Websol Energy System Limited, one of the oldest Indian solar cell and module makers with capacities of 600 MW and 550 MW, respectively, saw its revenue nearly double in Q1 FY26 (ending June 30, 2025) compared to last year. The company attributes this sharp rise to continued demand for domestically manufactured solar products.
Its revenue for the quarter at INR 2.19 billion ($26.4 million) was up 96% year-on-year (YoY) and 26.5% sequentially. EBITDA of INR 1.04 billion ($12.5 million) also represented an increase of 135.4% YoY and 31.9% quarter-on-quarter (QoQ).
Websol says its profit after tax (PAT), which is a key indicator for investors, closed at INR 670 million ($8.1 million) with a margin of 30.4% as against INR 230 million in the previous year.
“The company is also in advanced stages of finalizing agreements with national and regional players, which is expected to generate additional contributions beyond the solar module price. These contracts are aligned with key national initiatives such as the PM-KUSUM Solar Pumps Project and the Domestic Content Requirement (DCR) framework, reinforcing our role in supporting India’s renewable energy ambitions,” stated Websol’s Managing Director Sohan Lal Agarwal.
During the quarter, the manufacturer said it launched solar kits for the domestic market.
With sustained demand, Websol is also expanding its annual production capacity with another 600 MW mono PERC solar cell line. It is scheduled to enter commercial operations in October 2025. Its current 600 MW cell factory also produces mono PERC cells with over 90% effective cell utilization in Falta, West Bengal.
The company expects its 1.2 GW total solar cell production capacity to make a meaningful revenue contribution from Q3 FY26.
In July 2022, Websol’s board approved its plans to set up around 1.8 GW of high-efficiency mono PERC and TOPCon solar cell and module capacity. Later that year, in September, it entered a joint venture partnership with Amp Energy to produce up to 1.2 GW of monocrystalline PERC cells and up to 1.2 GW of modules, to be realized in 2 phases of 600 MW each (see Joint Venture For 2.4 GW Mono PERC Cells & Modules).
“In line with our strategic long-term growth vision, we are outlining a comprehensive expansion plan for our solar cell and module manufacturing operations. This phased capacity enhancement is expected to significantly strengthen our integrated manufacturing capabilities and improve economies of scale,” added Agarwal. “Once implemented, it will enable us to address growing domestic demand and explore emerging export opportunities, while delivering competitive, high-quality products to our customers.”
