Renewable energy is the need of the hour. Countries are trying to reduce dependence on fossil fuels. Governments are pushing solar and clean power. India is also moving in the same direction. Targets are being set. Investments are increasing. The shift is visible across industries.
This transition is drawing attention. Companies are expanding into clean energy. Investors are also tracking this space closely. Some well-known investors have started taking positions here. They are looking at long-term opportunities linked to the energy transition.
One such investor, or rather super investor, is Vijay Kedia. In this article, we look at his recent exposure to the renewable space. Vijay Kedia is a well-known market participant. He is known for identifying opportunities early. His portfolio often includes emerging and niche businesses.
Recently, he has taken selective positions in companies linked to solar manufacturing and power infrastructure. These are not large bets yet. But they reflect early participation in a growing theme.
#1 The Manufacturing Direct Play: Websol’s 4 GW Integrated Vision
Websol Energy System is engaged in the business of manufacturing photovoltaic crystalline solar cells and related modules in India.
In the March 2026 quarter, Vijay Kedia held a 1.0% stake in Websol Energy System. The stake was visible at this level in recent disclosures, but it is not clear whether this marks a fresh entry or if the holding has only now crossed the 1% threshold for public reporting. The investment reflects exposure to the solar manufacturing segment within the broader renewable energy theme.
The Solar Cell Turnaround and Capex Cycle
In Q3 FY26, the company reported revenue of Rs 261 crore, up 77.2% year-on-year (YoY). Net profit stood at Rs 65 crore, up 54.8% YoY, translating into a growth driven by higher capacity utilisation and improved product mix. The strong performance was led by the commissioning of the second cell manufacturing line, which supported higher production volumes and operating leverage.
Operationally, the company has scaled up quickly. The second 600 MW Mono PERC cell line, commissioned in September 2025, reached over 50% utilisation within a short period and is now nearing optimal levels. The first line continues to operate at close to full utilisation. This ramp-up has been central to the recent growth in revenue and profitability.
The order book stood at around Rs 1,150 crore as of December 2025, providing near-term visibility. The mix is balanced between cells and modules, with increasing contribution from modules as the company expands its downstream capabilities. The entire order book is domestic, with no export exposure at present due to global trade uncertainties and tariff-related challenges.
On expansion, the company is moving into a new phase. It has received approvals for a 4 GW integrated solar cell and module manufacturing facility in Andhra Pradesh. Land allotment has been completed and an incentive package has been secured from the state government. The project is expected to be funded through a mix of debt and internal accruals, with financial closure targeted around March–April 2026.
Websol is also working on backward integration. It has signed an MoU with a global technology provider to explore local manufacturing of wafers and ingots. This is currently at the evaluation stage, with timelines and execution plans under discussion. The aim is to reduce dependence on imports and improve control over the value chain.
Strategic Role in India’s 500 GW Renewable Goal
The broader industry context remains supportive. Government schemes such as PM KUSUM and rooftop solar programs continue to drive demand for DCR-compliant products. At the same time, policy measures like ALMM are expected to strengthen domestic manufacturing. However, management indicated that margins may moderate over time as new capacities come up, even though near-term profitability remains strong.
Websol’s role in the energy transition is more direct compared to infrastructure-linked players. It is part of the core manufacturing chain that feeds solar deployment. Kedia’s entry, though small, signals interest in this segment. The scale-up in capacity, execution of the Andhra Pradesh project, and progress on backward integration will be key to sustaining growth in a competitive and evolving market.
In the past year, the share price of Websol Energy System tumbled 30.3%.
Websol Energy System 1 Year Share Price Chart
#2 The Infrastructure Enabler: Advait’s Move into Green Hydrogen Electrolysers
Advait Energy Transitions established in 2009 and headquartered in Gujarat, is a global leader in end-to-end solutions for power transmission, substations, and telecommunication infrastructure.
Advait’s core capabilities include the manufacturing and supply of Stringing Tools, ACS Wires, OPGW Cables, ERS, Optical Fibre Cables, and a comprehensive range of insulators.
Dominating the OPGW and Transmission Niche
In the March 2026 quarter, Vijay Kedia held a 1.1% stake in Advait Energy Transitions. The holding was first visible at 1.1% in the December 2025 quarter. It is not clear whether this marks a fresh entry or if the stake has only now crossed the 1% disclosure threshold. The investment indicates exposure to a company linked to the broader energy transition space rather than direct renewable generation.
In Q3 FY26, the company reported consolidated revenue of Rs 211 crore, up 114% YoY. Net profit stood at Rs 17.4 crore, reflecting a growth of around 78%. The improvement was driven by strong execution and a well-diversified order book.
The company’s order book remains strong at over Rs 1,000 crore. A large part of this continues to come from the power transmission solutions segment. The renewable division currently contributes a smaller share. Management indicated that this mix could gradually shift, with the NRE segment expected to increase its contribution over time.
Green Hydrogen and New Energy Frontiers
On the execution front, the company is actively working on solar engineering, procurement, and construction (EPC) projects, including projects linked to large developers. Some of these are expected to be completed by March. It is also building capabilities in green hydrogen. A 30 MW electrolyser assembly unit is expected to be operational in March 2026. Further expansion to 300 MW is planned in phases.
The company is also investing in a larger integrated facility for its renewable and transmission businesses. This includes capacity expansion for both divisions. The facility is expected to be operational by 2028. The focus remains on building capabilities before scaling up aggressively in renewable segments.
Advait’s role in the renewable space is largely indirect at this stage. It operates more as an enabler of the energy transition. Its transmission and EPC capabilities support the integration of renewable power into the grid. The renewable division is still in a build-up phase, with selective order inflows and gradual scaling.
While the broader portfolio remains diversified, this exposure suggests participation in the energy transition theme through infrastructure rather than pure-play renewable assets. The relatively small stake indicates a measured approach. The pace of order inflows in the renewable segment and execution of expansion plans will be key factors to watch going ahead.
In the past year, the share price of Advait Energy Transitions rallied 59.7%.
Advait Energy Transitions 1 Year Share Price Chart
The Valuation Gap: Growth Expectations vs. Historical Averages
Let’s now turn to the valuations of the companies in focus, using the Enterprise Value to EBITDA multiple as a yardstick.
Valuations of Companies in focus
| Sr No | Company | EV/EBITDA Ratio | 3-Year Average EV/EBITDA | Industry Median | ROCE | ROE |
| 1 | Websol Energy System | 12.9 | 10.0 | 18.7 | 59.2% | 80.2% |
| 2 | Advait Energy Transistion | 25.4 | 29.3 | 13.8 | 26.9% | 22.5% |
Websol Energy’s return ratios are on the higher side. Return on capital employed (ROCE) is at 59.2% and return on equity (ROE) at 80.2%. This rise has come in the recent quarters after the company scaled up production and improved margins. Advait Energy Transitions reported ROCE of 26.9% and ROE of 22.5%. These are lower than Websol, but still reasonable for a company in the transmission and EPC business.
On valuations, Websol is trading at 12.9 times EV/EBITDA. This is above its 3-year average of 10.0, but below the industry median of 18.7. The stock has seen some re-rating, but is relatively not very expensive yet. Advait Energy Transitions is trading at 25.4 times EV/EBITDA. This is lower than its 3-year average of 29.3, but still higher than the industry median of 13.8. The premium suggests expectations of growth.
The two businesses are different. Websol is into solar manufacturing. It benefits directly from demand for cells and modules. Advait is into power transmission and EPC. Its role is more on the infrastructure side, helping in moving and integrating power.
This difference reflects in the numbers. Websol’s earnings have risen quickly, which is visible in its return ratios. Advait’s performance is steadier, but the stock trades at a premium. Going ahead, execution and consistency will be key for both.
Conclusion
The broader takeaway is the theme itself. The exposure is still small. It is spread across two different kinds of businesses. One is a direct solar play. The other is linked to transmission and infrastructure.
This does not look like a big shift in Vijay Kedia’s approach. It seems more like an initial step into the space. The positions are not large. So it is difficult to call it a high-conviction bet at this stage.
What will matter now is how these companies perform. Websol will have to sustain its recent growth and margins. Advait will need to show steady order flow and progress in its newer segments. The theme is strong, but execution will decide the outcome.
For investors, the takeaway is to observe rather than rush. Vijay Kedia’s entry may signal interest in the energy transition space, but the real clarity will come from how these businesses deliver over the next few quarters.
You can track how these are progressing by adding stocks to your watchlist.
Disclaimer:
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Ekta Sonecha Desai has a passion for writing and a deep interest in the equity markets. Combined with an analytical approach, she likes to deep dive into the world of companies, studying their performance, and uncovering insights that bring value to her readers.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.