NSE: WELCORP · BSE: 532144
WELSPUN CORP LIMITED
Makes steel line pipes and coated line pipes for global oil and gas, water infrastructure, and emerging data centre projects, with 96.2% of FY26 revenue (Rs 16,134.11 crore) from Steel Products and 3.8% (Rs 636.03 crore) from Others including plastic products. The Steel Products segment serves oil and gas midstream customers, LNG export facilities, water infrastructure, and nuclear and defence applications, while the Others segment houses Sintex plastic products, which has been hit by muted Indian domestic demand. Manufacturing footprint spans India, USA (Little Rock), and Saudi Arabia, with new Saudi and Little Rock capacity targeting commissioning by end-FY27 and full earnings impact in FY28. Raw materials are the dominant cost at 64.3% of FY26 revenue (Rs 10,781.26 crore), with employees at 7.4% and other operating expenses at 18.1%. Recent signings include Rs 1,400 crore of oil and gas export orders from India and Rs 960 crore of coated line pipes from Little Rock. Management cites FY27 guidance of Rs 20,000 crore revenue and Rs 2,850 crore EBITDA, with order book execution spread over FY27 and FY28. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel Products (96%), Others (including plastic products) (4%). Cyclical, asset-heavy steel pipe manufacturer serving global oil & gas and infrastructure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,505 | 9,758 | 17,340 | 13,978 | 16,770 |
| EBITDA (ex other income) | 472 | 485 | 1,561 | 2,134 | 2,236 |
| margin % | 7.3 | 5.0 | 9.0 | 15.3 | 13.3 |
| Owners' profit | 439 | 207 | 1,110 | 1,908 | 1,613 |
| EPS, as reported (₹) | 16.82 | 7.91 | 42.45 | 72.80 | 61.23 |
| ROE % · ROCE % | 9.8 · 12.3 | 4.1 · 7.0 | 19.8 · 18.5 | 24.6 · 22.1 | 17.2 · 16.7 |
| Debt / equity (x) | 0.45 | 0.68 | 0.33 | 0.12 | 0.23 |
| Cash from operations | 218 | (185) | 1,306 | 1,504 | 3,204 |
| Capex | (979) | (1,194) | (299) | (853) | (2,532) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,302 | 3,614 | 3,925 | 3,551 | 4,374 | 4,532 | 4,313 | 4,081 |
| Profit before tax | 278 | 305 | 804 | 412 | 493 | 502 | 397 | 586 |
| Net profit | 283 | 672 | 699 | 349 | 444 | 456 | 371 | 1,048 |
| EPS (₹) | 10.97 | 25.73 | 26.63 | 13.32 | 16.70 | 17.17 | 14.04 | 39.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel Products | 7,529 | 44.9 |
| Others (Including plastic products) | 335 | 2.0 |
| a. Steel products | 8,605 | 51.3 |
| b. Others (including plastic products) | 301 | 1.8 |
| Total, before eliminations | 16,770 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED ◆ | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.2 | 15.4 | 75 of 105 | 29% |
| P/B | 7.2 | 1.5 | 94 of 101 | 7% |
| ROCE | 14.9 | 9.1 | 27 of 115 | 77% |
| ROE | 17.2 | 8.6 | 13 of 103 | 88% |
| Debt / Equity | 0.2 | 0.2 | 54 of 101 | 47% |
| EBITDA margin | 18.5 | 11.0 | 29 of 100 | 72% |
| Revenue growth | 14.9 | 13.7 | 46 of 97 | 53% |
| Profit growth | 200.1 | 29.3 | 17 of 105 | 85% |
| Market cap | 67533 | 216 | 1 of 122 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Welspun Corp schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Welspun wins about Rs 5,500 crore US gas pipeline pipe order | business updates | high | — | — |
| 16 Oct 2026 · CARE Ratings reaffirms Welspun Corp ratings; NCD upgraded to AA+ | credit debt | medium | — | — |
| 16 Oct 2026 · Welspun Corp publishes Sustainability Report for FY 2025-26 | compliance | low | — | — |
| 13 Oct 2026 · Welspun Corp sets up new step-down unit Welspun Global Jordan | strategic transactions | medium | — | — |
| 12 Oct 2026 · Routine quarterly compliance certificate under SEBI DP Regulations 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · New step-down subsidiary Welspun Special Coating Pvt Ltd incorporated | strategic transactions | medium | — | — |
| 30 Sept 2026 · Welspun Corp: Mauritius subsidiary stake acquisition delayed to March 2027 | strategic transactions | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Welspun Corp wins largest-ever HFIW pipe order worth USD 412.5M | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.