WELENT
Welspun Enterprises share price & financials
- Price
- ₹626.3
- Market cap
- ₹7.9k Cr
- Sector
- Construction
- Calls analysed
- 6
Welspun Enterprises Limited Q1 FY27
What went well
- EBITDA margin of 22.9% for Q1 FY27, above annual guidance of 18% plus.
- Successful divestment of Aunta-Simaria HAM project for ~INR1,000 crores, validating capital recycling strategy.
- Consolidated order book of over INR18,700 crores as of June 30, 2026, ensuring revenue visibility for several years.
What to watch
- Q1 FY27 revenue was relatively soft due to supply chain disruptions from geopolitical developments.
- Execution impacted by temporary construction stoppage in Mumbai for several weeks.
What Welspun Enterprises Limited does
Welspun Enterprises Limited is the infrastructure arm of the Welspun Group, building and operating projects across three verticals: water & wastewater treatment, transportation (highways and bridges), and tunnelling. It earns by winning and executing EPC, Hybrid Annuity Model (HAM), BOT and DBFOT contracts for government and municipal clients such as NHAI and state water/sanitation missions, and by providing long-term operations & maintenance (O&M) services on completed assets. Its majority-owned subsidiary, Welspun Michigan Engineers Ltd (WMEL), founded in 1973, specialises in trenchless tunnelling, micro-tunnelling and pipeline rehabilitation technology for municipal water and wastewater clients. The company also holds minority investments in oil & gas exploration blocks in the Kutch region of Gujarat.
Segments
- Water
- Transport
- Tunnelling
- Core infrastructure verticals
- Water, Transport (roads/highways) and Tunnelling
- Welspun Michigan Engineers Ltd (WMEL) founded
- 1973
- Dharavi Wastewater Treatment Facility (Mumbai) design capacity
- 418 MLD, incl. 209 MLD tertiary treatment; serves ~3.5 million people
- Bhandup Water Treatment Plant (Mumbai) design capacity
- 2,000 MLD
- Panjrapur Water Treatment Plant (Maharashtra) design capacity
- 910 MLD
- Water Conveyance Tunnel, Dharavi-Ghatkopar (Mumbai)
- 8.48 km length, 3,500 mm bored diameter
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 4 delivered 3 missed 11 open- Dharavi-Ghatkopar Tunnel Execution delivered, diluted said Q1 FY26 Promised: Expect the shaft work to begin at Dharavi post monsoon Q1 FY27: Shaft excavation confirmed to be in progress, reaching 10 meters. Achieved, but significantly delayed from original Q2/Q3 FY26 timeline.
- Oil & Gas Evacuation/Development Plan missed said Q1 FY26 Promised: Expect the evacuation discussions to conclude in next 60 to 90 days Q1 FY27: Original timeline missed. New update: Revised FDP submitted, approval expected in 4-6 weeks.
- WMEL Revenue Growth revised down said Q4 FY26 Promised: 20% for FY27 Q1 FY27: Guidance revised down from '20%' to '15% to 20%'.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 8.4%, net profit down 44.6% 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 | 815 | 896 | 1,054 | 845 | 784 −4% | 787 −12% | 1,199 +14% | 774 −8% |
| EBITDA | 127 | 157 | 183 | 181 | 172 +35% | 154 −2% | 239 +31% | 151 −17% |
| Net profit | 62 | 77 | 105 | 101 | 98 +58% | 31 −60% | 163 +55% | 56 −45% |
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 +64.8% 1Y
1Y: ₹477.2 on 10 Sept 2025 → ₹786.2. High ₹813.6 (4 Sept 2026), low ₹415.75 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.8%
- 5 Aug
- Q4 FY26
- −1.5%
- 15 May
- Q3 FY26
- −0.8%
- 5 Feb
- Q2 FY26
- −0.3%
- 12 Nov
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 9.5% a year over 3 years, FY23 to FY26. Operating margin widened to 20.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.8k Cr | ₹2.9k Cr | ₹3.7k Cr | ₹3.6k Cr |
| Operating profit | ₹246 Cr | ₹425 Cr | ₹630 Cr | ₹746 Cr |
| Operating margin | 8.9% | 14.8% | 17.1% | 20.6% |
| Interest | ₹119 Cr | ₹110 Cr | ₹158 Cr | ₹200 Cr |
| Depreciation | ₹13 Cr | ₹27 Cr | ₹52 Cr | ₹50 Cr |
| Net profit | ₹726 Cr | ₹320 Cr | ₹354 Cr | ₹393 Cr |
| Net margin | 26.3% | 11.1% | 9.6% | 10.9% |
| Cash from operations | ₹345 Cr | ₹-344 Cr | ₹-273 Cr | ₹112 Cr |
| Free cash flow | ₹215 Cr | ₹-394 Cr | ₹-324 Cr | ₹79 Cr |
| ROCE | 10.0% | 18.0% | 18.0% | 17.0% |
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 | ₹149 Cr | ₹150 Cr | ₹150 Cr | ₹137 Cr | ₹137 Cr | ₹136 Cr |
| Reserves | ₹1.5k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹2.2k Cr | ₹2.5k Cr | ₹2.9k Cr |
| Borrowings | ₹2.2k Cr | ₹2.5k Cr | ₹764 Cr | ₹762 Cr | ₹1.9k Cr | ₹2.0k Cr |
| Other liabilities | ₹861 Cr | ₹1.6k Cr | ₹2.0k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.3k Cr |
| Total liabilities | ₹4.8k Cr | ₹5.9k Cr | ₹5.1k Cr | ₹4.9k Cr | ₹6.4k Cr | ₹7.3k Cr |
| Fixed assets | ₹103 Cr | ₹1.9k Cr | ₹70 Cr | ₹289 Cr | ₹299 Cr | ₹288 Cr |
| Capital work in progress | ₹1.4k Cr | ₹64 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr |
| Investments | ₹804 Cr | ₹812 Cr | ₹1.6k Cr | ₹765 Cr | ₹1.1k Cr | ₹1.6k Cr |
| Other assets | ₹2.5k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹3.9k Cr | ₹5.0k Cr | ₹5.4k Cr |
| Total assets | ₹4.8k Cr | ₹5.9k Cr | ₹5.1k Cr | ₹4.9k Cr | ₹6.4k Cr | ₹7.3k 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 −1.16 pp while promoters added +0.82 pp. The shareholder count shrank 13% to 51,191.
- Promoters
- 56.1%
- FIIs
- 3.9%
- DIIs
- 9.3%
- Public
- 28.7%
- Others
- 2.0%
Since Jun 2025
- Public −1.16 pp
- Promoters +0.82 pp
- Others +0.79 pp
How it drifted, 12 quarters
Over this window the public fell from 37.3% to 28.7% — −8.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 54.5%, FIIs 4.5%, DIIs 2.3%, Public 37.3%, Others 1.4%.Dec '23: Promoters 54.5%, FIIs 4.6%, DIIs 2.0%, Public 37.5%, Others 1.4%.Mar '24: Promoters 54.5%, FIIs 4.5%, DIIs 1.9%, Public 37.6%, Others 1.4%.Jun '24: Promoters 54.5%, FIIs 4.7%, DIIs 1.8%, Public 37.6%, Others 1.4%.Sep '24: Promoters 54.5%, FIIs 4.7%, DIIs 5.0%, Public 34.4%, Others 1.4%.Dec '24: Promoters 54.8%, FIIs 4.6%, DIIs 6.3%, Public 33.1%, Others 1.2%.Mar '25: Promoters 55.3%, FIIs 4.2%, DIIs 9.4%, Public 29.9%, Others 1.2%.Jun '25: Promoters 55.3%, FIIs 4.2%, DIIs 9.4%, Public 29.8%, Others 1.2%.Sep '25: Promoters 55.5%, FIIs 4.0%, DIIs 9.5%, Public 29.9%, Others 1.2%.Dec '25: Promoters 56.1%, FIIs 3.8%, DIIs 9.3%, Public 29.7%, Others 1.2%.Mar '26: Promoters 56.1%, FIIs 3.5%, DIIs 9.3%, Public 29.0%, Others 2.0%.Jun '26: Promoters 56.1%, FIIs 3.9%, DIIs 9.3%, Public 28.7%, Others 2.0%.
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.
- Radhika Goenka Agarwal newly disclosed 0.00% held
- Welspun Enterprises Limited newly disclosed 0.00% held
- Rajlok Diagnostic Systems Pvt Ltd newly disclosed 0.00% held
- Ms. Vanshika Goenka Misra newly disclosed 0.00% held
- Welspun Corporate Services Limited (Previously Welspun Home Textiles Limited) newly disclosed 0.00% held
- Welspun International FZCO (w.e.f. February 17, 2026) newly disclosed 0.00% held
- Welspun Digital Workforce Solutions Private Limited (w.e.f March 28, 2026) newly disclosed 0.00% held
- Rolta India Limited (Acquired wef January 16, 2026) newly disclosed 0.00% held
The same filing shows 0 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 Enterprises Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| BALKRISHAN GOENKA Trustee of Welspun Group Master Trust | 49.98% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 4.85% | unchanged |
| Authum Investment & Infrastructure Lmited NBFC / DFI | 3.59% | unchanged |
| Welspun Investments And Commercials Limited | 3.43% | unchanged |
| Dilipkumar Lakhi | 3.10% | unchanged |
| Aryabhat Vypar Private Limited | 2.72% | unchanged |
| Chirag Dilipkumar Lakhi | 2.13% | unchanged |
| Sandeep Garg | 1.88% | unchanged |
| B. K. Goenka Family Trust (Balkrishan Goenka) | 0.00% | unchanged |
| AYM Syntex Limited | 0.00% | unchanged |
| Methodical Investment and Trading Co. Pvt Ltd | 0.00% | unchanged |
| Sitadevi Rameshkumar Mandawewala | 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 (6)
Read the Q1 FY27 call →Learn to analyse Welspun Enterprises Limited
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