Welspun Corp Ltd logo

Welspun Corp Ltd

WELCORP NSE

Key Fundamentals

MidcapIron & Steel ProductsIndustrial Products
Market Cap
₹50,173 Cr
Volatility
High Risk
P/E Ratio
21.9
EBITDA
₹2,371 Cr
Return on Equity
17.23%
Debt to Equity
0.26
Book Value
₹347.16
EPS
₹45.48
52W High
₹1,896
52W Low
₹710

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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55 extracted metrics + investor summaries across FY13–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 20.9% CAGR over last 5 years

Weaknesses

1
  • Earnings include an other income of Rs.1,078 Cr.

Growth Rate

Revenue Growth
19.33% ↗
Net Income Growth
-14.81% ↘
Cash Flow Change
113.10% ↗
ROE
-29.99% ↘
ROCE
-32.60% ↘
EBITDA Margin (Avg.)
6.94% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Welspun Corp is a mid-cap industrial pipes company trading at a market cap of ~₹49,400 crore with a PE of 21.2x. The company has delivered 3-year compounded profit growth of 119% CAGR and maintains an order book exceeding ₹25,000 crore, while its ROE stands at 19% and debt-to-equity has declined to 0.15x. Earnings quality warrants scrutiny as other income of ₹1,078 crore forms a material portion of reported profits.

Bull Case 8
  • Order book at ₹25,750 crore (~US$2.7 billion) as of Q1 FY27, the strongest in company history, providing multi-year revenue visibility through FY28
  • Compounded profit growth of 119% CAGR over 3 years and 42% TTM profit growth demonstrate strong earnings momentum
  • Net debt reduced to near-zero with net debt/equity at 0.02x as of 9M FY25; gross debt cut by over ₹1,000 crore in FY25, resulting in net cash position of ₹1,050 crore
  • EBITDA margin expanded to 18.5% in Q1 FY27 (up 270 bps YoY) with eight consecutive quarters of EBITDA growth, reaching record ₹756 crore quarterly EBITDA
  • ROE of 19% (3-year average 19%) and annualized ROCE of 24% indicate efficient capital deployment relative to industrial sector peers
  • Compounded sales growth of 20% over 3 years and 19% over 5 years shows sustained top-line expansion across cycles
  • Global tailwinds from US midstream pipeline capex (~$50 billion planned), Saudi Arabia energy infrastructure, and India's steel pipes market projected to grow at 7.4% CAGR to 28.7 million tons by 2034
  • Stock CAGR of 79% over 3 years and 71% over 5 years reflects consistent re-rating driven by improving fundamentals
Bear Case 8
  • Other income of ₹1,078 crore is a material component of reported earnings, raising questions about core operating profit sustainability
  • PE of 21.2x is elevated for a cyclical industrial products company whose earnings can swing sharply with order flow and commodity prices
  • Price-to-book of 5.38x is high for a capital-intensive pipes business, implying the market has already priced in significant future growth
  • FY25 revenue from operations declined ~19% YoY (from ₹17,358 crore in FY24 to ~₹13,978 crore in FY25) before recovering, showing inherent revenue lumpiness
  • Dividend yield at just 0.27% suggests minimal income return for shareholders despite strong profitability
  • Cyclical exposure to oil & gas capex cycles means order book can contract sharply if global energy investment slows or commodity prices decline
  • Stock has appreciated 111% in one year, creating elevated expectations where any earnings miss could trigger meaningful correction
  • Heavy capex of ₹2,532 crore in FY26 constrains near-term free cash flow (FCF of ₹672 crore after capex) and introduces execution risk on capacity expansion

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 3
  • Q1 profit surges 200% YoY Jul 25

    Consolidated net profit jumped 200% YoY to ₹1,048 crore for Q1FY27 on revenue of ₹4,145 crore (up 15.6% YoY). Includes ₹548 crore gain from sale of EPIC shares.

  • Record order book at ₹25,750 Cr Jul 27

    Welspun Corp secured a ₹960 crore coated line pipes order, pushing global order book to a record ₹25,750 crore with revenue visibility through FY28.

  • Data centres as new growth avenue Jul 27

    Management identified data centres as an emerging alternative to LNG pipes, expecting strong traction over the next 5 years as a strategic diversification beyond traditional pipelines.

Neutral 2
  • Q1FY27 earnings call hosted Jul 27

    Welspun Corp held its Q1FY27 earnings conference call on July 27, 2026 at 12:00 IST featuring MD and CFO; audio recording made available on website.

  • Four investor conferences planned Aug 7

    Company scheduled attendance at four investor conferences in Aug-Sep 2026. No unpublished price-sensitive information to be shared.

TL;DR: Welspun Corp delivered a standout Q1FY27 with 200% profit growth and a record order book of ₹25,750 crore providing multi-year revenue visibility. Strategic diversification into data centres signals long-term optionality beyond pipes. No material headwinds are visible in recent newsflow. The trend is clearly improving with strong execution and order momentum heading into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,069
4,059
4,750
4,461
3,137
3,302
3,614
3,925
3,551
4,374
4,532
4,313
4,081
Expenses
3,712
3,660
4,287
4,131
2,763
2,902
3,179
3,465
3,026
3,783
3,917
3,809
3,389
Operating Profit
357
400
463
330
374
400
434
460
525
591
616
504
692
OPM %
9%
10%
10%
7%
12%
12%
12%
12%
15%
14%
14%
12%
17%
Other Income
50
227
62
178
83
125
487
570
84
131
120
142
685
Interest
92
75
62
75
66
83
82
88
63
49
51
49
45
Depreciation
86
86
90
87
85
89
90
87
85
84
93
93
125
PBT
228
466
373
347
305
352
749
855
461
588
593
504
1,207
Tax %
26%
17%
21%
17%
19%
20%
10%
18%
24%
25%
23%
26%
13%
Net Profit
168
387
294
287
248
283
672
699
349
444
456
371
1,048
EPS in Rs
6.32
14.7
11.15
10.24
9.46
10.94
25.72
26.62
13.31
16.68
17.16
14.04
39.67
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
8,450
7,236
5,899
6,347
8,953
9,957
7,153
6,505
9,758
17,340
13,978
16,770
17,300
Expenses
7,595
6,449
5,380
5,874
8,310
8,756
6,357
6,032
9,264
15,778
12,293
14,534
14,897
Operating Profit
855
787
519
473
644
1,201
795
473
494
1,561
1,684
2,236
2,403
OPM %
10%
11%
9%
7%
7%
12%
11%
7%
5%
9%
12%
13%
14%
Other Income
96
99
139
128
-106
243
618
544
386
504
1,248
478
1,078
Interest
283
241
236
170
177
144
85
102
243
304
320
212
194
Depreciation
436
386
386
258
260
233
246
255
303
348
351
355
394
PBT
231
258
36
173
101
1,067
1,082
661
334
1,413
2,262
2,147
2,893
Tax %
8%
31%
72%
12%
122%
39%
24%
33%
40%
20%
16%
25%
—
Net Profit
214
179
10
153
-22
654
827
444
199
1,136
1,902
1,620
2,319
EPS in Rs
2.62
5.72
1
5.97
-0.5
24.36
29.42
16.82
7.9
42.44
72.73
61.15
87.55
Div. Payout %
19%
9%
50%
8%
-100%
43%
17%
30%
63%
12%
7%
8%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
132
133
133
133
133
130
130
130
131
131
131
132
Reserves
2,667
2,666
2,677
2,721
2,665
3,085
3,952
4,298
4,582
5,467
7,313
9,024
Borrowings
3,021
2,644
1,843
1,386
1,305
1,061
1,021
2,057
3,381
1,967
1,122
2,355
Other Liabilities
3,998
3,195
3,595
3,452
4,097
3,667
2,588
2,684
7,180
4,249
6,635
8,889
Total Liabilities
9,818
8,637
8,247
7,693
8,200
7,943
7,692
9,169
15,274
11,813
15,201
20,400
Fixed Assets
4,662
3,730
3,356
3,046
1,567
1,617
2,599
2,433
4,910
4,800
4,707
6,536
CWIP
80
34
32
17
47
83
147
1,261
87
87
787
1,241
Investments
805
1,017
725
488
476
784
1,713
2,307
1,537
1,100
1,402
1,864
Other Assets
4,271
3,855
4,134
4,143
6,110
5,460
3,233
3,168
8,740
5,827
8,306
10,759
Total Assets
9,818
8,637
8,247
7,693
8,200
7,943
7,692
9,169
15,274
11,813
15,201
20,400
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
901
354
403
981
623
648
774
218
-185
1,306
1,504
3,204
Investing
338
-326
618
184
-255
-49
-848
-201
-348
373
194
-3,714
Financing
-1,106
-99
-979
-761
-335
-743
-198
453
909
-1,877
-1,369
875
Net Cash Flow
133
-71
42
405
33
-144
-271
470
376
-198
328
365
Free Cash Flow
812
122
322
933
565
474
518
-757
-1,235
1,022
690
715
CFO/OP
108
60
69
200
110
77
118
78
-13
96
109
157
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
71
91
76
48
42
34
46
43
38
46
37
Inventory Days
138
107
159
125
129
127
93
78
286
70
173
166
Days Payable
154
132
198
177
92
81
55
75
130
68
133
118
Cash Conversion Cycle
33
45
52
24
86
88
72
48
199
40
87
85
Working Capital Days
18
5
33
22
49
39
36
-47
-26
12
8
-23
ROCE %
8%
8%
5%
7%
12%
30%
20%
13%
6%
20%
21%
23%

Shareholding Pattern

As of Jun 2026
Promoters 49.73%
DIIs 19.95%
FIIs 14.61%
Public 10.42%
Others 5.28%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
50.02%
50.01%
50.01%
50.01%
50.01%
50.01%
49.90%
49.90%
49.99%
49.99%
49.96%
49.96%
50.14%
50.03%
50.01%
50.01%
50.01%
49.84%
49.77%
49.73%
49.73%
49.73%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
9.42%
0.00%
10.70%
10.51%
11.65%
11.72%
12.18%
12.14%
11.80%
11.44%
11.23%
14.61%
DIIs
8.76%
7.98%
7.36%
6.68%
9.26%
10.57%
11.19%
15.31%
11.43%
15.40%
16.45%
9.98%
17.57%
15.86%
17.64%
20.19%
20.49%
20.72%
20.88%
20.54%
21.49%
19.95%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.02%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
18.10%
19.83%
22.48%
22.02%
19.69%
16.89%
16.55%
17.10%
17.60%
17.38%
15.75%
14.94%
14.92%
15.66%
13.54%
12.12%
11.81%
11.39%
11.49%
11.93%
11.48%
10.42%
Others
23.12%
22.17%
20.15%
21.29%
21.04%
22.53%
22.35%
17.67%
20.97%
17.22%
8.39%
25.11%
6.67%
7.94%
7.17%
5.97%
5.51%
5.91%
6.07%
6.35%
6.07%
5.28%
No. of Shareholders
78,355
1,00,828
1,14,347
1,01,533
92,532
92,826
96,690
87,643
85,794
83,315
82,058
99,284
1,19,466
1,23,491
1,16,485
1,17,368
1,28,471
1,28,466
1,31,026
1,31,326
1,22,338
1,38,939

Documents

Frequently Asked Questions about Welspun Corp Ltd

What does Welspun Corp Ltd do?
WCL is one of the largest manufacturers of large diameter pipes globally. The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The company acquired Sintex-BAPL, a market leader in wa...
Where is Welspun Corp Ltd (WELCORP) listed?
Welspun Corp Ltd is listed on the Indian stock exchanges. It is listed on NSE: WELCORP and BSE: 532144. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Welspun Corp Ltd belong to?
Welspun Corp Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Welspun Corp Ltd?
Welspun Corp Ltd has a market capitalisation of approximately ₹50172.98 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Welspun Corp Ltd?
The Price-to-Earnings (PE) ratio of Welspun Corp Ltd is 21.90. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Welspun Corp Ltd?
Over the past 52 weeks, Welspun Corp Ltd has traded between a low of ₹710 and a high of ₹1,896. This range helps investors understand the stock's price volatility and recent trading levels.
Does Welspun Corp Ltd pay dividends?
Yes, Welspun Corp Ltd has a dividend yield of 0.27%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Welspun Corp Ltd?
Welspun Corp Ltd has a Return on Equity (ROE) of 17.23%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Welspun Corp Ltd on Tapetide?
On Tapetide, you can view Welspun Corp Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

WCL is one of the largest manufacturers of large diameter pipes globally. The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The company acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio. It has also made strategic acquisition of specified assets of ABG Shipyard. [1]

Website welspuncorp.com
CEO Mr. Vipul Shiv Sahai Mathur
Employees 35,000
Listed 2005-05-24
Face Value ₹ 5
Issued Size 26,37,90,645

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