Welspun Enterprises Ltd

- During the quarter, Welspun Enterprises issued warrants worth INR1,000 crores at an issue price of INR525 per share. - INR250 crores were received upfront and invested in mutual funds; the balance amount is expected to be converted over the next 18 months. - Approximately INR800 crores of debt is expected to be moved off the balance sheet, significantly strengthening financial position, indicating some debt reduction or refinancing. - No specific mention of new debt fundraising was stated, but the company is actively managing its capital structure through warrant issuance and debt reduction.

- Welspun Enterprises is leveraging existing NOC infrastructure for oil and gas blocks, focusing on shared facilities rather than new offshore assets or pipelines to optimize capital efficiency and speed development. - Pune-Shirur Road project is a marquee upcoming investment with an estimated capital outlay of approximately INR7,300 crores for a 54-km 6-lane highway including 36 km elevated corridor; LOA expected shortly. - Digital transformation initiatives include significant investments in SAP S/4HANA RISE ERP implementation, digitization of supply chain, project management dashboards, building information modeling, and an e-governance solution pilot. - Discussions with ONGC and other agencies aim to finalize field development plans in oil and gas blocks within 1-2 months to optimize production and economics. - Asset monetization strategy in progress, expecting completion by Q1 or Q2 FY '27, which may impact capital deployment plans.

- FY '26 consolidated revenue guidance revised to INR 3,600-3,700 crores due to project delays and extended monsoon. - FY '27 expected to see a revenue growth of around 20%, driven by order book execution and new project awards. - Steady-state growth rate aimed at approximately 15% annually in the medium term. - Strong order book of around INR 15,000 crores expected to cross INR 20,000 crores with addition of Pune-Shirur project. - Execution spike anticipated in Q4 FY '26 with INR 1,200 crores revenue expected. - Water business order book at INR 11,000 crores with ongoing execution and opportunities in treatment and transmission. - Long-term visibility from O&M contracts (INR 5,400 crores), contributing stable recurring revenues over 15 years. - Target sectors: Water (treatment and transmission), Tunnelling, and Transport verticals; no immediate diversification planned.

- FY '27 is expected to see around 20% revenue growth, rebounding from FY '26's shortfall. - EBITDA margins are targeted to sustain around 18-19% long-term, with current levels near 23%. - Steady-state EBITDA margins expected to be stable given conservative accounting and contingency management. - PAT excluding the recent exceptional write-offs showed 12% YOY growth over nine months. - Revenue recovery anticipated due to strong order book (INR15,000+ crores) and new project awards like Pune-Shirur. - Operational efficiency and cost discipline have led to improved margins even in lower revenue quarters. - O&M segment expected to contribute around INR200 crores annually with stable margins over 15 years. - Focus remains on creating long-term stakeholder value with improved returns on equity and capital employed. - No further significant write-offs expected in oil and gas blocks currently under development.

- Current consolidated order book stands at approximately INR 15,000 crores (Page 3). - The order book includes O&M contracts worth around INR 5,400 crores, providing stable long-term cash flows (Page 3). - Pune-Shirur Road BOT project, where Welspun Enterprises is L1, is not yet included in the current order book but expected to add shortly; with this, FY '26 order book expected to cross INR 20,000 crores (Pages 4, 8). - Water vertical order book stands at approximately INR 11,000 crores (Page 4). - Approximately INR 600 crores order book in Jal Jeevan Mission (JJM) primarily from UP (Page 8). - Strong bid pipeline in water treatment and transmission constitutes about INR 3 lakh crores medium-term opportunity (Page 9). - Delays in statutory clearances and project awards have impacted order execution timing but order book remains strong (Pages 7-9).