NSE: WELSPLSOL · BSE: 500365
WELSPUN SPECIALTY SOL L
Makes specialty stainless steel products — tubes, pipes, bars, blooms and ingots — at one integrated plant in Jhagadia, Gujarat. FY26 product mix was hot and cold rolled steel at 50% of turnover, tube fittings at 31%, and blooms and ingots at 18%, with exports at 16% of turnover. The tubes and pipes business supplies Grade T91 supercritical boiler tubes to power utilities (NTPC approval secured in Q1 FY27) and Nickel Alloy 800H tubes for nuclear applications (NPCIL development order), while the bars unit serves general engineering customers; aerospace-grade AS9100D accreditation and Norsok M650 certification are in place. Total FY26 output reached 46,140 MT and Q1 FY27 volumes were about 6,300 MT, with the new bright bar project in stabilization. Raw materials are the dominant cost at 69.3% of revenue. Management targets 20-25% volume growth in FY27 and Rs 2,000 crore of turnover in 3-5 years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hot and cold rolled steel (50%), Tube fittings (31%), Blooms and ingots (18%). Cyclical, capital-intensive specialty stainless steel manufacturer with single-plant operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 163 | 418 | 697 | 724 | 886 |
| EBITDA (ex other income) | (18) | 17 | 56 | 31 | 47 |
| margin % | (11.3) | 4.0 | 8.0 | 4.3 | 5.3 |
| Owners' profit | (31) | (14) | 62 | (4) | 23 |
| EPS, as reported (₹) | (0.58) | (0.26) | 1.18 | (0.08) | 0.34 |
| ROE % · ROCE % | (409.3) · (4.8) | (46.8) · 6.6 | 67.1 · 27.7 | (0.9) · 8.7 | 5.0 · 10.4 |
| Debt / equity (x) | 37.23 | 7.94 | 2.79 | 0.05 | 0.08 |
| Cash from operations | (88) | 50 | 7 | 58 | 128 |
| Capex | (4) | (10) | (13) | (16) | (61) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 162 | 167 | 194 | 200 | 201 | 239 | 226 | 220 |
| Profit before tax | 3 | (6) | (4) | 3 | (1) | 10 | 10 | 4 |
| Net profit | 2 | (6) | (4) | 4 | (1) | 10 | 10 | 4 |
| EPS (₹) | 0.04 | (0.12) | (0.07) | 0.07 | (0.01) | 0.14 | 0.14 | 0.06 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 128.0 | 15.4 | 101 of 105 | 4% |
| P/B | 6.6 | 1.5 | 93 of 101 | 8% |
| ROCE | 4.8 | 9.1 | 78 of 115 | 33% |
| ROE | 5.0 | 8.6 | 67 of 103 | 35% |
| Debt / Equity | 0.1 | 0.2 | 37 of 101 | 64% |
| EBITDA margin | 5.9 | 11.0 | 68 of 100 | 32% |
| Revenue growth | 9.8 | 13.7 | 54 of 97 | 45% |
| Profit growth | 19.7 | 29.3 | 61 of 105 | 42% |
| Market cap | 3000 | 216 | 23 of 122 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Independent Director appointment approved with 99.97 percent support | management changes | medium | — | — |
| 28 Oct 2026 · Postal ballot approves Anil Kumar Jha as independent director | management changes | medium | — | — |
| 22 Oct 2026 · Q2 FY27 conference call audio recording now available | investor communications | low | — | — |
| 22 Oct 2026 · Unaudited September 2026 results published in Financial Express | compliance | minimal | — | — |
| 21 Oct 2026 · Q2 and H1 FY27 profit falls despite higher sales | investor communications | medium | — | — |
| 21 Oct 2026 · Q2 FY26 Results: Welspun Specialty Solutions Posts Net Loss | results | high | — | — |
| 21 Oct 2026 · Q2 FY26 results: Net loss of Rs 451 lakh vs profit last year | results | high | — | — |
| 19 Oct 2026 · Conference Call to Discuss Q2 and H1 FY27 Results on Oct 22, 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting on Oct 21 to approve Q2 FY26 results | results | low | — | — |
| 13 Oct 2026 · Reg 74(5) compliance certificate from registrar for Q2 FY27 | compliance | minimal | — | — |
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.