Websol, India’s oldest solar module maker, prepares for the future

GENERATIONAL SHIFT. Sohan Lal Agarwal, MD of Websol, with granddaughter Sanjana Khaitan, who is the ED
| Photo Credit:
Debarshi

Octogenarian Sohan Lal Agarwal, Managing Director of solar cells and modules manufacturer Websol, looks at granddaughter Sanjana Khaitan with proud eyes. “She,” he says, pointing to her, “is the future.”

The 29-year-old ‘future’ is the Executive Director of the company — India’s oldest solar module manufacturer. Websol began its innings in 1990, when the word ‘solar’ was heard only in the context of space and astronomy. Back then, out of a youthful desire to do “something different”, Agarwal set up a 1 MW module plant to supply an Italian customer. Today, he is gradually handing over the reins to the ‘future’ (his son looks after other businesses).

One chat with Khaitan, and you will know that she is pretty much hands-on. And the hands are full.

Solar module fabrication unit at Websol’s plant in Falta SEZ, near Kolkata

Websol has charted its course for the future. Capacity expansion is visible at its plant in Falta SEZ, near Kolkata, with trucks continuously rolling in and out with material. Websol currently has two cell lines, 600 MW each. The second line is to be expanded to 750 MW, with a change in technology from mono-PERC to TOPCon, taking the total capacity to 1.35 GW by January 2027.

Coming up alongside is a 2.2 GW Line-III, which the company hopes will be production-ready in 2027. And going forward, Websol intends to invest ₹2,200 crore to make 5 GW of ingots and wafers. “No timeline has been decided yet,” says Khaitan.

No investments in AP

In the grandfather-granddaughter combo, one sees a subtle division of labour. While the young woman manages operations, the direction is still provided by the elder.

For example, Agarwal decided that Websol would not proceed with the ₹3,538 crore investment in Naidupeta, Andhra Pradesh, as announced in January — though the company “intends to do something in AP”. Why? Because of the “changed political landscape” in West Bengal, the new BJP government, keen on industrialisation, is offering much for new factories. “We are constantly called for meetings,” Khaitan says. In fact, Agarwal had to postpone his appointment with this writer by a couple of hours because he had been called over by the government for yet another meeting. Agarwal says he is more comfortable in West Bengal; the company had only reluctantly planned to invest elsewhere.

The other directional shift by Agarwal is in module manufacturing (cells are made into modules). Websol has module manufacturing capacity of 550 MW but, rather than expanding it in line with cell capacity, Agarwal prefers a “partnership route”. Websol had earlier been in talks with Chennai-based Swelect Energy Systems for a partnership.

The partnership approach bucks the industry trend of integrated manufacture of cells and modules. Agarwal, however, sees more merit in centralised cell manufacture and decentralised module manufacture — after all, what is the point in ferrying bulky modules across the country, he asks.

Looking back

Cruising down memory lane, Agarwal recalls the bad old days when banks wanted to auction off Websol to collect their dues. Agarwal had stepped aside, but when the banks could not sell Websol he asked for a year’s time to repay the loans.

Luckily for him, it was 2009-10, when the solar industry was in its infancy and nurtured for growth. It helped that Chinese company Renesola took Websol’s facilities on a contract to make modules for four years. Websol repaid its loans — and a new growth cycle started.

Ups and downs happen, the octogenarian philosophises, pointing out that when he started module manufacturing there was a glut in the semiconductor industry — silicon wafers floated around cheap until 2005-06, when the semicon industry began to grow.

Today, Websol appears to be on much firmer footing. In the first quarter of 2026-27, it recorded a turnover of ₹373 crore, an EBITDA margin of 34 per cent and net profit margin of 21 per cent (the high EBITDA and PAT are in line with the industry trend). With the solar industry booming and the company cruising towards its targeted 5.35 GW by 2028, the future appears to be assured.

Published on August 17, 2026