Welspun Corp Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.05x)
- Operating margins have improved to 12.2% from 9.1%
- Company comfortably covers its interest (12.9x coverage)
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 47.7% versus prior year
- Valuation is stretched - P/E of 78.7 is well above its own 5-year median (27.1)
- Company has delivered a poor profit growth of -0.2% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (13.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1310.35 | 12.93 | 320440.06 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 188.55 | 21.33 | 235375.56 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 186.25 | 18.01 | 76931.03 | 1.26 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2607.95 | 29.79 | 68795.28 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 782.80 | 19.87 | 64535.57 | 0.51 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2167.50 | 48.97 | 60182.46 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1073.35 | 26.68 | 29960.62 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| RATNAMANI | 2862.55 | 46.35 | 20064.19 | 0.35 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| SARDAEN | 546.75 | 17.05 | 19266.45 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 253.20 | 21.14 | 17046.41 | 0.39 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| USHAMART | 498.25 | 29.95 | 15183.77 | 0.75 | 142.04 | 40.90 | 1033.00 | 16.44 | 20.17 | 20.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,103 | 1,778 | 2,323 | 2,877 | 2,073 | 2,033 | 2,449 | 2,281 | 1,828 | 1,822 | 2,378 | 2,270 | 1,567 | |
| 1,928 | 1,708 | 2,214 | 2,742 | 1,866 | 1,841 | 2,181 | 2,038 | 1,592 | 1,634 | 2,113 | 1,936 | 1,449 | |
| Operating Profit | 175 | 70 | 109 | 135 | 207 | 191 | 268 | 244 | 236 | 188 | 265 | 334 | 118 |
| OPM % | 8.31% | 3.93% | 4.70% | 4.70% | 9.97% | 9.42% | 10.94% | 10.68% | 12.93% | 10.33% | 11.14% | 14.71% | 7.53% |
| 47 | 242 | 9 | 179 | 33 | 51 | 32 | 414 | 159 | 322 | 13 | 23 | 38 | |
| Interest | 67 | 52 | 43 | 44 | 43 | 52 | 48 | 49 | 30 | 27 | 28 | 23 | 15 |
| Depreciation | 38 | 40 | 43 | 43 | 44 | 44 | 43 | 42 | 39 | 37 | 37 | 37 | 41 |
| Profit before Tax | 116 | 220 | 32 | 227 | 153 | 145 | 210 | 566 | 326 | 445 | 213 | 297 | 156 |
| Tax % | 25.06% | 18.93% | 31.36% | 16.87% | 25.70% | 25.49% | 25.64% | 18.06% | 21.75% | 17.87% | 24.45% | 22.03% | 25.95% |
| Net Profit | 87 | 178 | 22 | 189 | 114 | 108 | 156 | 464 | 255 | 366 | 161 | 232 | 116 |
| 3.34 | 6.82 | 0.84 | 7.21 | 4.34 | 4.14 | 5.94 | 17.69 | 9.68 | 13.89 | 6.11 | 8.79 | 4.39 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,346 | 4,020 | 4,136 | 4,253 | 5,285 | 5,288 | 7,731 | 9,082 | 8,835 | 8,299 | 8,038 | |
| 3,844 | 3,673 | 4,205 | 3,968 | 4,681 | 4,994 | 7,328 | 8,602 | 7,932 | 7,290 | 7,133 | |
| Operating Profit | 502 | 347 | -68 | 285 | 604 | 294 | 403 | 480 | 903 | 1,010 | 905 |
| OPM % | 11.56% | 8.62% | -1.65% | 6.70% | 11.43% | 5.57% | 5.21% | 5.28% | 10.23% | 12.17% | 11.26% |
| 213 | 128 | 126 | 402 | 874 | 493 | 300 | 486 | 536 | 530 | 396 | |
| Interest | 207 | 131 | 118 | 111 | 58 | 77 | 194 | 205 | 192 | 108 | 92 |
| Depreciation | 244 | 116 | 113 | 123 | 110 | 115 | 138 | 165 | 173 | 151 | 152 |
| Profit before Tax | 264 | 228 | -174 | 452 | 1,310 | 595 | 371 | 596 | 1,074 | 1,282 | 1,112 |
| Tax % | 33.81% | 34.74% | -12.69% | 32.28% | 21.77% | 18.35% | 25.29% | 20.01% | 21.63% | 20.91% | 21.38% |
| Net Profit | 175 | 148 | -196 | 306 | 1,025 | 486 | 277 | 476 | 842 | 1,014 | 875 |
| EPS | 6.58 | 4.74 | -10.45 | 10.15 | 38.92 | 18.57 | 10.58 | 18.20 | 32.08 | 38.42 | — |
| Dividend Payout % | 7.60% | 8.93% | -6.78% | 89.46% | 12.72% | 26.86% | 47.18% | 27.47% | 15.58% | 13.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 0%
- 3 Years:
- 54%
STOCK PRICE CAGR
- 10 Years:
- 43%
- 5 Years:
- 86%
- 3 Years:
- 93%
- 1 Year:
- 214%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 17%
- 3 Years:
- 19%
- Last Year:
- 22%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 133 | 133 | 133 | 130 | 130 | 130 | 131 | 131 | 131 | 132 |
| 1,677 | 1,783 | 1,500 | 1,421 | 2,565 | 2,914 | 3,063 | 3,413 | 4,133 | 5,017 | |
| 1,751 | 971 | 844 | 899 | 977 | 1,403 | 2,288 | 1,281 | 526 | 609 | |
| Trade Payables | 1,934 | 1,828 | 1,015 | 749 | 486 | 967 | 1,355 | 1,667 | 1,808 | 1,516 |
| 841 | 881 | 909 | 1,738 | 1,162 | 1,136 | 1,606 | 1,343 | 1,663 | 2,046 | |
| Total Liabilities | 6,337 | 5,596 | 4,401 | 4,938 | 5,320 | 6,551 | 8,443 | 7,834 | 8,262 | 9,321 |
| 2,370 | 2,197 | 768 | 810 | 1,079 | 992 | 2,270 | 2,241 | 2,092 | 2,250 | |
| Capital Work in Progress | 24 | 12 | 40 | 67 | 10 | 4 | 55 | 18 | 35 | 26 |
| 738 | 567 | 616 | 506 | 1,723 | 2,746 | 1,956 | 1,472 | 1,951 | 2,835 | |
| 1,327 | 1,020 | 301 | 1,387 | 552 | 790 | 1,915 | 1,373 | 1,836 | 1,702 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,651 | 1,311 | 1,422 | |
| Cash & Bank | 115 | 196 | 172 | 163 | 122 | 375 | 578 | 341 | 339 | 183 |
| 1,762 | 1,604 | 2,505 | 2,005 | 1,833 | 1,643 | 1,670 | 737 | 698 | 903 | |
| Total Assets | 6,337 | 5,596 | 4,401 | 4,938 | 5,320 | 6,551 | 8,443 | 7,834 | 8,262 | 9,321 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 233 | 749 | 256 | 84 | 527 | 311 | -364 | 638 | 1,001 | 806 | |
| Cash from Investing | 350 | 188 | -236 | 359 | -198 | -163 | -27 | 726 | 122 | -733 |
| Cash from Financing | -594 | -902 | -39 | -374 | -197 | 235 | 593 | -1,546 | -1,155 | -236 |
| 22 | 78 | -23 | 1 | -17 | 265 | 127 | -183 | -31 | -164 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Welspun Corp Limited has informed the Exchange about General Updates
2026-08-31 - Welspun Corp Limited has informed the Exchange about General Updates
2026-08-31 - Welspun Corp Limited has informed the Exchange regarding Update on incorporation of an Associate Company
2026-08-27 - Newspaper Advertisement regarding Special Window for Re-lodgement of Transfer of Physical Shares
2026-08-21 - Welspun Corp Limited has informed the Exchange about Schedule of meet
2026-08-20 - Welspun Corp Limited has informed the Exchange about Bagging/Receiving of orders/contracts - Welspun Corp Secures Largest-Ever Single Order in Company History Valued at approx USD 1.8 Billion (approx. Rs. 17,200 Crore) for Supply of Pipes from its USA Manufacturing Facility
2026-08-07 - Welspun Corp Limited has informed the Exchange about Schedule of meet
2026-08-05 - Welspun Corp Limited has informed the Exchange about Credit Rating
2026-07-31 - Welspun Corp Limited has informed the Exchange about Update on Acquisition of additional 51% equity stake in Welspun Captive Power Generation Limited.
News
Recent coverage and analyst commentary for WELCORP
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