WEBELSOLAR Q1 FY27 Guidance vs Delivery (WEBELSOLAR Management Mirror)

Q1 FY27 Revenue Reported at INR 373 Crore; Margins Compress to 33.7% on Higher Module Mix

Management reported strong top-line growth but margin compression over the last three quarters due to product mix shifts and input costs. In the Dec'25 Qtr concall, Q3 FY26 Revenue was reported at Rs. 261 crores with an EBITDA margin of 40.8%, noting some downward pricing pressure and gross margin impacts from a higher mix of lower-margin modules. By the Mar'26 Qtr concall, Q4 FY26 Revenue stood at INR 401 crores with overall FY26 EBITDA margins at 41%, though management highlighted sequential margin compression due to module sales contributing more to overall revenues than cells. For Q1 FY27, Quarterly Financial Results show reported Revenue of INR 373 Crore and an EBITDA of INR 126 Crore, yielding an EBITDA Margin of 33.7%. During the Jun'26 Qtr concall, management confirmed this margin contraction was primarily driven by the shift in sales mix towards modules, coupled with softer solar cell prices and higher bill-of-materials costs, particularly silver.