Websol Energy shifts 4 GW solar plant to West Bengal

The update: strong quarter alongside a major expansion decision

Websol Energy System Limited has reported a strong December-quarter performance while updating investors on its next phase of manufacturing expansion. The company has also changed the planned location of its proposed 4 GW integrated solar cell and module manufacturing project from Andhra Pradesh to West Bengal. The shift is positioned as an operational decision rather than a change in the scale of ambition. Management has stated that the broader project timeline, cost estimates, and execution strategy remain unchanged despite the relocation. The company is also pursuing a separate technology upgrade to TOPCon, which it expects to support better realisations. Together, the operational update and the capex roadmap keep the focus on execution milestones over the next few quarters.

Q3 numbers: revenue up sharply year-on-year

Websol reported a 77.2% year-on-year rise in revenue from operations to ₹261 crore in the December quarter, compared with ₹147 crore in the year-ago period. The company linked its results narrative to progress on expansion plans and manufacturing ramp-up. Separately, it has commissioned a 600 MW cell line utilisation improvement initiative, and noted that scale-up has been steady after commissioning. While the update did not provide profitability or margin figures in the provided text, the revenue growth sets the backdrop for the company’s capacity and technology plans. The company’s communications also highlight that it views the current phase as building toward materially higher manufacturing volumes.

Andhra Pradesh approval: what was cleared earlier

Before the shift to West Bengal, Websol had secured approvals from the Government of Andhra Pradesh for a greenfield integrated project. The company said it received government approval in January 2026, following an MoU with the Andhra Pradesh Economic Development Board (APEDB) signed on November 15, 2025. The project location referenced in the company’s earlier plan was MPSEZ, Naidupeta, Tirupati district. Websol also stated that the approval included 123 acres of land allotment and a tailor-made incentive package. Incentives cited include land allotment, fixed capital investment subsidy, power tariff reimbursement, electricity duty exemption, subsidies on industrial water charges, and exemptions from stamp duty and registration charges.

Why the company moved the project to West Bengal

Websol has now decided to relocate the proposed project to West Bengal, near its existing manufacturing base. Management cited better synergies related to infrastructure, skilled manpower, and supply chain, along with a more conducive manufacturing environment in the home state. The company has shortlisted land near its existing Falta, West Bengal facility and is awaiting approvals. In its investor communications, management maintained that the shift does not change the planned capacity, project cost, or the overall execution approach. The company has also said it expects no delays and remains confident of executing the announced capex plans.

Project scope: 4 GW in phases, with clarification on capacity framing

Websol’s expansion plan is described as a 4 GW capacity build-out to be implemented in two phases of 2 GW each. The company has clarified that the announced expansion is 4 GW in total, implemented in phases, and not 4 GW each as separate cell and module additions in every phase. Management said the phased approach is intended to help manage technology and execution risks. The company’s earlier disclosures around Andhra Pradesh included references to cell and module manufacturing, and the latest update frames the project as an integrated expansion executed step-by-step. This phased structure makes land, civil work, and equipment ordering the key near-term gating items.

Land, approvals, and construction: the timeline shared so far

In its Q1 FY27 investor call, the company said it is awaiting approvals for the shortlisted land in West Bengal. It expects land approval during Q2 FY27, with the timeline also referenced as potentially August 2026. Construction is targeted to begin around mid-September 2026. The construction period is expected to be approximately nine months. After construction, the plan includes a trial period before commercial stabilisation. Websol has stated that this location shift should not change the broader project timeline.

Equipment ordering and lead times: what management indicated

On procurement, the company has said equipment finalisation is complete and advances will be released per the project schedule. Machinery lead time was stated as 4 to 6 months. In the detailed timeline, equipment ordering is planned around December, with deliveries expected by April-May. The plan also allocates around two months for trials after equipment arrives and is installed. These steps place ordering discipline and vendor execution at the centre of the project’s schedule.

TOPCon upgrade: ₹270 crore capex and March 2027 target

Alongside the greenfield expansion, Websol is upgrading one of its existing mono PERC cell lines to TOPCon technology. The upgrade adds 150 MW of capacity, taking total cell capacity to 1.35 GW, with approximately 55% on TOPCon. The company has estimated capex for the TOPCon upgrade at ₹270 crore. It plans to fund this through internal accruals or debt financing. Completion is expected by March 2027, with a payback period stated as two to three years. The upgraded line is expected to reach cell efficiency of around 25%, up from the current average of 23.3%.

Current manufacturing base and operating context

Websol currently operates 1.2 GW of solar cell capacity and 550 MW of module manufacturing capacity in West Bengal. The company is also working on utilisation improvements, including the commissioned 600 MW cell line utilisation improvement initiative referenced in its update. Management has indicated the immediate focus is to secure land in West Bengal and commence construction, while continuing to run existing cell and module lines at high utilisation. The company also expects incremental revenue growth from the TOPCon capacity upgrade by March 2027 due to higher realisation per watt peak and increased capacity.

Key facts at a glance

Market impact and what investors can track next

The provided information does not include stock price reaction, order book data, or updated financial guidance beyond the revenue figure and capex roadmaps. Even so, the update identifies clear milestones that can be tracked over the next few quarters. For the 4 GW project, the critical near-term checkpoints are land approval, commencement of construction, and the placement of equipment orders. For the TOPCon upgrade, execution against the March 2027 completion target and the stated efficiency improvement from 23.3% to around 25% will be important operational indicators. The company has reiterated that project timelines, capex estimates, and funding strategy remain unchanged, and that it is confident of executing the plan without delays.

Conclusion

Websol’s latest disclosures combine a sharp year-on-year revenue rise in Q3 with a major operational update: the 4 GW integrated expansion is now planned in West Bengal rather than Andhra Pradesh. The company has kept the expansion scope and phased plan intact, while also running a parallel ₹270 crore TOPCon upgrade targeted for completion by March 2027. Over the coming months, the next confirmed milestones are land approval in West Bengal, construction start around mid-September 2026, and equipment ordering around December under the schedule shared by management.