Arthneeti

Welspun Corp Q2 FY27 Share Price & Earnings Call Analysis

₹2,499.10-2.54% today
Market cap
₹65,910 Cr
P/E
28.55
ROE
19.42%
PEG
0.24
Price to sales
3.81
Debt to equity
0.26
52W high / low
₹2,842 / ₹722
Sales growth (5Y)
18.58%
EBITDA margin
13.89%
Net profit margin
9.65%
Promoter holding
49.73%
Sales (last year)
₹17,300 Cr

WCL is one of the largest manufacturers of large diameter pipes globally. The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The company acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio. It has also made strategic acquisition of specified assets of ABG Shipyard. [1]

Guidance scorecard · Q2 FY27 call

What Welspun Corp Ltd's management guided
and where it ranks in Industrial Products

Revenue10–20%MarginsFlatCapexNone plannedFundraisingNone plannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Welspun expects long-term structural demand growth for line pipe products over the next 5 to 7 years, driven by projects like data centers, LNG export, and Middle East pipelines.
  • Current portfolio split is approximately 75% LNG/export and 25% data centers, with anticipated increase in data center share over time.
  • Indian domestic demand, especially for DI pipes, is muted due to funding constraints; focus is shifting towards exports and pig iron to maintain margins.
  • U.S. and Saudi capacity expansions are largely complete; no major new capacity additions planned, focusing on optimizing existing capacities.
  • The company will prioritize margin improvement over volume/quarterly growth and prefers year-on-year evaluation due to project-based, cyclical business nature.

2 more points from Welspun Corp Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Welspun Corp Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

None planned
  • Current capex primarily ongoing in Saudi and U.S. businesses, around 60-65% completed; remaining to be exhausted within the current fiscal year (FY27).
  • No additional incremental capex planned beyond the announced capex at this point.
  • Focus on maximizing benefit and mileage from ongoing capex before considering new investments.
  • Strategic equity investment in a third-party company at Indian premises for manufacturing GGBS (Ground Granulated Blast Furnace Slag) to convert waste to wealth with no capital investment by Welspun.

2 more points from Welspun Corp Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

None planned

See what Welspun Corp Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Current order book: Approximately INR 24,750 crores (~$2.7 billion), heavily weighted towards the U.S. market.
  • Order book provides clear visibility for the next 10-12 quarters (about 2-3 years).
  • Order backlog mostly covers FY27 and FY28, with some early engagements and discussions underway for FY29.
  • FY29 opportunities are emerging with multiple midstream companies, but visibility is still developing.
  • Order split in the U.S.: Approximately 75-80% toward Gulf Coast LNG export projects; 20-25% related to data center demand, with data center share expected to grow over time.

2 more points from Welspun Corp Ltd's call on the order book

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Full Q1 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Welspun Corp Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Welspun Corp Ltd announcements

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Financials of Welspun Corp Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Welspun Corp Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +49.96%50.14%50.03%50.00%50.00%50.00%49.84%49.77%49.73%49.73%49.73%47.46%
FIIs +10.56%10.70%10.51%11.65%11.71%12.18%12.13%11.79%11.45%11.23%14.61%23.09%
DIIs +11.23%11.99%9.74%11.41%20.19%20.50%20.72%20.89%20.55%21.49%19.96%16.37%
Public +28.22%27.13%29.67%26.90%18.06%17.28%17.26%17.52%18.26%17.52%15.68%13.05%
Others +0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%
No. of Shareholders99,2841,19,4661,23,4911,16,4851,17,3681,28,4711,28,4661,31,0261,31,3261,22,3381,38,9391,71,689

Financials of Welspun Corp Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +4,0594,7504,4613,1373,3023,6143,9253,5514,3744,5324,3134,0814,644
Expenses +3,6604,2874,1312,7632,9023,1793,4653,0263,7833,9173,8093,3893,917
Operating Profit400463330374400434460525591616504692727
OPM %10%10%7%12%12%12%12%15%14%14%12%17%16%
Other Income +22762178831254875708413112014268597
Interest75627566838288634951494538
Depreciation8690878589908785849393125129
Profit before tax4663733473053527498554615885935041,207656
Tax %17%21%17%19%20%10%18%24%25%23%26%13%24%
Net Profit +3872942872482836726993494444563711,048495
EPS in Rs14.7011.1510.249.4610.9425.7226.6213.3116.6817.1614.0439.6718.90

Financials of Welspun Corp Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +8,4507,2365,8996,3478,9539,9577,1536,5059,75817,34013,97816,77017,570
Expenses +7,5956,4495,3805,8748,3108,7566,3576,0329,26415,77812,29314,53415,031
Operating Profit8557875194736441,2017954734941,5611,6842,2362,539
OPM %10%11%9%7%7%12%11%7%5%9%12%13%14%
Other Income +9699139128-1062436185443865041,2484781,044
Interest28324123617017714485102243304320212183
Depreciation436386386258260233246255303348351355440
Profit before tax231258361731011,0671,0826613341,4132,2622,1472,960
Tax %8%31%72%12%122%39%24%33%40%20%16%25%
Net Profit +21417910153-226548274441991,1361,9021,6202,371
EPS in Rs2.625.721.005.97-0.5024.3629.4216.827.9042.4472.7361.1589.77
Dividend Payout %19%9%50%8%-100%43%17%30%63%12%7%8%

Financials of Welspun Corp Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital132133133133133130130130131131131132132
Reserves2,6672,6662,6772,7212,6653,0853,9524,2984,5825,4677,3139,02410,493
Borrowings +3,0212,6441,8431,3861,3051,0611,0212,0573,3811,9671,1222,3551,085
Other Liabilities +3,9983,1953,5953,4524,0973,6672,5882,6847,1804,2496,6358,88911,498
Total Liabilities9,8188,6378,2477,6938,2007,9437,6929,16915,27411,81315,20120,40023,207
Fixed Assets +4,6623,7303,3563,0461,5671,6172,5992,4334,9104,8004,7076,5366,672
CWIP8034321747831471,26187877871,2412,421
Investments8051,0177254884767841,7132,3071,5371,1001,4021,8641,300
Other Assets +4,2713,8554,1344,1436,1105,4603,2333,1688,7405,8278,30610,75912,815
Total Assets9,8188,6378,2477,6938,2007,9437,6929,16915,27411,81315,20120,40023,207

Financials of Welspun Corp Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +901354403981623648774218-1851,3061,5043,204
Cash from Investing Activity +338-326618184-255-49-848-201-348373194-3,714
Cash from Financing Activity +-1,106-99-979-761-335-743-198453909-1,877-1,369875
Net Cash Flow133-714240533-144-271470376-198328365
Free Cash Flow812122322933565474518-757-1,2351,022690715
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit108%60%69%200%110%77%118%78%-13%96%109%157%

Financials of Welspun Corp Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days497191764842344643384637
Inventory Days138107159125129127937828670173166
Days Payable1541321981779281557513068133118
Cash Conversion Cycle3345522486887248199408785
Working Capital Days1853322493936-47-26128-23
ROCE %8%8%5%7%12%30%20%13%6%20%21%23%

Guidance history

How Welspun Corp Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatNone plannedNone planned—
Q4 FY26 call →20–40%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →20–40%FlatPlannedNone plannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

97out of 100

Momentum score · price trend

97 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+175.5%97%
Last 6 months+97.3%96%
Last 3 months+51.0%96%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Welspun Corp Ltd: 0.4 × 97 + 0.4 × 96 + 0.2 × 96 = 97.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Welspun Corp Ltd's management said in earlier quarters

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