Welspun Enterprises Ltd(WELENT)

NSE: WELENTBSE: 532553

₹ 638.35+2.05%refreshed 27 Oct, 11:58 am ISTMarket cap: ₹ 8,836 crWebsite: www.welspunenterprises.comUpdated: 27 Oct 2026

About

Welspun Enterprises Limited is an Indian infrastructure platform operating across transportation, water, tunnelling, and oil & gas exploration, with a consolidated order book of ₹18,729 Cr as of June 30, 2026. It reported FY26 revenue of 3615.38 crore across its Transport, Water, and Tunneling and Rehabilitation segments. WEL primarily serves public sector clients including NHAI, state PWDs, and municipal authorities, and upon completion of ongoing Mumbai projects is expected to treat over half of the Mumbai Metropolitan Region's potable water demand.^[1][2][3]

Business segments

Transport contributed 39.4% of FY26 revenue (₹1,424.98 Cr) with a segment EBIT margin of 25.2%, making it the largest segment; it was ₹1,716.15 Cr in the prior year.^[4][3]
Water contributed 34.3% of FY26 revenue (₹1,239.73 Cr) at a segment EBIT margin of 26.2%, vs ₹1,283.48 Cr in the prior year.^[4][3]
Tunneling and Rehabilitation contributed 26.3% of FY26 revenue (₹950.67 Cr) at a segment EBIT margin of 20.6%, up from ₹695.71 Cr in the prior year.^[4][3]
In Q1 FY27 the revenue mix shifted to Water 41%, Transport 35%, and Tunnelling 24%.^[1]

Order book and inflow

Consolidated order book as of June 30, 2026 stood at ₹18,729 Cr, diversified across water (55%), transport (30%), tunnelling (11%) and others (4%).^[1]
The FY26 annual report described the consolidated order book as the highest in the company's history at ~₹20,000 crore including O&M, vs more than ₹14,300 Crore in the FY25 report.^[3][5]
Water vertical order book at end of Q4 FY26 was ~₹14,000 Cr including tunnels and O&M; transport order book was ~₹6,000 Cr.^[6]
O&M contracts within the water order book provide long-term recurring revenue; the O&M component stood at ~₹5,400 Cr as of Q2 FY26.^[7]
FY27 consolidated order inflow target is ₹8,000 - 10,000 Cr, with H1 additions expected to shift to H2.^[1]

Key projects

The 2,000 MLD Bhandup Water Treatment Plant is the largest under-construction drinking water treatment plant in Asia.^[3]
The 418 MLD Dharavi Wastewater Treatment Facility, India's first multi-storeyed facility of its type on 12.7 acres, was ~70% physically complete as of Q1 FY27 and is targeted for commissioning by July 2027.^[3]
The 910 MLD Panjrapur Water Treatment Plant was awarded by BMC with an EPC value of ₹1,685 Cr (excl. GST) and a 15-year O&M component of ₹980 Cr.^[3]
Pune-Shirur DBFOT: a 53.4 km partially elevated highway (NH-753F), total project cost ~₹7,300 Cr; the FY26 annual report puts the EPC at ₹5,420 crore over 4 years. Appointed date expected Q3 FY27.^[6][3]
UP Jal Jeevan Mission projects were ~80% physically complete as of Q1 FY27; O&M phase has commenced on completed schemes.^[1]

Subsidiary - Welspun Michigan Engineers (WMEL)

WMEL is a 60.09% subsidiary specialising in micro and medium-diameter tunnels and rehabilitation of underground infrastructure.^[3]
WMEL posted FY26 revenue of ₹874 Cr (+31% YoY) and EBITDA margin of 21%, with rehabilitation projects rising from 17% to 28% of revenue.^[6]
WMEL Q1 FY27 revenue was ₹179 Cr (down 14% YoY); order book stood at ₹2,135 Cr, split tunnels 61%, pumping 23%, rehabilitation 7%, others 8%.^[1]
In October 2026 WMEL won a ₹66 Cr NDMC contract to rehabilitate old 2,100 mm sewer pipes, taking its order book to ₹2,356.66 Cr.^[8]

Customers and market position

WEL primarily serves public sector clients: NHAI, state public works departments, and local municipal authorities such as BMC and NDMC.^[3]
Upon completion of ongoing Mumbai projects, WEL is expected to treat over half of the Mumbai Metropolitan Region's potable water demand and around 15% of its wastewater.^[3]

Expansion and asset recycling

WEL agreed to divest its entire stake in the Aunta-Simaria HAM project at an enterprise value of ~₹1,000 Cr; completion expected in Q2 FY27, reducing ~₹800 Cr of consolidated debt.^[1]
Pune-Shirur DBFOT financial closure is targeted by October - November 2026; management guided ~₹500 Cr revenue from this project in FY27.^[1]
Water treatment opportunity pipeline tracked is ~₹30,000 Cr, ~40% in Maharashtra and ~60% outside (Karnataka, Delhi, Gujarat and others).^[1]
FY26 annual report notes geopolitical disruption raising fuel and input costs and pressuring project execution timelines and profitability.^[3]

Oil and gas - AWEL

AWEL is a JV between Adani Group (65%) and Welspun Group (35%) with three shallow-water exploration assets in the Tapti-Daman sector of Mumbai Offshore.^[3]
Revised Field Development Plan for block MB-OSN-2005/2 was submitted to DGH/MoPNG in Q1 FY27, with access granted to ONGC's platform for gas evacuation; monetization targeted for FY29.^[1]
The Kutch block (GKOSN-2009/1) was written off in Q3 FY26, resulting in a ₹49 Cr exceptional loss at the WEL level.^[9]

Market Cap

₹8,836 Cr

High / Low

₹841 / 391

Stock P/E

28.8

Price / Book

2.9

Book Value

₹220

EPS

₹25.3

No. of Shares

13.84 Cr

ROCE

16.8%

ROE

12.5%

OPM

21.4%

Debt / Equity

0.65

Sales

₹3,615 Cr

Net Profit

₹393 Cr

Promoter holding

56.1%

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Welspun Enterprises Ltd(WELENT)

About

Business segments

Order book and inflow

Key projects

Subsidiary - Welspun Michigan Engineers (WMEL)

Customers and market position

Expansion and asset recycling

Oil and gas - AWEL

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