Hi,
Websol is having the highest PAT margin in this sector. I am expecting it to sustain this margin for next two years. So, expecting margin to go up further is a very unlikely scenario and over expectation as Input Wafer cost is decided by the Chinese manufacturers who may increase the rates in future to reduce their losses.
Chances of margin contraction is possible as
TOPCON tech is more efficient than Mono Perc.
Cell Capacity addition by other manufacturers.
Demand side bottlenecks due to non growth of Govt. Capex in this sector and other allied sectors like transmission, BESS, Mega solar parks, Less renewable power outtake by states, etc.
Above are few factors which comes to my mind right now.
secondly, the ADD of 30% is applicable for Cell and modules imported from China and all other countries. I hope this answers your queries.
If the ADD can sustain these margins for a little longer even that is great because I am hopeful that the additional capacities in phase 2 and 3 should hedge against any inevitable contraction in margins. The good thing is that this ADD can extend the good times for longer
Sanjana Khaitan the grand daughter of SL Agarwal was denied reappointment by the share holders in AGM. This is highly unusual. Has anyone attended the AGM or have any insights ?
Websol to invest 3000 Cr in AP to set up Solar Cell manufacturing facility, creating 2000 new jobs. Websol MD Mr. SL Agarwal met with Honâble Minister Nara Lokesh garu to discuss the upcoming investment and his company plans for the future.
I donât think its fair expectation to have 500 Cr of quarterly run from Q2. There will be bit lag to have full ramp up.
So, my Expectation for FY26 is around 1500 Cr topline with 35 to 40% of margin. and
For FY27, we can expect to have topline around 2200 Cr with around 35% of margin.
Happy Investing,
Karthik
Disclosure: I am having position in this stock from very long time(around 84 level). So my views can be baised.
1500 in FY26 is also a tough ask.
Q1 was 219, Expecting Q2 to be bw 200 to 225.
Now with addition of another 600 MW cell line (and higher utilization of module line) can at the most double up Q3 & Q4 revenues as compared to Q1 revenue, which would be a max of 450 cr sales.
So 219+210+450+450 = ~1330 cr of sales in FY26.
FY27 would be 4*450 = 1800.. or at max 2000 cr of sales if selling price of cells increase.
Phase 3 expansion: land has been identified and construction is expected to start in next 02 months, once legal documentation work gets completed. the exact location will be announced.
Ingot and wafer capex is in consideration and it will be done in future but no concrete plan on time lines at the moment.
Websol Energy has signed an MoU with the Andhra Pradesh Economic Development Board, announced in Kolkata on 15 November 2025. Earlier in September 2025, the company revealed plans to build a 4 GW solar cell and module plant in two phases, increasing its total capacity to 5.2 GW. This MoU, signed through its wholly owned subsidiary Websol Renewables Private Limited, is the first step toward exploring the setup of this 4 GW integrated solar manufacturing facility in Andhra Pradesh.
This question is for anybody who is invested in this stockâŚ
What is ailing this company ? Profits are up,PE down from 140 to 25 .Expansion completed so higher sales and profit expected soon .Stock split done making it easier to invest for retail investors.But still the stock is going downâŚit has even broken the dma200 .What could be the reason ?
Isnât 25 PE a reasonable valuation given the market trend is also flattish? Alpex Solar is a peer in cell manufacturing and that is also trading at 22PE.
Hopefully as the capex materialises and translates into earning and cash flow, we should see decent returns even without PE expansion. Any PE expansion will be a bonus.
As we can see almost 60% of the outstanding shares are with individual shareholders. Specifically that 43.3% of shares are available with individuals with capital less than 2 Lakhs makes this share more volatile because they are in for short term with not much conviction. They just keep chasing the stories, momentum and as per market movementâs. Hence, this % of shares keeps changing hands. This is a bane for any Company with large retail holding in a sluggish sideways market. However, this becomes a boon in a bull market. Letâs us hope for the bull market along with Q3, Q4 results for a fresh up move. Though I am not bothered about daily price movements, just thought of giving my point of view as fellow investors are looking for some clue on what is happening. I may be completely wrong. Its just my opinion.
All the solar hype is gone now. Thatâs why itâs better to pick these trends beforehand. Most of the solar/transmission cell/EPC/cable stocks have been derated. Earlier, they were commanding 50-60 PE. It also has to do with overcapacity/slowness in government capex because of elections/freebies and geopolitical scenarios. As someone said 25pe is also not cheap and if they post good result, am sure valuations will catchup too in the long run.
@Iampearl Your point is probably the one thats causing the problem .FII holding has increased continuously in past 4 quarters,lets see when that starts to matter .Need to wait for the bulls. @PRATEEK_CHANDRA I usually do not buy based on hype or trends.I bought this one because I thought at that time that with 4 quarters of stable state results PE would be at 40 or so ,at par with comparable companies .Did not count for the bearishness. And, no, for a business with 25% NPM, FCF and that kind of ROCE,RoE and assured sales and profit growth in near future 25 is not a reasonable PE .
by comparing Alpex to websol for valuation, you arnt comparing apples to apples.
Alpex is a pure play module business as of now (they are building solar cell capability), Any tom - dick and harry can setup a module business and this has commoditized. However Websolâs specializes is solar cells. Which will not commoditize atleast for next 2-3 years and cells are difficult & complex to manufacture as compared to modules.
Sirji, Production data on DCR Portal improved QOQ but sales data very weak.. Are Sales data not updated or we have to consider production data only on DCR Portal.
Hi, Both DCR Production and sale data are not updated in real time. It takes around 20 days of delay for updating the monthly data as per my observation in the past.
However, DCR produced is always going to reflect in sales figures as it doesnât make sense to sell DCR cells to Non DCR category.
So, one should wait till 20th January 2026 for complete Q3 DCR figures if one tracks DCR portal. Non DCR and DC generators revenue are always a guestimate though few guys report it from Import-export data. Hope it helps you.
