Welspun Corp logo

Welspun Corp

WELCORP NSE

Key Fundamentals

MidcapIron & Steel ProductsIndustrial Products
Market Cap
₹71,118 Cr
Volatility
High Risk
P/E Ratio
30.57
EBITDA
₹2,371 Cr
Return on Equity
17.23%
Debt to Equity
0.26
Book Value
₹347.16
EPS
₹45.48
52W High
₹2,784.8
52W Low
₹710

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 7.71 times its book value
  • Earnings include an other income of Rs.1,078 Cr.

Growth Rate

Revenue Growth
19.33% lower than 3Y
Net Income Growth
-14.81% lower than 3Y
Cash Flow Change
113% lower than 3Y
ROE
-29.99% lower than 3Y
ROCE
-32.6% lower than 3Y
EBITDA Margin (Avg.)
6.94% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Welspun Corp Ltd, with a market cap of ₹71,118 Cr, has delivered exceptional stock price appreciation of 195% over the past year alongside strong profit growth of 42% TTM. However, the stock trades at a P/B of 8x and a P/E of 31.6x, while earnings quality is clouded by ₹1,078 Cr of other income included in reported profits.

Bull Case 7
  • Exceptional profit growth with TTM compounded profit growth at 42%, indicating strong earnings momentum
  • Strong 5-year compounded sales CAGR of 19%, reflecting sustained revenue expansion in the industrial products space
  • Consistent ROE of 19% over the last year and 3-year average, well above cost of equity for most industrial companies
  • 10-year compounded profit CAGR of 29%, demonstrating the company's ability to grow earnings through multiple business cycles
  • Stock price CAGR of 84% over 5 years and 42% over 10 years, showing long-term value creation for shareholders
  • 3-year compounded profit CAGR of 119%, suggesting a significant step-up in earnings power in recent years
  • TTM sales growth of 20% indicates continued topline traction in the current period
Bear Case 8
  • Stock trades at 7.52x book value, which is elevated for an industrial products company and leaves limited margin of safety
  • Earnings include ₹1,078 Cr of other income, raising questions about the sustainability and quality of core operating profits
  • P/E ratio of 31.6x is rich for a cyclical industrial business, pricing in significant future growth
  • Dividend yield of just 0.18% offers negligible income return to shareholders relative to the stock price
  • Stock has rallied 195% in the past year alone, increasing the risk of mean reversion or correction from elevated levels
  • 5-year ROE of 15% and 10-year ROE of 13% are notably lower than the recent 19%, suggesting current profitability may be above the long-term trend
  • The gap between 5-year profit CAGR of 21% and 3-year profit CAGR of 119% suggests recent earnings may be inflated by non-recurring or cyclical factors
  • Key financial metrics such as debt-to-equity, EPS, and ROCE are unavailable, limiting visibility into leverage and capital efficiency

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • Promoter stake dilution to 47.46% Aug 27

    Welspun Investments sold 60 lakh shares (2.27% stake) via block deal at ₹2,275.30 apiece, reducing combined promoter holding from 49.73% to 47.46%.

  • Related-party capital diversion risk Sep 3

    Welspun Investments channeling up to ₹1,000 crore into pre-revenue Indivara Realty (promoter group company) via OCDs, funded by liquidation of Welspun Corp shares, raising governance and capital-diversion concerns for minority shareholders.

  • Stretched valuation at 21x EV/EBITDA Aug 20

    EV/EBITDA on FY27 guided EBITDA works out to ~21x and TTM PE stands at 71.78x, reflecting premium pricing that leaves limited room for execution misses.

  • $1.8B order is non-recurring Aug 20

    Brokerages note the record $1.8B US order is not a recurring contract; Welspun must repeat such wins for revenue visibility beyond FY29.

  • Capacity fully booked limits flexibility Aug 21

    All existing plants are booked through FY28, constraining the company's ability to capture new high-value opportunities until fresh capacity comes online.

Positives 8
  • Record $1.8B single order won Aug 20

    Welspun secured its largest-ever order worth ~$1.8B (₹17,200 crore) for US pipe supply from Permian Basin LNG infrastructure, executing FY28-FY29, lifting the global order book to a record ₹42,100 crore (~$4.4B).

  • Jefferies initiates Buy, ₹3,250 target Aug 31

    Jefferies initiated coverage with a Buy rating and ₹3,250 target (27% upside), expecting 32% EBITDA CAGR and 33% EPS CAGR over FY26-29E, with revenue nearly doubling from ₹16,770 crore to ₹33,217 crore.

  • Stock delivers ~20x in five years Sep 9

    Shares gained ~1,990% over five years and ~227% YTD in 2026, with the order book at ₹25,750 crore in July 2026 and the company booked through FY2028 with FY2029 visibility emerging.

  • Q1FY27 profit triples, record EBITDA Aug 25

    Q1FY27 net profit surged 199% YoY to ₹1,048 crore, highest-ever quarterly EBITDA hit ₹756 crore (up 35% YoY), and net cash strengthened to ₹2,336 crore.

  • Strong US margin and market share Aug 21

    US operations deliver EBITDA margins of ~₹25/kg vs ₹18/kg in India (39% premium), with Welspun commanding ~30% US market share and ~50% of FY26 EBITDA from the US.

  • Major institutional buying at ₹1,433 Cr Aug 25

    Capital Group, Aberdeen Investments and domestic funds bought 2.4% stake for ₹1,433 crore via block deals; 6 of 7 analysts maintain Buy ratings per Bloomberg.

  • Saudi Arabia capacity expansion raised Sep 9

    KSA DI pipe capacity being raised from 150 to 250 KMTPA, with a new 600,000 TPA facility planned as a regional manufacturing hub; EPIC contributed ~20% of FY26 PAT.

  • Brokerages raise estimates 15-34% Aug 20

    Nuvama raised FY27-29E EPS by 3-20% with revised target of ₹2,656; Equirus increased FY28-29E revenue and EBITDA estimates by 18-34% with ₹3,107 target.

Neutral 2
  • Jordan pipe JV MOU signed Sep 2

    Welspun Corp signed an MOU with Perma-Pipe for pipe manufacturing facilities in Jordan to support the National Water Carrier Project; definitive agreements still under discussion.

  • Welspun Slagexcel associate incorporated Aug 31

    Welspun Corp incorporated Welspun Slagexcel Private Limited as a 26% associate company for manufacturing Ground Granulated Blast Furnace Slag (GGBS).

TL;DR: Welspun Corp is firing on all cylinders with a record ₹42,100 crore order book anchored by a landmark $1.8B US order, Q1FY27 profit tripling to ₹1,048 crore, and multiple brokerage upgrades projecting 32-33% EBITDA/EPS CAGR through FY29. Key risks include promoter stake dilution (down to 47.46%), related-party capital diversion into pre-revenue real estate via Welspun Investments, stretched valuations at ~21x EV/EBITDA, and full capacity utilization limiting near-term flexibility. The structural trend is decisively positive, driven by a 5-7 year US energy infrastructure upcycle and Saudi expansion, but execution on new capacity commissioning and sustaining order momentum beyond FY29 will be critical to justifying the premium.

Quarterly Results

Particulars 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

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 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

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others5.28%Promot.49.73%Public10.42%FIIs14.61%DIIs19.95%As ofJun 2026

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. The company acquired Sintex-BAPL, a market leader in wa...
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 Industrials sector, in the Industrial Products industry.
What is the market capitalisation of Welspun Corp Ltd?
Welspun Corp Ltd has a market capitalisation of ₹71,118 Cr, which places it in the Large Cap band.
What is the PE ratio of Welspun Corp Ltd?
Welspun Corp Ltd trades at a PE ratio of 30.57, on earnings per share of ₹45.48, against a book value of ₹347.16 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 ₹2,784.8.
Does Welspun Corp Ltd pay dividends?
Welspun Corp Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of Welspun Corp Ltd?
Welspun Corp Ltd reported a return on equity of 17.23%. 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. [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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