Analysts/Institutional Investor Meet/Con. Call Updates

Date: 10th November, 2026 To, To, The Manager Listing, The Manager Listing, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Floor 25, Bandra Kurla Complex, PJ Towers, Dalal Street, Bandra (E) Mumbai: 400051 Mumbai: 400 001 Scrip Code- WEBELSOLAR Scrip Code- 517498 Sub: Transcript of the Analysts/Institutional Investors Conference Call Dear Sir, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find the transcript of the conference call with Analysts / Investors held on 5th November, 2026, post declaration of the Unaudited Financial Results (Standalone & Consolidated) for the quarter and half-year ended 30th September, 2026. The said transcript is also available on the Company’s website at www.websolenergy.com. This is for your information and record. Thanking you, Yours faithfully, For Websol Energy System Limited Ashok Purohit Company Secretary & Compliance Officer Membership No. : F7490 Encl: a/a “Websol Energy System Limited Q2 FY27 Earnings Call” November 05, 2026 MANAGEMENT: MR. SOHAN LAL AGARWAL – CHAIRMAN & MANAGING DIRECTOR MS. SANJANA KHAITAN – EXECUTIVE DIRECTOR MR. AMRIT DAGA – CHIEF FINANCIAL OFFICER MS. VASANTHI SREERAM – CHIEF TECHNOLOGY OFFICER Page 1 of 16 Websol Energy System Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Websol Energy System Limited’s Q2 FY27 Earnings Call hosted by Tuvis Consultants. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchone phone. Please note that this call is being recorded. I now hand the conference over to Mr. Sohan Lal Agarwal, Founder and Managing Director at Websol Energy System Limited. Thank you, and over to you, sir. Sohan Lal Agarwal: Thank you, ma'am. Good afternoon, everyone. Thank you for joining us for Websol Energy System Limited's earnings call. Wishing you and your loved ones a very happy and prosperous Deepavali. Before getting into the quarterly numbers, I want to spend a few minutes on the industry we are operating in. There is a lot of excitement around renewable energy and solar manufacturing in India today, and rightly so. We are witnessing a fundamental shift in how India thinks about energy security, domestic manufacturing, and the role of renewable energy in our future. After more than 30 years in this business, I see a real opportunity for Indian manufacturers who can translate rising demand into consistent production. High product quality and reliable customer delivery. This is where I believe our experience gives us an advantage. India added about 30.8 gigawatts of solar capacity in the first 6 months of this financial year. That is very significant number. The first half of Calendar Year 2027 has witnessed India's highest ever Solar installation for a 6- month period. Demand is coming from large solar parks, commercial and industrial users, rooftop installations, and government programs. With storage and hybrid projects becoming more important, the way in which solar power is being used are also changing. For a manufacturer like Websol, however, I see two sides of this opportunity. The first is demand. The second is the structure of manufacturing itself. India has built a very large modern manufacturing base, but making reliable, high-efficiency solar cells is a different challenge. It requires technology, process control, experienced people, and time to get the right yields. The ALMM List 2 framework is important because it encourages more domestic cell manufacturing. The government has allowed a limited commission window for certain projects, but the larger direction towards domestic value addition remains clear in my view. The companies that do well will be the ones that can manufacture consistently, control costs, and adapt quickly when the market changes. That is the backdrop against which I look at our quarter. Our solar cell line operated at 91% utilization in Quarter 2. We produced a little over 255 megawatt of cells. I attach importance to this because it is one thing to install equipment and the other to keep it running at these levels quarter and after quarter. Page 2 of 16 Websol Energy System Limited November 05, 2026 It reflects the work being done inside our Falta plant by our production and engineering team. We also recognize that we need to evolve with technology. Our conversion of an existing MonoPERC line to TOPCon is underway. We are moving from a 600 megawatt line to a planned 750 megawatt of TOPCon line, which is targeted towards the end of this financial year. The second major development this quarter was in West Bengal. As informed earlier in September, we received the allotment of 54.20 acres at Falta Industrial Park for our proposed integrated facility of 4 gigawatts, planned in 2 phases. We know the place, we know the people, and we have an operating plant close by. There is a skilled workforce, an existing network of suppliers, and a familiarity with the local conditions. That cannot be created overnight. We will speak about timelines at each stage in some depth. We are also encouraged by the renewed emphasis on industrial development and investment facilitation by the government in West Bengal. The administration has outlined its intent to strengthen the state's industrial ecosystem through a more investment-oriented industrial policy, improved land availability, streamlined approvals, and renewed focus on ease of doing business. Overall, we remain focused on executing our expansion roadmap, extending our technology capabilities, and maintaining operational and financial discipline. With our ongoing capacity enhancement, transition towards the TOPCon technology, and a proposed integrated manufacturing expansion, we believe Websol is well positioned to participate in the next phase of India's solar manufacturing growth. I now hand over to Sanjana for her comments on the performance for the quarter and half-year ended. Sanjana, please. Sanjana Khaitan: Thank you, sir. Good afternoon, everyone, and thank you for joining us today. I will now take you through Websol's operational and financial performance for the second quarter and first half of Financial Year 2027. H1 FY27 marked Websol's highest ever half-yearly revenue and operating profit, with revenue reaching INR 734 crores and EBITDA stood at INR 254 crores. Profit before tax also reached a new half-year high. We delivered a strong financial performance during the quarter, with revenue growing by 114.6% year-on-year to INR 361 crores. EBITDA increased by 77.3% to INR128 crores, while net profit registered a growth of 73.2% to INR 80 crores. For the first half of Financial Year 2027, revenue, EBITDA, and net profit recorded growth of 89.6%, 44.4%, and 39.2% respectively, reflecting the continued improvement in our operating performance. Our cash generation has also been strong. During H1 FY27, we generated INR 244 crores in cash from operations compared with INR 137 crores in the corresponding period last year. After taxes, net operating cash flow stood at INR 212 crores against INR 132 crores in H1 FY26. This is particularly encouraging because our growth is translating into cash, giving us greater flexibility to fund our expansion. A major milestone this quarter was becoming debt-free with Page 3 of 16 Websol Energy System Limited November 05, 2026 the repayment of our IREDA debt in August, further strengthening our balance sheet and providing greater financial flexibility to support our future growth plans. On the operational front, as highlighted by sir, module and cell capacity utilization stood at 68% and 91% respectively during the quarter. The stabilization of our manufacturing operations at these levels is helping us maintain pred [Showing first 8,000 characters — download PDF for full document]