Websol Energy System Limited is a manufacturer of photovoltaic monocrystalline solar cells and modules in India, positioning itself as India's leading PV solar cell and solar module manufacturer known to offer highly-efficient Mono PERC PV solar cell. Websol Energy System Limited (WESL) has been a pioneer in solar photovoltaic cell and module manufacturing since 1994. As one of the first global manufacturers of solar cells and modules, Websol leads with cutting-edge technology and innovation.
The company operates with a clear mission of transforming the solar energy landscape through advanced manufacturing capabilities and technological innovation. Founded in 1994, Websol Energy System Limited (WESL) evolved from a vision to revolutionize solar energy. It was established as an export-oriented unit in collaboration with WEBEL (Govt. of West Bengal) and Helios Technology (Italy), and has since grown into a leader in innovation and sustainable energy solutions.
The company operates a manufacturing facility at the Falta SEZ, West Bengal, with a fully automated 600 MW Mono PERC Solar Cell line and a 550 MW Solar Module production capacity. Headquartered in Kolkata, Websol operates a cutting-edge facility spanning seven acres in Falta SEZ, West Bengal. This facility houses fully automated Mono PERC solar cell and module lines with an annual production capacity of 600 MW and 550 MW, respectively.
The company has demonstrated remarkable technological advancement in its manufacturing processes. Their fully automated mono PERC cell and module line ensures high efficiency and durability, delivering superior photovoltaic products. They specialize in advanced M10 and G12 Bi-facial Mono PERC solar cells, achieving over 23% conversion efficiency. Websol is the leading manufacturer of highly-efficient Mono PERC PV cells with a conversion efficiency of approximately 23.2%.
Websol Energy System has been actively expanding its production capabilities to meet growing market demand. Websol has successfully expanded its production capabilities, with a second 600 MW Mono PERC Bifacial Solar Cell line nearing completion, which is set to be operational by Q1 FY26. Websol Energy System Ltd., a Kolkata-based solar PV cell and module manufacturer, has advanced its 600 MW mono PERC cell line expansion at Falta, West Bengal. Equipment procurement is underway, and commercial production is expected to start by July 2025.
The expansion strategy is supported by significant funding arrangements. During the second quarter, Websol completed the preferential issue of 34,08,929 shares by way of conversion of existing promoter entities' loan (13,08,929 shares) and a fresh raise of INR 23.52 crore (21,00,000 shares). This has been used as equity towards its current expansion project of a 600 MW cell line and 550 MW Module Line. The company has also completed its second drawdown from Indian Renewable Energy Development Agency Ltd of INR 63 crore.
The market cap of Websol Energy System Ltd (WEBELSOLAR) is ₹5584.32 Cr as of July 7, 2025. The company has demonstrated exceptional financial turnaround in recent periods. Revenue from operations surged to Rs 173 crore in Q4 FY25, a significant increase from Rs 24.9 crore in Q4 FY24. EBITDA stood at Rs 79.5 crore in Q4 FY25, compared to a negative EBITDA of Rs 0.71 crore in Q4 FY24. Pre-tax profit stood at Rs 65.9 crore in Q4 FY25, contrasting with a pre-tax loss of Rs 36.2 crore in Q4 FY24.
For the full fiscal year, the transformation has been even more remarkable. Revenue from operations surged to Rs 575.5 crore in FY25, a substantial rise from Rs 25.9 crore in FY24. EBITDA stood at Rs 254.6 crore in FY25, a significant improvement from a negative EBITDA of Rs 111.9 crore in FY24. Pre-tax profit stood at Rs 194.5 crore in FY25, compared to a pre-tax loss of Rs 152.7 crore in FY24. Websol Energy System reported a standalone net profit of Rs 154.7 crore for the year ended March 2025, as against a net loss of Rs 121 crore in the previous year.
As of July 2025, several key financial indicators highlight the company's current market position:
- Market Capitalization: ₹5584.32 Cr (as of July 7, 2025)
- Price-to-Earnings Ratio: 36.09
- Price-to-Book Ratio: 51.84
- 52-Week High: ₹1865
- 52-Week Low: ₹524
- EBITDA Margin: 46% (in Q4 FY25)
The company's debt management has also improved significantly. The company's net debt to equity stood at 0.22x and net debt to EBITDA was at 0.24x, indicating healthy financial leverage. Net cash inflow from operating activities stood at Rs 167.26 crore as on March 31, 2025, compared to a net cash inflow of Rs 34.94 crore as on March 31, 2024.
The Company's products include Multi Crystalline 4BB PV Solar Cell, Mono Crystalline 5BB PV Solar Cell, Multi Crystalline 5BB PV Solar Cell, W2900 Mono Crystalline SPV MODULE, W2900M Multi Crystalline SPV MODULE, and W2300M Multi Crystalline SPV MODULE. Its product range, from 10 watts to 350 watts, caters to needs ranging from rural electrification to large power plants.
The company manufactures Mono PERC PV modules ranging from using 96-144 half-cut M10 cells to make modules with a maximum efficiency of above 21%. The Company's products are used in both commercial and industrial solar energy panels in India and internationally.
Websol is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified, ensuring excellence in product quality, environmental responsibility, and workplace safety. The company has gained a reputation for making reliable and quality solar cells and modules that have earned multiple awards and international certifications. It is also ISO 9001:2000 approved and earned the PV GAP mark in 2005.
Websol Energy System Ltd (WEBELSOLAR) belongs to the Industrials sector and the Renewable Energy Equipment & Services sub-sector. The company has positioned itself strategically to capitalize on India's growing renewable energy market and domestic content requirements for government solar projects.
Going forward, the company has tied up with various buyers of solar cells to meet their domestic content requirements for government projects and has blocked 80% of its capacity for the financial year 2024-25. While the company is currently selling all produced cells in the domestic market, it has received interest from several foreign buyers and is considering exports to enhance its geographical footprint.
The company's transformation from a loss-making entity to a profitable manufacturer reflects both the recovery in the solar industry and Websol's strategic focus on advanced technology and operational efficiency. With expansion plans in place and strong order visibility, Websol Energy System appears well-positioned to capture opportunities in India's expanding solar energy market.
