Welspun Corp Limited (WELCORP)
₹2,388.70 -2.27% last close, 23 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Welspun Corp Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Welspun's revenue was ₹4,081 Cr (+14.9% year on year, -5.4% on the previous quarter), and net profit ₹1,048 Cr (+200.3% year on year); the operating margin was 17.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,081 | +14.9% | -5.4% |
| Operating profit | ₹692 | +31.9% | +37.4% |
| Net profit | ₹1,048 | +200.3% | +182.4% |
| EPS (₹) | 39.68 | +198.1% | +182.6% |
| Operating margin | 17.0% | — | — |
WELCORP delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 36.18% of the WELCORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.7%. That is close to its usual level.
Delivery in the last 5 sessions: 25.9% · 46.8% · 43.6% · 34.0% · 36.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Welspun Corp's US subsidiary, Welspun Tubular LLC, has secured a landmark order valued at approximately ₹5,500 crore from a major midstream company. The contract involves supplying coated line pipes for a Permian Natural gas pipeline project in the US that will serve an anchor data centre customer. The order represents roughly 31.8% of the company's TTM revenue of ₹17,300 crore. With this win, Welspun's global order book has expanded to an all-time high of approximately USD 5.25 billion (~₹50,000 crore). Execution is scheduled to take place from its US facility during FY29.
- Secured landmark contract valued at approx. ~₹5,500 crore via US subsidiary Welspun Tubular LLC
- Pipes to supply a Permian Natural gas pipeline project serving an A-Grade hyperscaler data centre complex
- Global order book reaches a record high of approx. USD 5.25 billion (~₹50,000 crore)
- Contract is scheduled to be executed from the Welspun USA facility during FY29
CARE Ratings has reaffirmed Welspun Corp's NCD rating at 'CARE AA+; Stable' and short-term debt/CP at 'CARE A1+', while withdrawing ratings for unraised long-term bank facilities. The rating agency highlighted a robust consolidated orderbook of over ₹42,000 crore as of August 20, 2026 (representing ~2.4x TTM revenue), providing high revenue visibility over the next two years. The company transitioned to a net cash position of ₹202 crore as of March 31, 2026, down from net debt of ₹692 crore a year prior, aided by ₹724 crore proceeds from selling a 4.5% stake in Saudi associate EPIC in Q1FY27. CARE noted strength in the US line pipes business offsetting margin pressures in the domestic Ductile Iron (DI) pipes segment.
- CARE reaffirmed NCDs of ₹40.00 crore at CARE AA+; Stable and Commercial Paper of ₹600.00 crore at CARE A1+
- Consolidated orderbook stood at more than ₹42,000 crore as of August 20, 2026 (~243% of TTM revenue)
- Turned net cash positive at ₹202 crore as of March 31, 2026, improved from net debt of ₹692 crore in FY25
- Realized gross proceeds of ₹724 crore in Q1FY27 from a 4.5% stake sale in Saudi associate EPIC
- PBILDT/tonne for pipes and steel improved to ₹14,413/tonne in FY26 from ₹11,922/tonne in FY25
Welspun Corp Limited has published its Sustainability Report for the financial year 2025-26 on its official website. The filing is a procedural statutory and ESG disclosure made to the exchanges on October 16, 2026. No financial metrics, fresh orders, or capex numbers were included in this specific exchange intimation. Welspun Corp recorded TTM revenues of Rs 17,300 Cr and TTM PAT of Rs 2,319 Cr.
- Published Sustainability Report for the Financial Year 2025-26
- Intimation submitted to stock exchanges on October 16, 2026
- Report made publicly available via the company website URL
Welspun Corp Limited announced that its wholly-owned UAE subsidiary, Welspun Global Holdings Limited, has incorporated a new wholly-owned step-down subsidiary named 'Welspun Global Jordan' in Jordan effective October 12, 2026. The new entity has an initial paid-up share capital of Jordanian Dinar 50,000, fully subscribed by the parent's UAE arm. Welspun Global Jordan will focus on manufacturing, producing, and fabricating iron and steel tubes, pipes, and tubular products for water, oil, and gas transportation. Relative to Welspun Corp's TTM revenue of ₹17,300 Cr and market capitalization of ₹72,299 Cr, the initial investment is minor and routine.
- Step-down subsidiary 'Welspun Global Jordan' incorporated effective October 12, 2026
- Certificate of Registration received on October 13, 2026, from Companies Control Department, Jordan
- Initial paid-up share capital is Jordanian Dinar 50,000, 100% subscribed by Welspun Global Holdings Limited
- Business scope includes manufacturing and fabricating steel pipes and tubes for water, gas, and oil sectors
Welspun Corp Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period from 1st July 2026 to 30th September 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the dematerialisation, verification, mutilation, and cancellation of physical share certificates within prescribed timelines. This is a standard quarterly administrative compliance filing with no impact on business operations or financials.
- Covers the quarterly period from 1st July, 2026 to 30th September, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Certificate provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited dated 03-10-2026
- Confirms securities received for demat were verified, cancelled, and listed on stock exchanges
Welspun Corp Limited announced that its wholly-owned subsidiary, Welspun DI Pipes Limited (WDI), has incorporated a new wholly-owned step-down subsidiary named Welspun Special Coating Private Limited (WSCPL). WSCPL was incorporated on September 17, 2026, with Certificate of Incorporation received on September 30, 2026. The initial paid-up share capital is Rs 1,00,000 comprising 10,000 equity shares of Rs 10 each. WSCPL will focus on pipe coating works including anti-corrosive, polyolefin, and epoxy coatings, supporting the company's value-added product focus.
- Incorporated step-down subsidiary Welspun Special Coating Private Limited (WSCPL) effective September 17, 2026
- Initial paid-up share capital stands at Rs 1,00,000 consisting of 10,000 equity shares of Rs 10 each
- WSCPL is 100% owned by Welspun DI Pipes Limited, a wholly owned subsidiary of Welspun Corp
- Focuses on anti-corrosive, polyurethane, polyolefin, and protective coating services
Welspun Corp Limited announced an extension in the completion timeline for acquiring a ~2.57% equity stake in subsidiary Welspun Mauritius Holdings Limited (WMHL) from its wholly-owned US subsidiary, Welspun Pipes Inc. Initially scheduled to complete by September 30, 2026, the procedural and transactional formalities are now expected to be finalized on or before March 31, 2027. Once completed, WMHL will become a direct wholly-owned subsidiary to streamline the overseas holding structure. The company explicitly noted that because the transaction is entirely within wholly-owned subsidiaries, it carries no impact on its consolidated financial statements.
- Timeline extended for ~2.57% stake acquisition in Welspun Mauritius Holdings Limited (WMHL)
- Completion deadline moved from September 30, 2026 to on or before March 31, 2027
- Post-transaction, WMHL will become a direct wholly-owned subsidiary of Welspun Corp
- Zero financial impact on the consolidated financial statements as it is an intra-group transaction
Welspun Corp Limited has announced the closure of its trading window starting October 1, 2026, pursuant to SEBI Insider Trading Regulations. The restriction applies to designated persons and their immediate relatives until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026. The specific date for the Board Meeting to approve the Q2 results will be intimated in due course. This is a mandatory, routine compliance event with no direct financial impact.
- Trading window closes from October 1, 2026
- Closure extends until 48 hours post-declaration of Q2/H1 FY27 results
- Results pertain to the period ending September 30, 2026
- Board meeting date to approve un-audited results to be communicated later
Welspun Corp's US subsidiary, Welspun Tubular LLC, has secured its largest-ever order for High-Frequency Induction Welded (HFIW) pipes valued at approximately USD 412.5 million (~₹4,000 crore). This single order represents ~23.1% of the company's TTM revenue of ₹17,300 crore. The order will be manufactured at its upgraded Little Rock facility in the USA and executed across FY28 and FY29. Following this win, Welspun Corp's global order book has expanded to an all-time high of approximately USD 4.7 billion (~₹45,000 crore).
- Won record HFIW pipe order valued at approx. USD 412.5 million (~₹4,000 crore)
- Pipes to be supplied from the newly upgraded Little Rock facility in the USA
- Order execution scheduled across FY28 and FY29
- Total global order book climbs to a record USD 4.7 billion (~₹45,000 crore)
Welspun Corp's Saudi-listed associate company, East Pipes Integrated Company for Industry (EPIC), has signed a major contract with Saudi Aramco exceeding SAR 771 million (approx. ₹2,000 crore) inclusive of VAT. The order is for manufacturing and supplying steel pipes with an execution duration of six months. The financial impact is slated to be reflected from Q4 FY27 through Q1 FY28. For context, the ₹2,000 crore contract value is equivalent to ~11.6% of Welspun Corp's TTM consolidated revenue of ₹17,300 crore.
- Order value exceeds SAR 771 million (approx. INR 2,000 Crore) including value added tax
- Contract signed by associate East Pipes Integrated Company (EPIC) with Saudi Arabian Oil Co. (Aramco)
- Execution timeline set for a tight duration of six months
- Revenue impact scheduled across Q4 FY2026-27 through Q1 FY27-28
Welspun Corp Limited announced that its wholly-owned UAE subsidiary, Welspun Global Holdings Limited, has approved the incorporation of a step-down wholly-owned subsidiary in Jordan, tentatively named Welspun Pipe Jordan, PSC. The new entity will focus on manufacturing iron and steel pipes, tubes, wires, and castings for water, oil, and gas transportation. Welspun Corp will hold 100% control via its subsidiary through a cash subscription. Financial details, including capital outlay and subscription cost, were not disclosed and will be updated post-incorporation.
- 100% shareholding to be held by Welspun Global Holdings Limited (WGHL, DIFC, UAE)
- Proposed entity named 'Welspun Pipe Jordan, PSC' to be incorporated in Jordan
- Target business covers iron and steel pipes/tubes manufacturing for oil, gas, and water sectors
- Cost of subscription not disclosed and will be shared once incorporated
- Approval granted by WGHL Board on September 18, 2026, subject to Jordanian statutory authorities
Welspun Corp Limited announced that its wholly-owned subsidiary, Welspun DI Pipes Limited, has approved the incorporation of a 100% owned step-down subsidiary named 'Welspun Special Coating Private Limited'. The new entity will focus on protective and functional coating works for pipes and metallic structures, subscribed via cash consideration. Financial outlays and subscription costs were not disclosed and will be updated post-incorporation. The incorporation remains subject to approval by the Ministry of Corporate Affairs.
- Welspun DI Pipes Limited approved incorporation of a 100% step-down wholly owned subsidiary on September 11, 2026
- Entity named Welspun Special Coating Private Limited to focus on protective pipe coatings
- Subscription to shares will be 100% in cash consideration; subscription cost not disclosed
- Incorporation requires pending regulatory approval from the Ministry of Corporate Affairs
Welspun Corp Limited has signed a Memorandum of Understanding (MoU) with US-based Perma-Pipe International Holdings, the Government of Jordan, and developers of Jordan's National Water Carrier Project (NCP). The proposed Joint Venture intends to establish an integrated steel pipe manufacturing and advanced coating facility in Jordan. The hub is aimed at supplying large-scale water, oil & gas, and infrastructure reconstruction projects across Jordan and the Levant region. Specific investment amounts, equity share, and manufacturing capacity details have not yet been disclosed pending definitive agreements.
- Signed an MoU with Perma-Pipe and Jordan Government to establish integrated pipe manufacturing and coating facilities.
- Aims to serve Jordan's National Water Carrier Project carrying desalinated water from Gulf of Aqaba.
- JV planned to serve broader regional infrastructure and reconstruction demand in Syria, Lebanon, Iraq, and Gaza.
- Investment size, JV ownership structure, capacity, and timeline remain undisclosed until definitive agreements.
Welspun Corp Limited (WCL) announced the cancellation of its proposed sale of a 26% equity stake (48,599 shares) in Clean Max Dhyuthi Private Limited to group company Welspun Living Limited. The transaction, initially approved on May 21, 2026, was valued at ₹760 lakhs (₹7.60 crore) and targeted for completion by August 31, 2026. Both parties mutually agreed to drop the transaction considering the prevailing demand, supply, and availability of power at the location. Given the small deal value of ₹7.60 crore relative to WCL's TTM revenue of ₹17,300 crore (<0.05%), this development has negligible financial impact.
- Cancelled the sale of 48,599 equity shares representing a 26% stake in Clean Max Dhyuthi Private Limited
- Proposed transaction value was ₹760 lakhs (₹7.60 crore) to be paid by Welspun Living Limited
- Transaction was initially approved by the Board on 21st May 2026 with a target closure of 31st August 2026
- Deal called off mutually citing local power demand, supply, and availability conditions
Welspun Corp Limited announced that the Ministry of Corporate Affairs issued the Certificate of Incorporation for 'Welspun Slagexcel Private Limited' (WSPL) on August 31, 2026. The new associate company will manufacture Ground Granulated Blast Furnace Slag (GGBS) via slag granulation. Welspun Corp subscribed to a 26% equity stake (2,600 shares of ₹10 each) for an initial investment of ₹26,000 out of a total paid-up share capital of ₹1,00,000.
- Welspun Slagexcel Private Limited incorporated on August 31, 2026
- Welspun Corp acquired a 26% stake for an investment of ₹26,000
- Initial total paid-up capital of WSPL stands at ₹1,00,000 (10,000 shares at ₹10 each)
- Entity set up to manufacture Ground Granulated Blast Furnace Slag (GGBS)
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 13,967 Cr in FY25, a 43.2% increase from INR 9,754 Cr in FY23. The DI Pipes, TMT Bars, and Sintex segments now contribute 28% of total revenues as of FY25, reflecting a strategic shift toward value-added products. H1 FY26 revenue stood at INR 7,925 Cr.
Geographic Revenue Split
WCL operates across India (Anjar, Bhopal, Mandya), the USA (Little Rock, Arkansas), and Saudi Arabia (Dammam). While specific % splits per region are not fully itemized, the US operations are noted for healthy scale and a strong order book, and the Saudi associate (EPIC) contributed INR 231 Cr in profit share during FY25.
Profitability Margins
PAT margins improved significantly from 6.5% in FY24 to 13.6% in FY25, driven by a reported profit of INR 1,902 Cr. H1 FY26 PAT margin remains healthy at 10.0% with a profit of INR 793 Cr. The improvement is attributed to higher-margin DI pipes and stainless steel segments.
EBITDA Margin
PBILDT margins improved from 11.86% in FY25 to 14.84% in H1 FY26. The company targets mid-teen EBITDA margins (15-16%) in the medium term. Absolute EBITDA for FY25 was INR 1,692 Cr, resulting in a Gross Debt/EBITDA ratio of 0.55x, down from over 1.0x YoY.
Capital Expenditure
WCL has transitioned from heavy investment (FY21-FY24) in DI pipes and TMT to a modular capex phase. While specific future INR Cr figures are not detailed, the company maintains a cash/investment cushion of INR 1,981 Cr as of March 2025 to fund ongoing organic and inorganic expansions.
Credit Rating & Borrowing
CRISIL and CARE have reaffirmed 'AA+/Stable' for long-term and 'A1+' for short-term facilities. Interest coverage ratio is comfortable at 7.7x in FY25. Borrowing costs are supported by a net-debt negative position as of March 31, 2025.
Operational Drivers
Raw Materials
Primary raw materials include steel (for LSAW/HSAW/ERW pipes), iron ore/scrap (for DI pipes and TMT), and stainless steel. Steel costs typically represent the largest component of the cost structure, though specific % of total cost is not disclosed.
Import Sources
Sourcing occurs in India, the USA, and Saudi Arabia to support local manufacturing hubs. Specific import countries are not listed, but operations are strategically located near ports (e.g., Anjar, Gujarat) to facilitate global sourcing.
Capacity Expansion
Current global steel line-pipe capacity is 1,780 kilo tonne per annum (ktpa). Overall capacity utilization is currently around 50%, providing significant upside for revenue growth without immediate massive greenfield capex.
Raw Material Costs
Raw material costs are managed through prudent risk-management strategies to offset price volatility. The shift toward DI Pipes (higher value-added) has increased the average margin per tonne to INR 11,922.
Manufacturing Efficiency
Capacity utilization stands at 50%. ROCE has improved from 7.9% in FY23 to 21.0% in FY25 and 23.5% in H1 FY26, signaling high capital efficiency.
Logistics & Distribution
WCL maintains coating facilities in India, USA, and KSA to provide end-to-end solutions, reducing external logistics dependencies and improving customer stickiness.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved through a shift from volume-based to value-based products (DI and SS pipes), optimizing the 50% unutilized capacity, and scaling the Sintex brand pan-India. The company targets a 15-20% Revenue CAGR and 20% ROCE through disciplined capital allocation.
Products & Services
Large diameter line pipes (LSAW, HSAW, ERW), Ductile Iron (DI) pipes, Stainless Steel (SS) pipes, TMT bars, and Sintex water storage tanks/plastic pipes.
Brand Portfolio
Welspun, Sintex, WSSL (Welspun Specialty Solutions Limited).
New Products/Services
Expansion into DI Pipes and Sintex plastic pipes; these value-added segments contributed 28% of FY25 revenue and are expected to drive future margin expansion.
Market Expansion
Targeting regional expansion in India and the USA, leveraging existing leadership in the global steel line-pipe business.
Market Share & Ranking
WCL is one of the largest players globally in the steel line-pipe business and a dominant player in the domestic and USA welded pipes industry.
Strategic Alliances
Associate company EPIC (East Pipes Integrated Company) in Saudi Arabia (26.5% stake) and joint ventures for Sintex-BAPL.
External Factors
Industry Trends
The industry is shifting toward water infrastructure (DI pipes) and renewable energy transport. WCL is positioning itself by diversifying away from pure fossil fuel infrastructure into water and building materials.
Competitive Landscape
WCL competes with global and domestic steel pipe manufacturers, maintaining an edge through integrated production (SS pipes) and a pan-India distribution network for Sintex.
Competitive Moat
Moat is built on a 20-year track record, global leadership in line-pipes, and high technical entry barriers for LSAW/HSAW pipes. This is sustainable due to geographically diversified capacities and strong brand recall.
Macro Economic Sensitivity
Highly sensitive to crude oil prices and global energy demand, which dictates the capex cycles of major oil and gas companies.
Consumer Behavior
Increased government spending on water infrastructure (Jal Jeevan Mission in India) is driving demand for DI pipes.
Geopolitical Risks
Operations in the USA and KSA expose the company to local government regulations, trade barriers, and geopolitical stability in the Middle East.
Regulatory & Governance
Industry Regulations
Subject to environmental norms and safety standards (ISO 45001:2018). Government policies regarding water infrastructure and oil exploration significantly impact order inflows.
Environmental Compliance
WCL has an S&P Global ESG Score of 83 (2025), up from 48 in 2021, reflecting a strong commitment to sustainability.
Legal Contingencies
No major adverse remarks by auditors regarding internal financial controls; specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and potential delays in commissioning new capacities could impact cash flows and leverage levels.
Geographic Concentration Risk
While diversified, significant revenue is tied to the US and Indian markets.
Technology Obsolescence Risk
Low risk in core piping, but the company is investing in R&D to maintain technical capability in high-spec longitudinal and spiral welding.
Credit & Counterparty Risk
Receivables quality is supported by a 68-day operating cycle and a client base primarily consisting of large global oil majors and government water departments.
