billion (~$23.15 million).