Websol Energy System Limited · NSE:WEBELSOLAR
Websol Energy System — Q3 FY26 Earnings Presentation
25 slides from Websol Energy System's earnings presentation, Jan 29, 2026
Slide 1: Exchange filing cover letter: Q3 FY26 Earnings Presentation
Date: 29th January, 2026 To, To, The Manager Listing, The Manager Listing, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Floor 25, Bandra Kurla Complex, PJ Towers, Dalal Street, Bandra (E) Mumbai: 400051 Mumbai: 400 001 Scrip Code- WEBELSOLAR Scrip Code- 517498 WEBSOL ENERGY S
Slide 2: Earnings Presentation Q3FY26
Earnings Presentation Q3FY26 Websol Energy System Limited BSE: 517498 NSE: WEBELSOLAR
Slide 3: Key Highlights – Q3FY26
•. Key Highlights – Q3FY26 INR 261 Cr INR 106 Cr INR 65 Cr KEY Key METRIC Metric Revenue EBITDA PAT 77.2% 57.6% 56.3% GROWTH Growth YoY YoY YoY 59.9% 40.8% 24.8% Margins Gross Margin EBITDA Margin PAT Margin Capital Base 51.4% 0.29x INR 89 Cr (9MFY26) ROCE Debt/ Equity Net Debt ✓ Crisil BBB+/ Stable
Slide 4: Compounding Growth with Superior Margins
Compounding Growth with Superior Margins Rs. Cr Revenue from Operations EBITDA* and Margin Profit after Tax and Margin 43.6% 61.0% 43.3% 27.3% 26.4% 648 62.0% 67.7% 282 402 174 179 106 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 *Excludes Other Income
Slide 5: Strong Capacity Utilization as Websol Strengthens Operations
Strong Capacity Utilization as Websol Strengthens Operations Cell Line Performance Module Line Performance Q3 Line 1: 97% 350 100% 90% Q3 Line-2 : 54% 83% 90% 150 100% 300 75% 80% 80% 130 64% 250 70% 60% 211 110 39% 60% 30% 40% 200 90 82 20% 50% 150 126 70 0% 116 40% 50 -20% 30% 50 100 38 -40% 20% 3
Slide 6: Industry Overview, Business Update, Financial Performance
12 Industry Overview 23 Business Update 34 Financial Performance
Slide 7: Solar as the Growth Engine of the Global Energy Transition
Solar as the Growth Engine of the Global Energy Transition Annual Global Solar Growth (GW) #1 Energy Source Global Solar installations expected to be ~1TW annually by early 2030s 7000 2800 2200 1185 1600 849 CY21 CY22 CY23 CY24 CY25 CY30E ~40% demand growth in ~80% of future demand ~55% of global el
Slide 8: India's Exponential Solar Growth Momentum
India’s Exponential Solar Growth Momentum Structural Expansion of India’s Power Capacity Driven by Solar Scale 205 GW 724 GW 475 GW 14 GW Global Scale Strong Solar momentum 3rd largest solar market globally ~72% of total domestic RE additions boosting domestic ecosystem in FY26 YTD are solar FY25 Ot
Slide 9: Domestic Solar Growth with Long-Term Visibility
Domestic Solar Growth with Long-Term Visibility Industry Tailwinds Low Consumption Base Power Demand Growth EV Adoption Green Hydrogen Data Centres India at ~1,400 kwh per capita Electricity demand to grow EVs to reach 30% of new 5 MTPA production target by Data-centre capacity vs ~3,500 global aver
Slide 10: Company Snapshot
Company Snapshot Legacy Capacity Technology Performance Growth Pipeline Incorporated in 1990 as an 1.2 GW cell and 550 MW State-of-the-art automated One of the highest cell capacity Integrated greenfield 4 GW Topcon integrated solar manufacturer module capacity Mono PERC cell and module facility uti
Slide 11: Industry Overview, Business Update, Financial Performance
12 Industry Overview 23 Business Update 34 Financial Performance
Slide 12: Three Decades of Powering the Journey from Sun to Energy
Three Decades of Powering the Journey from Sun to Energy 1994 2018 2025 2028 Started production with a 1 MW Capacity increased to 250 MW; Additional 600 MW Mono-PERC cell Additional 2 GW Topcon capacity using reclaimed Major technological advancement line commissioned; Average integrated cell & modu
Slide 13: State-of-the-art Integrated Manufacturing Facility
State-of-the-art Integrated Manufacturing Facility Existing Facility Location Integrated manufacturing facility in Falta SEZ, West Bengal Uniqueness Only Solar Cell manufacturer in Eastern India Connectivity Strategic port access enabling efficient pan- India logistics Upcoming Facility Location Gre
Slide 14: Order Book and Diversified Client Base
Order Book and Diversified Client Base Major Clients - Cell Modules 57% INR 1,150 Cr Order Book Major Clients - Module Cells 43%
Slide 15: Phase II 600 MW Cell Line Update
Phase II 600 MW Cell Line Update Phase II Commissioning 600 MW Mono PERC solar cell line successfully commissioned on 27th Sep 2025 Self-Funded Expansion ~Rs. 203 Cr project cost fully funded through internal accruals Rapid and Disciplined Execution Phase II commissioned in less than 12 months – rec
Slide 16: Phase III & IV Progress
Phase III & IV Progress Milestones Timeline Construction Start Machinery Erection Trial Production Commercial Production Phase III Feb 26-Jun 26 Apr 26-Mar 27 Apr 27-Jun 27 Jul 27 Phase IV Feb 26-Jun 27 Apr 27-Mar 28 Apr 28-Jun 28 Jul 28 Land Allocation Technology Investment Subsidy Approved 123 acr
Slide 17: Future Vision Framework and Technology Initiatives
Future Vision Framework and Technology Initiatives Partnership • MoU signed with Linton to evaluate Ingot–Wafer facility setup Integration Backward Integration • Enables full backward integration across the solar value chain Supply Security • Strengthens supply security & ensures future ALMM complia
Slide 18: Industry Overview, Business Update, Financial Performance
12 Industry Overview 23 Business Update 34 Financial Performance
Slide 19: Q3FY26 Financial Performance
Q3FY26 Financial Performance Rs. Cr Revenue from Operations EBITDA** and Margin Profit after Tax and Margin 47.3% 28.2% 27.7% 30.4% 45.8% 27.0% 24.8% 45.4% 43.0% 40.8% 77.2% 57.6% 56.2% 261 103 106 67 65 219 78 48 173 168* 68 72 42 46 147 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY2
Slide 20: Capital Efficiency
Capital Efficiency Debt / EBITDA (x) Debt / Equity (x) Prudent Debt Management IREDA Sanctioned 0.60 0.47 1.70 Rs. 179 Cr Amount Loan Availed for Rs. 152 Cr 0.55 Phase I 0.29 (24.37) Outstanding as on FY24 FY25 9M FY26 Rs. 100 Cr (Net) FY24 FY25 9M FY26 31.12.2025 Long Term Debt/ Fixed Assets (x) In
Slide 21: Profit and Loss Statement
Profit and Loss Statement Rs. Cr Particulars Q3FY26 Q3FY25 Y-o-Y (%) Q2FY26 Q-o-Q (%) 9M FY26 9M FY25 Y-o-Y (%) Revenue from Operations 261 147 77.2% 168 55.2% 648 402 61.0% Other Income 1 0.4 nm 3 (55.2)% 7 1 nm Total Income 262 148 77.7% 172 53.1% 655 403 62.4% Cost of Material Consumed 147 42 nm
Slide 22: Balance Sheet
Balance Sheet Rs. Cr Rs. Cr Equity and Liabilities H1FY26 FY25 Assets H1FY26 FY25 Equity Share Capital 42 42 Property, plant and equipment 468 283 Other Equity 349 236 Right of Use assets 13 1 Total Equity 391 278 Capital work-in-progress 8 17 Financial Liabilities Other Intangible assets 1 1 Borrow
Slide 23: Cash Flow Statement
Cash Flow Statement Rs. Cr Particulars H1FY26 H1FY25 Cash Flow from Operating Activities Profit before Tax 151 80 Adjustment for Non-Operating Items 26 27 Operating Profit before Working Capital Changes 177 107 Changes in Working Capital (40) (17) Cash Generated from Operations 137 90 Less: Direct T
Slide 24: Board of Directors
Board of Directors Mr Sohan Lal Agarwal Ms Sanjana Khaitan Dr Rajeewa R Arya Managing Director Executive Director Non Executive Director A commerce graduate from SRCC and finance A MSc graduate from Jadavpur University, Over four decades of leadership in India’s postgraduate from the University of C
Slide 25: Disclaimer
Disclaimer This presentation, provided by Websol Energy System Ltd., is intended for informational purposes only and is not an offer, invitation, or inducement to sell or issue Balance securities. It isSheet not intended to be a prospectus under any jurisdiction's laws. The information contained her