Welspun Enterprises Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,912 Cr
- P/E
- 25.15
- ROE
- 13.62%
- PEG
- 2.13
- Price to sales
- 2.51
- Debt to equity
- 0.65
- 52W high / low
- ₹823 / ₹416
- Sales growth (5Y)
- 18.77%
- EBITDA margin
- 20.19%
- Net profit margin
- 11.80%
- Promoter holding
- 56.13%
- Sales (last year)
- ₹3,544 Cr
Welspun Enterprises Limited (WEL) , formerly known as Welspun Projects Ltd., is a part of the USD 2.7 billion Welspun Group. The Company operates in the infrastructure space with investments in oil & gas.
Guidance scorecard · Q1 FY27 call
What Welspun Enterprises Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ1 FY27 call
10–20%- Welspun Enterprises is confident of delivering growth in FY27, targeting around 15% growth, closer to 15% than 20%, dependent on external factors like commodity availability and geopolitical environment.
- Order book is healthy, providing revenue visibility for 3 to 3.5 years, supporting growth confidence.
- Despite short-term execution challenges, the company expects to be in a growth phase overall for FY27.
- Internal growth rates targeted for Welspun Michigan Engineers Limited (WMEL) are 15% to 20%.
- Company sees long-term growth potential from water treatment projects, Smart Ops platform, and urban infrastructure solutions.
2 more points from Welspun Enterprises Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Welspun Enterprises Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Welspun Enterprises is progressing on the Dharavi Wastewater Treatment Facility (418 MLD), expected to commission by July 2027, entering a 15-year O&M phase for stable revenue.
- The Bhandup 2,000 MLD Water Treatment Plant is under construction with full mobilization of civil contractors; execution is gaining pace.
- The Panjrapur 910 MLD Water Treatment Plant has begun execution after securing the project in December 2025, with all key statutory approvals in place.
- Welspun Michigan Engineers Limited (subsidiary) is advancing technology-led infrastructure projects in tunneling, pumping stations, and rehabilitation, with an order book of INR2,135 crores as of June 30, 2026.
- Implementation of supply chain management Source-to-Pay (S2P) platform expected to go live in Q3 FY27.
2 more points from Welspun Enterprises Ltd's call on capex
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FundraisingQ1 FY27 call
See what Welspun Enterprises Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- As of June 30, 2026, Welspun Enterprises' consolidated order book stands at over INR 18,700 crores, diversified across water, transportation, and tunneling segments.
- Welspun Michigan Engineers Limited (WMEL), a subsidiary, has an order book of INR 2,135 crores, well diversified across tunnels, pumping stations, and rehabilitation projects.
- The company expects to add INR 8,000 to INR 10,000 crores of orders in FY27, albeit with some expected shifts towards H2 FY27.
- Current execution includes 3 segmental tunnel boring machine projects and a micro tunneling project in Mumbai, on track for FY27 completion.
- The Pune-Shirur Road project has its appointed date expected in Q3 FY27, with preconstruction activities progressing.
2 more points from Welspun Enterprises Ltd's call on the order book
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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 Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of Welspun Enterprises Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Welspun Enterprises Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 845 | 699 | 646 | 707 | 821 | 930 | 815 | 896 | 1,054 | 845 | 784 | 787 | 1,199 |
| Expenses + | 750 | 594 | 563 | 581 | 710 | 767 | 688 | 739 | 871 | 664 | 612 | 633 | 961 |
| Operating Profit | 95 | 105 | 83 | 126 | 111 | 163 | 127 | 157 | 183 | 181 | 172 | 154 | 239 |
| OPM % | 11% | 15% | 13% | 18% | 14% | 18% | 16% | 18% | 17% | 21% | 22% | 20% | 20% |
| Other Income + | 117 | 51 | 44 | 29 | 38 | 23 | 11 | 17 | 17 | 13 | 22 | -32 | 32 |
| Interest | 37 | 27 | 27 | 28 | 28 | 30 | 34 | 50 | 44 | 42 | 53 | 52 | 53 |
| Depreciation | 4 | 3 | 6 | 9 | 9 | 9 | 14 | 14 | 15 | 11 | 13 | 13 | 13 |
| Profit before tax | 172 | 126 | 94 | 118 | 112 | 148 | 90 | 111 | 142 | 141 | 128 | 58 | 205 |
| Tax % | 17% | 26% | 26% | 32% | 31% | 26% | 32% | 30% | 26% | 28% | 23% | 47% | 21% |
| Net Profit + | 142 | 93 | 69 | 80 | 78 | 110 | 62 | 77 | 105 | 101 | 98 | 31 | 163 |
| EPS in Rs | 9.43 | 6.63 | 4.48 | 5.17 | 5.04 | 7.08 | 4.23 | 5.16 | 6.83 | 6.56 | 6.53 | 1.74 | 10.45 |
Financials of Welspun Enterprises Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 826 | 189 | 305 | 1,067 | 1,787 | 1,808 | 1,530 | 1,342 | 2,758 | 2,874 | 3,584 | 3,615 |
| Expenses + | 826 | 236 | 337 | 990 | 1,608 | 1,617 | 1,365 | 1,195 | 2,511 | 2,447 | 3,064 | 2,869 |
| Operating Profit | -1 | -47 | -32 | 77 | 179 | 191 | 164 | 147 | 247 | 427 | 520 | 746 |
| OPM % | -0% | -25% | -10% | 7% | 10% | 11% | 11% | 11% | 9% | 15% | 15% | 21% |
| Other Income + | 238 | 83 | 78 | 95 | 93 | 112 | 142 | 103 | 668 | 160 | 179 | 35 |
| Interest | 138 | 13 | 10 | 33 | 54 | 77 | 110 | 83 | 119 | 110 | 158 | 198 |
| Depreciation | 88 | 27 | 21 | 24 | 11 | 23 | 16 | 16 | 13 | 28 | 51 | 51 |
| Profit before tax | 11 | -4 | 15 | 116 | 207 | 203 | 180 | 152 | 783 | 449 | 490 | 532 |
| Tax % | 94% | -116% | 67% | 40% | 39% | 25% | 28% | 17% | 7% | 29% | 28% | 26% |
| Net Profit + | 1 | 1 | 5 | 69 | 127 | 151 | 130 | 126 | 726 | 319 | 354 | 393 |
| EPS in Rs | 0.17 | 0.04 | 0.34 | 4.71 | 8.56 | 10.03 | 8.66 | 8.33 | 48.19 | 21.32 | 23.30 | 25.28 |
| Dividend Payout % | 0% | 0% | 223% | 32% | 23% | 20% | 17% | 18% | 18% | 14% | 13% | 12% |
Financials of Welspun Enterprises Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 173 | 174 | 147 | 148 | 148 | 148 | 149 | 150 | 150 | 137 | 137 | 136 |
| Reserves | 1,342 | 1,247 | 1,111 | 1,191 | 1,306 | 1,431 | 1,536 | 1,641 | 2,206 | 2,187 | 2,403 | 2,908 |
| Borrowings + | 447 | 94 | 150 | 460 | 592 | 812 | 2,237 | 2,526 | 764 | 762 | 1,499 | 1,987 |
| Other Liabilities + | 155 | 101 | 212 | 401 | 844 | 725 | 861 | 1,571 | 1,981 | 1,847 | 1,992 | 2,299 |
| Total Liabilities | 2,118 | 1,616 | 1,621 | 2,199 | 2,890 | 3,116 | 4,783 | 5,888 | 5,100 | 4,932 | 6,031 | 7,329 |
| Fixed Assets + | 501 | 169 | 110 | 27 | 80 | 107 | 103 | 1,871 | 70 | 289 | 303 | 289 |
| CWIP | 215 | 64 | 64 | 64 | 120 | 64 | 1,403 | 64 | 7 | 7 | 9 | 7 |
| Investments | 954 | 1,110 | 801 | 1,118 | 933 | 948 | 804 | 812 | 1,558 | 765 | 763 | 1,650 |
| Other Assets + | 447 | 273 | 645 | 990 | 1,756 | 1,998 | 2,473 | 3,141 | 3,466 | 3,871 | 4,956 | 5,384 |
| Total Assets | 2,118 | 1,616 | 1,621 | 2,199 | 2,890 | 3,116 | 4,783 | 5,888 | 5,100 | 4,932 | 6,031 | 7,329 |
Financials of Welspun Enterprises Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -10 | -17 | -24 | -287 | -116 | -58 | 9 | 287 | 345 | -344 | -273 | 112 |
| Cash from Investing Activity + | 691 | 161 | 327 | -250 | -139 | -50 | -918 | -487 | 1,197 | -57 | -17 | -877 |
| Cash from Financing Activity + | -102 | -36 | -122 | 268 | 53 | 106 | 753 | 125 | -204 | -486 | 536 | 426 |
| Net Cash Flow | 580 | 108 | 181 | -270 | -202 | -2 | -156 | -75 | 1,338 | -888 | 246 | -338 |
| Free Cash Flow | -153 | -14 | -22 | -290 | -211 | -56 | -739 | -146 | 215 | -394 | -324 | 79 |
| CFO/OP | 1,603% | 41% | 50% | -312% | -23% | 5% | 25% | 218% | 171% | -52% | -26% | 35% |
Financials of Welspun Enterprises Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 72 | 23 | 12 | 57 | 38 | 32 | 37 | 43 | 58 | 26 | 56 |
| Inventory Days | 2 | 10 | 16 | 81 | 121 | 94 | 101 | |||||
| Days Payable | 12 | 78 | 344 | 451 | 516 | 487 | 575 | |||||
| Cash Conversion Cycle | 5 | 4 | -306 | 12 | 57 | 38 | 32 | 37 | -327 | -337 | -368 | -418 |
| Working Capital Days | -21 | 130 | -122 | 4 | 4 | -29 | -13 | -80 | -38 | 54 | 39 | 182 |
| ROCE % | -1% | 1% | 3% | 11% | 13% | 12% | 9% | 5% | 10% | 18% | 18% | 17% |
Guidance history
How Welspun Enterprises Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
37 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +14.4% | 71% |
| Last 6 months | +23.0% | 76% |
| Last 3 months | +9.2% | 78% |
The price is 22% below its all-time high of ₹825.8 (18 Sept 2026). Stocks more than 20% below their peak have their score halved, so 74 became 37.
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 Enterprises Ltd: 0.4 × 71 + 0.4 × 76 + 0.2 × 78 = 74, halved to 37 because the price is more than 20% below its all-time high.
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 Enterprises Ltd's management said in earlier quarters
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