Welspun Specialty Solutions Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Pipe: 72.7% • Steel: 24.6% • Others: 2.7%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company is almost debt free
- Company has a good return on equity (ROE) track record: 3 Years ROE 89.9%
- Company has delivered good sales growth of 56.8% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.39x)
- Working capital cycle has improved - days down from 111 to 71
CONS
- A large part of profit comes from other income (80.5% of PBT)
- Interest coverage is weak at 1.9x - earnings barely cover interest
- Total debt has risen sharply - up 67.7% year on year
- Company has delivered a poor profit growth of -24.6% over past five years
- Effective tax rate is unusually low at -1.4% - earnings may be flattered
- Equity base is being diluted - shares outstanding up 25.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 | 350.73 | 20.66 | 5455.09 | 23.45 | 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 |
| WELSPLSOL | 55.55 | 128.79 | 3680.81 | 0.00 | 5.16 | 788.00 | 193.67 | -3.80 | 10.17 | 5.44 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 163 | 208 | 175 | 151 | 162 | 167 | 194 | 200 | 201 | 239 | 226 | 220 | 194 | |
| 143 | 196 | 163 | 139 | 151 | 165 | 187 | 190 | 197 | 225 | 209 | 209 | 193 | |
| Operating Profit | 20 | 12 | 12 | 12 | 11 | 3 | 7 | 10 | 4 | 14 | 17 | 11 | 1 |
| OPM % | 12.18% | 5.77% | 6.82% | 7.98% | 6.69% | 1.65% | 3.84% | 4.86% | 2.14% | 6.05% | 7.50% | 5.08% | 0.49% |
| 3 | 6 | 7 | 5 | 6 | 6 | 6 | 8 | 10 | 4 | 3 | 2 | 4 | |
| Interest | 8 | 9 | 9 | 7 | 10 | 11 | 12 | 11 | 11 | 4 | 6 | 5 | 5 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 11 | 5 | 6 | 6 | 3 | -6 | -4 | 3 | -1 | 10 | 10 | 4 | 5 |
| Tax % | 0.00% | 0.00% | 0.00% | -549.84% | 25.00% | -0.00% | -0.00% | -5.33% | -0.00% | 0.00% | 0.00% | -7.85% | -8.86% |
| Net Profit | 11 | 5 | 6 | 40 | 2 | -6 | -4 | 4 | -1 | 10 | 10 | 4 | 5 |
| 0.21 | 0.10 | 0.11 | 0.76 | 0.04 | -0.12 | -0.07 | 0.07 | -0.01 | 0.14 | 0.14 | 0.06 | 0.08 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 233 | 235 | 441 | 295 | 93 | 163 | 418 | 697 | 724 | 886 | 879 | |
| 248 | 246 | 478 | 366 | 114 | 182 | 401 | 641 | 693 | 839 | 835 | |
| Operating Profit | -15 | -11 | -38 | -71 | -21 | -18 | 17 | 56 | 31 | 47 | 44 |
| OPM % | -6.63% | -4.57% | -8.56% | -24.07% | -22.11% | -11.26% | 4.00% | 8.01% | 4.25% | 5.29% | 4.95% |
| 9 | 10 | 34 | 15 | 139 | 19 | 15 | 22 | 25 | 18 | 12 | |
| Interest | 45 | 47 | 9 | 15 | 11 | 19 | 30 | 33 | 44 | 26 | 20 |
| Depreciation | 7 | 7 | 7 | 10 | 14 | 14 | 15 | 15 | 16 | 17 | 17 |
| Profit before Tax | -58 | -55 | -20 | -81 | 93 | -32 | -14 | 29 | -4 | 22 | 28 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | 0.10% | -0.00% | -0.00% | -118.43% | -2.25% | -1.39% | -2.62% |
| Net Profit | -58 | -55 | -20 | -81 | 93 | -32 | -14 | 62 | -4 | 23 | 29 |
| EPS | -6.04 | -5.84 | -0.88 | -1.99 | 1.78 | -0.61 | -0.26 | 1.18 | -0.06 | 0.34 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 57%
- 3 Years:
- 28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -25%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 24%
- 3 Years:
- 90%
- Last Year:
- 5%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 65 | 65 | 208 | 293 | 318 | 318 | 318 | 318 | 398 | 398 | |
| -510 | -564 | -443 | -415 | -281 | -312 | -326 | -263 | -1 | 59 | |
| 606 | 800 | 409 | 326 | 233 | 252 | 233 | 256 | 21 | 35 | |
| Trade Payables | 34 | 75 | 126 | 41 | 19 | 68 | 200 | 208 | 258 | 360 |
| 15 | 205 | 111 | 83 | 10 | 47 | 52 | 34 | 19 | -15 | |
| Total Liabilities | 210 | 581 | 411 | 328 | 299 | 372 | 477 | 553 | 694 | 837 |
| 110 | 105 | 100 | 219 | 224 | 212 | 207 | 198 | 195 | 200 | |
| Capital Work in Progress | 0 | 7 | 85 | 12 | 5 | 6 | 1 | 5 | 2 | 49 |
| 0 | 67 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 144 | |
| 43 | 65 | 118 | 70 | 53 | 114 | 198 | 269 | 243 | 258 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49 | 124 | 143 | |
| Cash & Bank | 4 | 244 | 11 | 3 | 1 | 6 | 1 | 1 | 73 | 12 |
| 53 | 91 | 98 | 24 | 16 | 34 | 69 | 32 | 33 | 32 | |
| Total Assets | 210 | 581 | 411 | 328 | 299 | 372 | 477 | 553 | 694 | 837 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18 | -5 | -2 | -27 | 41 | -83 | 49 | 7 | 58 | 128 | |
| Cash from Investing | 4 | -74 | -18 | -48 | -9 | -4 | -5 | -12 | -39 | -177 |
| Cash from Financing | -24 | 320 | -222 | 74 | -34 | 93 | -50 | 5 | 53 | -12 |
| -2 | 241 | -243 | 0 | 0 | 5 | -5 | -0 | 72 | -61 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
Recent coverage and analyst commentary for WELSPLSOL
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