Hi Rajesh Sir,

1. I see Sonalis company website (https://appetitefood.in/) is not functioning. Looks like a red signal.
2. I see uploaded PDFs on the BSE website don’t exist and one in the avilable PDF, the website is mentioned incorrectly.

After looking at all these, I don’t feel comfortable considering this stock. Please help me with your knowledge. Am I correctly looking at these things?

I hardly feel competent to advise, but in my opinion this company is in business which is cyclical in nature. So you should check the valuations based on historical price to book and price to sales too.

The following are the top 10 employees in terms of remuneration. CFO of company with 428cr sales is earning 15 lakhs per year with no equity. Enterprise sales and acquisition North india with 14 years exp is earning 5 lakhs. Very strange.

Initially I thought these were per month salaries. But no the following shows that these are annual salaries:

There are only 17 employees on the rolls of a 2500 cr market cap company. In the video he says more than he’s giving employment to more than 1000 people. Something doesn’t sound right to me but hopefully I’m wrong

Disc: Invested (but now reevaluating)

I am not sure what business the company is in. I just shared view based on my preliminary observations.

Websol Annual Report.pdf (5.8 MB)
A very interesting Annual Report was published by Websol. My key takeaways were that the company is looking at a 4x expansion in by FY 27 on its current cell business of 600 MW. Apart from that they might get into commercial wafers and ingots production apart from captive use and this might help them retain good margins. Also, they are entertaining getting into solar rooftop EPC side of the business.

With all these optionalities I see this company as a 25000 cr Mcap business in next 2-3 years if they are able to execute professionally like they have till now.

Disclaimer ~ All disclaimers are useless, we are all responsible for our own decisions. I am currently 92% net wealth invested in this company and I am up almost 90% in one month. This makes me biased but at the same time, I can sell and switch to any company without being liable to inform. My projections of 25000 cr mcap comes from a topline estimation of 2500-3000 cr topline with 10 Mcap to Sales and an assumption that 2-3 years down the line the company will be aspiring to reach 5gw capacity and hence the elevated exit multiples shall be assigned. Also, Premiere Energies with a Quarterly Topline of 1600+cr and almost 50,000 cr Mcap will be a good North Star metric for a company like Websol. There is no reason why Websol cant be 2-3 years down the line where Premiere is right now

Ending my Disclaimer with the theme of the Annual Report
“BOLDNESS IS EVERYTHING”

Onwards and Upwards!