Quarterly Financial Results
Welspun Corp Reports Highest-Ever Quarterly EBITDA in Q1 FY27; Order Book Reaches ₹24,750 Crore
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- Welspun Corp Limited reported its strongest-ever quarterly operating performance in Q1 FY27, with Revenue from Operations rising 15% YoY to ₹4,081 crore and EBITDA increasing 35% YoY to a record ₹756 crore.
- Reported Profit After Tax surged nearly threefold to ₹1,046 crore, supported by an exceptional gain from the partial stake sale in East Pipes Integrated Company (EPIC), Saudi Arabia.
- Excluding the exceptional item, PAT increased 42% YoY to ₹499 crore. The company also maintained a healthy net cash position of ₹2,336 crore and reported an order book of approximately ₹24,750 crore, providing medium- to long-term revenue visibility.
PRICE-SENSITIVE TRIGGER
Event: Welspun Corp Limited announced its consolidated financial results for the quarter ended 30 June 2026 and issued a press release highlighting operational performance and business outlook.
Type: Quarterly Financial Results
Impact: Positive
Immediate Effect: The company delivered record operating profitability, strengthened its balance sheet, expanded its order book and reaffirmed progress on capacity expansion projects in the United States and Saudi Arabia.
Metrics:
Key Financial Metrics:
- Revenue from Operations: ₹4,081 crore (▲15% YoY | ▼5% QoQ)
- EBITDA: ₹756 crore (▲35% YoY | ▲40% QoQ)
- EBITDA Margin: 18.5% (vs 15.8% in Q1 FY26)
- Profit Before Tax (before share of JVs): ₹586 crore (▲42% YoY)
- PAT: ₹1,046 crore (▲199% YoY)
- PAT (excluding exceptional items): ₹499 crore (▲42% YoY)
- EPS: ₹39.7 (vs ₹13.3 in Q1 FY26)
- ROCE: 23.1%
- Net Cash Position: ₹2,336 crore
- Current Order Book: ~₹24,750 crore
Highlight:
- Welspun Corp achieved its highest-ever quarterly EBITDA of ₹756 crore, supported by improved operating performance, a robust global order book and continued strengthening of its balance sheet.
What Happened ?
Welspun Corp delivered a strong start to FY27 with record operating profitability across its diversified steel and infrastructure businesses. The company benefited from healthy execution, higher operating margins and a robust global order pipeline across line pipes, ductile iron pipes and other infrastructure products.
During the quarter, the company also strengthened its financial position despite incurring ₹834 crore of capital expenditure, while strategic expansion projects in the United States and Kingdom of Saudi Arabia (KSA) remained on schedule for commissioning during FY27.
key details
Business Performance & Growth Outlook:
- Current consolidated order book stands at approximately ₹24,750 crore, providing strong medium- to long-term revenue visibility.
- East Pipes Integrated Company (EPIC), Saudi Arabia, reported double-digit growth in revenue, EBITDA and profitability.
- Manufacturing expansion projects in the USA and KSA remain on track for commissioning during FY27.
- The Bhopal facility achieved Zero Waste to Landfill – Platinum Category certification for FY2025-26, strengthening the company’s ESG credentials.
- Demand outlook in the United States remains favourable, supported by LNG export infrastructure, AI-driven power infrastructure investments and oil & gas pipeline projects.
- In Saudi Arabia, investments across oil & gas, water infrastructure, hydrogen and carbon capture projects are expected to support sustained pipeline demand.
- In India, demand continues to be supported by the National Gas Grid, City Gas Distribution, refinery expansion, Jal Jeevan Mission, irrigation projects and export opportunities.
- The Sintex brand continued to strengthen its market position in water storage tanks, while the plastic pipes business expanded its footprint to 11 states with increasing approvals for OPVC pipes.
Note:
- Welspun Corp continues to diversify beyond traditional line pipes through ductile iron pipes, stainless steel products and Sintex-branded water infrastructure solutions.
- Ongoing capacity expansion, a strong order book and favourable infrastructure investments across key global markets are expected to support future growth.
Risk Analysis
Summary:
- Despite strong operating momentum, future performance remains linked to execution of expansion projects, global infrastructure spending, commodity price movements and geopolitical developments affecting international markets.
Key Risks:
- Revenue execution depends on timely conversion of the ₹24,750 crore order book.
- Global geopolitical uncertainties may influence project execution and customer demand.
- Capital-intensive expansion projects in the USA and KSA require timely commissioning.
- Demand in the domestic ductile iron pipe market could remain affected by funding constraints.
- Steel price volatility and raw material costs may influence operating margins.
Worst Case:
- Delays in commissioning new capacities, weaker infrastructure spending or prolonged geopolitical disruptions could affect order execution, profitability and cash generation despite the company’s strong balance sheet.
Risk Level: Medium
Company Commentary
- Management described Q1 FY27 as the company’s strongest start to a financial year, delivering its highest-ever quarterly EBITDA.
- The balance sheet strengthened further, with the net cash position increasing to ₹2,336 crore and ROCE improving to 23.1%.
- Expansion projects in the USA and Saudi Arabia remain on schedule for commissioning during FY27.
- Management remains focused on prudent capital allocation, innovation, customer relationships and disciplined execution despite the challenging geopolitical environment.
- The company continues investing in leadership development, workforce capability and sustainability initiatives to support long-term value creation.
Official Exchange Filing: Welspun Corp Limited
