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Welspun Enterprises

WELENT NSE
₹677.30 +47.70 (+7.58%)
P/E
30.67
View as Markdown
MCP
Close 4 Nov 2026 ₹677.30 +129.25 +23.6% 1Y
Start ₹548.05

Key Fundamentals

MicrocapConstructionIndustrials

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

ROCE
16.70%
Debt to Equity
0.65
EPS (TTM)
₹22.08
Book Value
₹202.07
Market Cap
—
P/E (TTM)
30.67
P/B
3.35
ROE
13.60%
Dividend Yield
0.48%
EBITDA
₹845 Cr
52W High
₹841.90
52W Low
₹412.00
Day Range
₹623.05 – ₹689.30
Volume
3,70,498

Peer Comparison

Industrials › Construction › Civil Construction

Welspun Enterprises peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Welspun Enterprises (this company)
₹677.3030.67₹8,746 Cr3.350.48%13.60%16.70%₹3,544 Cr₹348 Cr
Median 8 companies₹489.0829.37₹21,696 Cr4.430.50%14.80%17.50%₹11,481 Cr₹841 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

47 Average

Data confidence 100/100

Category scores

Quality
38
Weak
Returns, margins, earnings quality 22% weight
Valuation
63
Good
Cheap vs sector & own history 24% weight
Growth
17
Poor
Sales & profit trajectory 9% weight
Financial Health
21
Poor
Solvency, leverage, coverage 9% weight
Momentum
66
Good
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
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

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish658
OscillatorsBearish351
Moving AveragesStrong Bullish307

Key readings

RSI (14)
48.75
Neutral
MACD (12,26,9)
−23.77
Bearish
SMA (50)
720.55
Bearish
SMA (200)
571.26
Bullish

As of

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+34.33%
5Y+18.76%
3Y+9.44%
1Y−2.17%
TTM−1.83%

Net profit

Net profit growth by window
10Y+81.74%
5Y+24.76%
3Y−18.50%
1Y+11.02%
TTM+0.87%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+65.58%
3Y−31.27%
1YTurned positive
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+45.51 pp
5Y+9.92 pp
3Y+11.68 pp
1Y+3.56 pp
TTM+2.25 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹305 Cr
Mar 2018₹1,067 Cr
Mar 2019₹1,787 Cr
Mar 2020₹1,808 Cr
Mar 2021₹1,530 Cr
Mar 2022₹1,342 Cr
Mar 2023₹2,758 Cr
Mar 2024₹2,874 Cr
Mar 2025₹3,695 Cr
Mar 2026₹3,615 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹5.00 Cr
Mar 2018₹69.00 Cr
Mar 2019₹127 Cr
Mar 2020₹151 Cr
Mar 2021₹130 Cr
Mar 2022₹126 Cr
Mar 2023₹726 Cr
Mar 2024₹319 Cr
Mar 2025₹354 Cr
Mar 2026₹393 Cr

Analyst Forecasts

Forecast For
FY27 consensus · ROE
13.1% +0.7 pp vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
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 7
  • 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

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

AI News Digest

153d ago

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.

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.

Quarterly Results

₹ Cr
WELENT quarterly results, ₹ crore
Particulars 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
19.34
−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
127
94
118
112
148
90
111
142
141
126
58
206
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 (₹)
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

Profit & Loss

₹ Cr
WELENT profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
—

Balance Sheet

₹ Cr
WELENT balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
WELENT cash flow, annual, ₹ crore
Particulars 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

Ratios

WELENT financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Welspun Enterprises insights

62 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.13%
  • Public 27.74%
  • FIIs 7.92%
  • DIIs 6.19%

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 Enterprises

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.
Where is Welspun Enterprises Ltd (WELENT) listed?
Welspun Enterprises Ltd trades as WELENT on the NSE and under code 532553 on the BSE.
Which sector does Welspun Enterprises Ltd belong to?
Welspun Enterprises Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of Welspun Enterprises Ltd?
Welspun Enterprises Ltd trades at a PE ratio of 30.67 as of 4 Nov 2026, on earnings per share of ₹22.08, against a book value of ₹202.07 per share.
What is the 52-week high and low of Welspun Enterprises Ltd?
Over the last 52 weeks Welspun Enterprises Ltd has traded between ₹412 and ₹841.9 as of 4 Nov 2026.
Does Welspun Enterprises Ltd pay dividends?
Welspun Enterprises Ltd has a dividend yield of 0.48%.
What is the Return on Equity (ROE) of Welspun Enterprises Ltd?
Welspun Enterprises Ltd reported a return on equity of 13.60%. Its debt-to-equity ratio is 0.65.

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.

Website welspunenterprises.com
CEO Mr. Balkrishan Gopiram K. Goenka
Employees 30,000
Listed 4 Nov 2004
Face Value ₹10

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