Welspun Corp Ltd logo

Welspun Corp Ltd

WELCORP NSE

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]

AI Verdict: BUY Confidence: 7%

Welspun Corp demonstrates strong profit growth (33% TTM) and unanimous analyst buy ratings (6/6). At a PE of 22.7x with 19% ROE and robust sales CAGR of 20% over 3 years, the stock offers reasonable value for a capital goods player riding India's infrastructure capex cycle.

Key Fundamentals

SmallcapIron & Steel ProductsIndustrial Products
Market Cap
₹37,640 Cr
Volatility
Moderate
P/E Ratio
23.78
EBITDA
₹2,236 Cr
Return on Equity
4.11%
Debt to Equity
0.23
Book Value
₹347.08
EPS
₹45.48
52W High
₹1,439
52W Low
₹710

Technical Indicators

Key Insights

Strengths

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

Growth Rate

Revenue Growth
18.37% ↗
Net Income Growth
-3.24% ↗
Cash Flow Change
15.14% ↗
ROE
24.23% ↗
ROCE
32.72% ↗
EBITDA Margin (Avg.)
-1.14% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Welspun Corp demonstrates strong profit growth (33% TTM) and unanimous analyst buy ratings (6/6). At a PE of 22.7x with 19% ROE and robust sales CAGR of 20% over 3 years, the stock offers reasonable value for a capital goods player riding India's infrastructure capex cycle.

Bull Case 8
  • Unanimous analyst consensus with 100% buy ratings (6 out of 6 analysts) signals strong institutional confidence
  • Compounded profit growth of 33% TTM significantly outpaces revenue growth of 20% TTM, indicating expanding margins
  • 3-year compounded profit CAGR of 118% reflects a dramatic earnings recovery and structural improvement in profitability
  • ROE of 19% in the last year and 3-year average of 19% demonstrates consistent high-quality capital allocation
  • Stock CAGR of 74% over 3 years reflects sustained re-rating driven by fundamental improvement
  • Compounded sales growth of 20% over 3 years indicates strong order book execution in the pipe segment
  • 5-year compounded sales CAGR of 19% shows long-term revenue trajectory is robust and not a one-off spike
  • Market cap of Rs 36,994 crore positions Welspun Corp as a mid-to-large cap with adequate liquidity for institutional investors
Bear Case 8
  • PE of 22.7x is elevated for a cyclical industrials company, leaving limited room for further re-rating without earnings acceleration
  • Price-to-book of 4.03x is rich for a capital-intensive pipe manufacturer, implying high expectations already priced in
  • Dividend yield of just 0.36% offers negligible income cushion during any potential drawdown
  • Stock has already rallied 56% in 1 year, raising risk of mean reversion or consolidation at current levels
  • 10-year sales CAGR of only 9% highlights the cyclical nature of the business with extended periods of stagnation
  • 5-year ROE of 15% and 10-year ROE of 13% show that the current 19% ROE may not be sustainable through cycles
  • Absence of reported debt-to-equity ratio limits visibility into balance sheet leverage and financial risk
  • No known cons listed by screeners suggests potential blind spots in consensus; crowded bullish positioning increases downside risk if earnings disappoint

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • Q4FY26 net profit down 47% Jun 09

    Consolidated net profit fell 47% YoY to ₹370.4 crore in Q4FY26 vs ₹698.3 crore, largely due to lower exceptional gains versus the year-ago quarter.

  • Elevated valuation after re-rating Jun 10

    Stock trading at 23.1x P/E after a 72% YTD rally in 2026; future returns likely dependent on execution rather than narrative, with raw material volatility and supply chain disruption flagged as key risks.

Positives 7
  • Record FY26 EBITDA, strong FY27 guide Jun 10

    FY26 revenue rose 20% to ₹16,770 crore with EBITDA surging 28% to a record ₹2,371 crore; management guides FY27 to ₹20,000 crore revenue and ₹2,850 crore EBITDA, representing ~20% growth.

  • US mill booked through FY28 Jun 10

    Welspun holds 33-35% US line pipe market share with its spiral mill fully booked through FY28, driven by gas pipelines for AI data centers and LNG exports with 5,000+ data centers expected across America.

  • All-time high order book ₹25,350 cr Jun 10

    Consolidated order book reached an all-time high of ₹25,350 crore, providing strong revenue visibility for the next year.

  • Saudi stake sale nets ₹650+ crore Jun 09

    Subsidiary WMHL divested 4.5% stake in East Pipes (EPIC) on the Tadawul for SAR 283.46 million (~₹650 crore), retaining 22% via Welspun Pipes Inc. as part of portfolio optimization.

  • Dividend record date June 30 Jun 19

    Board recommended 100% dividend payout of ₹5 per share for FY26; record date set for June 30 with payment on or after July 20, 2026, subject to AGM approval.

  • Welspun One doubles warehousing Jun 02

    Welspun One targets leasing over 10 million sq ft in 3 years, nearly doubling its footprint, with key clients including Amazon India and a 4.5 million sq ft FTWZ at Nhava Sheva under construction.

  • Stock up 68% in one year May 27

    Share price gained 68% over one year vs 3.32% for NIFTY, rising 3.63% on May 27 for a third consecutive session to ₹1,366.9.

Neutral 5
  • BRSR filed for FY26 Jun 22

    Welspun Corp filed its Business Responsibility and Sustainability Report for FY26, reporting total Scope 1 and 2 emissions of 18,25,740 metric tonnes CO2e.

  • IIFL London conference attendance Jun 17

    Company will attend the IIFL Invest India Conference in London on June 23-24, 2026; no unpublished price sensitive information to be shared.

  • ₹57 crore block trade on NSE Jun 03

    Block trade of approximately 4.08 lakh shares executed at ₹1,396.60 per share totaling ₹57.04 crore, indicating large institutional activity.

  • IEPF share transfer warning Jun 02

    Shares with unclaimed dividends for seven consecutive years will be transferred to IEPF by July 31, 2026, unless shareholders claim them beforehand.

  • Dividend tax docs due June 30 Jun 03

    Shareholders must submit tax documents by June 30, 2026 to avail applicable TDS rates on the recommended ₹5 per share dividend.

TL;DR: Welspun Corp is firing on all cylinders operationally — record EBITDA, a fully booked US mill through FY28, and an all-time high order book of ₹25,350 crore driven by AI data center pipeline demand. The Saudi stake sale adds ₹650+ crore in cash while FY27 guidance of ₹20,000 crore revenue signals continued 20% growth. Key risks are the Q4 profit decline on lower exceptionals, rich valuations at 23.1x P/E after a 72% YTD re-rating, and execution dependence in converting the AI infrastructure tailwind into sustained earnings growth.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,070
4,069
4,059
4,750
4,461
3,137
3,302
3,614
3,925
3,551
4,374
4,532
4,313
Expenses
3,650
3,712
3,660
4,287
4,131
2,763
2,902
3,179
3,465
3,026
3,783
3,917
3,809
Operating Profit
421
357
400
463
330
374
400
434
460
525
591
616
504
OPM %
10%
9%
10%
10%
7%
12%
12%
12%
12%
15%
14%
14%
12%
Other Income
91
50
227
62
178
83
125
487
570
84
131
120
142
Interest
95
92
75
62
75
66
83
82
88
63
49
51
49
Depreciation
91
86
86
90
87
85
89
90
87
85
84
93
93
PBT
325
228
466
373
347
305
352
749
855
461
588
593
504
Tax %
26%
26%
17%
21%
17%
19%
20%
10%
18%
24%
25%
23%
26%
Net Profit
240
168
387
294
287
248
283
672
699
349
444
456
371
EPS in Rs
9.02
6.32
14.7
11.15
10.24
9.46
10.94
25.72
26.62
13.31
16.68
17.16
14.04
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
855
787
519
473
644
1,201
795
473
494
1,561
1,684
2,236
OPM %
10%
11%
9%
7%
7%
12%
11%
7%
5%
9%
12%
13%
Other Income
96
99
139
128
-106
243
618
544
386
504
1,248
478
Interest
283
241
236
170
177
144
85
102
243
304
320
212
Depreciation
436
386
386
258
260
233
246
255
303
348
351
355
PBT
231
258
36
173
101
1,067
1,082
661
334
1,413
2,262
2,147
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
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
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
8,923
Total Liabilities
9,818
8,637
8,247
7,693
8,200
7,943
7,692
9,169
15,274
11,813
15,201
20,434
Fixed Assets
4,662
3,730
3,356
3,046
1,567
1,617
2,599
2,433
4,910
4,800
4,707
6,545
CWIP
80
34
32
17
47
83
147
1,261
87
87
787
1,233
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
10,793
Total Assets
9,818
8,637
8,247
7,693
8,200
7,943
7,692
9,169
15,274
11,813
15,201
20,434
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
-3,723
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
357
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
290
70
173
166
Days Payable
154
132
198
177
92
81
55
75
131
68
133
118
Cash Conversion Cycle
33
45
52
24
86
88
72
48
201
40
87
85
Working Capital Days
18
5
33
22
49
39
36
-47
-26
12
8
-5
ROCE %
8%
8%
5%
7%
12%
30%
20%
13%
6%
20%
21%
23%

Shareholding Pattern

As of Mar 2026
Promoters 49.73%
DIIs 21.49%
Public 11.48%
FIIs 11.23%
Others 6.07%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

Documents

1
Concall - Aug 2017 Aug 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Feb 2018 Feb 2018
4
Concall - Jun 2018 Jun 2018
5
Concall - May 2019 May 2019

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 ₹37640.29 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 23.78. 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 ₹1,439. 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 0.36%. 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 4.11%. 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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