Welspun Corp Ltd

- No indication of current or planned fundraising through debt or equity was mentioned in the document. - The company maintains a "very healthy balance sheet" with net debt to EBITDA being "almost negligible" despite ongoing CAPEX. - Their goal is to maintain a net cash position even with significant CAPEX underway. - They are focused on monitoring CAPEX carefully to keep the balance sheet healthy, emphasizing free cash flow generation. - No explicit plans for new borrowings or equity raise were communicated during the call or in the report. - The emphasis is on internal funding of growth through operational cash flows rather than external fundraising.

- Total CAPEX plan of approximately Rs. 5,500 crores spread over 3-4 years starting FY '25. - About Rs. 2,000 crores already spent (close to Rs. 1,000 crores in FY '25 and Rs. 950 crores in H1 FY '26). - Remaining CAPEX of ~Rs. 3,500 crores to be spent mainly during H2 FY '26 and FY '27, with Rs. 1,500 crores planned for H2 FY '26. - Significant investments underway in Saudi Arabia and U.S. projects supporting fast-paced growth. - New longitudinal pipe plant in U.S. under construction; expected commissioning by next year. - DI pipe plant commissioning in Saudi Arabia expected by end of this financial year to reduce import dependence. - Focus on careful CAPEX monitoring to maintain a healthy balance sheet and net cash position despite heavy investments. - India expansion across water and oil & gas sectors continues, backed by strong pipeline orders.

- Welspun aims to maintain ROCE above 23-24%, indicating focus on profitability and efficient capital use (Page 19). - Growth expected across core products and geographies—America, India, and Saudi Arabia offer significant opportunities (Page 19). - Order book robust at Rs. 23,500 crores, inclusive of recent U.S. orders, providing visibility for over two years in the U.S. market and more than a year in others (Pages 3, 17). - CAPEX of Rs. 5,500 crores spread over 3-4 years supports capacity expansion, with accelerated spending planned in H2 FY '26 and FY '27 (Pages 16, 17). - Expansion in U.S. (LSAW and HFIW plants) driven by anticipated long-term demand from sectors like data centers, LNG, and midstream companies (Page 11). - Water sector demand in India and Saudi Arabia expected to revive strongly, aided by government schemes like Nal Se Jal and Amrut 2.0 across all pipe categories—HDP, OPVC, DIP (Pages 16, 8). - Sintex brand building and geographic expansion underway, with long-term growth expected despite near-term market softness (Pages 15, 9). - Indian oil and gas pipe exports poised for growth driven by Middle East and Southeast Asia pipeline projects (Page 8). - Overall, company expects sustained incremental growth in volumes, revenues, and earnings over next 2-3 years (Pages 9, 19).

- Welspun Corp aims to maintain ROCE above 23-24%, reflecting focus on profitability and efficient capital use (Page 19). - The company expects growth driven by strong order books in the U.S., India, and Saudi markets, with visibility of over two years in the U.S. and robust order books in Saudi Arabia (Pages 17, 11). - EBITDA has shown consistent quarter-on-quarter growth; Q2 FY'26 EBITDA was a record Rs. 626 crore, and PAT up 53% Y-o-Y (Page 3). - The company projects growth in revenue, volume, and margins with new capacities coming online next year (Page 11). - Sintex business is expanding with channel and brand building; though growth tempered lately due to market conditions, long-term intrinsic benefits are anticipated (Pages 15-16). - Government spending under Nal Se Jal and Amrut 2.0 schemes is expected to benefit all pipe categories, supporting future profitable growth in water supply sectors (Page 16). - Capex of Rs. 5,500 crore over 3-4 years will enable expansion, with careful balance sheet management to maintain net cash position (Pages 17-19).

- Welspun Corp's consolidated order book stands at a record high of Rs. 23,500 crore (as of October 25, 2025), the highest in the last 10 years. - The order book provides visibility for more than two years for the American market and over one year for other territories including India. - The line pipe order book for India and the U.S. combined is approximately 1.2 million tons, roughly equally split with about 600,000 tons each. - The company has a strong confirmed order book of nearly 300,000 tons for ductile iron (DI) pipes. - The Saudi Arabia subsidiary has an order book exceeding two years, separate disclosures are made for this. - Recent U.S. orders totaling over $715 million reinforce the strong market demand, particularly from midstream companies servicing data centers and LNG export segments. - Overall, the company is confident of sustained growth and improved margins going forward.