Websol Energy System Limited has released the transcript of its conference call held on January 30, 2026, to discuss the Unaudited Financial Results for the Quarter and Nine months ended December 31, 2025. The company reported strong performance in Q3 FY2026 with Revenue from Operations of ₹261 crore, a 77.2% year-on-year increase. EBITDA stood at ₹106 crore (40.8% margin) and PAT was ₹65 crore (24.8% margin), driven by the commissioning of Cell Line-2. For the nine months ended December 31, 2025 (9M FY26), revenue was ₹648 crore (61% YoY increase), EBITDA was ₹282 crore (43.6% margin), and PAT was ₹179 crore (27.3% margin). Net debt was ₹89 crore as of December 31, 2025, with a Debt/EBITDA ratio of 0.47x. CRISIL assigned a BBB+ stable rating to the company. The order book stood at approximately ₹1,150 crore as of December 31, 2025, with modules accounting for 57% and cells for 43%. Cell Line-1 achieved 97% utilization, while Cell Line-2, commissioned in September 2025, reached 54% utilization in its ramp-up phase. Module capacity utilization improved to 64%. The company received approval for a proposed 4 GW integrated solar cell and module manufacturing facility in Andhra Pradesh, with land allotment completed and an incentive package approved. Discussions are ongoing with financial institutions for a 70:30 debt-equity mix for this ₹1,600-1,700 crore project, aiming for financial closure by March-April. Equity portion is expected to be funded through internal accruals. Websol has also entered into an MoU with Linton to explore local manufacturing of PV ingots and wafers, aiming for deeper integration across the value chain. Management expressed confidence in maintaining strong margins, though some moderation is expected as the industry matures. The company is actively working on reducing silver consumption in cell manufacturing and exploring alternatives.