Welspun Enterprises Ltd.

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welspunenterprises.comBSE: 532553NSE: WELENT

Market Cap₹ 10,834 Cr.

Current Price

High / Low₹ 825 / 412

Stock P/E35.4

Book Value₹ 208

Price to Book2.02

Dividend Yield0.38 %

ROCE16.4 %

ROE15.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Transport: 39.4% • Water: 34.3% • Tunneling & Rehabilitation: 26.3%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 25.5% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 18.8% CAGR over last 5 years
Operating margins have improved to 20.7% from 14.2%
Company has a consistent dividend-paying track record

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 15.8% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.44x)
Operating cash flow has been negative in recent years
Free cash flow has been persistently negative
Valuation is stretched - P/E of 35.4 is well above its own 5-year median (16.1)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	NCC	141.00	12.65	8852.64	1.56	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	699	646	707	823	930	815	896	1,054	845	784	787	1,199	774
	593	563	580	710	767	688	739	869	663	612	633	960	687
Operating Profit	105	83	126	113	163	127	157	185	182	172	154	239	87
OPM %	15.08%	12.79%	17.87%	13.74%	17.53%	15.61%	17.57%	17.58%	21.56%	21.99%	19.59%	19.95%	11.20%
	51	47	47	44	30	23	23	23	26	19	-29	32	35
Interest	27	27	28	28	30	34	50	44	42	53	52	53	53
Depreciation	3	6	9	9	9	14	14	15	11	13	13	13	11
Profit before Tax	127	97	136	119	154	102	117	150	155	126	60	206	122
Tax %	25.97%	25.61%	27.67%	28.74%	24.54%	27.93%	28.79%	24.46%	25.91%	23.91%	44.50%	20.53%	25.66%
Net Profit	0	0	0	0	110	62	77	105	101	98	31	163	56
	6.65	4.78	6.55	5.67	7.65	5.14	5.64	7.35	7.56	6.43	1.94	10.85	3.43

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	305	1,067	1,787	1,808	1,530	1,342	2,758	2,874	3,695	3,615	3,544
	335	987	1,593	1,598	1,358	1,192	2,511	2,448	3,062	2,867	2,892
Operating Profit	-30	80	193	210	171	150	248	426	633	748	652
OPM %	-9.75%	7.51%	10.82%	11.59%	11.21%	11.18%	8.98%	14.81%	17.13%	20.69%	18.41%
	78	95	93	112	142	57	626	191	98	48	57
Interest	10	33	54	77	110	83	119	110	158	198	210
Depreciation	21	24	11	23	16	16	13	28	51	51	50
Profit before Tax	15	116	207	203	180	105	741	479	520	545	514
Tax %	67.15%	40.01%	38.76%	25.46%	27.57%	24.30%	7.69%	27.10%	26.24%	25.54%	25.39%
Net Profit	5	69	127	151	130	80	684	349	384	406	383
EPS	0.28	4.66	8.53	9.91	8.60	8.33	48.08	21.62	23.59	25.80	—
Dividend Payout %	222.72%	31.87%	23.38%	19.94%	17.31%	18.02%	17.64%	13.88%	12.71%	11.63%	—

COMPOUNDED SALES GROWTH

10 Years:: 34%
5 Years:: 19%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: 89%
5 Years:: 22%
3 Years:: -21%

STOCK PRICE CAGR

10 Years:: 30%
5 Years:: 52%
3 Years:: 43%
1 Year:: 65%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 17%
3 Years:: 15%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	147	148	148	148	149	150	150	137	137	136
Minority Interest	0	0	0	0	1	3	6	167	169	217
	1,110	1,182	1,289	1,411	1,516	1,631	2,203	2,186	2,403	2,656
	150	460	592	816	2,146	2,706	1,114	962	1,493	1,979
Trade Payables	66	215	574	282	329	408	482	666	858	988
	147	188	281	443	642	990	1,145	815	971	1,325
Total Liabilities	1,621	2,192	2,885	3,101	4,783	5,888	5,100	4,932	6,031	7,302
	110	27	80	107	103	1,871	70	289	303	288
Capital Work in Progress	64	64	120	64	64	64	7	7	7	7
	801	1,118	933	948	804	812	1,558	765	763	1,650
	3	1	1	1	5	48	86	157	163	174
	0	0	0	0	0	0	0	456	303	510
Cash & Bank	307	78	150	149	214	277	542	481	643	338
	336	905	1,600	1,833	3,593	2,816	2,838	2,778	3,850	4,336
Total Assets	1,621	2,192	2,885	3,101	4,783	5,888	5,100	4,932	6,031	7,302

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-16	-241	-41	10	41	321	422	-344	-273	112
Cash from Investing	327	-250	-139	-62	-918	-487	1,289	-64	1	-877
Cash from Financing	-122	268	53	106	753	125	-204	-486	536	426
	181	-270	-202	-14	-156	-75	1,430	-895	264	-338

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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
	54.51	54.51	54.80	55.31	55.31	55.48	56.13	56.13	56.13
	4.69	4.71	4.58	4.16	4.17	3.98	3.76	3.47	3.92
	1.77	1.75	3.03	6.12	6.14	6.14	5.77	5.74	5.66
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	39.01	39.02	37.57	34.41	34.38	34.40	34.33	34.66	34.30

Documents

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

2026-09-08

Price movement

2026-09-08 - Significant movement in price has been observed in Welspun Enterprises Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Welspun Enterprises Limited has submitted their response.

2026-09-07

Price movement

2026-09-07 - Significant movement in price has been observed in Welspun Enterprises Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-08-21

Spurt in Volume

2026-08-21 - Significant increase in volume has been observed in Welspun Enterprises Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Welspun Enterprises Limited has submitted their response.

2026-08-21

Spurt in Volume

2026-08-21 - Significant increase in volume has been observed in Welspun Enterprises Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-08-20

Shareholders meeting

2026-08-20 - Welspun Enterprises Limited has submitted the Exchange a copy of Srutinizers Report of Annual General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-20

Shareholders meeting

2026-08-20 - Welspun Enterprises Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Welspun Enterprises Limited has informed the Exchange about Transcript

2026-08-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-05 - Welspun Enterprises Limited has informed the Exchange about Link of Audio Recording of the Earnings Call held for the Unaudited financial results for the quarter ended June 30, 2026

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Welspun Enterprises Limited has informed the Exchange about Copy of Newspaper Publication on the unaudited financial results for the quarter ended June 30, 2026.

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