Welspun Specialty Solutions Ltd.
•Market Cap₹ 3,726 Cr.
Current Price
High / Low₹ 63 / 36
Stock P/E130.4
Book Value₹ 7
Price to Book4.53
Dividend Yield0.00 %
ROCE10.2 %
ROE5.3 %
Face Value₹ 6
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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.
Confidence
View full sector analysis →61%
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 | 1309.00 | 12.92 | 320109.92 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 183.65 | 20.78 | 229258.67 | 2.18 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 196.00 | 18.95 | 80958.30 | 1.20 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2646.15 | 30.23 | 69802.96 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 737.80 | 18.72 | 60825.68 | 0.54 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2151.00 | 48.59 | 59724.32 | 0.40 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1081.75 | 26.88 | 30195.09 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 310.70 | 30.41 | 19869.52 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2666.75 | 43.18 | 18691.78 | 0.38 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 506.95 | 15.81 | 17863.97 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 239.75 | 20.01 | 16140.90 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| WELSPLSOL | 56.23 | 130.37 | 3725.86 | 0.00 | 5.16 | 788.00 | 193.67 | -3.80 | 10.17 | 5.44 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -5.39 | -5.03 | -0.58 | -1.66 | 1.76 | -0.61 | -0.26 | 1.18 | -0.06 | 0.34 |
| Book Value (₹) | -41.02 | -46.03 | -6.77 | -2.49 | 0.70 | 0.11 | -0.16 | 1.04 | 5.99 | 6.89 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -4.50 | -4.16 | -0.37 | -1.37 | 1.91 | -0.32 | 0.02 | 1.39 | 0.18 | 0.59 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -3.52% | -2.53% | -7.60% | -22.43% | -20.39% | 0.45% | 7.53% | 8.01% | 4.25% | 5.29% |
| Net Margin % | -22.29% | -22.70% | -4.57% | -27.57% | 99.75% | -19.87% | -3.29% | 8.97% | -0.57% | 2.56% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -150.95% | 0.00% | 266.11% | -1.81% | 5.31% |
| ROCE % | -7.83% | -2.41% | -3.18% | -28.28% | 43.68% | -5.55% | 6.06% | 20.11% | 9.89% | 10.17% |
| -25.57% | -13.78% | -4.06% | -22.04% | 29.74% | -9.66% | -3.24% | 12.13% | -0.66% | 2.96% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 74 | 92 | 63 | 50 | 40 | 28 | 25 | 24 | 43 | 55 |
| Inventory Days | 62 | 82 | 76 | 116 | 241 | 188 | 137 | 122 | 129 | 103 |
| Payable Days | 123 | 147 | 134 | 132 | 185 | 157 | 64 | 34 | 69 | 114 |
| 14 | 27 | 4 | 35 | 96 | 59 | 97 | 112 | 104 | 44 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -1.36x | -1.60x | -1.75x | -3.07x | 4.63x | 5.52x | 7.94x | 2.79x | 0.05x | 0.08x |
| Interest Coverage (x) | -0.30x | -0.16x | -1.13x | -4.28x | 9.13x | -0.74x | 0.55x | 1.86x | 0.91x | 1.87x |
| 0.62x | 1.11x | 0.61x | 0.44x | 1.58x | 1.80x | 1.17x | 0.95x | 1.81x | 1.42x | |
| GROWTH | ||||||||||
| Revenue Growth % | -13.17% | 1.04% | 87.35% | -33.03% | -68.35% | 74.77% | 155.88% | 66.74% | 3.88% | 22.45% |
| Operating Profit Growth % | 14.93% | 34.24% | -451.89% | -97.64% | 71.23% | 103.88% | 4154.05% | 145.65% | -27.38% | 15.53% |
| Net Profit Growth % | 2.75% | 6.69% | 63.05% | -304.02% | 214.54% | -134.81% | 57.64% | 554.66% | -106.55% | 654.28% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 554.67% | -105.24% | 654.22% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 25.13x | 0.00x | 91.32x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 30.10x | 4.45x | 4.53x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 25.37x | 31.15x | 32.26x |
Documents
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News
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