Analysts/Institutional Investor Meet/Con. Call Updates

Date: 18th August, 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 11th August, 2026, post declaration of the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30th June, 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 Q1 FY27 Earnings Conference Call” August 11, 2026 MANAGEMENT: MR. SOHAN LAL AGARWAL – MANAGING DIRECTOR – WEBSOL ENERGY SYSTEM LIMITED MS. SANJANA KHAITAN – EXECUTIVE DIRECTOR – WEBSOL ENERGY SYSTEM LIMITED MR. AMRIT DAGA – CHIEF FINANCIAL OFFICER Page 1 of 19 Websol Energy System Limited August 11, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q1 FY27 Conference Call of Websol Energy System Limited. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sohan Lal Agarwal, Managing Director. Thank you, and over to you, sir. Sohan Lal Agarwal: Thank you. Good afternoon, everyone, and thank you for joining us on Websol's Earnings Call for the first quarter of FY27. When we spoke at the end of FY26, I had said that the year marked an important change for Websol. The capacities we had spent the last few years building were coming up on stream. The balance sheet had become stronger, and we had created the base for the next phase of the company. Q1 FY27 is about beginning to convert that base into operating performance. We reported revenue from operations of INR373 crores for the quarter, 70% higher than the same quarter last year. EBITDA was INR126 crores, and profit after tax was INR78 crores, higher by 21% and 16%, respectively. More than the financial numbers, I would draw your attention to what happened inside the plant. Our cell production increased from 126 megawatt in Q1 last year to 259 megawatt this quarter, with cell utilization at 92%. Module production more than doubled from 50 megawatt to 103 megawatt, and module utilization moved from 39% to 81%. The capacity we have built is now being used more fully, and that is the most important operating development of the quarter. I want to address our margin directly rather than leave it to be inferred. EBITDA margin for the quarter was 34% against 47% in Q1 last year. The principal reason is the change in our sales mix. We sold substantially more modules during the quarter, and module margins are lower than cell margins. In absolute terms, EBITDA still grew 21% because additional module volume adds to earning even as it reduces the percentage margin. Our objective is to operate the entire manufacturing base efficiently, to grow absolute earnings and cash generation, and to keep improving the economics of the business over time. This quarter reflects that approach. The second development I want to cover took place shortly after the quarter ended, and it is one that matters to us personally. On 4th August, we repaid the entire INR110 crores outstanding on our IREDA term loan from internal accruals. We did this without raising fresh capital and without slowing any of our ongoing growth investments. With the closure of the facility, the collateral attached to the loan, including the promoter shares pledged against it, is being released. And the promoter pledge will accordingly come down from 80% to 16% of promoter holding. I would place this in the context of what Websol has done over the last two years. Page 2 of 19 Websol Energy System Limited August 11, 2026 We doubled our cell capacity largely through internally generated funds, and we have now repaid this term loan from cash generated by the business as well. For us, this is what capital discipline means. Growth is important, but how we fund that growth is equally important. The third area is technology. We have initiated the upgrade of one of our existing mono PERC cell lines to TOPCon. On completion, that line will have 750 megawatt of TOPCon capacity, taking Websol's overall cell manufacturing capacity to 1.3 gigawatt, with approximately 55% of our cell capacity on TOPCon. We expect the upgrade to be completed by March 2027. I want to explain why this matters. The TOPCon upgrade is not an isolated capex project. It is a bridge between the capacity we operate today and the technology platform on which we intend to build our next phase of scale, including our planned 4-gigawatt cell manufacturing expansion. There is considerable opportunity in Indian solar manufacturing, and we believe, West Bengal in particular is entering an interesting phase. Websol has been manufacturing in this state for more than three decades, so we have seen this industrial ecosystem evolve over a long period. Recent direction of the state towards greater industrialization, including the proposed new industrial policy, simpler access to industrial land and a stronger focus on attracting manufacturing investment is encouraging for companies like ours, which already have an operating base here. So, we look at West Bengal not merely as the location of our existing plant but as a natural place to consider for the capacity we build next. We have come a long way from where Websol was a few years back, but there is considerably more than what we have built from here. With that, I would request Sanjana to take you through the operational and financial performance for the quarter in greater detail. Thank you very much, gentlemen. Sanjana Khaitan: Thank you, sir, and good afternoon, everyone. Let me take you through our operational and financial performance for the first quarter of financial year 2027 in some more detail. Starting with the profit and loss statement, revenue from operations for the quarter stood at INR373 crores against INR219 crores in Q1 financial year ‘26, a growth of 70%. EBITDA was INR126 crores as against INR103 crores, higher by 21% with an EBITDA margin of 34%. Profit after tax was INR78 crores as against INR67 crores, higher by 16%, translating into a PAT margin of 21%. So, I have already spoken about the margin, module volumes more than doubled during the quarter from 50 megawatt to 103 megawatt and modules therefore account for a materially larger share of the revenue mix than they did a year ago. A rupee of module revenue carries a lower margin than a rupee of cell revenue. So, as the module share rises, the blended percentage margin comes down even as absolute EBITDA grows. This is what has happened this quarter. The percentage margin is lower, absolute EBITDA is 21% higher and we are running considerably more of our installed base. With respect to our rating, our CRISIL rating of BBB+ stable remains unchanged. Page 3 of 19 Websol Energy System Limited August 11, 2026 On the operational side, cell production for the quarter was 259 megawatt against 126 megawatt in Q1 last year, with cell utilization at 92%. Module production was 103 megawatt against 50 megawatt, with module utilization at 81% against 39% a year ago. As we move through the year, we expect to operate close to full run-rate utilization across our lines, ot [Showing first 8,000 characters — download PDF for full document]