Welspun Enterprises Limited (WELENT)
₹727.05 -0.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Welspun Enterprises' revenue was ₹774 Cr (-8.4% year on year, -35.5% on the previous quarter), and net profit ₹56.4 Cr (-44.2% year on year); the operating margin was 19.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹774 | -8.4% | -35.5% |
| Operating profit | ₹151 | -16.8% | -37.0% |
| Net profit | ₹56.4 | -44.2% | -65.4% |
| EPS (₹) | 3.43 | -47.7% | -67.2% |
| Operating margin | 19.5% | — | — |
WELENT delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.96% of the WELENT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.13%. That is lower than usual for this stock. Volume was 0.1 times its average, well below normal. 1 bulk or block deal was reported in WELENT in the last 60 days: ₹57 Cr sold, none bought.
Delivery in the last 5 sessions: 42.9% · 52.6% · 47.3% · 48.9% · 42.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 18 Sep | Sell | Authum Investment & Infrastructure Limited | ₹57.29 Cr | ₹780.03 | 734,413 | Bulk |
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 Enterprises Limited's material subsidiary, Welspun Michigan Engineers Limited (WMEL), has received a Letter of Acceptance for an order valued at ~Rs 66 crore (excluding GST) from the New Delhi Municipal Council (NDMC). The scope involves the rehabilitation of an old sewer twin barrel RCC pipe across a key stretch in New Delhi, with an execution timeframe of 18 months. This contract represents approximately 1.9% of WELENT's consolidated TTM revenue of Rs 3,544 crore. Following this win, WMEL's standalone order book reaches ~Rs 2,356.66 crore, having added ~Rs 366.66 crore since June 2026.
- Contract value awarded is ~Rs 66 crore (excluding GST) by New Delhi Municipal Council (NDMC)
- Execution timeline set within 18 months from the commencement date
- WMEL order book increases to ~Rs 2,356.66 crore, with ~Rs 366.66 crore added since June 2026
- Scope covers rehabilitation of 2100mm Dia NP-2 Class RCC pipe twin barrel from C-Hexagon to Lodhi Road
Welspun Enterprises has received a Show Cause Notice (SCN) from the State GST Authority in Haryana demanding tax of ₹15,37,46,253 along with applicable interest and penalty for FY 2022-23. The alleged violations pertain to short payment of tax/excess availment of ITC, specifically involving vendor payments not made within 180 days and ITC availment under Section 16. The proposed tax demand of ₹15.37 Cr represents approximately 5.1% of the company's TTM PAT of ₹302 Cr. The company stated that the demand is without merits, expects it to be set aside during adjudication, and foresees no material financial impact.
- Tax demand of ₹15,37,46,253 proposed by Haryana State GST Authority under Section 73.
- Pertains to dispute for FY 2022-23 regarding vendor payments over 180 days and Section 16 ITC rules.
- Proposed tax amount of ₹15.37 Cr corresponds to ~5.1% of TTM PAT (₹302 Cr).
- Company is taking steps to file a detailed reply to contest the notice during adjudication.
Welspun Enterprises Limited has received a Show Cause Notice (SCN) dated September 26, 2026, from the Joint Commissioner of State Tax, Uttar Pradesh. The notice proposes a tax demand of approximately ₹71.24 Crore, plus applicable interest and penalties under Section 74 of the CGST/UPGST Act for FY 2022-23. The alleged violations pertain to short payment of tax/excess availment of ITC on other expenses and other income. The proposed tax demand represents approximately 23.6% of the company's TTM net profit of ₹302 Crore, though management views the demand as unmaintainable and plans to contest it.
- Proposed tax demand of ~Rs. 71.24 Crore under Section 74 of the CGST/UPGST Act
- Notice covers financial year FY 2022-23 regarding alleged short payment of tax and excess ITC availment
- Demand amount represents ~23.6% of TTM Net Profit (Rs 302 Cr) and ~2.4% of TTM Revenue (Rs 2,956 Cr)
- Notice received on September 28, 2026, from Joint Commissioner of State Tax, Uttar Pradesh
CRISIL Ratings Limited has upgraded the long-term credit rating of Welspun Enterprises Limited to 'CRISIL AA/Stable' from 'CRISIL AA-/Positive' on Rs 2,600 Crore of total bank loan facilities. The short-term rating and Rs 200 Crore commercial paper rating were re-affirmed at 'CRISIL A1+'. Ratings for its material subsidiaries, Welspun Michigan Engineers Limited (Rs 353.58 Cr bank facilities) and Welspun EDAC JV Private Limited (Rs 100 Cr bank facilities), were also upgraded. This reflects strengthening operational execution and credit profile on an existing standalone debt base of Rs 216 Crore.
- Welspun Enterprises long-term bank facilities (Rs 2,600 Crore) upgraded to CRISIL AA/Stable from CRISIL AA-/Positive
- Commercial paper rating of Rs 200 Crore re-affirmed at CRISIL A1+
- Welspun Michigan Engineers long-term facilities (Rs 353.58 Crore) upgraded to CRISIL AA-/Stable from CRISIL A+/Positive
- Welspun Michigan Engineers short-term rating upgraded to CRISIL A1+ from CRISIL A1
- Welspun EDAC JV long-term facilities (Rs 100 Crore) upgraded to CRISIL AA (CE)/Stable from CRISIL AA- (CE)/Positive
Welspun Enterprises' material subsidiary, Welspun Michigan Engineers Limited (WMEL), has received a Letter of Award for two sewer rehabilitation projects from Ahmedabad Municipal Corporation valued at ₹351.24 crore (including GST). The contracts represent approximately 11.9% of Welspun Enterprises' TTM consolidated revenue of ₹2,956 crore. Both projects are funded by the World Bank and are scheduled to be completed within 24 months. Following this award, WMEL's standalone order book expanded from ~₹2,135 crore to ~₹2,432.66 crore (excluding GST & provisional sum).
- Secured aggregate contract value of ₹351.24 crore (including GST & excluding provisional sum) from AMC
- Comprises Western Ahmedabad project of ₹229.48 crore and Eastern Ahmedabad project of ₹121.76 crore
- Both projects are funded by the World Bank and to be executed within 24 months
- Increases subsidiary WMEL's order book from ~₹2,135 crore to ~₹2,432.66 crore (an addition of ~₹297.66 crore ex-GST)
Welspun Enterprises Limited has informed stock exchanges regarding its schedule of investor meetings across three conferences in September 2026. Company officials will participate in the Anand Rathi G-200 Summit on September 21, 2026 (physical), The JM Financial Environment & Energy Conclave on September 23, 2026 (physical), and the Bharat Connect Conference on September 29, 2026 (virtual). The company confirmed that only publicly available information and the Q1 FY27 investor presentation will be discussed, with no unpublished price-sensitive information being shared.
- Participation in Anand Rathi G-200 Summit 2026 scheduled for September 21, 2026 (Physical)
- Attending The JM Financial Environment & Energy Conclave on September 23, 2026 (Physical)
- Attending Bharat Connect Conference on September 29, 2026 (Virtual)
- Discussions to rely strictly on publicly available info and Q1 FY27 investor presentation
Welspun Enterprises Limited (WELENT) responded to an NSE surveillance inquiry dated September 07, 2026, regarding a spurt in volume and price movement of its securities. The company confirmed that there are no undisclosed material events, operational developments, or price-sensitive information under Regulation 30 of SEBI LODR impacting its trading activity. It reiterated that it continues to evaluate business opportunities in the ordinary course and will disclose any material developments as required. The clarification suggests the recent trading activity is driven by market dynamics rather than fresh corporate disclosures.
- NSE issued surveillance query letter NSE/CM/Surveillance/17503 dated September 07, 2026
- Company issued formal clarification response on September 08, 2026
- Management confirms zero undisclosed price-sensitive information under Regulation 30
Welspun Enterprises Limited has responded to an NSE surveillance query regarding a significant increase in trading volume on August 21, 2026. The company confirmed that there are no undisclosed, price-sensitive events or developments affecting its operations or performance under Regulation 30 of SEBI LODR. Management stated that ordinary course business explorations are ongoing and will be disclosed when appropriate. This filing is a standard procedural clarification with no fundamental changes reported.
- Responded to NSE surveillance letter NSE/CM/Surveillance/17389 dated August 21, 2026
- Confirmed zero undisclosed price-sensitive events or material information under Regulation 30
- Clarified that company continues to explore standard business opportunities in the ordinary course
Welspun Enterprises Limited has submitted its scrutinizer's report and voting results for its 32nd Annual General Meeting (AGM) held on August 20, 2026. A total of 14 resolutions were placed before the shareholders and approved via remote e-voting and electronic voting during the meeting. As of the cut-off date on August 14, 2026, the company had 50,558 shareholders on record.
- 32nd Annual General Meeting conducted on August 20, 2026 via video conferencing
- 14 resolutions passed as per the scrutinizer's report
- Total shareholder base stood at 50,558 on the cut-off date of August 14, 2026
- Remote e-voting window was open from August 17, 2026 to August 19, 2026
Welspun Enterprises held its 32nd Annual General Meeting on August 20, 2026, transacting 14 agenda items. Key resolutions put to vote included the declaration of a final dividend of ₹3 per share (30% on face value of ₹10) for FY 2025-26. Shareholders also considered an enabling resolution for the issuance of securities via private placement, preferential allotment, or QIP up to ₹1,000 crore (equivalent to ~12.7% of its current ₹7,873 crore market cap). Formal voting results will be declared on or before August 21, 2026.
- Concluded 32nd AGM on August 20, 2026 with 50 total members present (5 promoter, 45 public)
- Considered a final dividend of ₹3 per equity share (30% payout on face value of ₹10) for FY 2025-26
- Sought shareholder approval for private placement/issuance of securities up to ₹1,000 crore
- Voting results scrutinized by Mihen Halani & Associates to be disclosed on or before August 21, 2026
Welspun Enterprises reported a resilient Q1 FY27 with EBITDA margins at 22.9%, despite execution headwinds from labor migration and supply chain issues. The company announced the divestment of the Aunta-Simaria HAM project at an enterprise value of ~₹1,000 crores, which is approximately 13% of its current market capitalization. The consolidated order book has grown to ₹18,700 crores, providing a strong revenue visibility of ~6.7x relative to TTM revenue. Management expects execution to accelerate in coming quarters as key approvals for the Dharavi-Ghatkopar Tunnel and Pune-Shirur Road are now secured.
- Consolidated order book reached ₹18,700 crores as of June 30, 2026, up from ₹15,200 crores in previous filings.
- Divestment of Aunta-Simaria HAM project signed at an Enterprise Value of approximately ₹1,000 crores.
- Maintained high EBITDA margins of 22.9% in Q1 FY27, significantly above the 18% guidance.
- Cash and cash equivalents stood at approximately ₹1,800 crores as of June 30, 2026.
- Dharavi Wastewater Treatment Facility reached 70% physical completion, on track for July 2027 commissioning.
Welspun Enterprises has published the audio recording of its earnings call held on August 5, 2026, following the release of its Q1 FY27 financial results. The call provides management's perspective on the execution of its Rs 15,200 Cr order book, which provides approximately 4.5x revenue visibility. Key focus areas likely include the progress of the Rs 4,630 Cr Dharavi Wastewater Treatment Plant and the UP Jal Jeevan Mission. This is a standard regulatory disclosure to ensure transparency for all shareholders.
- Audio recording of the earnings call held on August 5, 2026, is now publicly available.
- The call discussed unaudited financial results for the quarter ended June 30, 2026.
- Company operates with a substantial order book of Rs 15,200 Cr as per latest context.
- TTM Revenue stands at Rs 2,786 Cr with a healthy Operating Profit Margin of 16.5%.
- Management is targeting a bidding pipeline of Rs 65,000-70,000 Cr over the medium term.
Welspun Enterprises (WELENT) reported a soft Q1 FY27 with consolidated revenue declining 8% YoY to Rs 774 Cr and reported PAT falling 44% to Rs 56 Cr, primarily impacted by losses from discontinued operations. Despite the earnings dip, the company maintains a robust order book of Rs 18,729 Cr, which is approximately 6.7x its TTM revenue, providing high growth visibility. Key operational milestones include receiving High Court clearance for the Dharavi-Ghatkopar Tunnel and executing the sub-concession agreement for the Pune-Shirur Road project. The company continues its asset-light strategy, announcing the divestment of the Aunta-Simaria road asset to recycle capital.
- Order book reached Rs 18,729 Cr as of June 30, 2026, with Water projects comprising 55% and Transportation 30%.
- Consolidated EBITDA margin remained strong at 22.9%, though down 95 bps from 23.9% in the previous year.
- Dharavi Wastewater Treatment Plant has achieved 70% completion with an expected finish by July 2027.
- UP Jal Jeevan Mission project shows 80% physical progress with 130 schemes already under O&M.
- Consolidated Net Debt stands at Rs 109 Cr, maintaining a conservative leverage profile relative to the Rs 3,323 Cr net worth.
Welspun Enterprises Limited (WELENT) has confirmed zero deviation or variation in the utilization of proceeds from its Rs 1,000 crore fundraise for the quarter ended June 30, 2026. The funds, raised via convertible warrants on October 15, 2025, are earmarked for the construction of a 53.40 km 6-lane highway corridor in Maharashtra (Pune to Shirur). The statement was reviewed by the Audit Committee and Board on August 4, 2026, with CRISIL Ratings Limited acting as the monitoring agency. This filing provides transparency on the deployment of capital towards the company's infrastructure project pipeline.
- Rs 1,000 crore raised via preferential issue of convertible warrants on October 15, 2025
- Zero deviation or variation reported in fund utilization for the quarter ended June 30, 2026
- Funds allocated for a 53.40 km highway project (Pune to Shirur) under DFBOT (Toll) mode
- CRISIL Ratings Limited confirmed as the monitoring agency with no adverse comments
- Project involves a long-term concession period of 29 years
Welspun Enterprises reported a soft Q1 FY27 with revenue declining 8% YoY to ₹774 Cr and Net PAT dropping 44% YoY to ₹56 Cr, largely due to a ₹34 Cr loss from discontinued operations. Despite the revenue dip, the company maintained a strong EBITDA margin of 22.9% and reported a massive order book of ₹18,729 Cr, which is ~6.7x its TTM revenue. A key strategic highlight is the definitive agreement to divest the Aunta-Simaria road asset at an enterprise value of ₹1,000 Cr, supporting its asset-light capital recycling strategy.
- Order book reached ₹18,729 Cr as of June 30, 2026, providing high revenue visibility of ~6.7x TTM revenue.
- Signed definitive agreement to divest the Aunta-Simaria road asset at an enterprise value of approximately ₹1,000 Cr.
- Consolidated cash and cash equivalents stood at a robust ₹1,792 Cr as of June 30, 2026.
- EBITDA margin remained resilient at 22.9%, despite a challenging operating environment.
- Net Profit after tax fell 44% YoY to ₹56 Cr, impacted by a ₹34 Cr loss from discontinued operations.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY24 was INR 2,872 Cr, showing flat growth compared to INR 2,677 Cr in FY23 due to execution delays. FY25 revenue is projected to grow ~28% to INR 3,695 Cr. The order book is dominated by the Water segment at 76% (INR 11,552 Cr) and Roads at 24% (INR 3,648 Cr).
Geographic Revenue Split
Highly concentrated geographic footprint with 85% of the total order book value originating from two states: Uttar Pradesh and Maharashtra. The company also operates in three other states, primarily in Northern India.
Profitability Margins
PAT margin was 26.6% in FY23 (INR 713 Cr) but was heavily influenced by exceptional gains of INR 473 Cr from asset sales. 9M FY24 PAT stood at INR 221 Cr. PAT margin for FY22 was 7.1% (INR 93 Cr).
EBITDA Margin
EBITDA margin for FY24 was 15% (INR 616 Cr). FY25 EBITDA is projected at INR 730 Cr with margins expected to stabilize at 12-13% over the medium term, supported by high-margin tunneling projects from subsidiary Welspun Michigan Engineers Ltd (WMEL).
Capital Expenditure
The company follows an asset-light model with no major manufacturing capex. However, it has an annual equity commitment of INR 400-500 Cr for bidding on new Build-Operate-Transfer (BOT) projects worth INR 4,000-5,000 Cr.
Credit Rating & Borrowing
CRISIL AA-/Stable (Long Term) and CRISIL A1+ (Short Term/Commercial Paper). Interest coverage ratio was 3.98x as of March 2024. Gearing is very low at 0.07x due to successful asset monetization.
Operational Drivers
Raw Materials
Construction materials including steel, cement, and specialized water pipes represent the primary input costs, though specific % splits are not disclosed. Sub-contracting costs are a major operational driver.
Import Sources
Primarily sourced domestically within India, specifically from states where projects are located such as Maharashtra and Uttar Pradesh to optimize logistics.
Key Suppliers
Not disclosed in available documents; however, Welspun Michigan Engineers Ltd (WMEL) acts as a key internal sub-contractor for specialized tunneling.
Capacity Expansion
Current order book stands at INR 15,200 Cr as of September 30, 2024, providing a revenue visibility of 4.5x. The company plans to expand its order book by bidding for an additional INR 65,000-70,000 Cr in projects over the medium term.
Raw Material Costs
Not disclosed as a specific % of revenue, but the company uses cost-recovery mechanisms from sub-contractors to manage margin volatility.
Manufacturing Efficiency
Operates an asset-light EPC model; efficiency is measured by project execution timelines and the 4.5x order book-to-revenue ratio.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be driven by executing the INR 15,200 Cr order book, specifically the Dharavi Wastewater Treatment Plant (INR 4,630 Cr) and UP Jal Jeevan Mission. The company is targeting new BOT projects worth INR 4,000-5,000 Cr and leveraging WMEL's tunneling expertise for higher-margin urban infra.
Products & Services
Engineering, Procurement, and Construction (EPC) services for Roads, Highways, Wastewater Treatment Plants (WWTP), Water Treatment Plants (WTP), and specialized Tunneling.
Brand Portfolio
Welspun, Welspun Michigan Engineers Ltd (WMEL).
New Products/Services
Multi-storied Wastewater Treatment Plants (India's first in Dharavi) and specialized micro-tunneling services.
Market Expansion
Targeting the INR 18 Lakh Cr infrastructure opportunity in India, with a specific focus on expanding the Water and Transport addressable markets (TAM) of INR 2.5 Lakh Cr.
Market Share & Ranking
Leading player in specialized water treatment; developer of India's largest multi-storied WWTP (Dharavi) and largest WTP (Bhandup).
Strategic Alliances
Joint Venture with Adani Group (Adani Welspun Enterprise Ltd) for Oil & Gas exploration (4 blocks).
External Factors
Industry Trends
The industry is shifting toward specialized water treatment and urban tunneling. The highway network is expected to expand from 146,000 km in 2025 to 185,000 km by 2030, favoring well-capitalized players.
Competitive Landscape
Intense competition from other large EPC players in tender-based bidding, which restricts operating margins to the 10-12% range.
Competitive Moat
Sustainable moat through an asset-light model (TOL/TNW < 0.7x) and specialized technical qualifications for large-scale water projects that prevent smaller competitors from bidding.
Macro Economic Sensitivity
Highly sensitive to Central and State Government infrastructure spending and budgetary allocations for the Jal Jeevan Mission and NHAI.
Geopolitical Risks
Minimal for core EPC business as it is 100% domestic; however, the Oil & Gas JV blocks are subject to global energy price volatility and regulatory exploratory risks.
Regulatory & Governance
Industry Regulations
Subject to NHAI bidding norms, environmental clearances for tree cutting (which delayed the Dharavi project), and state-specific labor and pollution standards.
Environmental Compliance
Committed to Carbon Neutrality and Water Neutrality by 2040; Zero waste to landfill goals established.
Risk Analysis
Key Uncertainties
Timely execution of the Dharavi STP and Bhandup WTP projects is critical; delays could impact revenue visibility by 20-30% over the medium term.
Geographic Concentration Risk
85% of revenue is tied to Maharashtra and Uttar Pradesh, making the company vulnerable to state-level political or budgetary shifts.
Third Party Dependencies
High reliance on sub-contractors for physical execution; any financial distress at the sub-contractor level could lead to project cost overruns.
Technology Obsolescence Risk
Low risk in civil construction, but the company is proactively adopting micro-tunneling tech to stay ahead of traditional open-trench methods.
Credit & Counterparty Risk
Receivables and contract assets are projected at 70-72 days, reflecting stable payment cycles from government counterparties like NHAI and MCGM.
