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Welspun Corp Limited
(WELCORP)
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Rating:69Neutral
Price Target:
₹1,694.00
▲(111.04% Upside)
Action:Reiterated
Date:07/07/26
The score is driven by strong technical strength (price well above major moving averages with positive momentum), supported by improving but cyclical financial performance (re-accelerating revenue and moderate leverage offset by weak/volatile free-cash conversion). Valuation is a meaningful headwind given a ~25x P/E and minimal dividend yield.
Positive Factors
Revenue re-acceleration and healthy margins
FY2026 revenue re-acceleration and mid-to-high single-digit net margins reflect recovering project demand and available pricing/operating leverage. Sustained top-line recovery with ~29% gross margin improves structural earnings resilience and supports cash generation and operational stability over the medium term.
Negative Factors
Thin and volatile free cash flow
FCF that is thin relative to earnings and swings year-to-year points to working-capital sensitivity and capex or timing volatility. This undermines the company’s ability to reliably fund capex, pay down debt, or return capital, reducing financial flexibility during extended industry slowdowns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue re-acceleration and healthy margins
FY2026 revenue re-acceleration and mid-to-high single-digit net margins reflect recovering project demand and available pricing/operating leverage. Sustained top-line recovery with ~29% gross margin improves structural earnings resilience and supports cash generation and operational stability over the medium term.
Read all positive factors
Welspun Corp Limited (WELCORP) vs. iShares MSCI India ETF (INDA)
Market Cap
₹417.44B
Dividend Yield0.32%
Average Volume (3M)18.13K
Price to Earnings (P/E)25.8
Beta (1Y)1.15
Revenue Growth19.98%
EPS Growth-15.82%
CountryIN
Employees5,213
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)61.23
Shares Outstanding263,790,650
10 Day Avg. Volume15,101
30 Day Avg. Volume18,125
Financial Highlights & Ratios
PEG Ratio-0.84
Price to Book (P/B)2.34
Price to Sales (P/S)1.28
P/FCF Ratio37.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)74.38
Revenue Forecast (FY)₹213.57B
Welspun Corp Limited Business Overview & Revenue Model
Company Description
Mumbai, India-based Welspun Corp Limited, incorporated in 1995, operates as a leading global producer and vendor of steel piping, protective coatings, plates, and coils. The company maintains a significant presence in the United States, Saudi Arab...
How the Company Makes Money
Welspun Corp makes money mainly by manufacturing and selling steel pipes and providing allied services tied to pipeline projects. Its core revenue stream comes from executing customer orders (typically project-based, tender-driven contracts) for l...
Welspun Corp Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 167.70B | 133.22B | 168.96B | 94.87B | 63.29B |
| Gross Profit | 49.11B | 39.65B | 43.27B | 20.68B | 14.38B |
| EBITDA | 27.13B | 29.24B | 20.57B | 8.63B | 10.09B |
| Net Income | 16.13B | 19.08B | 11.10B | 2.07B | 4.39B |
Balance Sheet | |||||
| Total Assets | 204.34B | 152.37B | 118.50B | 153.39B | 91.69B |
| Cash, Cash Equivalents and Short-Term Investments | 37.90B | 18.02B | 14.73B | 20.72B | 21.33B |
| Total Debt | 23.55B | 11.04B | 19.49B | 33.62B | 20.57B |
| Total Liabilities | 110.28B | 75.08B | 61.16B | 104.95B | 46.41B |
| Stockholders Equity | 91.56B | 74.63B | 56.16B | 47.32B | 44.28B |
Cash Flow | |||||
| Free Cash Flow | 5.65B | 4.12B | 10.07B | -13.79B | -7.61B |
| Operating Cash Flow | 30.98B | 12.65B | 13.06B | -1.85B | 2.18B |
| Investing Cash Flow | -38.17B | 1.16B | 3.67B | -4.17B | -2.09B |
| Financing Cash Flow | 10.76B | -10.66B | -18.77B | 9.09B | 4.53B |
Welspun Corp Limited Technical Analysis
Positive
802.70
Price Trends
1420.12
Positive
1175.63
Positive
1001.95
Positive
Market Momentum
72.92
Negative
58.18
Neutral
73.34
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 1529.26, below the 50-day MA of 1420.12, and below the 200-day MA of 1001.95, indicating a bullish trend. The MACD of 72.92 indicates Negative momentum. The RSI at 58.18 is Neutral, neither overbought nor oversold. The STOCH value of 73.34 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹172.19B | 26.31 | ― | 1.18% | -8.57% | -62.05% | |
69 Neutral | ₹417.44B | 25.83 | ― | 0.61% | 19.98% | -15.82% | |
67 Neutral | ₹53.71B | 18.79 | ― | 2.03% | 1.41% | -17.68% | |
65 Neutral | ₹498.04B | 41.43 | ― | 0.31% | 8.56% | 58.85% | |
65 Neutral | ₹180.51B | 37.51 | ― | 0.60% | -13.35% | -11.28% | |
61 Neutral | ₹39.74B | 22.73 | ― | ― | 1.67% | -1.21% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:WELCORP
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70.49%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.