WELCORP
Welspun share price & financials
- Price
- ₹1,423.4
- Market cap
- ₹43.7k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Welspun Corp Q1 FY27
What went well
- EBITDA of INR 756 crores, a 35% growth on a Y-on-Y basis, marking the highest ever quarterly EBITDA.
- Net cash position further improved to INR 2,336 crores.
- Order book stands at approximately INR 25,750 crores ($2.7 billion), the strongest in the company's history, providing robust growth visibility.
What to watch
- Domestic demand in India for DI pipes has been muted this quarter due to fund constraints and industry overcapacity, expected to persist longer.
- Sintex business is impacted by the muted Indian domestic market, affecting fund flow.
What Welspun Corp does
Welspun Corp Limited (WCL) is the flagship pipe and building-materials manufacturer of the Welspun World group, making large-diameter line pipes (LSAW, HSAW/ERW, HFIW processes) for oil & gas and water-infrastructure customers, ductile iron (DI) pipes, and stainless steel bars, pipes & tubes and TMT rebars. It also owns Sintex, a pan-India brand for water storage tanks and plastic piping including OPVC pipes. The company operates manufacturing facilities in India, the USA and Saudi Arabia and sells to customers across six continents in more than 50 countries.
Segments
- Large Diameter Line Pipes
- Ductile Iron (DI) Pipes
- Sintex
- WSSL (Welspun Specialty Solutions Ltd)
- Manufacturing presence
- Plants across India (Gujarat, Karnataka, Madhya Pradesh), USA (Little Rock, Arkansas) and Saudi Arabia (Dammam)
- Global customer reach
- Customers across six continents in more than 50 countries
- Business verticals
- 4 — Large Diameter Line Pipes, DI Pipes, Sintex, WSSL
- US large-diameter line pipe market position
- Market leader with an estimated 33-35% share of the US market
- Line pipe manufacturing processes
- LSAW, HSAW/ERW and HFIW
- DI pipe manufacturing capability
- Ductile iron pipes up to DN 2600 diameter — a size range only a few plants globally can produce
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 6 delivered 3 missed 12 open- Internal ROCE Threshold delivered said Q1 FY25 Promised: 18-20% Q1 FY27: Annualized ROCE reported to be 'well above 20%'. Target met.
- DI Pipe Capacity Enhancement went quiet said Q1 FY25 Promised: 600,000 tons by end of Q3 FY25 Q1 FY27: No update provided. Promise remains unaddressed since Q3 FY25.
- Steady-state DI Pipe Margins at risk said Q1 FY25 Promised: 13-15% Q1 FY27: Management reports muted domestic demand, fund constraints, and overcapacity, expecting challenges to persist. This increases risk to the margin target.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 14.3%, net profit down 54.5% 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 | 2,033 | 2,449 | 2,281 | 1,828 | 1,822 −10% | 2,378 −3% | 2,270 −0% | 1,567 −14% |
| EBITDA | 191 | 268 | 244 | 236 | 188 −2% | 265 −1% | 334 +37% | 173 −27% |
| Net profit | 108 | 156 | 464 | 255 | 366 +239% | 161 +3% | 232 −50% | 116 −55% |
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 +203.0% 1Y
1Y: ₹883.35 on 10 Sept 2025 → ₹2,676.6. High ₹2,776.9 (10 Sept 2026), low ₹721.85 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.2%
- 27 Jul
- Q4 FY26
- −4.0%
- 22 May
- Q3 FY26
- +2.5%
- 2 Feb
- Q2 FY26
- +4.3%
- 31 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 fell 2.0% a year over 3 years, FY23 to FY26. Operating margin widened to 12.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹8.8k Cr | ₹9.1k Cr | ₹8.8k Cr | ₹8.3k Cr |
| Operating profit | ₹436 Cr | ₹489 Cr | ₹910 Cr | ₹1.0k Cr |
| Operating margin | 4.9% | 5.4% | 10.3% | 12.3% |
| Interest | ₹218 Cr | ₹206 Cr | ₹192 Cr | ₹108 Cr |
| Depreciation | ₹252 Cr | ₹164 Cr | ₹173 Cr | ₹150 Cr |
| Net profit | ₹162 Cr | ₹476 Cr | ₹842 Cr | ₹1.0k Cr |
| Net margin | 1.8% | 5.2% | 9.5% | 12.2% |
| Cash from operations | ₹-439 Cr | ₹638 Cr | ₹1.0k Cr | ₹806 Cr |
| Free cash flow | ₹-924 Cr | ₹479 Cr | ₹915 Cr | ₹643 Cr |
| ROCE | 9.0% | 15.0% | 18.0% | 21.0% |
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 | ₹130 Cr | ₹130 Cr | ₹131 Cr | ₹131 Cr | ₹132 Cr | ₹132 Cr |
| Reserves | ₹2.6k Cr | ₹2.9k Cr | ₹3.1k Cr | ₹3.4k Cr | ₹8.1k Cr | ₹5.0k Cr |
| Borrowings | ₹559 Cr | ₹1.3k Cr | ₹2.5k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹430 Cr |
| Other liabilities | ₹1.9k Cr | ₹2.0k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹6.8k Cr | ₹3.5k Cr |
| Total liabilities | ₹5.2k Cr | ₹6.4k Cr | ₹8.4k Cr | ₹7.8k Cr | ₹16.5k Cr | ₹9.1k Cr |
| Fixed assets | ₹1.1k Cr | ₹1.0k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹5.2k Cr | ₹2.3k Cr |
| Capital work in progress | ₹10 Cr | ₹5 Cr | ₹55 Cr | ₹20 Cr | ₹952 Cr | ₹30 Cr |
| Investments | ₹1.7k Cr | ₹2.7k Cr | ₹2.0k Cr | ₹1.5k Cr | ₹1.4k Cr | ₹2.8k Cr |
| Other assets | ₹2.3k Cr | ₹2.7k Cr | ₹4.1k Cr | ₹4.0k Cr | ₹9.0k Cr | ₹3.9k Cr |
| Total assets | ₹5.2k Cr | ₹6.4k Cr | ₹8.4k Cr | ₹7.8k Cr | ₹16.5k Cr | ₹9.1k 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, FIIs added +2.48 pp while the public trimmed −1.58 pp. The shareholder count grew 8% to 1,38,939.
- Promoters
- 49.7%
- FIIs
- 14.6%
- DIIs
- 20.0%
- Public
- 15.7%
- Others
- 0.0%
Since Jun 2025
- FIIs +2.48 pp
- Public −1.58 pp
- DIIs −0.76 pp
How it drifted, 12 quarters
Over this window the public fell from 29.1% to 15.7% — −13.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.0%, FIIs 9.4%, DIIs 11.5%, Government 0.0%, Public 29.1%, Others 0.0%.Dec '23: Promoters 50.0%, FIIs 10.6%, DIIs 11.2%, Public 28.2%, Others 0.0%.Mar '24: Promoters 50.1%, FIIs 10.7%, DIIs 12.0%, Public 27.1%, Others 0.0%.Jun '24: Promoters 50.0%, FIIs 10.5%, DIIs 9.7%, Public 29.7%, Others 0.0%.Sep '24: Promoters 50.0%, FIIs 11.7%, DIIs 11.4%, Public 26.9%, Others 0.0%.Dec '24: Promoters 50.0%, FIIs 11.7%, DIIs 20.2%, Public 18.1%, Others 0.0%.Mar '25: Promoters 50.0%, FIIs 12.2%, DIIs 20.5%, Public 17.3%, Others 0.0%.Jun '25: Promoters 49.8%, FIIs 12.1%, DIIs 20.7%, Public 17.3%, Others 0.0%.Sep '25: Promoters 49.8%, FIIs 11.8%, DIIs 20.9%, Public 17.5%, Others 0.0%.Dec '25: Promoters 49.7%, FIIs 11.4%, DIIs 20.6%, Public 18.3%, Others 0.0%.Mar '26: Promoters 49.7%, FIIs 11.2%, DIIs 21.5%, Public 17.5%, Others 0.0%.Jun '26: Promoters 49.7%, FIIs 14.6%, DIIs 20.0%, Public 15.7%, Others 0.0%.
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.
- Smallcap World Fund, Inc Global fund house newly disclosed 1.48% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund +0.67 pp 1.70% held
- 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
- Teesta Renewable Energy Private Limited newly disclosed 0.00% held
- Welspun Pune Shirur Projects Limited newly disclosed 0.00% held
The same filing shows 3 holders trimming and 0 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 Corp above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| BALKRISHAN GOENKA Trustee of Welspun Group Master Trust | 44.55% | unchanged |
| Authum Investment & Infrastructure Lmited NBFC / DFI | 5.31% | −1.14 pp |
| Life Insurance Corporation Of India Insurer | 4.71% | unchanged |
| Aryabhat Vypar Private Limited | 2.62% | unchanged |
| Welspun Investments And Commercials Limited | 2.56% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 1.95% | unchanged |
| Fidelity Securities Fund: Fidelity Blue Chip Growth Fund Global fund house | 1.90% | unchanged |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 1.70% | +0.67 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund | 1.69% | −0.38 pp |
| Smallcap World Fund, Inc Global fund house | 1.48% | newly disclosed |
| DSP Small Cap Fund Mutual fund | 1.14% | −1.64 pp |
| RRM Family Trust | 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.
Mutual funds in WELCORP
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +0.05 L shares (+1.2%).
- Held by funds
- ₹102 Cr
- 6 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹50 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹50 Cr | +0.03 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹25 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹24 Cr | +0.01 L | Jun '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +5,207 shares (+1.2%)
- Funds are sitting on
- +72%
- vs est. average cost
- Held by funds
- ₹102 Cr
- 6 schemes · ≈ 0.14% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹50 Cr · 1.4% of that fund
Shares held by these funds +304%
Aug '23 4.21 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Welspun Corp
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