Welspun Enterprises Ltd

- There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript. - The company maintains a strong balance sheet with net cash position of INR988 crores standalone and net debt of INR378 crores consolidated. - Management sees significant upcoming work in Water and Transport verticals and expects to consume cash in these businesses through project execution. - They remain open to acquisitions or mergers if they bring value to stakeholders but no specific fundraising plans are stated. - Overall, the focus is on utilizing internal cash flow and pursuing organic and inorganic growth without indicating any immediate debt or equity raising.

- Equity investment of INR137 crores is planned for HAM projects (Page 16). - No specific mention of other capex amounts, but current investment in HAM is noted. - Management sees significant order awards in Water and Transport verticals, which will likely consume cash (Page 9). - Company is open to acquisitions/mergers if they bring value to stakeholders and align with strategic goals (Page 9). - Focus is on leveraging digital initiatives and technology-driven projects to improve operational efficiency rather than heavy capex (Page 7). - Ongoing investments also include technology adoption like SAP S/4HANA, 3D/4D/5D BIM systems, and Smart Ops platform for wastewater transformation (Pages 7 and 8). - No explicit large-scale capex announced beyond equity investments and technology improvements at this time.

- Revenue guidance for FY '26 is INR4,000 to INR4,100 crores, reflecting about 15% growth over FY '25 (INR3,550 crores). - Strong order book coverage with 93% of FY '26 revenue backed by existing orders. - Expected order inflow of INR10,000 to INR11,000 crores in FY '26, with a healthy bid pipeline of INR12,000 to INR13,000 crores in next 30-45 days. - Growth driven equally by Transport and Water verticals, with tunneling and water segments showing strong momentum. - Michigan operations expected to grow at a higher rate due to a lower base. - Revenues expected to be skewed toward H2 FY '26, with Q1 and Q2 impacted by seasonality and monsoon. - New vertical Smart Ops poised to add around INR80-100 crores in orders in FY '26. - FY '27 growth dependent on timely wins in road and water projects; road projects expected to mature by FY '26 end.

- Revenue guidance for FY '26 is INR4,000 to INR4,100 crores, indicating 12-15% growth over FY '25; management remains confident despite early monsoon impact. - EBITDA margins are expected to be sustainable around the Q1 FY '26 level (~24%), driven by improved technology, operational efficiency, and a balanced business mix (Transport, Tunneling, Water). - Order inflow guidance for FY '26 is INR10,000 to INR11,000 crores, with strong order book in Michigan (~INR2,900 crores) and a robust bid pipeline (INR70,000 to 100,000 crores in next 9 months). - Smart Ops, a new JV under Welspun Michigan, expected to contribute INR80-100 crores order intake in FY '26, adding to future earnings. - Growth in FY '27 likely driven by conversion of new orders, with healthy visibility from existing ones, despite completion of some road projects. - Profitability expected to improve via digital initiatives, technology adoption, and operational efficiencies boosting margins and earnings.

- As of June 30, 2025, the consolidated order book stands at INR 13,665 crores, including INR 11,962 crores for stand-alone and INR 2,805 crores for Welspun Michigan Enterprises Limited (WMEL). - WMEL’s order book includes INR 1,102 crores from the DGT project sourced from Welspun Enterprises Limited (WEL). - The consolidated order book also includes O&M contracts worth INR 4,400 crores. - The company is actively pursuing new projects worth INR 12,000 to INR 13,000 crores expected to be bid within 30 to 45 days. - Expected order inflow guidance for FY '26 is between INR 10,000 crores to INR 11,000 crores. - There is a large opportunity pipeline including NHAI’s INR 3 lakh crores upcoming orders over 8 months, and large water projects in Maharashtra, Madhya Pradesh, and Rajasthan. - Current L1 position includes an INR 1,850 crores contract, though not officially declared due to pending client communication.