Websol Energy System Limited (WEBELSOLAR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-389.3%

-₹194.67

vs ₹67.29 price

Levered DCF

-₹246.12

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.22×	3.42×	-1.54×	-1.23×	3.24×	0.26×	0.56×	-0.33×
P/B	4.91×	1.93×	1.73×	0.15×	0.16×	0.07×	0.03×	0.11×
P/S	2.95×	0.93×	7.21×	1.68×	0.15×	0.08×	0.02×	0.14×
EV / EBITDA	7.16×	2.39×	-3.3×	-4.67×	1.99×	0.52×	12.69×	-14.37×
Gross margin	60.8%	62.0%	-117.6%	17.4%	20.8%	15.9%	13.5%	1.4%
Operating margin	35.0%	59.0%	-176.9%	-27.9%	5.3%	3.1%	-6.4%	-27.0%
Net margin	28.9%	26.9%	-467.8%	-137.5%	4.5%	32.2%	3.4%	-42.2%
Current ratio	2.94×	1.91×	0.39×	0.31×	0.91×	0.57×	0.51×	0.44×
Debt / equity	0.21×	0.55×	1.7×	0.15×	0.19×	0.18×	0.62×	1.1×
Interest coverage	22.95×	17.61×	-9.66×	-1.26×	3.86×	0.99×	-2×	-3×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	48.0%	55.7%	-112.3%	-12.4%	5.0%	25.7%	5.2%	-33.7%
Return on invested capital	38.1%	58.9%	-12.3%	-1.5%	3.1%	1.4%	2.6%	-6.7%
Return on assets	32.5%	30.1%	-34.3%	-8.9%	3.4%	17.4%	2.1%	-8.2%
Free cash flow yield	2.4%	23.2%	-101.2%	-48.9%	-12.6%	256.5%	-14.7%	35.1%
Earnings yield	9.8%	28.8%	-64.8%	-81.6%	30.9%	378.7%	180.2%	-299.6%
Enterprise value	₹31.3B	₹6B	₹3.7B	₹569.2M	₹640M	₹466M	₹816.9M	₹1B
Net debt / EBITDA	0.07×	0.26×	-1.63×	-2.29×	1.02×	0.38×	12.12×	-13.04×
Cash conversion cycle (days)	116	6	-159	-86	52	-26	-48	-172