Websol Energy System Limited (WEBELSOLAR) AI Stock Analysis

• Market Cap: ₹23.04B
• Dividend Yield: N/A
• Average Volume (3M): 23.01K
• Price to Earnings (P/E): 10.2
• Beta (1Y): 1.38
• Revenue Growth: 152.12%
• EPS Growth: N/A
• Country: IN
• Employees: 190
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 1.50
• Shares Outstanding: 422,063,480
• 10 Day Avg. Volume: 34,135
• 30 Day Avg. Volume: 23,006
• PEG Ratio: -0.02
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 0.93
• P/FCF Ratio: 4.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.83
• Revenue Forecast (FY): ₹10.28B

• Rating: 59 Neutral
• Price Target: ₹58.00 ▼(-38.30% Downside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is supported by improving fundamentals (profitability and cash flow turning stronger) and a reasonable P/E, but is held back materially by weak technicals—price below all key moving averages with bearish momentum—signaling elevated near-term risk despite oversold indications.

Positive Factors

Revenue growth & margin expansion

Sustained high revenue growth and widening gross/EBITDA margins indicate improving product mix, pricing power, and production efficiency. Over 2–6 months this supports durable profitability, higher internal funding capacity, and a stronger ability to invest in capacity or R&D without relying on external financing.

Positive operating and free cash flow

Conversion of profits into operating and free cash flow shows the business generates real cash from its core manufacturing operations. This durable cash generation improves financial flexibility, funds working capital and capex, and reduces reliance on external funding through industry cycles.

Solid balance-sheet equity base

A solid equity base and conservative leverage provide resilience to cyclical downturns in solar manufacturing. Improved return on equity and a stable capital structure enhance capacity to absorb shocks, support strategic spending, and maintain supplier and creditor confidence over the medium term.

Negative Factors

Increasing liabilities

Rising liabilities can erode the benefits of a strong equity base by increasing funding costs and refinancing needs. If liabilities grow faster than cash generation, interest and principal obligations could pressure margins and limit strategic flexibility over the next several quarters.

Fluctuating investing cash flows

Volatile investing cash flows suggest uneven capital allocation or irregular capex timing. This unpredictability can hinder consistent capacity expansion and returns on investment, creating execution risk and possible future strain on free cash flow during growth phases.

Input procurement and manufacturing risk

Dependence on procuring raw materials and smooth manufacturing operations exposes the company to input-cost swings, supply-chain disruptions, and capacity-utilization risk. These structural risks can compress margins and slow growth if feedstock or logistics pressures persist.

Websol Energy System Limited Business Overview & Revenue Model

Company Description

Websol Energy System Limited manufactures and sells photovoltaic (PV) crystalline solar cells and related modules in India. Its modules are used in various sectors, such as solar PV power plants, remote communication, and rural electrification. The company was formerly known as Websol Energy Systems Ltd. and changed its name to Websol Energy System Limited in October 2011. Websol Energy System Limited was incorporated in 1990 and is based in Falta, India.

How the Company Makes Money

WEBELSOLAR generates revenue through several key streams. Primarily, the company earns money by selling solar PV modules and systems, which are installed in both residential and commercial properties. Additionally, WEBELSOLAR offers installation services, maintenance, and after-sales support, creating a recurring revenue model. The company may also engage in power purchase agreements (PPAs), allowing customers to purchase electricity generated from their solar installations. Significant partnerships with construction firms, energy providers, and governmental energy initiatives further enhance WEBELSOLAR's market reach and revenue potential.

Websol Energy System Limited Financial Statement Overview

Summary

Solid financial improvement overall: strong revenue growth and expanding gross/EBITDA margins with net margin turning positive. Operating and free cash flow are now positive, supporting sustainability, though rising liabilities and investing cash-flow fluctuations add risk.

Income Statement

Websol Energy System Limited has shown remarkable improvement in its income statement metrics. The gross profit margin has significantly increased, indicating effective cost management. The net profit margin has turned positive, reflecting improved profitability. Revenue growth is substantial, demonstrating strong market demand and operational efficiency. EBIT and EBITDA margins have also improved, showcasing enhanced operational performance.

Balance Sheet

The balance sheet presents a strong equity base with a favorable debt-to-equity ratio, indicating sound financial leverage. Return on Equity has improved, suggesting better returns on shareholder investments. The equity ratio is solid, reflecting a stable capital structure. However, increasing liabilities need to be monitored to ensure financial stability.

Cash Flow

The cash flow statement reveals a positive trend in operating cash flow, indicating strong cash generation from operations. The free cash flow has turned positive, reflecting effective capital management. The operating cash flow to net income ratio is healthy, indicating efficient conversion of earnings into cash. However, fluctuations in investing activities pose potential risks.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	6.83B	5.75B	258.59M	172.20M	2.13B	1.54B
Gross Profit	4.32B	3.57B	-304.07M	30.00M	443.04M	244.02M
EBITDA	3.15B	2.53B	-1.12B	-123.86M	321.26M	893.38M
Net Income	1.99B	1.55B	-1.21B	-236.70M	96.70M	493.88M
Balance Sheet
Total Assets	0.00	5.14B	3.53B	2.67B	2.86B	2.84B
Cash, Cash Equivalents and Short-Term Investments	869.20M	869.20M	9.28M	855.00K	37.70M	16.55M
Total Debt	0.00	1.53B	1.84B	280.01M	364.75M	352.10M
Total Liabilities	-2.78B	2.36B	2.45B	757.80M	943.10M	918.48M
Stockholders Equity	2.78B	2.78B	1.08B	1.91B	1.92B	1.92B
Cash Flow
Free Cash Flow	0.00	1.24B	-1.89B	-141.80M	-39.37M	334.52M
Operating Cash Flow	0.00	1.67B	349.40M	-84.20M	-29.61M	339.42M
Investing Cash Flow	0.00	-859.10M	-2.23B	-57.60M	-9.75M	19.52M
Financing Cash Flow	0.00	-345.50M	1.89B	104.90M	60.51M	-347.58M

Websol Energy System Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 94.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WEBELSOLAR, the sentiment is Negative. The current price of 94 is above the 20-day moving average (MA) of 65.60, above the 50-day MA of 76.90, and below the 200-day MA of 114.02, indicating a bearish trend. The MACD of -6.32 indicates Positive momentum. The RSI at 22.98 is Positive, neither overbought nor oversold. The STOCH value of 9.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WEBELSOLAR.

Websol Energy System Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TDPOWERSYS	70 Outperform	₹139.37B	64.27	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	59 Neutral	₹23.04B	10.16	―	―	152.12%	―
BORORENEW	46 Neutral	₹61.76B	-88.44	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹44.32B	-11.40	―	―	112.24%	-474.43%

Websol Energy System Limited Corporate Events

Websol Energy Shares Investor Presentation with Analysts and Institutions

Websol Energy System Limited has circulated an investor presentation ahead of an analyst and institutional investor meeting scheduled for 10 February 2026. The move signals the company’s ongoing engagement with capital markets and its effort to communicate business performance and strategy to key financial stakeholders.

The presentation, shared with both NSE and BSE in line with disclosure regulations, is intended to be displayed during the meeting. This outreach may help enhance transparency, support informed investment decisions, and potentially influence market perception of Websol’s prospects in the solar energy industry.

Websol Energy to Engage Investors at Systematix MANTHAN Conference on February 10

Websol Energy System Limited has announced that its officials will participate in Systematix India’s annual flagship conference, MANTHAN, on February 10, 2026, engaging in both one-on-one and group physical meetings with analysts and institutional investors. The company clarified that discussions will be based solely on publicly available information, with no unpublished price-sensitive information to be shared, and noted that the schedule may be revised due to potential exigencies for either the company or participating investors.

Websol Energy Posts Strong Q3, Secures 4 GW Solar Project in Andhra Pradesh

Websol Energy System Limited reported a strong set of unaudited results for the quarter and nine months ended 31 December 2025, with nine-month revenue from operations rising 61% year-on-year to ₹648 crore, EBITDA increasing to ₹282 crore with a 43.6% margin, and profit after tax advancing to ₹179 crore, translating into earnings per share of ₹4.2. Quarterly revenue surged 77.2% year-on-year to ₹261 crore and PAT climbed to ₹65 crore, supported by a robust order book of ₹1,150 crore, a Crisil BBB+/Stable credit rating underpinned by efficient operations and a healthy risk profile, ongoing ramp-up of a newly commissioned 600 MW cell line, and approval from the Andhra Pradesh government for a 4 GW integrated cell and module project with land allotment and tailored incentives, positioning the company for further scale and reinforcing its standing in India’s solar manufacturing ecosystem.

Websol Energy Unveils Q3 FY26 Earnings Presentation for Investors

Websol Energy System Limited has released an earnings presentation covering its unaudited financial results for the third quarter and nine months ended 31 December 2025, and submitted the document to both the National Stock Exchange of India and BSE for investor information. The move underscores the company’s ongoing engagement with capital markets and provides stakeholders with updated financial performance data for Q3 FY26, contributing to transparency and informed decision-making among shareholders and potential investors.

Websol Energy Schedules Q3 and 9M FY26 Earnings Call on 30 January

Websol Energy System Limited has announced that it will host an earnings conference call for investors and analysts on Friday, 30 January 2026, at 4:00 pm IST to discuss its unaudited financial results for the third quarter and nine months ended 31 December 2025. The call, to be led by the managing director and senior members of the management team, underscores the company’s efforts to maintain transparent communication with capital markets and provide stakeholders with an update on its financial performance and operational progress in the solar manufacturing business.

Websol Wins Andhra Pradesh Nod for 4 GW Solar Cell and Module Plant

Websol Energy System Limited has received approval from the Government of Andhra Pradesh for a greenfield 4 GW solar cell and 4 GW solar module manufacturing plant at MPSEZ, Naidupeta in Tirupati district, strengthening its presence in India’s solar manufacturing landscape. The state government has extended an incentive package that includes land allotment support, subsidies on fixed capital investment, power tariff reimbursement, electricity duty and stamp duty exemptions, as well as reduced industrial water charges, while Websol also plans to set up a 100 MW captive solar power plant to supply renewable energy to the facility and reduce operating costs, positioning the company to contribute more meaningfully to India’s renewable energy and Atmanirbhar Bharat goals.

Websol Energy Gets CRISIL BBB+/Stable Rating on ₹150 Crore Credit Facilities

Websol Energy System Limited has announced that CRISIL Ratings has assigned a BBB+/Stable rating to its credit facilities, covering a Rs 15 crore cash credit line and a Rs 135 crore term loan. The rating underscores a moderate degree of creditworthiness and stability, which may support the company’s funding plans and strengthen its position in the solar energy sector by potentially improving access to bank finance and investor confidence.

Websol Energy Wins Major Tax Appeal, Rs 73 Crore Demand Set Aside

Websol Energy System Limited has disclosed that the Commissioner of Income Tax (Appeals), Kolkata has ruled in its favour regarding a significant tax dispute for the assessment year 2017-18. The original assessment order had included additions of Rs 184.99 crore under Section 115JB of the Income-tax Act and disallowed expenses of Rs 1.51 crore under normal provisions, resulting in a tax demand of Rs 73.04 crore, which the company had treated as a contingent liability. Following Websol’s appeal, the appellate authority has now set aside this demand, meaning the Rs 73.04 crore will no longer be payable, removing a major contingent liability from the company’s books and potentially strengthening its financial position and clarity for shareholders and other stakeholders.