Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 24 Sep - Shareholders approved Sanjay Kumar and Dinesh Agarwal appointments, Rajeewa R Arya’s retirement, and Sanjana Khaitan’s reappointment.
Source: Bse
Websol Energy System Limited (WEBELSOLAR)
Micro CapIndustrials stocks · Micro cap · NSE
Websol Energy System Limited is an Indian solar cell and module manufacturer. The company focuses on DCR projects like PM-Surya Ghar and PM-KUSUM, and is expanding its manufacturing capacity and upgrading technology to TOPCon.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:49 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -8.7% / mo · MACD +
Stock trend: 25
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
WEBELSOLARD candles · FIT view-41.1%Latest close ₹65.33 on 2026-10-19
Bar
-4.3%
RSI
35
MACD hist
0.26
52W pos
17%
2026-10-19O ₹68.24H ₹69.06L ₹65.00C ₹65.33Vol 15.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
WEBELSOLARNifty India ManufacturingNifty 500
- WEBELSOLAR
- -36.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -30.6 pp
Chart stats
19 Oct 2026- From 52W high
- -52.6%
- 52W range position
- 17%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.93x
- Avg traded value
- ₹11.2 Cr
- 20D price channel
- ₹64.7 - ₹76.8
₹137.9
₹50.4 - ₹137.9
₹3.1
Latest completed session
20-session average
37.8% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE79
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +70.3% · PAT +16.4% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+77.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +70% YoY · PAT +16% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹373 Cr | +70.3% | -7.0% |
| EBITDA | ₹126 Cr | +22.3% | -13.7% |
| Operating margin | 34.0% | -1300 bps | -200 bps |
| PAT | ₹78 Cr | +16.4% | -37.1% |
| PAT margin | 20.9% | -968 bps | -1001 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.55
- P/B
- 4.77
- EV/EBITDA
- 5.98
- Market Cap
- 3000.00Cr
Profitability
- ROE
- 66.90%
- ROCE
- 63.20%
- ROA
- 33.73%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 53.00%
- EPS 5Y
- 53.00%
- Revenue 3Y
- 51.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 28.19×
- Altman Z
- 10.00
- Book Value
- 14.50
Cash Flow
- FCF Yield
- 0.70%
- FCF Positive Y
- 2/5
- OCF
- 255.00 Cr
- EPS TTM
- 7.30
Shareholding
- Promoter Hold
- 29.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 373-7.0% vs prev
Net Profit
₹ CrLatest: 78.0-37.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 35. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.6% over last month) — short-term momentum negative.
- RSI(14) at 35 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 53% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
6
RS percentile
Stage 1 Base / Transition
1M return
-10.4%
3M return
-36.2%
6M return
-32.7%
1Y return
-46.1%
RS 1D
-2
RS 20D
-4
Sector rank
#2
Industry rank
#78
Stage evidence
- Price is 28.3% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 55.39-3.27%
RS vs Nifty 50055
Valuation & peers
U-Score 79 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 79 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation22/30
Growth22/25
Quality20/20
Balance Sheet8/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
79
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
79/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 77.2%.
- Quality contributes 20/20 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Valuation is weaker at 22/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
9.6
PB
4.8
EV/EBITDA
6.0
ROE
66.9%
ROCE
63.2%
FCF Yield
0.7%
Debt/Equity
0.2
MoS
+77.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
79
Previous: 79
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+77.2%
Previous: +77.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
76
76
76
76
76
79
79
79
79
79
79
79
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹48.8
-33.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹286.89
+77.2% MoS
PEG
0.18
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VIKRAMSOLR
Micro
Vikram Solar Limited
Solar Manufacturing
match 232
80
14.8
21.4%
+64%
DEEP VALUE
BORORENEW
Micro
BOROSIL RENEWABLES LIMITED
Solar Manufacturing
match 226
49
17.2
25.7%
-126%
FAIR VALUE
WAAREEINDO
Small
Indosolar Limited
Solar Manufacturing
match 226
95
5.1
151.0%
+87%
DEEP VALUE
EMMVEE
Large
Emmvee Photovoltaic Power Limited
Solar Manufacturing
match 216
81
13.5
50.7%
+66%
DEEP VALUE
WAAREEENER
Mid
Waaree Energies Limited
Solar Manufacturing
match 215
71
18.0
32.5%
+52%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T09:11:58.044Z
Management commentary snapshot
Q1 FY27 revenue up 70% YoY to INR373 crores, PAT up 16% to INR78 crores. Cell utilization reached 92%, module utilization 81%. EBITDA margin moderated to 34% due to higher module sales mix.
Websol delivered strong operational growth with high utilization and significant revenue/EBITDA increase. Debt repayment and TOPCon upgrade are strategic positives. However, margin compression due to product mix and the shift in 4 GW expansion location to West Bengal warrant close monitoring for execution and cost implications.
Growth engines
Capacity Utilization
The capacity we have built is now being used more fully, and that is the most important operating development of the quarter.
TOPCon Technology Upgrade
Upgrade of one existing mono PERC cell line to TOPCon, adding 750 MW capacity, taking overall cell capacity to 1.3 GW (55% TOPCon) by March 2027.
4 GW Cell Manufacturing Expansion
Planned 4-gigawatt cell manufacturing expansion, with land shortlisted in West Bengal, aiming for execution without delays.
DCR Market Focus
Supplying to mostly DCR projects (PM-Surya Ghar and PM-KUSUM), not seeing any reduction in demand.
Capacity and execution
TOPCon Cell Capacity Upgrade
Upgrade of one existing mono PERC cell line to TOPCon, adding 750 MW capacity, taking overall cell capacity to 1.3 GW. Expected completion by March 2027 with INR270 crores capex.
4 GW Cell Manufacturing Expansion
Planned 4-gigawatt cell manufacturing expansion. Land approval expected this month (August 2026), construction to start in September, equipment ordered by December, trials by April-May, ramp-up from July.
Tailwinds
Strong Demand for Solar
Expect an increase in demand for solar sector going forward, considering the impact of AI, BESS, and night-time solar requirements.
West Bengal Industrial Policy
Recent direction of the state towards greater industrialization, including proposed new industrial policy, simpler access to industrial land.
Operational Synergies in West Bengal
Establishing expansion in home state provides significant synergies in infrastructure, skilled manpower, supply chain, and operational resources.
ALMM Mandate Impact on Prices
Prices have increased in the current quarter on the count of the implementation of the ALMM initially.
Headwinds
Margin Compression from Product Mix
EBITDA margin for the quarter was 34% against 47% in Q1 last year. Principal reason is change in sales mix, with more lower-margin modules sold.
Softer Realizations
Realization also has decreased in the last quarter; the price was much softer last quarter.
Inventory Build-up
Carrying a little extra inventory as compared to last quarter because there's some cyclicality in the industry.
Risk radar
Execution Risk for 4 GW Expansion
Change in location for 4 GW expansion from Andhra Pradesh to West Bengal. While management expects no delays, it introduces uncertainty.
Valuation Disconnect
Puzzling to see that we don't have any institutional interest; trading at a much bigger discount to peers.
Share Price Volatility
In a span of 4 months, Websol share price falls from INR130 to INR50, and then in 1 month, it rises from INR50 to INR120.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is relevant for assessing growth against the previous year's base, especially for a company ramping up capacity. QoQ is important to track sequential momentum, utilization, and the impact of changing sales mix and realizations.
Sector KPIs management disclosed
Revenue from Operations
PositiveINR373 crores for the quarter, 70% higher than the same quarter last year.
EBITDA
PositiveINR126 crores, higher by 21%.
Profit After Tax (PAT)
PositiveINR78 crores, higher by 16%.
Cell Production
PositiveIncreased from 126 megawatt in Q1 last year to 259 megawatt this quarter.
Management forward view
Capital Discipline
Repaid entire INR110 crores IREDA term loan from internal accruals without raising fresh capital or slowing growth investments.
Focus on Absolute Earnings
Objective is to operate the entire manufacturing base efficiently, to grow absolute earnings and cash generation.
Technology as a Bridge
TOPCon upgrade is a bridge between current capacity and the technology platform for the next phase of scale, including 4 GW expansion.
Increased Investor Interaction
Continuously doing investor interaction with investor con-calls, and participating in various investors meets.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| TOPCon Upgrade Completion | Expected by March 2027. | Timely completion and ramp-up of 750 MW TOPCon capacity. |
| 4 GW Expansion Land Approval | Expected this month (August 2026). | Official announcement of land allocation and commencement of construction. |
| Promoter Pledge Reduction | From 80% to 16% of promoter holding post debt repayment. | Formal release of pledged shares and updated SAST disclosure. |
| Blended EBITDA Margin | 34% in Q1 FY27. | Stabilization or improvement of margins as TOPCon capacity comes online and product mix evolves. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: promoter alignment is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
15 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Industrials: 56th pctile, median 68 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
15 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
39
weak · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding increased 2%.
- ▸FCF yield is positive at 0.7%.
- ▸ROCE is 63.2%.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 89.4% of holding.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Websol Energy System Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Sep - West Bengal allotted 54.20 acres for Websol's 4 GW solar cell and module facility in two phases.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Aug - Newspaper publication - Dispatch of 36th Annual General Meeting ('AGM') Notice and Annual Report for the FY 2025-26
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.