Websol Energy System

₹639.2 7.3 | 1.1%

WEBSITE BSE:517498 NSE : WEBELSOLAR 18 May, 12:50

Market Cap ₹2698 Cr.

Stock P/E -37.5

P/B 15.9

Current Price ₹639.2

Book Value ₹ 40.2

Face Value 10

52W High ₹748.8

Dividend Yield 0%

52W Low ₹ 83

Edit Ratio

Websol Energy System Research see more...

Overview Inc. Year: 1990Industry: Electronics - Components

Websol Energy System Ltd is a manufacturer of photovoltaic monocrystalline solar cells and modules in India. The Company's fundamental merchandise are Solar Photovoltaic Cells and Modules. It designs modules for grid and solar photovoltaic (PV) power plants, remote communique and rural electrification. The Company gives its cells and modules in both domestic and commercial photovoltaic programs. Its product variety from 5 watt to 220 watt caters to needs ranging from rural electrification to power plants. Every solar cell that the Company manufactures and uses in its modules is examined and electrically matched. The Company's offerings consist of Cell 125mmx125mm. Its modules consist of W 2100, W 1800, W 1750, W 1600, W 120, W 80, W 60, W 40, W 30, W 20 and W 10.

Websol Energy System Share Price

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Peer Comparison

Websol Energy System Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Jun 2023	Dec 2023
Net Sales	47	43	58	50	63	3	14	0	0	1
Other Income	0	2	1	1	1	1	1	1	0	0
Total Income	48	45	59	50	63	4	14	1	0	1
Total Expenditure	38	36	51	43	57	7	15	6	2	3
Operating Profit	9	9	9	7	6	-4	-1	-5	-1	-2
Interest	2	1	1	1	1	1	1	1	1	0
Depreciation	4	4	4	4	4	4	4	4	4	4
Exceptional Income / Expenses	1	0	0	1	0	0	-1	-1	0	-101
Profit Before Tax	5	4	4	4	2	-8	-7	-11	-6	-107
Provision for Tax	20	1	-0	2	1	-1	-3	-4	-1	-52
Profit After Tax	-15	3	4	2	1	-8	-4	-7	-5	-55
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	-15	3	4	2	1	-8	-4	-7	-5	-55
Adjusted Earnings Per Share	-4.8	1	1.1	0.5	0.1	-2.1	-1.1	-1.8	-1.3	-12.9

Websol Energy System Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	114	305	356	280	296	183	69	196	154	213	17	15
Other Income	11	1	6	1	77	11	17	11	4	5	3	2
Total Income	126	306	361	280	373	194	86	206	158	218	20	16
Total Expenditure	123	292	351	271	267	167	93	193	120	187	30	26
Operating Profit	2	13	11	9	106	28	-7	14	38	31	-10	-9
Interest	19	31	2	1	5	9	6	6	9	3	4	3
Depreciation	13	18	16	15	15	14	15	15	15	15	15	16
Exceptional Income / Expenses	13	-39	-44	-2	-6	0	0	-7	56	1	-2	-103
Profit Before Tax	-16	-74	-52	-9	79	5	-29	-15	69	14	-32	-131
Provision for Tax	0	0	0	1	0	0	0	-19	20	4	-8	-60
Profit After Tax	-16	-74	-52	-10	79	5	-29	4	49	10	-24	-71
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	-16	-74	-52	-10	79	5	-29	4	49	10	-24	-71
Adjusted Earnings Per Share	-7.2	-33.8	-23.8	-4.5	35.8	1.8	-10	1.3	15.9	2.6	-6.1	-17.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-92%	-56%	-38%	-17%
Operating Profit CAGR	-132%	NAN%	NAN%	NAN%
PAT CAGR	-340%	NAN%	NAN%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	602%	144%	92%	55%
ROE Average	-12%	9%	1%	1%
ROCE Average	-12%	11%	3%	4%

Websol Energy System Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	-68	-142	-195	-205	58	101	124	124	174	192	191
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	194	172	171	252	51	56	35	40	13	4	0
Other Non-Current Liabilities	53	31	20	20	41	112	58	39	25	27	18
Total Current Liabilities	351	569	592	386	167	101	135	108	72	63	58
Total Liabilities	530	629	587	453	317	369	352	311	284	286	267
Fixed Assets	339	322	280	266	283	304	287	254	239	225	210
Other Non-Current Assets	47	59	68	70	12	13	4	3	3	4	39
Total Current Assets	145	249	240	117	22	52	61	53	42	57	18
Total Assets	530	629	587	453	317	369	352	311	284	286	267

Websol Energy System Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	15	9	3	1	1	3	0	0	1	2	4
Cash Flow from Operating Activities	-4	-56	-13	30	142	10	5	1	36	-3	-8
Cash Flow from Investing Activities	-2	-14	-1	-0	28	-1	6	13	-0	-1	-6
Cash Flow from Financing Activities	-0	63	13	-30	-168	-12	-11	-14	-35	6	10
Net Cash Inflow / Outflow	-6	-7	-1	-1	2	-3	0	0	1	2	-4
Closing Cash & Cash Equivalent	9	3	1	1	3	0	0	1	2	4	0

Websol Energy System Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-7.24	-33.83	-23.83	-4.49	35.84	1.79	-9.97	1.34	15.86	2.64	-6.11
CEPS(Rs)	-1.33	-25.75	-16.43	2.12	42.73	7.13	-4.63	6.4	20.79	6.82	-2.15
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	-39.81	-73.58	-97.47	-101.97	26.41	37.72	42.68	40.65	55.85	52.29	49.3
Core EBITDA Margin(%)	-7.96	3.99	1.46	3.11	9.66	9.14	-35.79	1.43	21.99	12.4	-74.34
EBIT Margin(%)	2.31	-14.15	-13.96	-2.59	28.36	7.36	-33.18	-4.62	51.01	7.93	-160.47
Pre Tax Margin(%)	-13.93	-24.4	-14.59	-3.1	26.63	2.62	-42.15	-7.81	45.09	6.49	-183.09
PAT Margin (%)	-13.93	-24.4	-14.72	-3.53	26.59	2.61	-42.22	2.1	32.15	4.54	-137.51
Cash Profit Margin (%)	-2.56	-18.57	-10.15	1.66	31.71	10.38	-19.62	10.01	42.15	11.73	-48.43
ROA(%)	-3.16	-12.82	-8.61	-1.9	20.45	1.39	-8.03	1.24	16.6	3.39	-8.56
ROE(%)	0	0	0	0	0	6.03	-25.79	3.31	33.11	5.29	-12.37
ROCE(%)	0.76	-12.88	-16.49	-2.85	44.73	8.34	-11.93	-4.49	38.17	7.75	-12.39
Receivable days	142.57	148.15	170.9	150	45.22	22.55	82.52	25.58	44.7	40.19	305.3
Inventory Days	115.87	46.46	46.9	48.03	15.28	22.3	138.6	42.88	35.4	34.39	381.79
Payable days	237.62	240.48	284.12	324.28	163.96	140.24	454.16	163.69	189.24	78.27	901.61
PER(x)	0	0	0	0	1.51	49.22	0	9.3	2.63	35.64	0
Price/Book(x)	-0.18	-0.08	-0.22	-0.56	2.04	2.34	0.6	0.31	0.75	1.8	1.57
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	3.8	1.64	1.5	2.08	0.67	1.72	2.18	0.59	1.06	1.77	19
EV/Core EBITDA(x)	183.08	37.33	49.57	61.42	1.89	11.39	-20.63	8.42	4.28	12.15	-33.42
Net Sales Growth(%)	-20.27	166.74	16.77	-21.38	5.86	-38.1	-62.59	185.22	-21.45	38.82	-91.92
EBIT Growth(%)	101.35	-1737.27	-15.22	85.44	1261.11	-83.93	-268.59	60.3	967.67	-78.42	-263.45
PAT Growth(%)	93.21	-367.3	29.56	81.15	897.7	-93.93	-705.16	114.2	1101.19	-80.42	-344.94
EPS Growth(%)	93.21	-367.3	29.56	81.15	897.7	-95	-656.13	113.48	1080.03	-83.36	-331.33
Debt/Equity(x)	-4.89	-3.04	-2.28	-2.04	1.45	0.8	0.61	0.62	0.2	0.19	0.14
Current Ratio(x)	0.41	0.44	0.4	0.3	0.13	0.51	0.45	0.5	0.57	0.91	0.31
Quick Ratio(x)	0.3	0.37	0.32	0.25	0.11	0.33	0.2	0.38	0.33	0.56	0.07
Interest Cover(x)	0.14	-1.38	-22.31	-5.07	16.43	1.55	-3.7	-1.45	8.61	5.51	-7.09
Total Debt/Mcap(x)	26.84	38.5	10.49	3.65	0.71	0.34	1.03	2.03	0.27	0.1	0.09

Websol Energy System Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	25.37	25.37	25.37	25.37	26.77	26.77	26.77	26.77	27.71	27.71
FII	3.75	2.98	2.7	2.78	3.84	4.08	4.14	0.83	0.77	0.47
DII	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.25	0
Public	70.86	71.63	71.9	71.83	69.38	69.13	69.08	72.39	71.27	71.82
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.93	0.93	0.93	0.93	1.04	1.04	1.04	1.04	1.17	1.17
FII	0.14	0.11	0.1	0.1	0.15	0.16	0.16	0.03	0.03	0.02
DII	0	0	0	0	0	0	0	0	0.01	0
Public	2.6	2.62	2.63	2.63	2.69	2.68	2.68	2.81	3.01	3.03
Others	0	0	0	0	0	0	0	0	0	0
Total	3.66	3.66	3.66	3.66	3.88	3.88	3.88	3.88	4.22	4.22

Pros

Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 27.71%.
Company has a low return on equity of 9% over the last 3 years.
Debtor days have increased from 78.27 to 901.61days.
Stock is trading at 15.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.