Welspun Enterprises Q2 FY27 results: net profit ₹295.55 crore vs ₹98.08 crore, revenue up 32.0%

How did Welspun Enterprises perform in Q2 FY27?

On a consolidated basis, Welspun Enterprises reported Q2 FY27 revenue of ₹1,035 crore, up ₹250.66 crore or 32.0% from Q2 FY26. Total income rose ₹272.33 crore or 33.9% to ₹1,075.59 crore, while EBITDA increased ₹211.50 crore or 122.7% to ₹383.87 crore. The EBITDA margin was 37.1%, compared with 22.0% in the year-ago quarter.

Profit before tax rose ₹225.87 crore or 179.5% to ₹351.71 crore, and the company reported a net profit of ₹295.55 crore against ₹98.08 crore, an increase of ₹197.47 crore or 201.3%. Basic EPS increased from ₹6.61 to ₹21.45. The standalone basis showed revenue of ₹909.2 crore and profit after tax of ₹300.31 crore, with profit before tax of ₹73.24 crore.

What changed in Welspun Enterprises' costs and profit?

Total expenses were ₹723.88 crore in Q2 FY27, up ₹46.46 crore or 6.9% from Q2 FY26. Cost of materials increased ₹24.59 crore or 17.7% to ₹163.55 crore, employee cost rose ₹8.46 crore or 15.1% to ₹64.59 crore, and finance costs increased ₹10.03 crore or 19.1% to ₹62.57 crore. Other expenses rose ₹6.11 crore or 1.5% to ₹422.57 crore, while depreciation fell ₹2.73 crore or 20.5% to ₹10.60 crore.

Other income increased ₹21.67 crore or 112.0% to ₹41.01 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense rose ₹22.10 crore or 73.4% to ₹52.19 crore. The filing said the reported quarter included a ₹194 crore gain arising from the divestment of 51% of the Mukarba Chowk–Panipat project; excluding it, revenue was ₹841 crore, EBITDA was ₹231 crore and the EBITDA margin was 26.2%.

Against Q1 FY27, total expenses rose ₹36.80 crore or 5.4%, while other income increased ₹6.26 crore or 18.0%. Cost of materials rose ₹49.87 crore and finance costs increased ₹9.29 crore, whereas other expenses fell ₹23.71 crore. Tax was ₹20.96 crore higher at ₹52.19 crore, and there was no exceptional item in the previous quarter.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue rose ₹179.33 crore or 11.0% to ₹1,808.3 crore from ₹1,628.97 crore in H1 FY26. Total income increased ₹210.18 crore or 12.6% to ₹1,884.06 crore. Profit before tax rose ₹192.51 crore or 68.6% to ₹473.1 crore, while net profit increased ₹152.66 crore or 76.6% to ₹351.91 crore.

Basic EPS for H1 FY27 was ₹24.88, compared with ₹13.25 in H1 FY26. The company said H1 FY27 revenue growth was in line with its stated guidance, led by disciplined execution and its focused capital-recycling strategy. Management also said H1 EBITDA grew 53% year on year and the EBITDA margin was 32.4%, above its guidance.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹7,733.46 crore, compared with ₹7,329.41 crore at 31 March 2026. Total equity rose to ₹3,580.68 crore from ₹3,260.96 crore, while borrowings increased to ₹2,090.23 crore from ₹1,971.91 crore. Cash and cash equivalents fell to ₹27.27 crore from ₹174.03 crore; inventories rose to ₹201.57 crore, trade receivables to ₹897.85 crore and trade payables fell to ₹947.02 crore.

For H1 FY27, operating cash flow was negative ₹166.08 crore, compared with negative ₹421.14 crore in H1 FY26. Investing cash flow was positive ₹60.89 crore against negative ₹299.17 crore, while financing cash flow was negative ₹41.57 crore against positive ₹297.38 crore. Capital expenditure was ₹153.29 crore, compared with ₹20.29 crore in the year-earlier period.

How has Welspun Enterprises done over the last 8 quarters?

Revenue reached its highest point in the supplied quarterly series in Q4 FY26 at ₹1,199.46 crore and its lowest in Q1 FY27 at ₹773.72 crore. It rose to ₹1,034.58 crore in Q2 FY27 from ₹773.72 crore, while the previous low was ₹783.92 crore in Q2 FY26. Q2 FY27 EBITDA margin was 37.1%, above the 22.0% recorded in Q2 FY26.

Net profit was ₹295.55 crore in Q2 FY27, compared with ₹56.36 crore in Q1 FY27 and its previous low of ₹30.74 crore in Q3 FY26. The earlier high in the series was ₹162.79 crore in Q4 FY26. The margin moved to 37.1% in the latest quarter from 19.5% in Q1 FY27, following 22.0% in Q2 FY26.

Which businesses drove the quarter?

Transport revenue was ₹599.27 crore, up 67.8% from ₹357.23 crore in Q2 FY26. Segment EBIT was ₹340.83 crore against ₹94.58 crore, and the reported EBIT margin was 56.9%. The segment was the largest contributor to the company’s reported quarterly revenue and EBIT.

Water revenue increased 32.9% to ₹281.43 crore from ₹211.7 crore, while EBIT was ₹59.33 crore against ₹59.24 crore. Its EBIT margin was 21.1%. Tunneling and Rehabilitation revenue fell 28.4% to ₹153.87 crore from ₹214.99 crore, while EBIT declined to ₹31.8 crore from ₹44.34 crore; the segment’s EBIT margin was 20.7%.

What else did the company announce?

The Board approved the unaudited consolidated and standalone results for the quarter and half year ended 30 September 2026, following review by the Audit Committee. The results were announced on 5 November 2026, and the insider trading window was scheduled to reopen on 8 November 2026. No dividend or fund-raising proposal was disclosed in the same-day filings provided.

The Board also recorded Lekha Raghavan’s resignation as Chief Human Resources Officer, effective from 31 December 2026 or an earlier mutually agreed date, and appointed Ravi Singh as CHRO from 1 January 2027, with Singh designated as CHRO from 5 November 2026 during the interim. Nidhi Tanna resigned as Company Secretary and Compliance Officer effective from 11 December 2026 or an earlier mutually agreed date; Priya Pakhare was appointed from 12 December 2026 or an earlier date determined by the company.

How did other Civil Construction companies do?

Thirty-four other Civil Construction companies had filed results for the quarter by 5 November 2026. Their median revenue growth was 12.6%, while Welspun Enterprises reported revenue growth of 32.0%. Of these peers, 24 grew slower than the company and 10 grew faster; 26 of the 34 peers reported higher profit.