Fair enough, let’s track the developments!
Something fresh is brewing at Websol 
What if all the windows, glass facades are replaced with transparent LSC in future?. Another usage area for solar cells & panels.
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Q1 SHP is out. A slight increase from both FII’s & DII’s up to 4.39% & 0.44% respectively. VANGUARD TOTAL INTERNATIONAL STOCK INDEX appears with 1% holding.
A slight reduction from Mr. ABRAHAM GEORGE. No other major change observed.
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ALMM List-II for Solar Cells. Cut of date: 31-08-2025. This is version-1. In next versions, Websol can be expected.
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Websol, Tata solar, Waaree energies are all missing
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Super amazing Q1’FY26 results.
YoY 300% PAT Increase, 200% Revenue increase.
What’s good is they have published a Press Update and an Investors presentation… A professional & experienced CFO on board now, Probably signs of company looking to raise funds for expansions or manage expansion via internal accruals for bigger projects.
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I agree that the results were indeed incredible but I don’t understand the projections for this company. Using Simple math- 600 MW capacity gives them roughly 70-75 crores NOPAT. Going by the similar trend and seeing a fall in both prices and costs maybe this can translate into higher numbers. Planned Capacity expansion is 2400 MW which may translate into profit run rate of roughly 1000 crores annually on a best case scenario.
These are ofcourse phenomenal numbers but what next for the company? I see no diversification, I see hardly any new customer additions and the industry itself I believe has already peaked and is in its maturity stage. As the company grows further the Capacity Utilization may also reduce as it is heavily dependent on Transmission and Distribution which is a better bet for now
I am invested for now but pondering my decision to exit.
What are the panel views?
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there are diversifications in products within the same space… They started with Solar Cells, Moved to Solar Modules, then they entered into DC inverters needed for modules and now they are packaging the solar modules into kits for rooftop solar setup in houses…so basically package everything into a kit (kinda premiumization). This much diversification in 1.5 years is good enough I guess.
Problem with company is communications, that’s why probably you never came to know about these diversifications.
Next they can diversify (or rather backward integrate) into Ingot manufacturing. There are news (or rather rumours until company confirms) about Websol working on some Brick type of solar panel
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Company currently expanded there solar cell capacity by 600 MW so now they have 1200 MW (1.2 GW), so the ramp up may take some time so capacity utilization will fall temporary. As they have told of starting in Q3FY26. Also another notable point is there cost control on non operating expense that is employee expense and also solid collection of receivables lower debt. Also if you see there latest quarter update they are in talks to get order for govt schemes contract of PM-Kusum (solar pumps).
Another reason for why the solar manufacturing may not have matured is post 2026 commercial company may get direct current through open access. That is directly electricity from solar plant to your site rather than getting from discom grid. So that is one demand. So for those projects you need to have DCR requirement approval to get it so the manufacturers have the benefit.
Also the govt ambitious target they have set for 280 GW from renewable by 2030. The major contributor from renewable will be solar.
If you currently see we good capacity for production of modules that is 100+ GW. But if you look at solar cell manufacturing it is ~25+ GW. So even though one part of solar manufacturing may look matured when you see from module production perspective. But if you see from solar cell perspective still the demand is left. Now the game has shifted to solar cell. The more capacity you have for production of solar cell the more modules you can produce. It looks like most of the company are in transitioning phase from module to cell. The faster the cell capacity grows the better the company can grow.
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Key insights from Websol’s BoD today on 1st September.
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Additional 2GW solar Cell & Solar Module capacity by June 2027
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Another 2 GW Solar Cell and Solar Module by June 2028
Total will be 5.2 GW Solar cell and 4 GW Solar Module capacity by June 2028 -
Stock Split 1: 10
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Total Capex of 3000 Cr.
Current Solar cell line working at 90% capacity. Module line working at 37% capacity.
So if current module line starts working at 100% capacity, they can achieve quarterly PAT of 85-90 Cr and additional 45-50 Cr per quarter from new 600 MW line coming up in October.
So TTM PAT for Q3’26 to Q2’27 can be between 525 cr to 575 Cr.
So Websol is available at 1 year advance PE of 11 :) with plans of capacity increasing to 3.5x in 2 years from then.
Disclosure : Invested with more than 40% portfolio concentration in Websol since last 9-10
months.
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Finally something concrete from Websol management. So, all the JV speculation has been put to rest.
However, no inputs on Bright earth Cell.
A 100% WOS is great but Last time they mentioned about subsidiary for future expansion in their 2023 press release but not executed on time instead wasted time with Amp Energy India and then with world green energy.
So, execution is something we have to wait and see.
1:10 split would make this share more affordable but one should be ready for even more volatility in coming months.
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I dont think this is Websol.
In their Annual report they mentioned that expansion is via their 100% owned subsidiary.
Outcome of that investigation is here. 30% ADD on solar cell and panels imported from China and any other country.
It took one full year to investigate but positive outcome for Cell manufacturers like Websol.
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even with such dumping websol have such phenomenal margins. do you have any idea why and shouldn’t there margins now expand more sharply upward?
also what about diverted shipments from other countries? any idea.
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