Websol Energy System Ltd – “From Load Shedding to Solar Shedding Tears (and Crores)”
1. At a Glance
Websol Energy, the once‐forgotten cousin of India’s solar family, just pulled off a 2,354% profit growth comeback. From making losses that would make auditors cry to suddenly reporting ₹199 Cr profit in FY25 – this Falta, West Bengal–based solar cell maker is now trying to flex with Mono PERC technology. But before you start humming Sooraj Dooba Hai, remember: 88% of promoter shares are pledged tighter than a baniya’s wallet at a wedding.
2. Introduction
India loves a comeback story. Bollywood gives us Sholay 2, cricket gives us “comebacks” by veterans every IPL season, and stock markets… well, they give us Websol Energy.
Founded in the era when solar was more of a PowerPoint presentation than a real business, Websol once flirted with irrelevance. FY23 sales collapsed to just ₹17 Cr (down from ₹213 Cr) because they literally stopped production to upgrade machines. That’s like Ola shutting down cabs for a year because they wanted to polish steering wheels.
Fast forward two years, and suddenly the company is back with shiny new Mono PERC cells, wafer sizes as large as NTR’s film posters, and efficiency numbers touching 23%. To add masala, they’re whispering about TOPCon cells that can go beyond 25% efficiency. But before you order mithai, remember: solar technology evolves faster than a Delhi landlord changing rent agreements. Today’s breakthrough is tomorrow’s museum exhibit.
Do you think Websol’s turnaround is true innovation or just “photocopy with better toner”?
3. Business Model – WTF Do They Even Do?
Websol manufactures photovoltaic crystalline solar cells and related PV modules. In simple desi terms: they make the heart of solar panels, not the fancy glass you see on rooftops, but the silicon wafers inside that convert sunlight into bijli.
Earlier, they used 158mm multicrystalline wafers (outdated tech). Now they’re producing Mono PERC cells, which means higher efficiency and better margins. Customers? Rayzon Green, Goldi Solar, and even Luminous (for a 100 MW order). Their Falta SEZ factory has 240 MW cell and 250 MW module capacity – which sounds big until you see Waaree Energies flexing 15 GW like it’s no big deal.
Question is: Can Websol really compete with Waaree, Vikram, and Premier, or will they end up being the “Nokia Lumia” of solar?
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
219 Cr
112 Cr
173 Cr
96.0%
26.6%
EBITDA
103 Cr
44 Cr
78 Cr
134.1%
32.1%
PAT
67.2 Cr
23 Cr
48 Cr
192.2%
40.0%
EPS (₹)
15.47
5.42
11.12
185.4%
39.1%
Commentary: Websol’s YoY numbers are behaving like a multibagger meme stock – revenue doubled, profits nearly tripled, and EPS looks like it’s on steroids. But careful: one bad quarter of delayed orders and these percentages can fall faster than Sensex on budget day.
5. Valuation – Fair Value Range Only
P/E Method: EPS ₹45.8 (FY25). Industry P/E ~40. Websol trades at 27.3. Fair P/E range = 25x–35x → Fair Value = ₹1,145 – ₹1,600.
EV/EBITDA Method: FY25 EBITDA ~₹312 Cr. EV/EBITDA range 15–20. Fair EV = ₹4,680 – ₹6,240 Cr → Per Share = ₹1,080 – ₹1,440.
