Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Welspun Corp Ltd.
NSE: WELCORPBasic MaterialsSteel
- Last close
- ₹2,388.70
- Day change
- −₹55.50 (−2.27%)vs
- Market cap
- ₹67,656 crIndian rupees
- Research updated
- 3 reports
Follow Welspun Corp
Create an account, then follow this company for weekday briefs. You will return to Welspun Corp after signing in.
About Welspun Corp
Welspun Corp Ltd. is an Indian multinational company specializing in the manufacturing of large diameter pipes. Its primary function is to produce high-quality steel pipes that cater to the demands of water and energy industries across the globe. Welspun Corp's products are widely utilized in the oil and gas sector, notably for the transportation of oil and gas through pipelines, and in the water industry for water supply and irrigation projects. The company operates several state-of-the-art manufacturing facilities, both in India and overseas, enabling it to serve international markets effectively. Due to its significant role in infrastructure development, Welspun Corp is a vital component of industrial and utility sectors. Over the years, it has gained a reputation for adhering to stringent quality standards, making it a trusted supplier for major projects across continents. Its influence on sectors such as energy and water management highlights Welspun Corp's critical position in supporting global economic infrastructure.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: WELCORP
- Next results
- Chief executive
- Mr. Vipul Shiv Sahai Mathur
- Employees
- 9,300
- Headquarters
- Mumbai, India
- ISIN
- INE191B01025
- Website
- welspuncorp.com
Public research · Report of
Business model & financial foundation
Welspun Corp (NSE: WELCORP), Steel pipes - large-diameter welded line pipes, ductile iron pipes, TMT bars, stainless steel, plastic water products: revenue of ₹16,770 crore in FY26 (+20.0% on FY25), an EBITDA margin of 13.3%, net profit of ₹1,613 crore and net cash of ₹1,627 crore.
- Revenue, FY26 (₹ crore)
- 16,770
- consolidated
- Revenue growth, FY26
- +20.0%
- on FY25
- EBITDA margin, FY26
- 13.3%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,613
- to owners
- Return on equity, FY26
- 18.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,627
- Company reported net debt/(cash), including investments
- Market capitalisation (₹ crore)
- 73,676
- at the close of 21 Oct 2026
Company profile
Welspun Corp is one of the world's largest makers of large-diameter welded line pipes, with plants in India (Anjar, Bhopal), the US (Little Rock) and Saudi Arabia (via subsidiary and the EPIC associate). It sells line pipes to oil, gas and water pipeline projects, and in India also ductile iron pipes, TMT bars, stainless steel (Welspun Specialty) and Sintex plastic products. The US business, booked through FY28 on LNG and data-centre gas demand, is the profit engine.
| Item | Value |
|---|---|
| Legal name | Welspun Corp Limited (formerly Welspun Gujarat Stahl Rohren Limited) |
| Exchange and ticker | NSE: WELCORP; BSE: 532144 |
| ISIN | INE191B01025 |
| Sector | Basic Materials |
| Industry | Steel pipes - large-diameter welded line pipes, ductile iron pipes, TMT bars, stainless steel, plastic water products |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since FY25) |
| Market capitalisation | ₹73,676 crore (21 Oct 2026) |
| Shares outstanding | 26.38 crore shares (FY26) |
| Price | ₹2,566 (close, 21 Oct 2026) |
| 52-week range | ₹710.0 - ₹2,900 (to 21 Oct 2026) |
| Website | https://www.welspuncorp.com |
Corporate structure and shareholding
Parent: Welspun World (promoter group, B.K. Goenka).
| Entity | Holding | Business |
|---|---|---|
| Welspun Tubular LLC (USA) | 100% | US line pipes (HSAW spiral, HFIW/ERW, new LSAW) at Little Rock, Arkansas |
| Welspun DI Pipes Limited | 100% | Ductile iron pipes, Anjar (Gujarat) |
| Anjar TMT Steel Private Limited | 100% | TMT rebars |
| Sintex-BAPL Limited | 100% | Plastic water tanks, pipes (Sintex brand) |
| Welspun Pipes Company LLC (Saudi Arabia) | 100% | Greenfield KSA LSAW 350 ktpa and DI 250 ktpa, commissioning FY27 |
| Welspun Specialty Solutions Limited | 55.17% | Stainless steel bars and pipes (listed subsidiary) |
| East Pipes Integrated Company for Industry (EPIC) | 22% | Associate, Saudi pipe maker listed on Tadawul (1321); 26.5% at 31 Mar 2026, ~22% after Q1 FY27 partial sale |
| Welspun Global Jordan (WGJ) | 100% | Jordan step-down WOS via WGHL for iron/steel pipes, tubes, line pipe and casting; incorporated 12 Oct 2026. No operating capacity or revenue disclosed. |
EPIC is equity-accounted (share of associates); its orders are not in Welspun's consolidated order book.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 49.73% | 49.73% | 49.73% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 11.45% | 11.23% | 14.61% | |
| Domestic institutions | 20.55% | 21.49% | 19.96% | |
| of which mutual funds | 9.24% | 9.86% | 9.06% | |
| Retail | 18.26% | 17.52% | 15.68% | |
| Other | 0.03% | 0.03% | 0.03% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Welspun Corp converts plate/HRC into LSAW, HSAW and HFIW/ERW line pipe for oil, gas and water infrastructure in India and the US; it also sells DI pipe, TMT, stainless products and Sintex water products. US local manufacturing and the Saudi associate diversify the manufacturing footprint. CARE’s 15 October rationale describes 2.02 mtpa of global line-pipe capacity, 0.6 mtpa DI and 0.35 mtpa TMT capacity; it reports more than half of revenue from oil and gas.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Sintex plastics: water tanks and pipes (management disclosure) | 600.0 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Jindal Saw (JINDALSAW) | Indian SAW line pipes and DI pipes - closest product overlap |
| Man Industries (MANINDS) | Indian LSAW/HSAW line pipe exporter |
| Ratnamani Metals & Tubes (RATNAMANI) | Line pipes and stainless tubes for oil & gas |
| Maharashtra Seamless (MAHSEAMLES) | Oil & gas pipes (seamless and ERW) |
| APL Apollo Tubes (APLAPOLLO) | |
| Electrosteel Castings (ELECTCAST) | Indian DI pipe peer exposed to the same Jal Jeevan Mission slowdown |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,329 | 9,487 | 17,340 | 13,978 | 16,770 |
| Cost of revenue (vendor classification) * | 4,891 | 7,419 | 12,568 | 9,357 | 10,866 |
| Other operating costs (vendor classification) * | 707.8 | 1,132 | 1,996 | 1,708 | 2,065 |
| EBITDA (vendor classification) * | 666.6 | 667.1 | 1,916 | 2,043 | 2,707 |
| EBIT * | 754.6 | 559.6 | 1,709 | 2,573 | 2,352 |
| Finance costs | 94.1 | 225.9 | 304.4 | 319.7 | 212.2 |
| Statutory profit before tax after JVs and one-offs | 660.6 | 333.6 | 1,413 | 2,262 | 2,147 |
| Total income tax expense | 216.4 | 134.5 | 277.5 | 359.6 | 526.0 |
| Profit for the year including NCI | 444.2 | 199.2 | 1,136 | 1,902 | 1,620 |
| Diluted EPS (₹) | 16.77 | 7.89 | 42.32 | 72.44 | 61.20 |
| Materials, traded purchases and inventory changes | 12,100 | 8,870 | 10,258 | ||
| Employee benefits expense | 937.6 | 1,003 | 1,246 | ||
| Other expenses including power, fuel and water | 2,741 | 2,436 | 3,030 | ||
| Operating EBITDA excluding other income | 1,561 | 1,668 | 2,236 | ||
| Other income | 242.5 | 189.8 | 135.3 | ||
| Depreciation and amortisation | 347.9 | 351.1 | 354.6 | ||
| Share of profit of associates and JVs, net | 156.7 | 231.2 | 342.3 | ||
| Exceptional items and separate associate stake-sale gains | 105.2 | 843.5 | 0.00 | ||
| Profit attributable to non-controlling interests, signed | 25.6 | -5.86 | 7.44 | ||
| Profit attributable to owners | 1,110 | 1,908 | 1,613 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 4,528 | 4,844 | 5,734 | 7,729 | 9,406 |
| Gross current and non-current borrowings excluding leases | 1,655 | 3,345 | 1,908 | 923.7 | 2,163 |
| Cash and cash equivalents | 640.2 | 1,016 | 818.7 | 1,147 | 1,513 |
| Net trade receivables | 812.6 | 1,140 | 1,799 | 1,769 | 1,719 |
| Inventories | 1,019 | 5,686 | 2,316 | 4,212 | 4,656 |
| Total trade payables | 984.0 | 2,574 | 2,241 | 3,225 | 3,323 |
| Net property, plant and equipment * | 2,068 | 175.9 | 172.4 | 16.5 | 6,084 |
| Capital work in progress * | 1,344 | 105.1 | 159.7 | 899.1 | 1,556 |
| Total assets * | 9,169 | 15,339 | 11,850 | 15,237 | 20,434 |
| Bank balances other than cash equivalents | 253.0 | 108.2 | 1,459 | ||
| Current investments counted in liquidity | 449.0 | 546.6 | 817.7 | ||
| Company reported net debt/(cash), including investments | 387.0 | -1,049 | -1,627 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 202.0 | -1,557 | 1,306 | 1,504 | 3,204 |
| Free cash flow (vendor definition) * | -760.7 | -1,379 | 1,007 | 651.0 | 672.1 |
| Dividends paid (the provider's sign: an outflow is negative) * | -130.3 | -130.2 | -130.7 | -130.9 | -131.9 |
| Payments for PPE including CWIP and intangibles, negative | -975.4 | -1,050 | -299.0 | -852.7 | -2,532 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued equity shares at period end | 26.09 | 26.13 | 26.17 | 26.23 | 26.38 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,302 | 3,614 | 3,925 | 3,551 | 4,374 | 4,532 | 4,313 | 4,081 |
| Cost of revenue (vendor classification) * | 2,057 | 2,321 | 2,498 | 2,031 | 2,848 | 2,677 | 2,331 | |
| Other operating costs (vendor classification) * | 584.4 | 604.2 | 698.4 | 710.7 | 739.5 | 808.4 | 744.2 | |
| EBITDA (vendor classification) * | 535.6 | 543.8 | 553.3 | 609.0 | 736.2 | 646.0 | 1,377 | |
| EBIT * | 435.5 | 831.7 | 942.8 | 524.2 | 643.6 | 553.0 | 1,252 | |
| Finance costs | 83.5 | 82.3 | 87.5 | 63.2 | 49.4 | 50.7 | 49.0 | 45.2 |
| Statutory profit before tax after JVs and one-offs | 352.0 | 749.4 | 855.2 | 461.1 | 588.5 | 593.0 | 504.0 | 1,207 |
| Total income tax expense | 69.1 | 77.2 | 156.0 | 111.9 | 145.0 | 136.6 | 132.6 | 159.3 |
| Profit for the period including NCI | 283.0 | 672.2 | 699.2 | 349.2 | 443.5 | 456.4 | 371.5 | 1,048 |
| Diluted EPS, not annualised (₹) | 10.94 | 25.60 | 26.50 | 13.29 | 16.68 | 17.16 | 14.04 | 39.65 |
| Materials, traded purchases and inventory changes | 2,057 | 2,321 | 2,498 | 2,031 | 2,702 | 2,848 | 2,677 | 2,331 |
| Employee benefits expense | 260.7 | 254.2 | 268.3 | 285.1 | 309.4 | 329.2 | 322.8 | 313.6 |
| Other expenses including power, fuel and water | 584.4 | 604.2 | 698.4 | 710.7 | 771.2 | 739.5 | 808.4 | 744.2 |
| Operating EBITDA excluding other income | 399.6 | 434.5 | 460.2 | 525.0 | 591.1 | 615.7 | 503.8 | 692.3 |
| Other income | 62.4 | 43.1 | 41.9 | 35.0 | 35.1 | 29.6 | 35.6 | 63.8 |
| Depreciation and amortisation | 89.2 | 90.0 | 87.0 | 84.8 | 84.2 | 92.5 | 93.0 | 124.6 |
| Share of profit of associates and JVs, net | 73.6 | 66.3 | 51.2 | 49.0 | 95.9 | 90.9 | 106.6 | 72.8 |
| Exceptional items and separate associate stake-sale gains | -10.9 | 377.9 | 476.5 | 0.00 | 0.00 | 0.00 | 0.00 | 547.9 |
| Profit attributable to non-controlling interests, signed | -3.99 | -2.51 | 0.88 | -1.26 | 3.83 | 3.77 | 1.10 | 1.39 |
| Profit attributable to owners | 287.0 | 674.7 | 698.3 | 350.4 | 439.7 | 452.6 | 370.4 | 1,046 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -6.8% | 49.9% | 82.8% | -19.4% | 20.0% |
| EBITDA margin | 9.0% | 11.9% | 13.3% | ||
| Net margin | 6.4% | 13.7% | 9.6% | ||
| Return on equity | 21.0% | 28.3% | 18.8% | ||
| Return on capital employed | 13.3% | 7.8% | 21.6% | 31.6% | 23.3% |
| Return on assets | 8.2% | 14.1% | 9.0% | ||
| Net debt (₹ crore) | 387.0 | -1,049 | -1,627 | ||
| Net debt / EBITDA | 0.25x | -0.63x | -0.73x | ||
| Interest cover | 8.02x | 2.48x | 5.62x | 8.05x | 11.1x |
| Asset turnover | 0.75x | 0.77x | 1.28x | 1.03x | 0.94x |
| Receivable days | 47 | 44 | 38 | 46 | 37 |
| Inventory days (on revenue) | 59 | 219 | 49 | 110 | 101 |
| Payable days (on revenue) | 57 | 99 | 47 | 84 | 72 |
| Cash conversion | 1.18x | 0.79x | 1.99x | ||
| Capex intensity | 15.4% | 11.1% | 1.7% | 6.1% | 15.1% |
| Free cash flow (₹ crore) | -773.4 | -2,607 | 1,007 | 651.0 | 672.1 |
| Dividend payout | 11.8% | 6.9% | 8.2% | ||
| EPS, diluted (₹) | 16.77 | 7.89 | 42.32 | 72.44 | 61.20 |
| Book value per share (₹) | 173.5 | 185.4 | 219.2 | 294.6 | 356.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt/(cash), including investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Welspun Corp includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Welspun Corp
- Research reportLatest
- Research report
- Research report
Same sector
More research in Basic Materials
JSW Steel Ltd.
NSE: JSWSTEEL
Basic Materials · Steel
₹1,185.50 last close on 23 Oct 2026 −2.83%Research updated
Asian Paints Ltd.
NSE: ASIANPAINT
Basic Materials · Specialty Chemicals
₹2,307.00 last close on 23 Oct 2026 +0.97%Research updated
Hindustan Zinc Ltd.
NSE: HINDZINC
Basic Materials · Other Industrial Metals & Mining
₹496.00 last close on 23 Oct 2026 −4.25%Research updated
Tata Steel Ltd.
NSE: TATASTEEL
Basic Materials · Steel
₹167.67 last close on 23 Oct 2026 −2.70%Research updated
Hindalco Industries Ltd.
NSE: HINDALCO
Basic Materials · Aluminum
₹869.85 last close on 23 Oct 2026 −1.78%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.