Solar cell and module manufacturer Websol Energy System reported revenue from operations of ₹3.73 billion (~$39.11 million) in the first quarter (Q1) of the financial year (FY) 2027, up 70% year-over-year (YoY) from ₹2.19 billion (~$22.96 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding other income, increased 21% to ₹1.26 billion (~$13.18 million) from ₹1.03 billion (~$10.86 million).

The EBITDA margin declined to 34% from 47% in the corresponding quarter of the previous year. The company attributed the lower margins to a higher share of module sales, which carry lower margins than solar cells.

The company’s profit after tax (PAT) was ₹777.9 million (~$8.16 million), up 16% YoY from ₹671.8 million (~$7.05 million). The PAT margin fell to 21% from 30%.

Diluted earnings per share (EPS) stood at ₹1.79 (~$0.019), compared with ₹1.57 (~$0.016) in Q1 FY 2026.

Websol produced 259 MW of solar cells during the quarter, more than double the 126 MW produced in the corresponding quarter last year. Cell manufacturing capacity utilization stood at 92%.

Module production increased to 103 MW from 50 MW a year earlier. Module capacity utilization rose to 81% from 39%. The company said both its cell and module lines were operating close to their intended run rates.

Websol’s order book stood at ₹12.78 billion (~$134.13 million) as of June 30, 2026.

The company currently has 1.2 GW of solar cell manufacturing capacity and 550 MW of module manufacturing capacity.

Websol has initiated the upgrade of an existing 600 MW mono PERC solar cell manufacturing line to a 750 MW TOPCon line, adding 150 MW of incremental capacity. Following the upgrade, the company’s total solar cell manufacturing capacity will increase from 1.2 GW to 1.35 GW, with TOPCon accounting for about 55% of total cell capacity.

The expansion is expected to be completed by March 2027 and will support the company’s planned augmentation of solar cell manufacturing capacity to 4 GW in two phases.

Websol reported revenue of ₹4.01 billion (~$42.4 million) in the fourth quarter of FY2026, a 132.1% YoY increase from ₹1.73 billion (~$18.3 million).