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Websol Energy System Ltd

| Audited Standalone Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤27th Apr 26

Summary : Websol Energy System Limited reported strong FY26 financial results with significant revenue and profit growth, recommended a dividend, re-appointed its MD, and incorporated a renewables subsidiary, all with an unmodified audit opinion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of Materials Consumed (Standalone/Consolidated FY26): Rs. 470.33 Crore.
  2. Employee Benefits Expenses (Standalone/Consolidated FY26): Rs. 36.22 Crore.
  3. Finance Costs (Standalone/Consolidated FY26): Rs. 15.99 Crore.
  4. Depreciation and Amortisation expenses (Standalone/Consolidated FY26): Rs. 61.57 Crore.
  5. Other Expenses (Standalone/Consolidated FY26): Rs. 172.80 Crore.
  6. Revenue from Operations (Standalone/Consolidated FY26): Rs. 1,049.44 Crore.
  7. Net cash inflow from operating activities (Standalone/Consolidated FY26): Rs. 254.70 Crore (FY25: Rs. 167.26 Crore).
  8. Net cash used in investing activities (Standalone/Consolidated FY26): Rs. (233.47) Crore (FY25: Rs. (85.91) Crore).
  9. Net cash used in financing activities (Standalone/Consolidated FY26): Rs. (2.76) Crore (FY25: Rs. (34.55) Crore).
  10. Cash and cash equivalents at year-end (Standalone/Consolidated FY26): Rs. 66.20 Crore (FY25: Rs. 47.73 Crore).
  11. Provision for contingency written back of Rs. 7.50 Crore.
  12. Total Assets (Standalone/Consolidated FY26): Rs. 930.35 Crore (FY25: Rs. 514.48 Crore).
  13. Total Equity (Standalone/Consolidated FY26): Rs. 630.71 Crore (FY25: Rs. 278.05 Crore).
  14. Non-current liabilities (Standalone/Consolidated FY26): Rs. 147.36 Crore (FY25: Rs. 150.57 Crore).
  15. Current liabilities (Standalone/Consolidated FY26): Rs. 152.28 Crore (FY25: Rs. 85.86 Crore).
  16. Both standalone and consolidated financial results are presented.
  17. Consolidated results include Websol Renewables Private Limited.

Corporate Overview

  1. Assessing financial impact of new labor codes.
  2. Resolving past tax-related issues.
  3. Manufacturing of Solar photovoltaic cells and modules.
  4. Formal and factual, reporting board decisions and financial results.
  5. Incorporation of Websol Renewables Private Limited as a wholly-owned subsidiary.

Risk Factors

  1. Impact of new labor codes.
  2. Potential tax-related issues.
  3. Material misstatement risk in financials.
  4. Going concern uncertainty (auditor's general statement).

Key Drivers

  1. Strong revenue and profit growth.
  2. Recommended final dividend of Re. 0.25.
  3. New renewables subsidiary incorporated.
  4. Managing Director re-appointed for three years.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.
  2. Opinion not modified regarding balancing figures from previous quarters.

Board Commentary

  1. Re-appointment of Mr. Sohan Lal Agarwal as Managing Director for 3 years.
  2. Appointment of M/s RSM Astute Consulting Private Limited as Internal Auditor.
  3. Recommended final dividend of Re. 0.25 per equity share.
  4. Impact of new labor codes on employee benefits.
  5. Potential for material misstatement in financial statements.
  6. Resolution of tax issues with Assessing Officer.
  7. Assessment of financial impact from new labor codes.
  8. Conversion of share warrants into equity shares.
  9. Incorporation of Websol Renewables Private Limited.

Corporate Governance

  1. Auditors complied with ICAI Code of Ethics.
  2. Nomination and Remuneration Committee.
  3. Audit Committee.

Management Discussion & Analysis

Future Strategy

  1. Strategic move into renewables with new subsidiary.

Performance Drivers

  1. Significant increase in revenue from operations.
  2. Substantial growth in profit for the period.

Risk Control Measures

  1. Assessed and accounted for labor code impact.
  2. Tax issues resolved, resulting in set-off of losses.

Critical Risks

  1. Uncertainty regarding new labor codes implementation.
  2. Potential for material misstatement in financial reporting.