Welspun Corp Ltd(WELCORP)

NSE: WELCORPBSE: 532144

₹ 2,342.8-2.05%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 61,801 crNext results: 29 Oct 2026Website: www.welspuncorp.comUpdated: 24 Oct 2026

About

Welspun Corp Ltd manufactures steel pipes and related products, including line pipes (HFIW/ERW and LSAW), ductile iron pipes, and stainless steel bars and pipes, from plants in India, the USA and Saudi Arabia. It also makes TMT rebars and sells Sintex water tanks and plastic pipes. In FY26 the company reported revenue of 16,770.14 cr, and it describes itself as one of the top 2 manufacturers of large-diameter line pipes globally. Its global order book stood at a record USD 4.7 billion (~INR 45,000 cr) as of September 2026.^[1][2]

Business segments

Steel products: revenue of Rs 16,134.11 cr in FY26, or 96.2% of the total, vs Rs 13,346.79 cr in FY25.^[3][2]
Others (including plastic products): revenue of Rs 636.03 cr in FY26, or 3.8% of the total, with a segment EBIT loss of Rs 101.55 cr; FY25 revenue was Rs 630.76 cr.^[3][2]

Products and brands

Line pipes include HFIW/ERW (small-diameter) and LSAW/DSAW (large-diameter) steel pipes supplied to oil, gas and water transmission customers in India, the USA and export markets.^[4]
Per the FY25 annual report, the portfolio also includes bends, coatings, DI pipes, stainless steel bars, pipes and tubes, TMT rebars, and Sintex water tanks and plastic pipes.^[2]
Brands, per the FY25 annual report: Welspun Flow (DI pipes), Welspun Shield (TMT rebars) and Sintex (water tanks and plastic pipes).^[2]
DI pipes serve water distribution infrastructure. Main demand comes from India's Jal Jeevan Mission and, from FY27, from Saudi Arabia's Vision 2030 water network expansion.^[5]
Welspun Specialty Solutions (WSSL) makes stainless steel bars and pipes for the nuclear, defence, aerospace and industrial segments. It is positioned as India's only integrated stainless steel player in those end-markets.^[6]
Sintex sells plastic water storage tanks and OPVC/SWR pipes. New products include Sintex Eterno (a tank with a 50-year warranty) and SWR Anti-Rodent pipes.^[6]
Delivered India's first API X65 grade ERW pipes for gaseous hydrogen, and set up a hydrogen lab at Anjar, per the FY25 annual report.^[2]

Manufacturing capacity and operations

About 2.2 MMTPA of line pipe capacity across India, the USA and KSA (including associate EPIC), from five facilities, per the FY25 annual report.^[2]
USA HFIW (ERW) plant at Little Rock: 350 KMTPA, commissioned and stabilised in Q1 FY27 (June 2026); first orders are under execution.^[6]
WSSL at Jhagadia has ~150 KMTPA of steel-making capacity and ~18 KMTPA of seamless pipe and tube capacity, per the FY25 annual report.^[2]
Sintex has seven manufacturing units with a combined capacity of 70 KMTPA, per the FY25 annual report. Its Bhopal OPVC plant has been fully operational since November 2025.^[2][7]
The India LSAW mill operated at full capacity throughout FY25.^[2]

Key operating numbers

Line pipe volumes (India + USA): 193 KMT in Q1 FY27 vs 182 KMT in Q1 FY26. Full-year FY26 volume was 954 KMT, up 12% YoY.^[6]
DI pipe volumes: 69 KMT in Q1 FY27 vs 65 KMT in Q1 FY26. Full-year FY26 volume was 342 KMT, up 26% YoY.^[6]
Stainless steel bars and pipes volumes: 8.3 KMT in Q1 FY27 vs 6.3 KMT in Q1 FY26.^[6]
TMT rebar sales of about 211 KMT in FY25 were the highest ever.^[2]
US EBITDA per tonne guidance (normalised) is ~$300/ton. Q1 FY27 ran above that level due to exceptional market conditions.^[6]

Order book

The global order book reached a record USD 4.7 billion (~INR 45,000 cr) in September 2026, up from USD 4.4 billion in August 2026 and ~INR 25,750 cr as of June 2026.^[8][9][6]
As of Q1 FY27, the US spiral mill was booked well through FY28. The US mix was ~75% Gulf Coast LNG and ~25% data centres.^[6]

Customers, distribution and exports

Line pipe clients include Saudi Aramco, Qatar Energy LNG, Total, Shell, Chevron, GAIL and IOCL, per the FY25 annual report.^[2]
US demand is driven by LNG export pipelines on the Gulf Coast, gas pipelines for AI data-centre power, and a resurgence in oil pipelines. Management describes this as a 5 - 7 year play.^[4]
India LSAW exports target the Caspian region alongside existing Middle East and Southeast Asia customers. Estimated addressable volume is ~150,000 - 200,000 tons per year.^[6]
DI pipe exports are pivoting to Europe, the Middle East and Africa. In Q1 FY27 the company described itself as one of India's largest pig iron exporters.^[6]
Sintex distribution as of June 2026: 545 distributors, 37,000 retailers and 86,000 plumbers across 11 states.^[6]
The TMT dealer network grew to over 150 dealers in the Western region, per the FY25 annual report.^[2]

Expansion and capex

USA LSAW (DSAW) plant: 350 KMTPA, on track for commissioning by December 2026, with coating and DJ capabilities, at a project cost of INR 1,075 cr.^[7]
KSA greenfield projects: a 250 KMTPA DI pipe plant and a 350 KMTPA LSAW plant, both targeting commissioning by Q3 FY27 (September 2026). Full economic benefit is expected in FY28.^[6]
The total announced capex envelope is ~INR 5,500 cr over FY26 - FY27, with ~35 - 40% left to deploy in FY27 and no incremental capex beyond it.^[6]
Capex was INR 2,532 cr in FY26 and ~INR 834 cr in Q1 FY27.^[4][6]
A 42 MW RE-RTC renewable power project through an SPV was expected to be operational by 2026, per the FY25 annual report.^[2]

Recent developments

September 2026: subsidiary Welspun DI Pipes Limited incorporated a wholly-owned entity, Welspun Special Coating Private Limited.^[10]
September 2026: won a USD 412.5 million (~INR 4,000 cr) HFIW pipe order in the USA, for execution in FY28 - FY29.^[8]
August 2026: won the company's largest-ever single order, worth USD 1.8 billion (~INR 17,200 cr), for pipes from its USA facility, for execution in FY28 - FY29.^[9]
Q1 FY27: a partial stake sale in EPIC KSA produced a one-time gain of INR 548 cr. Welspun keeps a 22%+ stake and remains the largest shareholder.^[6]
Q1 FY27: the DI pipe strategy was recalibrated. Domestic capacity was partly scaled down, with a pivot to pig iron and export markets because of weak JJM demand.^[6]

Market Cap

₹61,801 Cr

High / Low

₹2,900 / 710

Stock P/E

27.4

Price / Book

6.9

Book Value

₹347

EPS

₹61.1

No. of Shares

26.38 Cr

ROCE

23.0%

ROE

19.4%

OPM

11.9%

Debt / Equity

0.24

Sales

₹16,770 Cr

Net Profit

₹1,620 Cr

Promoter holding

47.5%

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Welspun Corp Ltd(WELCORP)

About

Business segments

Products and brands

Manufacturing capacity and operations

Key operating numbers

Order book

Customers, distribution and exports

Expansion and capex

Recent developments

Signal history

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