Fueled by Profits, Websol Eyes TOPCon Upgrade & Expansion

Indian solar cell manufacturer Websol Energy, one of the early entrants in solar cell manufacturing in India, is now looking to broaden its market space. The firm, which until now was focused on the production of mono-PERC (Monocrystalline – Passivated Emitter and Rear Cell)-based solar cells, has unveiled bigger plans. These include not only expanding its existing capacity but also transitioning to more advanced technologies.

The publicly listed company, which started its journey in the early 1990s, currently operates 600 MW of solar cell capacity and 550 MW of solar module capacity. In its next expansion phase (Phase II), it had earlier announced an additional 600 MW of solar cell lines for mono-PERC technology. This mirrors the plans of companies like Alpex Solar, which also sees significant demand for mono-PERC solar cells in the Indian market.

Expansion & Transition

With demand for TOPCon (Tunnel Oxide Passivated Contact) technology rising, the West Bengal-based company has rolled out fresh expansion plans under Phase III and Phase IV. Websol now plans a phased capacity addition of 4 GW of solar cells and 4 GW of solar modules through a wholly owned subsidiary.

The total investment for this expansion is estimated at around ₹3,000 crore. The company recently told investors that its upcoming 600 MW mono-PERC solar cell line is likely to be operational by October 2025. With this, its cumulative solar cell production capacity will reach 1.2 GW. Following its next growth phases, Websol aims to achieve 5.2 GW of solar cell capacity and 4.5 GW of module capacity by 2028.

Phase-Wise Planning

As part of this expansion, the additional solar cell capacity will be based on TOPCon technology and executed in two stages:

• Phase III: 2 GW solar cell line and 2 GW module line by June 2027

• Phase IV: 2 GW solar cell line and 2 GW module line by June 2028

Funding for Phases III and IV will come from a mix of internal accruals and borrowings from financial institutions.

TOPCon: Pressure From Competitors?

Websol’s decision comes at a time when demand for TOPCon solar cells — considered one of the most advanced technologies under production in India besides HJT — is rising. A majority of solar cell makers have already transitioned to it or are in the process of doing so.

Currently, only a handful of players manufacture solar cells in India. These include Emmvee, Adani Group, Tata Power (TP Solar), Waaree Energies, ReNew and Jupiter International, alongside Websol Energy. Several listed solar cell producers have entered the stock market through IPOs to fund their new cell plants.

Technology War of Listed Firms

For instance, Premier Energies, Waaree Energies and Vikram Solar raised funds through IPOs, stating that the proceeds would be used for their proposed solar cell facilities, most of them based on TOPCon. By next year, the majority of existing solar cell makers are expected to be in full-fledged TOPCon production. Websol, it seems, does not want to miss the bus.

Another factor is the proposed ALMM (Approved List of Models and Manufacturers) for solar cells, which is set to take effect from June 2026. This has prompted more than 40 solar module makers to consider entering solar cell manufacturing, intensifying competition further.

What Is Driving Websol’s Expansion Plans

One of the main drivers for the company, led by Sohan Lal Agarwal, is its financial turnaround. The firm’s FY25 results provided much-needed relief, with Websol posting a net profit of ₹154.7 crore compared to a net loss of ₹120 crore in FY24.

Over the last four to five quarters, the company has reported a steady rise in profit. In Q1 FY26, unlike several other listed firms, it posted growth not only year-on-year but also sequentially. It also reported a 377.8% increase in cash flow from operations during the quarter.

A Sneak Peek at the Future

The next two years are likely to be transformative for India’s solar industry. Several manufacturers aiming to enter solar cell production are preparing IPOs to raise funds for their plans. Companies like Saatvik Green, Goldi Solar, Rayzon and Cosmic PV, among others, have already announced solar cell projects, while several more are expected to tap the market.

As with the earlier rise of module makers, India is now set to see a surge in solar cell manufacturers competing for a share of the fast-growing domestic market. With export potential also opening up, many firms are expected to target overseas markets to capitalise on the emerging opportunities in solar cell manufacturing.