Welspun Corp Limited (WELCORP) AI Stock Analysis

• Market Cap: ₹211.03B
• Dividend Yield: 0.61%
• Average Volume (3M): 18.13K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 1.36
• Revenue Growth: -1.19%
• EPS Growth: 96.91%
• Country: IN
• Employees: 5,213
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 17.30
• Shares Outstanding: 263,790,650
• 10 Day Avg. Volume: 15,101
• 30 Day Avg. Volume: 18,125
• PEG Ratio: 0.16
• Price to Book (P/B): 2.98
• Price to Sales (P/S): 1.59
• P/FCF Ratio: 54.01
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 60.8
• Revenue Forecast (FY): ₹176.38B

• Rating: 66 Neutral
• Price Target: ₹874.00 ▲(8.88% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is driven primarily by solid financial performance (strong profitability and stable leverage) and supportive valuation (low P/E). These positives are tempered by mixed technicals (negative MACD and price below longer-term moving averages) and risks around revenue decline, rising liabilities, and volatile/free cash flow.

Positive Factors

Profitability and margins

Consistently strong net profit and EBIT margins signal durable operational efficiency and cost control. High margins provide buffer through commodity cycles, support reinvestment into capacity and coatings capabilities, and make earnings less sensitive to short-term price swings.

Stable balance sheet

A solid equity base and manageable leverage enhance financial flexibility for bidding large, multi-year pipeline contracts and funding working capital. This stability reduces refinancing risk, supports investment in capacity and coatings, and cushions cyclical downturns in steel demand.

Diverse project revenue and value-added services

Exposure to oil & gas, water and infrastructure end-markets plus value-added coatings increases customer stickiness and margin mix. Bundling coatings and services with pipe supply supports long-term contract wins and recurring project opportunities, improving revenue visibility over cycles.

Negative Factors

Free cash flow volatility

Material FCF volatility undermines the company’s ability to self-fund capex, smooth dividends, and absorb project timing variability. For a project-driven business, inconsistent free cash generation raises reliance on external financing and increases execution risk on large, multi-year contracts.

Rising total liabilities

An upward trend in liabilities can constrain strategic flexibility and elevate interest and covenant risk, especially in a cyclical steel environment. Higher leverage reduces headroom for bidding losses, delays, or cost overruns on capital-intensive pipeline projects.

Recent revenue decline

A year-over-year revenue decline may reflect weaker end-market demand or project timing slippage. Sustained revenue softness would reduce capacity utilization, pressure fixed-cost absorption and margins, and impair the company’s ability to scale coating and service revenues.

Welspun Corp Limited Business Overview & Revenue Model

Company Description

Welspun Corp Limited, together with its subsidiaries, manufactures and sells steel pipes and coatings, plates, and coils in the United States, Saudi Arabia, and India. The company offers helically, longitudinally, and electric resistance welded pipes; pig iron and ductile iron pipes; billets and thermo mechanically treated rebars; stainless steel pipes, tubes, and bars, as well as double jointing, pipe bending, ID machining, and dump site and inventory management services. Its products are used in onshore and offshore oil, gas, and water transmission; downstream oil and gas distribution; anti-corrosion; infrastructure and housing construction; potable water distribution; petrochemicals, nuclear power, fertilizers, energy and power, defense, railways, and aerospace; and forging and engineering industries. The company was formerly known as Welspun Gujarat Stahl Rohren Limited and changed its name to Welspun Corp Limited in April 2010. Welspun Corp Limited was incorporated in 1995 and is based in Mumbai, India.

How the Company Makes Money

Welspun Corp generates revenue primarily through the sale of its core products, which include steel pipes, plates, and related services. The company has a strong revenue model based on both domestic and international sales, providing products to major sectors such as oil and gas, water infrastructure, and construction. Key revenue streams consist of long-term contracts with large corporations and government projects, which provide a stable flow of income. Additionally, the company benefits from strategic partnerships with leading players in the industry, enhancing its market presence and operational capabilities. Factors contributing to its earnings include the increasing demand for pipeline infrastructure, the expansion of renewable energy projects, and the company's ability to adapt to changing market conditions.

Welspun Corp Limited Financial Statement Overview

Summary

Profitability is strong with solid net profit and EBIT margins, and the balance sheet is stable with manageable leverage. Offsetting factors include a revenue decline in 2025 versus 2024, rising liabilities, and notably volatile/free cash flow that has weakened in recent years.

Income Statement

Welspun Corp Limited shows strong net profit margins and EBIT margins over the years, indicating efficient cost management and profitability. However, there was a decline in revenue in 2025 compared to 2024, which may indicate potential demand issues or market challenges. The gross profit margin is solid, contributing to overall profitability.

Balance Sheet

The company's balance sheet reflects a stable equity base with a manageable debt-to-equity ratio. The equity ratio is satisfactory, indicating a solid foundation of stockholders' equity relative to total assets. However, the increase in total liabilities over the years could pose a risk if not managed carefully.

Cash Flow

Cash flow analysis reveals a healthy operating cash flow to net income ratio, suggesting efficient cash generation from operations. However, free cash flow has fluctuated significantly, with a notable decline in recent years. This volatility in free cash flow may indicate challenges in capital expenditure management or fluctuating operational performance.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	154.64B	139.78B	173.40B	97.04B	65.05B	69.92B
Gross Profit	47.94B	37.53B	51.63B	9.32B	7.44B	10.98B
EBITDA	30.86B	23.24B	20.57B	8.01B	10.22B	12.89B
Net Income	21.63B	19.08B	11.10B	2.07B	4.39B	7.68B
Balance Sheet
Total Assets	165.39B	152.37B	118.50B	153.39B	91.69B	76.92B
Cash, Cash Equivalents and Short-Term Investments	13.77B	18.02B	14.73B	20.72B	21.33B	13.46B
Total Debt	15.45B	11.04B	19.49B	33.62B	20.57B	9.70B
Total Liabilities	78.24B	75.08B	61.16B	104.95B	46.41B	34.82B
Stockholders Equity	81.95B	74.63B	56.16B	47.32B	44.28B	40.83B
Cash Flow
Free Cash Flow	-11.00B	4.12B	10.07B	-13.79B	-7.61B	4.55B
Operating Cash Flow	-988.20M	12.65B	13.06B	-1.85B	2.18B	7.74B
Investing Cash Flow	-6.80B	1.16B	3.67B	-4.17B	-2.09B	-8.45B
Financing Cash Flow	1.89B	-10.66B	-18.77B	9.09B	4.53B	-1.98B

Welspun Corp Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 802.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WELCORP, the sentiment is Positive. The current price of 802.7 is below the 20-day moving average (MA) of 806.81, above the 50-day MA of 789.43, and below the 200-day MA of 856.43, indicating a neutral trend. The MACD of 7.91 indicates Negative momentum. The RSI at 59.34 is Neutral, neither overbought nor oversold. The STOCH value of 70.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:WELCORP.

Welspun Corp Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANINDS	78 Outperform	₹29.55B	13.17	―	―	10.26%	46.49%
VENUSPIPES	70 Outperform	₹20.32B	23.46	―	0.08%	17.45%	-7.82%
JINDALSAW	69 Neutral	₹122.34B	10.37	―	1.18%	-13.69%	-30.57%
MAHSEAMLES	68 Neutral	₹73.66B	7.74	―	1.82%	0.81%	-7.11%
RATNAMANI	68 Neutral	₹163.88B	37.97	―	0.60%	9.51%	14.31%
WELCORP	66 Neutral	₹211.03B	11.86	―	0.61%	-1.19%	96.91%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Welspun Corp Limited Corporate Events

Welspun Corp to Take Full Direct Control of Mauritius Holding Arm in $5.96 Million Internal Deal

Welspun Corp Limited’s board has approved the acquisition of an additional 2.57% equity stake in its Mauritius-based subsidiary, Welspun Mauritius Holdings Limited, from its wholly owned US unit Welspun Pipes Inc. for up to USD 5.962 million in cash, a move that will convert WMHL into a direct wholly owned subsidiary of the parent. The transaction, classified as a related-party deal but executed on an arm’s-length basis, is aimed at streamlining and optimising the company’s overseas holding structure, with management stressing that the internal reorganisation will not materially affect consolidated financials, operations, or profitability but should simplify ownership and governance of a key investment holding platform in Mauritius.

Welspun Corp to Take Direct Full Ownership of Mauritius Holding Arm in Internal Restructuring

Welspun Corp’s board has approved the acquisition of approximately 2.57% equity in its subsidiary Welspun Mauritius Holdings Limited (WMHL) from its wholly owned US subsidiary, Welspun Pipes Inc., for up to USD 5.962 million in cash, which will result in WMHL becoming a direct wholly owned subsidiary. The transaction, structured as a related-party deal on an arm’s-length basis, is aimed at streamlining and optimising the company’s overseas holding structure and aligning WMHL’s ownership directly with the parent, with no expected material impact on consolidated financials, operations or profitability, but clarifying the group’s corporate structure in Mauritius, where WMHL serves as an investment holding entity.

Welspun Corp Files SEBI Dematerialisation Compliance Certificate for December Quarter

Welspun Corp Limited has submitted a compliance certificate to the BSE and NSE for the quarter from October 1 to December 31, 2025, in line with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, confirms that all securities submitted for dematerialisation during the period were duly accepted or rejected, appropriately mutilated and cancelled, and that the depositories were recorded as registered owners within prescribed timelines, underscoring the company’s adherence to regulatory requirements and proper handling of its listed securities.

Welspun Corp Wins New Americas Export Order, Lifts Global Order Book to Rs 23,460 Crore

Welspun Corp Limited has secured a new export order for the supply of large diameter coated line pipes to customers in the Americas, reinforcing its position in international pipeline infrastructure markets. Following this contract, additional orders booked in India since September 2025 total Rs 3,100 crore, taking the company’s consolidated global order book to Rs 23,460 crore (approximately US$2.6 billion), which will be executed over FY26–FY28 and provides strong business visibility and continuity for its assets in India and the USA.

Welspun Corp Expands with New Subsidiary in Gift City

Welspun Corp Limited has announced the incorporation of a new step-down wholly owned subsidiary, Welspun Global IFSC Limited (WGIFSC), in Gujarat International Finance Tec-City (Gift City), Gujarat, India. This strategic move aims to enhance the company’s global and regional corporate treasury activities within the International Financial Services Centre (IFSC) framework, potentially strengthening its financial operations and market positioning.

Welspun Corp Initiates Arbitration Over Lost Investment Opportunity

Welspun Corp Limited has initiated arbitration proceedings against Wasco Coatings Limited and Wasco Energy Limited, subsidiaries of Malaysia-based Wasco Berhad, due to a breach of a Shareholders’ Agreement. The dispute centers on Wasco Coatings’ failure to offer Welspun an option to acquire a stake in a new company in Qatar, resulting in a lost investment opportunity. Welspun is seeking compensation between USD 35.5 to 43.5 million, highlighting the financial implications and strategic impact on its operations.