Websol Energy System Ltd

₹ 72.0 4.99%

05 Nov - close price

websolenergy.com BSE: 517498 NSE: WEBELSOLAR

About

Websol Energy System Limited is engaged in the business of manufacturing photovoltaic crystalline solar cells and related modules in India. ^[1]

Key Points

Products^[1]
The company is one of the earliest entrants in India’s solar cell and manufacturing space; its portfolio includes:
i) Solar Cells: ^[2] ^[1] The company manufactures M10 Bifacial Mono-PERC solar cells based on 182 mm wafer architecture. The cells are designed for utility-scale, commercial, and residential applications. It holds a market share of around 10% in the solar cell manufacturing segment.
ii) Solar Modules: ^[3] The company manufactures 525-550 Wp Bifacial PERC solar modules using high-efficiency M10 Mono-PERC cells for utility-scale and commercial solar projects.

Website BSE NSE

Market Cap ₹ 3,126 Cr.
Current Price ₹ 72.0
High / Low ₹ 138 / 50.4
Stock P/E 8.99
Book Value ₹ 17.9
Dividend Yield 0.35 %
ROCE 63.2 %
ROE 66.9 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 99.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 56.4%

Cons

Promoter holding is low: 29.7%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Electrical Equipment Other Electrical Equipment

Part of BSE Industrials BSE 1000 Nifty Smallcap 500 Nifty Total Market Nifty Microcap 250

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	0	1	25	112	144	147	173	219	168	261	401	373	361
YoY Sales growth	-98%	+55%	+22,509%	+61,900%	+47,750%	+28,784%	+596%	+96%	+17%	+77%	+132%	+70%	+115%
	1	3	28	68	81	80	95	115	96	155	255	247	233
Operating Profit	-1	-2	-3	44	63	68	78	103	72	106	146	126	128
OPM %	-277%	-429%	-13%	39%	44%	46%	45%	47%	43%	41%	36%	34%	35%
	0	-101	-4	0	0	0	1	2	3	-3	6	4	4
Interest	1	0	5	5	6	5	4	4	5	4	4	4	4
Depreciation	4	4	24	8	9	15	10	11	11	16	24	22	22
Profit before tax	-5	-107	-36	32	49	48	66	91	60	84	125	104	107
Tax %	-25%	-49%	62%	28%	14%	14%	27%	26%	23%	23%	0%	25%	25%
	-4	-55	-59	23	42	42	48	67	46	65	124	78	80
EPS in Rs	-0.10	-1.29	-1.39	0.54	0.99	0.98	1.14	1.59	1.10	1.54	2.87	1.79	1.85
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	356	280	296	183	69	196	154	213	17	26	521	974	1,396
Sales growth	+17%	-21%	+6%	-38%	-63%	+185%	-21%	+39%	-92%	+50%	+1,913%	+87%	+97%
	351	271	267	167	93	193	120	187	30	27	268	546	890
Operating Profit	5	9	29	17	-25	3	34	26	-13	-1	253	429	506
OPM %	1.5%	3.1%	10%	9%	-36%	1.4%	22%	12%	-74%	-5%	49%	44%	36%
	-39	-1	70	11	17	4	60	6	1	-110	2	9	12
Interest	2	1	5	9	6	6	9	3	4	5	19	16	15
Depreciation	16	15	15	14	15	15	15	15	15	36	41	62	84
Profit before tax	-52	-9	79	5	-29	-15	69	14	-32	-153	194	360	419
Tax %	1%	14%	0%	0%	0%	-127%	29%	30%	-25%	-21%	20%	16%
	-52	-10	79	5	-29	4	49	10	-24	-121	155	303	347
EPS in Rs	-2.38	-0.45	3.58	0.18	-1.00	0.13	1.59	0.26	-0.61	-2.87	3.67	6.98	8.05
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	4%

Compounded Sales Growth
10 Years:	13%
5 Years:	45%
3 Years:	284%
TTM:	97%

Compounded Profit Growth
10 Years:	45%
5 Years:	99%
3 Years:	154%
TTM:	71%

Stock Price CAGR
10 Years:	33%
5 Years:	55%
3 Years:	56%
1 Year:	-41%

Return on Equity
10 Years:	%
5 Years:	37%
3 Years:	56%
Last Year:	67%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	22	22	22	27	29	31	31	37	39	42	42	43	43
Reserves	-217	-227	36	74	95	94	143	155	152	66	236	587	733
	382	352	84	81	76	78	35	36	28	184	153	131	12
	400	306	175	187	152	109	75	58	48	61	83	169	179
Total Liabilities	587	453	317	369	352	311	284	286	267	353	514	930	969
	280	266	283	304	287	254	239	225	210	270	285	459	417
CWIP	0	0	0	0	1	0	0	0	6	30	17	0	30
Investments	0	0	0	0	0	0	0	0	0	0	5	52	53
	307	187	34	65	64	56	45	61	51	53	208	419	468
Total Assets	587	453	317	369	352	311	284	286	267	353	514	930	969

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-13	30	142	10	5	1	36	-3	-8	35	167	255
	-4	-0	28	-1	6	13	-0	-1	-6	-223	-86	-233
	15	-30	-168	-12	-11	-14	-35	6	10	189	-35	-3
Net Cash Flow	-1	-1	2	-3	0	0	1	2	-4	1	47	18
Free Cash Flow	-14	30	164	4	6	12	36	-4	-14	-189	124	75
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-235%	357%	497%	81%	-23%	1%	107%	-11%	65%	-2,645%	67%	66%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	162	94	2	42	51	33	47	46	37	11	3	35
Inventory Days	61	33	7	51	216	29	70	56	544	525	70	142
Days Payable	283	250	64	172	517	134	157	58	878	1,334	66	63
Cash Conversion Cycle	-60	-124	-55	-79	-249	-72	-40	45	-298	-798	8	113
Working Capital Days	-363	-353	-183	-98	-397	-102	-77	-16	-853	-709	-6	55
ROCE %	-5%	-3%	62%	8%	-12%	-1%	11%	7%	-11%	-14%	59%	63%

Insights

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Cell Installed Capacity
MW

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xx.xx	xx.xx		xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx
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Cell Average Efficiency
%

Cell Production Volume
MW

Module Installed Capacity
MW

Module Production Volume
MW

Cell Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%	27.71%	29.72%	29.72%	29.72%
	0.77%	0.47%	0.01%	0.48%	2.46%	4.24%	4.39%	5.47%	5.40%	4.12%	3.74%	4.17%
	0.25%	0.00%	0.00%	0.00%	0.09%	0.02%	0.44%	0.26%	0.31%	0.32%	0.43%	0.21%
	71.26%	71.82%	72.28%	71.80%	69.74%	68.04%	67.47%	66.57%	66.59%	65.85%	66.12%	65.91%
No. of Shareholders	61,032	86,164	1,02,892	1,13,690	1,22,902	1,27,378	1,26,281	1,27,190	1,42,556	1,38,900	1,64,654	1,73,175

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	31.17%	27.93%	25.85%	25.22%	25.04%	25.37%	26.76%	27.71%	27.71%	29.72%	29.72%
	5.85%	1.20%	6.88%	10.34%	8.21%	2.98%	4.08%	0.47%	4.24%	4.12%	4.17%
	0.44%	0.53%	0.11%	0.02%	0.02%	0.02%	0.02%	0.00%	0.02%	0.32%	0.21%
	62.53%	70.35%	67.16%	64.42%	66.74%	71.63%	69.13%	71.82%	68.04%	65.85%	65.91%
No. of Shareholders	10,532	25,040	24,904	23,906	24,135	78,173	72,622	86,164	1,27,378	1,38,900	1,73,175

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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