NSE: WELENT · BSE: 532553
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transport (39%), Water (34%), Tunneling and Rehabilitation (26%). Cyclical, project-driven civil construction moving toward asset-light model via BOT/HAM monetisation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,401 | 2,758 | 2,872 | 3,584 | 3,615 |
| EBITDA (ex other income) | 149 | 731 | 425 | 522 | 699 |
| margin % | 10.6 | 26.5 | 14.8 | 14.6 | 19.3 |
| Owners' profit | 125 | 723 | 295 | 323 | 350 |
| EPS, as reported (₹) | 8.37 | 48.20 | 21.50 | 23.61 | 25.80 |
| ROE % · ROCE % | 7.0 · 6.9 | 40.5 · 19.4 | 12.8 · 17.5 | 13.1 · 16.6 | 12.0 · 14.6 |
| Debt / equity (x) | 1.40 | 1.40 | 0.30 | 0.55 | 0.60 |
| Cash from operations | 287 | (112) | (344) | (273) | 112 |
| Capex | (7) | (5) | (70) | (52) | (34) |
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 | 789 | 867 | 1,021 | 845 | 784 | 787 | 1,199 | 774 |
| Profit before tax | 102 | 117 | 150 | 155 | 126 | 60 | 206 | 121 |
| Net profit | 62 | 77 | 105 | 101 | 98 | 31 | 163 | 56 |
| EPS (₹) | 4.29 | 5.20 | 6.93 | 6.64 | 6.61 | 1.75 | 10.80 | 3.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Transport | 1,425 | 39.4 |
| Water | 1,240 | 34.3 |
| Tunneling and Rehabilitation | 951 | 26.3 |
| Total, before eliminations | 3,615 | 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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 13.5 | 77 of 101 | 24% |
| P/B | 2.6 | 1.2 | 66 of 85 | 23% |
| ROCE | 10.7 | 10.0 | 53 of 107 | 51% |
| ROE | 12.0 | 9.1 | 32 of 87 | 64% |
| Debt / Equity | 0.6 | 0.4 | 61 of 87 | 30% |
| EBITDA margin | 23.9 | 12.4 | 12 of 88 | 87% |
| Revenue growth | (8.4) | 6.2 | 64 of 86 | 26% |
| Profit growth | (44.3) | 2.7 | 62 of 84 | 27% |
| Market cap | 8611 | 465 | 12 of 107 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Routine compliance certificate for Sep 2026 quarter filed with exchanges | compliance | minimal | — | — |
| 7 Oct 2026 · Welspun Enterprises subsidiary receives Letter of Acceptance | business updates | high | — | — |
| 30 Sept 2026 · GST show cause notice of Rs 15.37 crore from Haryana authority | regulatory legal | high | — | — |
| 30 Sept 2026 · Trading window closed pending Q2 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · Welspun Enterprises gets GST Show Cause Notice for about Rs 71.24 Crore demand in UP | regulatory legal | high | — | — |
| 21 Sept 2026 · Crisil upgrades credit ratings of Welspun Enterprises and subsidiaries | credit debt | high | — | — |
| 20 Sept 2026 · Welspun Enterprises' subsidiary wins Rs 351 Crore sewer rehab orders from AMC | business updates | high | — | — |
| 16 Sept 2026 · Welspun Enterprises schedules three analyst and investor meetings | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Welspun Enterprises clarifies on unusual price movement | compliance | low | — | — |
| 7 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
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|---|---|---|
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