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Welspun Corp

WELCORP NSE
₹2,400.00 +84.50 (+3.65%)
P/E
27.41
View as Markdown
MCP
Close 4 Nov 2026 ₹2,400.00 +1,505.55 +168% 1Y
Start ₹894.45

Key Fundamentals

MidcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
22.90%
Debt to Equity
0.26
EPS (TTM)
₹87.55
Book Value
₹402.77
Market Cap
—
P/E (TTM)
27.41
P/B
5.96
ROE
19.40%
Dividend Yield
0.22%
EBITDA
₹2,371 Cr
52W High
₹2,900.00
52W Low
₹710.00
Day Range
₹2,301.00 – ₹2,428.00
Volume
9,57,604

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Welspun Corp peer comparison
Welspun Corp (this company)
₹2,400.0027.41₹60,980 Cr5.960.22%19.40%22.90%₹17,300 Cr₹2,319 Cr
APL Apollo Tubes
₹2,199.8049.69₹60,246 Cr10.640.39%25.40%31.80%₹23,065 Cr₹1,229 Cr
Shyam Metalics & Energy
₹1,231.4030.60₹34,478 Cr2.780.15%9.70%13.00%₹19,584 Cr₹1,121 Cr
Ratnamani Metals & Tubes
₹2,449.4039.67₹17,025 Cr4.180.42%12.60%17.90%₹4,314 Cr₹514 Cr
Jindal SAW
₹253.2229.51₹15,754 Cr1.280.81%8.20%10.40%₹18,501 Cr₹498 Cr
Usha Martin
₹486.0029.21₹14,245 Cr4.490.81%15.10%19.50%₹3,837 Cr₹508 Cr
Gallantt Ispat
₹529.1529.28₹12,939 Cr3.660.38%15.60%18.20%₹4,437 Cr₹436 Cr
Median 7 companies₹1,231.4029.51₹17,025 Cr4.180.39%15.10%18.20%₹17,300 Cr₹514 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

51 Average

Data confidence 100/100

surveillance:ASM1

Category scores

Quality
49
Average
Returns, margins, earnings quality 22% weight
Valuation
74
Strong
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
98
Strong
Trend strength, vol-adjusted 12% weight
Ownership
34
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 8.05 times its book value
  • Earnings include an other income of Rs.1,078 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
45.49
Neutral
MACD (12,26,9)
−54.50
Bearish
SMA (50)
2,561.87
Bearish
SMA (200)
1,550.54
Bullish

As of

Analyst Rating

Based on 7 analysts
BUY86%

6 of 7 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
6
86%
HOLD
1
14%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.77%
5Y+18.58%
3Y+19.78%
1Y+19.97%
TTM+20.21%

Net profit

Net profit growth by window
10Y+24.64%
5Y+14.39%
3Y+101.17%
1Y−14.83%
TTM+15.78%

Operating cash flow

Operating cash flow growth by window
10Y+24.64%
5Y+32.86%
3YTurned positive
1Y+113.03%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+2.45 pp
5Y+2.22 pp
3Y+8.27 pp
1Y+1.28 pp
TTM+1.25 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,899 Cr
Mar 2018₹6,347 Cr
Mar 2019₹8,953 Cr
Mar 2020₹9,957 Cr
Mar 2021₹7,153 Cr
Mar 2022₹6,505 Cr
Mar 2023₹9,758 Cr
Mar 2024₹17,340 Cr
Mar 2025₹13,978 Cr
Mar 2026₹16,770 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹10.00 Cr
Mar 2018₹153 Cr
Mar 2019−₹22.00 Cr
Mar 2020₹654 Cr
Mar 2021₹827 Cr
Mar 2022₹444 Cr
Mar 2023₹199 Cr
Mar 2024₹1,136 Cr
Mar 2025₹1,902 Cr
Mar 2026₹1,620 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹824 Cr +0.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Welspun Corp Ltd trades at ₹2,341.6 as of 2026-10-30 with a market cap of ₹61,769 Cr, a P/E (TTM) of 26.75x, and ROE of 17.23%. The stock has delivered a 229% return over the past year and compounded profit growth of 119% over 3 years, but trades at 6.75x book value and carries a notable other income component of ₹1,078 Cr within earnings.

Bull Case 8
  • Exceptional stock price CAGR of 229% over 1 year and 85% over 3 years, reflecting strong momentum and re-rating by the market
  • Robust compounded profit growth of 119% CAGR over 3 years and 42% TTM, indicating a sharp earnings expansion cycle
  • Consistent compounded sales growth of 20% over both TTM and 3-year periods, showing sustained top-line traction well above the 10-year average of 9%
  • Healthy ROE of 17.23% (last year 19%) with a 3-year average of 19% and improving from a 10-year average of 13%, signalling improving capital efficiency
  • Conservative balance sheet with debt-to-equity of just 0.26, providing financial flexibility for capacity expansion or cyclical downturns
  • ROCE of 19.52% comfortably exceeds typical cost of capital, indicating the business generates genuine economic value
  • 5-year profit CAGR of 20.9% demonstrates that the earnings acceleration is not purely a one-year phenomenon
  • Long-term stock CAGR of 44% over 10 years and 80% over 5 years suggests a structural re-rating rather than short-term speculation
Bear Case 8
  • Stock trades at 6.75x price-to-book (known cons cite 8.05x book value), a steep premium for an industrial products company and well above historical norms
  • Earnings quality concern: other income of ₹1,078 Cr forms a significant portion of profits, and stripping this out would materially reduce the effective P/E
  • P/E of 26.75x is elevated for a cyclical industrial business, leaving limited room for disappointment in execution or order flows
  • Dividend yield of just 0.2% offers negligible income return, meaning investor returns are almost entirely dependent on continued capital appreciation
  • The stock sits roughly 19% below its 52-week high of ₹2,900 but has surged over 230% from its 52-week low of ₹710, raising the risk of mean-reversion or profit-booking
  • 10-year compounded sales CAGR of only 9% suggests the recent 20% growth rate may represent a cyclical peak rather than a sustainable run-rate
  • Cyclical nature of the pipes and industrial products sector means current high ROE of 17.23% and ROCE of 19.52% could compress in a down-cycle
  • Rapid profit growth (119% 3-year CAGR) creates a high base effect, making it progressively harder to sustain comparable growth rates going forward

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

AI News Digest

9h ago

TL;DR: Welspun Corp is firing on all cylinders with a record $5.25 billion order book, anchored by a landmark ₹5,500 crore US pipeline contract tied to AI data centre infrastructure. Stock returns remain exceptional across all timeframes despite a minor dip on the order announcement day. The CHRO resignation is a routine leadership change with no apparent strategic impact. Execution risk on the FY28-29 delivery timeline and margin management on large-scale orders are the key variables to watch going forward.

Positives 3
  • Record $5.25B global order book Oct 23

    Welspun Corp secured a ~₹5,500 crore order from a major US midstream company for coated line pipes supplying a Permian region natural gas pipeline to a hyperscaler data centre complex. This pushed the global order book to an all-time high of $5.25 billion (~₹50,000 crore).

  • Strong multi-timeframe stock returns Oct 23

    The stock has delivered 183% returns over one year, 199.26% YTD, and 1,647% over five years, with market cap at ₹63,093.45 crore despite a 1.75% dip on the day.

  • US subsidiary execution pipeline Oct 23

    Welspun Tubular LLC will execute the order from its US facility during FY2028-29, positioning the company at the intersection of energy transmission and AI-led data centre infrastructure demand.

Neutral 1
  • CHRO Rakesh Mehta resigns Nov 2

    Chief Human Resource Officer Rakesh Mehta resigned effective November 2, 2026, citing personal reasons. No operational disruption was indicated in the announcement.

Quarterly Results

₹ Cr
WELCORP quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
4,644
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
3,917
Operating Profit
357
400
463
330
374
400
434
460
525
591
616
504
692
727
OPM %
9%
10%
10%
7%
12%
12%
12%
12%
15%
14%
14%
12%
17%
16%
Other Income
50
227
62
178
83
125
487
570
84
131
120
142
685
97
Interest
92
75
62
75
66
83
82
88
63
49
51
49
45
38
Depreciation
86
86
90
87
85
89
90
87
85
84
93
93
125
129
PBT
228
466
373
347
305
352
749
855
461
588
593
504
1,207
656
Tax %
26%
17%
21%
17%
19%
20%
10%
18%
24%
25%
23%
26%
13%
24%
Net Profit
168
387
294
287
248
283
672
699
349
444
456
371
1,048
495
EPS (₹)
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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
WELCORP profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
43%
17%
30%
63%
12%
7%
8%
—

Balance Sheet

₹ Cr
WELCORP balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
WELCORP cash flow, annual, ₹ crore
Particulars 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

Ratios

WELCORP financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Welspun Corp insights

66 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 47.46%
  • FIIs 23.09%
  • DIIs 16.36%
  • Public 8.95%
  • Others 4.14%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Welspun Corp

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.
Where is Welspun Corp Ltd (WELCORP) listed?
Welspun Corp Ltd trades as WELCORP on the NSE and under code 532144 on the BSE.
Which sector does Welspun Corp Ltd belong to?
Welspun Corp Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the PE ratio of Welspun Corp Ltd?
Welspun Corp Ltd trades at a PE ratio of 27.41 as of 4 Nov 2026, on earnings per share of ₹87.55, against a book value of ₹402.77 per share.
What is the 52-week high and low of Welspun Corp Ltd?
Over the last 52 weeks Welspun Corp Ltd has traded between ₹710 and ₹2,900 as of 4 Nov 2026.
Does Welspun Corp Ltd pay dividends?
Welspun Corp Ltd has a dividend yield of 0.22%.
What is the Return on Equity (ROE) of Welspun Corp Ltd?
Welspun Corp Ltd reported a return on equity of 19.40%. Its debt-to-equity ratio is 0.26.

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.

Website welspuncorp.com
CEO Mr. Vipul Shiv Sahai Mathur
Employees 35,000
Listed 24 May 2005
Face Value ₹5

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