Welspun Corp Limited (WELCORP) AI Stock Analysis

• Market Cap: ₹192.29B
• Dividend Yield: 0.61%
• Average Volume (3M): 18.13K
• Price to Earnings (P/E): 9.9
• Beta (1Y): 1.47
• Revenue Growth: -1.19%
• EPS Growth: 96.91%
• Country: IN
• Employees: 5,213
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 15.60
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹795.00 ▼(-0.96% Downside)

Welspun Corp Limited's stock score is primarily driven by its strong financial performance and attractive valuation. The company's profitability and stable balance sheet are significant strengths, although recent revenue dips and cash flow volatility pose challenges. Technical analysis indicates mixed momentum, with no clear trend direction. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Leader in large‑diameter line pipes

Welspun's specialization in large‑diameter LSAW and HSAW line pipes and bundled coating services positions it in a high‑barrier, project‑driven market. That focused capability supports durable order flow from oil, gas and water infrastructure projects and strengthens a long‑term competitive moat.

Strong profitability and margins

Consistently strong net profit and EBIT margins indicate effective cost management and operational scale. Sustainable margins improve the firm's capacity to absorb raw material swings, fund necessary capex and coatings investment, and generate internal cash for growth or debt reduction over the medium term.

Stable equity base, manageable leverage

A stable equity base and manageable debt‑to‑equity ratio give Welspun balance sheet resilience. This financial footing supports bidding on large EPC projects, enables measured capex for capacity or technology, and reduces near‑term refinancing pressure through industry cycles.

Negative Factors

Revenue decline in 2025

A year‑over‑year revenue decline highlights demand or timing weakness in project awards. Given Welspun's project‑based model, delayed tenders or execution timing can depress utilization and revenue consistency, undermining medium‑term top‑line growth and the company's ability to fully leverage fixed costs.

Volatile free cash flow

Significant free cash flow volatility constrains reinvestment, dividend policy and de‑leveraging plans. Fluctuating FCF suggests working capital or capex timing risks tied to project execution, which can limit funding for new capacity, coatings upgrades or strategic initiatives during downturns.

Rising total liabilities

An increase in total liabilities raises leverage and interest‑cost exposure, reducing financial flexibility. Higher liabilities can constrain the ability to finance large project awards, elevate refinancing risk in tighter credit conditions, and amplify downside in cyclical slowdowns.

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

Welspun Corp Limited demonstrates strong profitability and a stable balance sheet with effective cost management. Despite a recent dip in revenue and fluctuations in free cash flow, the company's overall financial health remains robust. Attention to managing liabilities and ensuring consistent cash flow growth will be crucial for sustaining financial stability.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	143.92B	139.78B	173.40B	97.04B	65.05B	69.92B
Gross Profit	47.60B	37.53B	51.63B	9.32B	7.44B	10.98B
EBITDA	29.85B	23.24B	20.57B	8.01B	10.22B	12.89B
Net Income	20.10B	19.08B	11.10B	2.07B	4.39B	7.68B
Balance Sheet
Total Assets	0.00	152.37B	118.50B	153.39B	91.69B	76.92B
Cash, Cash Equivalents and Short-Term Investments	17.58B	18.02B	14.73B	20.72B	21.33B	13.46B
Total Debt	0.00	11.04B	19.49B	33.62B	20.57B	9.70B
Total Liabilities	-77.29B	75.08B	61.16B	104.95B	46.41B	34.82B
Stockholders Equity	77.29B	74.63B	56.16B	47.32B	44.28B	40.83B
Cash Flow
Free Cash Flow	0.00	4.12B	10.07B	-13.79B	-7.61B	4.55B
Operating Cash Flow	0.00	12.65B	13.06B	-1.85B	2.18B	7.74B
Investing Cash Flow	0.00	1.16B	3.67B	-4.17B	-2.09B	-8.45B
Financing Cash Flow	0.00	-10.66B	-18.77B	9.09B	4.53B	-1.98B

Welspun Corp Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 802.70
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 802.7 is above the 20-day moving average (MA) of 752.61, above the 50-day MA of 792.88, and below the 200-day MA of 849.94, indicating a bearish trend. The MACD of -17.77 indicates Negative momentum. The RSI at 39.91 is Neutral, neither overbought nor oversold. The STOCH value of 30.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WELCORP.

Welspun Corp Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JINDALSAW	73 Outperform	₹112.46B	9.96	―	1.18%	-13.69%	-30.57%
VENUSPIPES	70 Outperform	₹21.17B	22.62	―	0.08%	17.45%	-7.82%
RATNAMANI	70 Neutral	₹158.57B	26.15	―	0.60%	9.51%	14.31%
WELCORP	68 Neutral	₹192.29B	9.88	―	0.61%	-1.19%	96.91%
MAHSEAMLES	68 Neutral	₹69.64B	8.29	―	1.82%	0.81%	-7.11%
MANINDS	64 Neutral	₹24.50B	13.15	―	―	10.26%	46.49%
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.