Welspun Corp Ltd.

•

welspuncorp.comBSE: 532144NSE: WELCORP

Market Cap₹ 70,597 Cr.

Current Price

High / Low₹ 2,785 / 710

Stock P/E80.7

Book Value₹ 200

Price to Book4.17

Dividend Yield0.19 %

ROCE27.0 %

ROE21.5 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

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 80.7 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

Capital GoodsIron & SteelSteel & Iron Products

Part ofNIFTY500MOMENTM50 NIFTY TOTAL MKT NIFTY METAL NIFTY SMLCAP 50 NIFTY 500

S.No.	Name
1.	JSWSTEEL	1267.50	12.51	309961.29	0.56	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	182.85	20.69	228259.99	2.19	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	179.00	17.31	73936.40	1.31	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2676.25	30.57	70596.97	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	755.20	19.16	62260.17	0.53	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2153.00	48.64	59779.85	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1074.35	26.70	29988.53	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.15	45.47	19682.88	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	524.75	16.37	18491.21	0.38	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	244.50	20.41	16460.69	0.41	222.37	2.75	1750.47	32.29	20.20	19.36
12.	USHAMART	494.15	29.70	15058.83	0.76	142.04	40.90	1033.00	16.44	20.17	20.62

Detailed Comparison with:

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:: 85%
3 Years:: 96%
1 Year:: 208%

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.03	50.01	50.01	50.01	49.84	49.77	49.73	49.73	49.73
	10.51	11.65	11.71	12.18	12.13	11.79	11.45	11.23	14.61
	9.74	11.41	14.10	14.31	14.50	14.66	14.40	15.04	14.65
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	29.71	26.94	24.18	23.51	23.52	23.79	24.43	23.99	21.01

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

General Updates

2026-09-11 - Welspun Corp Limited has informed the Exchange about Incorporation of a new step-down wholly owned subsidiary

2026-09-01

General Updates

2026-09-01 - Welspun Corp Limited has informed the Exchange about General Updates

2026-08-31

General Updates

2026-08-31 - Welspun Corp Limited has informed the Exchange about General Updates

2026-08-31

General Updates

2026-08-31 - Welspun Corp Limited has informed the Exchange regarding Update on incorporation of an Associate Company

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Newspaper Advertisement regarding Special Window for Re-lodgement of Transfer of Physical Shares

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Welspun Corp Limited has informed the Exchange about Schedule of meet

2026-08-20

Bagging/Receiving of orders/contracts

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Welspun Corp Limited has informed the Exchange about Schedule of meet

2026-08-05

Credit Rating

2026-08-05 - Welspun Corp Limited has informed the Exchange about Credit Rating

News

Recent coverage and analyst commentary for WELCORP

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Welspun Corp Ltd.

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Free 5nance Account

Name

JSWSTEEL

1267.50

12.51

309961.29

0.56

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

182.85

20.69

228259.99

2.19

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

179.00

17.31

73936.40

1.31

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2676.25

30.57

70596.97

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

755.20

19.16

62260.17

0.53

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2153.00

48.64

59779.85

0.39

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1074.35

26.70

29988.53

0.42

3507.30

1106.63

54550.90

1133.35

13.88

14.03

JINDALSAW

311.85

30.52

19943.06

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2808.15

45.47

19682.88

0.36

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

524.75

16.37

18491.21

0.38

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

244.50

20.41

16460.69

0.41

222.37

2.75

1750.47

32.29

20.20

19.36

USHAMART

494.15

29.70

15058.83

0.76

142.04

40.90

1033.00

16.44

20.17

20.62

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

109

135

207

191

268

244

236

188

265

334

118

OPM %

8.31%

3.93%

4.70%

9.97%

9.42%

10.94%

10.68%

12.93%

10.33%

11.14%

14.71%

7.53%

242

179

414

159

322

Interest

Depreciation

Profit before Tax

116

220

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

178

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

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

194

205

192

108

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

133

130

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

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

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

233

749

256

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

-23

-17

265

127

-183

-31

-164

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

50.03

50.01

49.84

49.77

49.73

10.51

11.65

11.71

12.18

12.13

11.79

11.45

11.23

14.61

9.74

11.41

14.10

14.31

14.50

14.66

14.40

15.04

14.65

Government

0.00

29.71

26.94

24.18

23.51

23.52

23.79

24.43

23.99

21.01

Welspun Corp Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Welspun Corp Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI