Welspun Enterprises Ltd logo

Welspun Enterprises Ltd

WELENT NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹7,901 Cr
Volatility
Moderate
P/E Ratio
26.08
EBITDA
₹845 Cr
Return on Equity
12.45%
Debt to Equity
0.65
Book Value
₹202.07
EPS
₹24.3
52W High
₹634.9
52W Low
₹412

Insights

Beta

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

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42 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

2
  • Company's median sales growth is 16.4% of last 10 years
  • Company's working capital requirements have reduced from 39.4 days to 23.6 days

Weaknesses

2
  • Company has a low return on equity of 13.2% over last 3 years.
  • Dividend payout has been low at 12.7% of profits over last 3 years

Growth Rate

Revenue Growth
-2.12% ↗
Net Income Growth
5.87% ↗
Cash Flow Change
141.02% ↗
ROE
-12.08% ↗
ROCE
-11.90% ↗
EBITDA Margin (Avg.)
18.18% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk high

Welspun Enterprises is a mid-cap infrastructure developer (market cap ~₹8,352 crore) trading at a PE of 21.3x with a consolidated order book of approximately ₹20,000 crore. The company has delivered strong long-term profit growth (25% CAGR over 5 years) but faces near-term headwinds including declining margins, rising working capital days (from 91.5 to 182 days), and a modest 1% TTM sales growth.

Bull Case 8
  • Massive order book of ~₹20,000 crore provides multi-year revenue visibility, roughly 5-6x current annual revenue run-rate
  • Strong long-term compounded profit growth at 25% CAGR over 5 years and 90% CAGR over 10 years, demonstrating execution capability
  • Revenue growth of 25% YoY in first 9 months of FY25 (₹2,563 crore) indicates improving execution momentum
  • Stock price CAGR of 41% over 5 years and 39% over 3 years reflects sustained re-rating driven by order wins
  • Diversified order book across Water (₹10,813 crore), Tunnelling (₹1,791 crore), and Transportation (₹6,152 crore) segments reduces concentration risk
  • Recent large order wins including ₹7,300 crore Pune-Shirur highway corridor and 910 MLD water treatment plant from BMC demonstrate continued bid success
  • ROE has improved from 10% (10-year average) to 14% in the last year, indicating better capital efficiency
  • FY26 revenue guidance of ₹4,000 crore represents meaningful scale-up from current levels
Bear Case 8
  • Working capital days have nearly doubled from 91.5 to 182 days, indicating significant stress in receivables collection, partly linked to Jal Jeevan Mission payment delays
  • TTM sales growth has slowed sharply to just 1% despite a large order book, suggesting execution or clearance bottlenecks
  • Q3 FY25 net profit declined 13.4% YoY to ₹77.5 crore despite revenue growing 22.7%, reflecting margin compression
  • EBITDA margin contracted from 17.9% to 14.8% in Q3 FY25, indicating rising project costs or adverse project mix
  • Low dividend payout of just 12.7% of profits over last 3 years with dividend yield of only 0.5%, offering minimal income return
  • 3-year average ROE of 13.4% is below the cost of equity for an infrastructure company with execution and receivable risks
  • Company acknowledged it may miss FY26 revenue guidance due to monsoon impact, project delays, and statutory clearance issues
  • P/B ratio of 2.74x is elevated for an infrastructure EPC company with sub-15% ROE, leaving limited margin of safety

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

AI News Digest

Anthropic anthropic claude-opus-4.6 74d ago
Positives 2
  • FY26 PAT up 11% YoY May 19

    Consolidated PAT rose to ₹393 Cr (+11% YoY) with EBITDA at ₹845 Cr (+16% YoY). Order book stands at ~₹19,739 Cr and a final dividend of ₹3/share was recommended.

  • New highway subsidiary formed May 11

    Welspun Pune Shirur Projects Limited incorporated on May 09, 2026 as a wholly owned subsidiary to execute a 6-lane highway project in Maharashtra, expanding the infrastructure pipeline.

Neutral 1
  • Subsidiary receives ₹180 Cr GST notice May 22

    Welspun Enterprises' subsidiary received GST notices demanding ₹179.87 crore. The company denies liability and states no material financial impact is expected.

TL;DR: Welspun Enterprises is delivering solid earnings growth with FY26 PAT up 11% and EBITDA up 16%, backed by a robust ~₹19,739 Cr order book. The new highway subsidiary signals continued infrastructure expansion. The ₹180 Cr GST notice is a watch item but management sees no material risk. The trend is positive with improving profitability and order visibility.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
699
646
707
821
930
815
896
1,054
845
784
787
1,199
774
Expenses
594
563
581
710
767
688
739
871
664
612
633
961
623
Operating Profit
105
83
126
111
163
127
157
183
181
172
154
239
151
OPM %
15%
13%
18%
14%
18%
16%
18%
17%
21%
22%
20%
20%
19%
Other Income
51
44
29
38
23
11
17
17
13
22
-32
32
1
Interest
27
27
28
28
30
34
50
44
42
53
52
53
53
Depreciation
3
6
9
9
9
14
14
15
11
13
13
13
11
PBT
126
94
118
112
148
90
111
142
141
128
58
205
88
Tax %
26%
26%
32%
31%
26%
32%
30%
26%
28%
23%
47%
21%
36%
Net Profit
93
69
80
78
110
62
77
105
101
98
31
163
56
EPS in Rs
6.63
4.48
5.17
5.04
7.08
4.23
5.16
6.83
6.56
6.53
1.74
10.45
3.36
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
826
189
305
1,067
1,787
1,808
1,530
1,342
2,758
2,874
3,695
3,615
3,544
Expenses
826
236
337
990
1,608
1,617
1,365
1,195
2,511
2,447
3,064
2,869
2,828
Operating Profit
-1
-47
-32
77
179
191
164
147
247
427
631
746
716
OPM %
-0.1%
-25%
-10%
7%
10%
11%
11%
11%
9%
15%
17%
21%
20%
Other Income
238
83
78
95
93
112
142
103
668
160
68
35
22
Interest
138
13
10
33
54
77
110
83
119
110
158
198
210
Depreciation
88
27
21
24
11
23
16
16
13
28
51
51
50
PBT
11
-4
15
116
207
203
180
152
783
449
490
532
478
Tax %
94%
-116%
67%
40%
39%
25%
28%
17%
7%
29%
28%
26%
—
Net Profit
1
1
5
69
127
151
130
126
726
319
354
393
348
EPS in Rs
0.17
0.04
0.34
4.71
8.56
10.03
8.66
8.33
48.19
21.32
23.3
25.28
22.08
Div. Payout %
0%
0%
223%
32%
23%
20%
17%
18%
18%
14%
13%
12%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
173
174
147
148
148
148
149
150
150
137
137
136
Reserves
1,342
1,247
1,111
1,191
1,306
1,431
1,536
1,641
2,206
2,187
2,403
2,908
Borrowings
447
94
150
460
592
812
2,237
2,526
764
762
1,499
1,987
Other Liabilities
155
101
212
401
844
725
861
1,571
1,981
1,847
1,992
2,271
Total Liabilities
2,118
1,616
1,621
2,199
2,890
3,116
4,783
5,888
5,100
4,932
6,031
7,302
Fixed Assets
501
169
110
27
80
107
103
1,871
70
289
303
288
CWIP
215
64
64
64
120
64
1,403
64
7
7
9
7
Investments
954
1,110
801
1,118
933
948
804
812
1,558
765
763
1,650
Other Assets
447
273
645
990
1,756
1,998
2,473
3,141
3,466
3,871
4,956
5,356
Total Assets
2,118
1,616
1,621
2,199
2,890
3,116
4,783
5,888
5,100
4,932
6,031
7,302
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-10
-17
-24
-287
-116
-58
9
287
345
-344
-273
112
Investing
691
161
327
-250
-139
-50
-918
-487
1,197
-57
1
-877
Financing
-102
-36
-122
268
53
106
753
125
-204
-486
536
426
Net Cash Flow
580
108
181
-270
-202
-2
-156
-75
1,338
-888
264
-338
Free Cash Flow
-153
-14
-22
-290
-211
-56
-739
-146
215
-394
-324
79
CFO/OP
1,603
41
50
-312
-23
5
25
218
171
-52
-22
35
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
15
72
23
12
57
38
32
37
43
58
30
51
Inventory Days
2
10
16
—
—
—
—
—
81
121
94
101
Days Payable
12
78
344
—
—
—
—
—
451
516
494
575
Cash Conversion Cycle
5
4
-306
12
57
38
32
37
-327
-337
-370
-422
Working Capital Days
-21
130
-122
4
4
-29
-13
-80
-38
54
41
24
ROCE %
-1%
1%
3%
11%
13%
12%
9%
5%
10%
18%
18%
17%

Shareholding Pattern

As of Jun 2026
Promoters 56.13%
Public 19.49%
Others 11.22%
DIIs 9.25%
FIIs 3.91%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Apr 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
50.20%
52.95%
53.79%
53.77%
53.49%
53.52%
53.76%
53.76%
53.76%
54.59%
54.53%
54.51%
54.51%
54.51%
54.51%
54.51%
54.80%
55.31%
55.31%
55.48%
56.13%
56.13%
56.13%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.47%
4.57%
4.55%
4.70%
4.71%
4.59%
4.17%
4.17%
3.97%
3.76%
3.46%
3.91%
DIIs
3.72%
3.65%
3.65%
3.31%
3.08%
2.27%
5.09%
5.09%
5.09%
5.13%
5.61%
5.47%
5.23%
5.19%
5.03%
5.03%
6.31%
9.43%
9.46%
9.47%
9.25%
9.33%
9.25%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
29.23%
30.25%
29.75%
29.60%
30.33%
29.74%
28.94%
28.49%
27.74%
26.91%
25.55%
24.33%
24.38%
23.86%
24.46%
24.40%
23.35%
20.94%
20.63%
20.43%
20.87%
20.21%
19.49%
Others
16.85%
13.15%
12.81%
13.32%
13.09%
14.47%
12.21%
12.66%
13.42%
13.37%
14.32%
11.21%
11.31%
11.89%
11.29%
11.35%
10.94%
10.16%
10.43%
10.65%
9.98%
10.86%
11.22%
No. of Shareholders
51,625
59,413
59,428
57,121
57,179
56,504
49,921
47,473
60,107
53,675
51,967
53,284
58,035
58,167
63,961
65,441
63,886
57,369
58,625
55,813
53,447
51,521
51,191

Documents

Frequently Asked Questions about Welspun Enterprises Ltd

What does Welspun Enterprises Ltd do?
Welspun Enterprises Limited (WEL) , formerly known as Welspun Projects Ltd., is a part of the USD 2.7 billion Welspun Group. The Company operates in the infrastructure space with investments in oil & gas. In the infrastructure space, WEL is focused on the road and water sectors. While the Company...
Where is Welspun Enterprises Ltd (WELENT) listed?
Welspun Enterprises Ltd is listed on the Indian stock exchanges. It is listed on NSE: WELENT and BSE: 532553. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Welspun Enterprises Ltd belong to?
Welspun Enterprises Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Welspun Enterprises Ltd?
Welspun Enterprises Ltd has a market capitalisation of approximately ₹7900.66 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Welspun Enterprises Ltd?
The Price-to-Earnings (PE) ratio of Welspun Enterprises Ltd is 26.08. 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 Enterprises Ltd?
Over the past 52 weeks, Welspun Enterprises Ltd has traded between a low of ₹412 and a high of ₹634.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Welspun Enterprises Ltd pay dividends?
Yes, Welspun Enterprises Ltd has a dividend yield of 0.53%. 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 Enterprises Ltd?
Welspun Enterprises Ltd has a Return on Equity (ROE) of 12.45%. 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 Enterprises Ltd on Tapetide?
On Tapetide, you can view Welspun Enterprises 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

Welspun Enterprises Limited (WEL) , formerly known as Welspun Projects Ltd., is a part of the USD 2.7 billion Welspun Group. The Company operates in the infrastructure space with investments in oil & gas. In the infrastructure space, WEL is focused on the road and water sectors. While the Company’s main focus is on Hybrid Annuity Model (HAM) projects as a developer, it also takes up value accretive projects in the BOT-Toll and EPC space. [1]

Website welspunenterprises.com
CEO Mr. Balkrishan Gopiram K. Goenka
Employees 30,000
Listed 2004-11-04
Face Value ₹ 10
Issued Size 13,84,13,810

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