Websol Energy Q2 FY27 Results (NSE: WEBELSOLAR)
Signal: Margin pressure
The read
The growth engine remains active, with Q2FY27 revenue at ₹361.02 crore, up 114.6% YoY, cell utilisation at 91% and order book at ₹1,280 crore; the near-term thesis is margin execution because EBITDA margin has contracted 748bps YoY to 35.5% despite recovering 179bps QoQ after three consecutive quarters of contraction.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹361.02 Cr | +114.6% | -3.1% |
| Net profit | ₹80.21 Cr | +73.2% | |
| EPS | ₹1.85 | +68.4% | |
| EBIT margin | 35.5% |
P&L walk
Revenue grew 114.6% YoY to ₹361 crore, but raw-material intensity rose to 52.6% of revenue from 37.5%, compressing gross economics; EBITDA still increased 77.3% to ₹128 crore, with margin recovering 179bps QoQ to 35.5%, while PAT rose 73.2% to ₹80 crore.
Key positives
- Revenue rose 114.6% YoY to ₹361.02 crore and the order book remained high at ₹1,280 crore as of September 2026.
- Cell capacity utilisation was 91% in Q2FY27, supporting ₹255 crore of cell production, while EBITDA increased 77.3% YoY to ₹128.14 crore.
- The company prepaid its entire ₹110 crore IREDA term loan from internal accruals, reducing finance costs 20.1% YoY to ₹4 crore and moving to ₹165 crore net cash.
- A 54.20-acre land allotment supports a planned 4 GW integrated cell facility, while the TOPCon upgrade targets 750 MW on one existing line and approximately 25% efficiency.
Key concerns
- EBITDA margin compressed 748bps YoY to 35.5% as material cost rose to approximately 52.6% of revenue from approximately 37.5%; the filing does not disclose the specific cause.
- Module production declined 14.6% QoQ to 88 MW and module utilisation fell 13 percentage points QoQ to 68%, indicating a weaker module contribution than cells.
- PAT grew 73.2% YoY while EPS grew 68.4%, creating a 4.8 percentage-point divergence that requires monitoring.
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