1. At a Glance – Helmet Pehnao, EPC Site Par Ja Rahe Hain
Winsol Engineers Ltd is one of those companies that quietly shows up at renewable energy project sites before sunrise, works till grid synchronization, and disappears before the market gives it a premium valuation. With a market cap of about ₹184 crore and a current price hovering around ₹159, this SME-listed renewable EPC player has delivered H1 FY26 revenue of ₹66.1 crore and PAT of ₹6.99 crore. That’s not small change for a company that most retail investors discovered only after its IPO hangover.
The stock is down roughly 19% over the last three months and about 46% over one year, which tells you sentiment is colder than a wind turbine blade in Gujarat winters. Yet fundamentals refuse to panic. ROCE stands at a muscular 36%, ROE at 34.5%, and the trailing P/E sits near 15x, below industry averages. Debt-to-equity is manageable at 0.54, promoter holding is steady at 73.5%, and order wins keep dropping like EPC confetti.
The contradiction is delicious. On one hand, strong growth, solid margins, and a growing order book. On the other, a stock chart that looks like it needs emotional support. So what exactly is Winsol? A hidden gem buried under SME dust, or just another contractor living quarter-to-quarter on working capital adrenaline?
Let’s put on the safety helmet and walk the site.
2. Introduction – Renewable Energy Ka Thekedaar, But With Spreadsheets
Winsol Engineers Ltd was incorporated in 2015, which means it was born just in time to ride India’s renewable energy wave without the baggage of old-school power sector trauma. The company operates in wind and solar services, focusing on Balance of Plant (BoP) solutions, EPC work, commissioning, and ongoing O&M services.
In simple language: when a wind or solar project is announced, someone has to do the unglamorous work—foundations, substations, cabling, right-of-way, grid connectivity, and then babysitting the asset so it doesn’t misbehave. Winsol is that someone.
The company is ISO-certified across quality, environment, and safety, which sounds boring until you realize EPC margins evaporate the moment safety or compliance slips. Winsol has positioned itself as an integrated player—engineering, procurement, construction, commissioning, and maintenance—basically a full-stack contractor for renewable projects.
But here’s the twist. Despite operating in a capital-intensive, working-capital-heavy sector, Winsol has managed to scale revenues rapidly while keeping profitability intact. Sales growth of 62% TTM and PAT growth of 11% TTM don’t happen by accident in EPC land.
So the real question is: is Winsol scaling sustainably, or just running faster on the same treadmill?
3. Business Model – WTF Do They Even Do? (With Mud on Their Boots)
Winsol’s business is
split into two major verticals: BoP Solutions and O&M Services.
BoP Solutions – The Heavy Lifting
This is the core revenue engine. Balance of Plant includes everything except the turbine or solar module itself. Foundations, substations, transmission lines, cabling to the grid, right-of-way management, and miscellaneous civil-electrical works. Winsol also undertakes EPC projects on a turnkey basis, which means fixed timelines, fixed budgets, and unlimited site headaches.
This vertical is order-book driven. Revenue visibility comes from LOIs and work orders, but cash flow depends on execution discipline and client payment cycles. The upside? Scale and operating leverage. The downside? Working capital stress.
O&M Services – The Long-Term Relationship
Once the project is commissioned, Winsol doesn’t ghost the client. It provides operations and maintenance services—SCADA monitoring, inspections, supervision of maintenance, audit participation, and manpower supply. This vertical ensures recurring revenue, smoother cash flows, and better margins compared to pure EPC.
In theory, this mix should balance cyclical EPC cash flows with annuity-like O&M income. In practice, execution quality decides everything.
Here’s the fun part: Winsol works with heavyweight clients like Adani Green, Suzlon, Juniper Green, NTPC-related projects, and even Reliance Industries. That’s not a small achievement for an SME EPC company.
But let me ask you—does working with giants make you stronger, or does it make you financially obedient?
4. Financials Overview – Numbers Bol Rahe Hain, Market So Raha Hai
Result Type Lock
The latest official results are Half Yearly Results (H1 FY26). EPS annualisation is therefore latest EPS × 2. This classification is now locked.
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Quarter (Sep 2025) | Same Qtr Last Year | Previous Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 66.10 | 42.00 | 69.00 | 57.4% | -4.2% |
| EBITDA | 11.00 | 9.00 | 8.00 | 22.2% | 37.5% |
| PAT | 6.99 | 6.00 | 5.00 | 16.5% | 39.8% |
| EPS (₹) | 6.06 | 5.39 | 4.44 | 12.4% | 36.5% |
Annualised EPS (Half-Yearly): ₹6.06 × 2 = ₹12.12
At a price of ₹159, recalculated P/E = ~13.1x, not
