Solar Stock Hits 5% Upper Circuit After Reporting 74% Profit Growth in Q2 FY27; Check Order Book and Expansion Plans
The shares of the Small-cap company, which specializes in the business of manufacturing photovoltaic crystalline solar cells and related modules in India, are in the spotlight as they have hit the upper circuit following its Q2 results, order book, and expansion plans.
With a market capitalization of Rs. 3,125.54 crores in the day’s trade, the shares of Websol Energy System Ltd hit a 5 percent upper circuit, reaching a high of Rs. 71.99 per share compared to its previous closing price of Rs. 68.57 per share.
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Q2 Results
Revenue from Operations increased by 114.9 percent YoY, from Rs. 168 crore in Q2 FY26 to Rs. 361 crore in Q2 FY27. However, it declined by 3.2 percent QoQ, from Rs. 373 crore in Q1 FY27 to Rs. 361 crore in Q2 FY27.
The company’s EBITDA increased by 77.3 percent YoY to Rs. 128.14 crore in Q2 FY27, compared to Rs. 72.29 crore in the corresponding quarter of the previous financial year.
The company’s net profit rose 73.9 percent YoY, from Rs. 46 crore in Q2 FY26 to Rs. 80 crore in Q2 FY27. It also increased by 2.6 percent QoQ, from Rs. 78 crore in Q1 FY27 to Rs. 80 crore in Q2 FY27.
Management Commentary
Commenting on the performance, Managing Director Mr. Sohan Lal Agarwal said that Q2 FY27 was a strong quarter, with revenue more than doubling year-on-year and solar cell lines operating at 91 percent utilisation. The company also repaid its IREDA term loan and received land allotment at Falta for its next phase of expansion.
He added that the TOPCon upgrade is progressing, with trial runs targeted by the end of FY27. Websol is also expanding beyond solar cell manufacturing into EPC, Solar IPP, including solar parks, and energy trading, aiming to strengthen its presence across the broader solar energy value chain.
Business Performance and Strategic Expansion
Websol Energy reported cell production of 255 MW during Q2FY27, with a capacity utilisation of 91%. Meanwhile, module production stood at 88 MW, achieving a capacity utilisation of 68% during the quarter, reflecting the company's manufacturing performance.
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As of September 30, 2026, the company's outstanding order book stood at Rs. 1,280 crore. This order book provides visibility into its ongoing business operations and future execution, supporting its position in the solar manufacturing industry.
During the quarter, Websol secured a 54.20-acre land allotment from the West Bengal Government at Falta Industrial Park for a greenfield solar cell manufacturing facility. The project will add 4 GW of cell manufacturing capacity in two phases of 2 GW each, strengthening the company's manufacturing capabilities and expanding its presence in Eastern India.
Order Book Mix
Websol Energy reported an outstanding order book of Rs. 1,280 crore, reflecting demand for its solar manufacturing products. Solar cells accounted for Rs. 701 crore, contributing 55 percent of the company's total order book as of September 30, 2026.
Meanwhile, solar modules contributed Rs. 579 crore, representing the remaining 45 percent of the total order book. This product-wise mix highlights the contribution of both solar cells and modules to the company's overall order pipeline.
Company Overview
Websol Energy Systems Limited is among the frontrunners in India in the manufacture of solar photovoltaics and specializes in the fabrication of efficient solar cells and modules employing Mono PERC technology. Websol mainly sells solar cells to domestic module makers in order to help them meet the Domestic Content Requirement criteria, while the modules are sold in domestic and international markets.
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The organization maintains a modernized manufacturing plant in the Falta Special Economic Zone in West Bengal, with a capacity of 1,200 MW of solar cells and 550 MW of modules. The firm’s plant is capable of processing solar wafers with dimensions of 210 mm. This helps achieve maximum energy generation and utilization of land, especially in rooftop solar plants.