WELSPUN ENTERPRISES LTD.

Executes civil infrastructure projects across three reporting segments: Transport (39.4% of FY26 segment revenue at ₹1,424.98 cr), Water (34.3% at ₹1,239.73 cr), and Tunneling and Rehabilitation (26.3% at ₹950.67 cr). The Transport segment builds highways and elevated corridors under DBFOT/HAM models for NHAI, MoRTH, and state agencies; the Water segment is run through subsidiary Welspun Michigan Engineers Limited (WMEL), which executes water transmission and treatment projects; and the Tunneling and Rehabilitation segment handles complex underground and pipeline works. The Pune-Shirur Elevated Road — a 53.4 km partially elevated highway on NH-753F, with 36 km of elevated corridor, awarded in FY26 on a DBFOT basis for ₹7,300 cr (₹5,400 cr EPC value, 4-year construction plus 25-year tolling) — is the largest new order. The consolidated order book stood at ~₹20,000 cr after adding over ₹10,000 cr in FY26, including a water order book of ~₹14,000 cr. WMEL grew 31% YoY to ₹874 cr in FY26 and is targeted for 25%+ CAGR over three years. The Aunta-Simaria Ganga Bridge HAM project in Bihar is being divested to BIIF Infrastructure II at ~₹1,000 cr EV as part of an asset-light capital recycling strategy. Other operating expenditure is the largest cost line at 55.5% of revenue, with materials at 17.4% and employee cost at 6.4%.