500365
Welspun Special. share price & financials
- Price
- ₹58.3
- Market cap
- ₹3.7k Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Welspun Special. Q4 FY26
What went well
- Total income grew 21% YoY to INR 904 crores in FY26, in line with expectations.
- Operating EBITDA increased 52% YoY to INR 47 crores, with margins benefiting from improved operating leverage.
- Cash profit after tax stood at INR 39 crores, marking a more than threefold increase over the previous year.
What to watch
- Global economic growth projected at 3.1% for 2026, lower than 3.4% in 2025, due to geopolitical developments and trade restrictions.
- Export markets have been difficult, with pipe export volume share reducing from 20% to 10% this year.
What Welspun Special. does
Welspun Specialty Solutions Limited (WSSL), part of the Welspun Group, is a backward-integrated manufacturer of stainless steel and nickel-alloy bar and tubular products at a single plant in Jhagadia, Gujarat, carrying out steel melting, rolling, extrusion and finishing in-house. It sells two broad product lines - bar products (ingots, blooms, rolled bars, round-cornered squares, peeled & polished bars, heat-treated bars, bright bars) and tubular products (hollow bars, cold-finished pipes & tubes, extruded seamless schedule pipes, hydraulic & instrumentation tubes, heat exchanger tubes, U-bend tubes) - earning revenue from sale of these value-added and custom-grade stainless steel and nickel-alloy products. Its customers span critical-application industries such as power & energy, oil & gas, refinery, petrochemicals, defence, space and nuclear power, both in India and export markets across Asia, Europe, Africa and the Americas. The company continues to develop specialised grades (e.g. boiler and oil-well tubes) and pursue accreditations to serve higher-value, technologically demanding segments.
Segments
- Bar Products
- Tubular Products
- Integration
- Only fully integrated stainless steel facility in India, from steel-making to finished seamless pipes and tubes
- Manufacturing facility area
- 126 acres (Jhagadia, Gujarat)
- Installed capacity - Steel
- 150,000 MT
- Installed capacity - Pipes
- 18,000 MT
- Industries served
- 15+
- Countries served (global footprint)
- 16+ (India, Americas, Europe, Africa)
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 2 delivered 2 missed 8 open- Overall Volume Growth delivered said Q1 FY26 Promised: 25% to 30% increase over our deliveries of past. Q4 FY26: Total product sales volume increased by 37% in FY26.
- Share of Green Power missed said Q1 FY26 Promised: exceed 75% Q4 FY26: Share of renewable electricity consumption increased to 58% during FY '26. Q4 run rate exceeded 70%.
- New Bright Bar Project Commissioning delayed said Q1 FY26 Promised: Commissioning is scheduled during quarter 3 this year. Q4 FY26: Successfully installed and is currently under stabilization.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 3.8%, net profit up 788.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 167 | 194 | 200 | 201 | 239 +43% | 226 +16% | 220 +10% | 194 −4% |
| EBITDA | 3 | 7 | 10 | 4 | 14 +424% | 17 +127% | 11 +15% | 11 +145% |
| Net profit | -6 | -4 | 4 | -1 | 10 +252% | 10 +364% | 4 +20% | 5 +788% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +71.6% 1Y
1Y: ₹32.69 on 10 Sept 2025 → ₹56.1. High ₹60.41 (18 Jun 2026), low ₹31.24 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.0%
- 4 May
- Q3 FY26
- −1.1%
- 27 Jan
- Q2 FY26
- −1.5%
- 28 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 28.5% a year over 3 years, FY23 to FY26. Operating margin widened to 5.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹418 Cr | ₹697 Cr | ₹724 Cr | ₹886 Cr |
| Operating profit | ₹17 Cr | ₹56 Cr | ₹31 Cr | ₹47 Cr |
| Operating margin | 4.0% | 8.0% | 4.3% | 5.3% |
| Interest | ₹30 Cr | ₹33 Cr | ₹44 Cr | ₹26 Cr |
| Depreciation | ₹15 Cr | ₹15 Cr | ₹16 Cr | ₹17 Cr |
| Net profit | ₹-14 Cr | ₹62 Cr | ₹-4 Cr | ₹23 Cr |
| Net margin | -3.3% | 9.0% | -0.6% | 2.6% |
| ROCE | 6.0% | 20.0% | 10.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹318 Cr | ₹318 Cr | ₹318 Cr | ₹318 Cr | ₹398 Cr | ₹398 Cr |
| Reserves | ₹-279 Cr | ₹-274 Cr | ₹-289 Cr | ₹-225 Cr | ₹47 Cr | ₹59 Cr |
| Borrowings | ₹172 Cr | ₹241 Cr | ₹233 Cr | ₹260 Cr | ₹34 Cr | ₹35 Cr |
| Other liabilities | ₹89 Cr | ₹88 Cr | ₹214 Cr | ₹235 Cr | ₹282 Cr | ₹379 Cr |
| Total liabilities | ₹300 Cr | ₹372 Cr | ₹477 Cr | ₹587 Cr | ₹760 Cr | ₹871 Cr |
| Fixed assets | ₹224 Cr | ₹212 Cr | ₹207 Cr | ₹198 Cr | ₹199 Cr | ₹200 Cr |
| Capital work in progress | ₹5 Cr | ₹6 Cr | ₹1 Cr | ₹5 Cr | ₹18 Cr | ₹51 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹46 Cr | ₹144 Cr |
| Other assets | ₹71 Cr | ₹154 Cr | ₹268 Cr | ₹384 Cr | ₹498 Cr | ₹476 Cr |
| Total assets | ₹300 Cr | ₹372 Cr | ₹477 Cr | ₹587 Cr | ₹760 Cr | ₹871 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.32 pp while FIIs added +1.28 pp.
- Promoters
- 55.2%
- FIIs
- 1.3%
- DIIs
- 0.1%
- Public
- 43.5%
Since Jun 2025
- Public −1.32 pp
- FIIs +1.28 pp
- DIIs +0.05 pp
How it drifted, 12 quarters
Over this window the public fell from 44.8% to 43.5% — −1.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.2%, Public 44.8%.Dec '23: Promoters 55.2%, Public 44.8%.Mar '24: Promoters 55.2%, Public 44.8%.Jun '24: Promoters 55.2%, Public 44.8%.Sep '24: Promoters 55.2%, FIIs 0.0%, Public 44.8%.Dec '24: Promoters 55.2%, FIIs 0.0%, Public 44.8%.Mar '25: Promoters 55.2%, FIIs 0.0%, DIIs 0.2%, Public 44.6%.Jun '25: Promoters 55.2%, FIIs 0.0%, Public 44.8%.Sep '25: Promoters 55.2%, FIIs 0.0%, Public 44.8%.Dec '25: Promoters 55.2%, FIIs 0.0%, DIIs 0.0%, Public 44.8%.Mar '26: Promoters 55.2%, FIIs 1.3%, Public 43.5%.Jun '26: Promoters 55.2%, FIIs 1.3%, DIIs 0.1%, Public 43.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Welspun International FZCO newly disclosed 0.00% held
- Welspun Digital Workforce Solutions Private Limited newly disclosed 0.00% held
- Rolta India Limited newly disclosed 0.00% held
- GQREstates Private Limited newly disclosed 0.00% held
- Welspun Pune Shirur Projects Limited (Incorporated on May 9, 2026) newly disclosed 0.00% held
- Teesta Renewable Energy Private Limited (Incorporated on May 12, 2026) newly disclosed 0.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Welspun Special. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Welspun Corp Limited | 55.17% | unchanged |
| Dilipkumar Lakhi | 23.18% | unchanged |
| Pankaj Jawaharlal Razdan | 2.55% | unchanged |
| Ritesh Deshmukh | 1.38% | unchanged |
| Dovetail India Fund Class 5 Shares FPI fund | 1.30% | unchanged |
| Rajesh R Mandawewala | 0.00% | unchanged |
| Balkrishan Gopiram Goenka | 0.00% | unchanged |
| Dipali B. Goenka | 0.00% | unchanged |
| Welspun Investments And Commercials Limited | 0.00% | unchanged |
| Aryabhat Vypar Private Limited | 0.00% | unchanged |
| B. K. Goenka Family Trust (Balkrishan Goenka) | 0.00% | unchanged |
| AYM Syntex Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse Welspun Special.
Guides on how to read this kind of business and the numbers that matter.