Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Oct - CARE reaffirmed WCL ratings: ST facilities ₹5,984 crore A1+, NCD ₹40 crore AA+ stable, CP ₹600 crore A1+; LT facility withdrawn.
Source: Bse
Welspun Corp Limited (WELCORP)
Small CapIndustrials stocks · Small cap · NSE
Welspun Corp Limited (WCL) is the flagship company of Welspun World, with a diversified portfolio including Line Pipes, Ductile Iron (DI) Pipes, Stainless Steel Bars, Pipes & Tubes, and TMT Rebars. It also houses Sintex for water storage tanks and plastic piping solutions. WCL serves customers across six continents with manufacturing facilities in India, USA, and KSA.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result24 Jul, 07:46 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
56NeutralSMA20 +5.9% / mo · MACD − · near 52W high
Stock trend: 62
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
WELCORPD candles · FIT view+111.6%Latest close ₹2565.60 on 2026-10-21
Bar
-2.3%
RSI
49
MACD hist
-34.03
52W pos
85%
2026-10-21O ₹2625.60H ₹2643.50L ₹2534.00C ₹2565.60Vol 9.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
WELCORPNifty India ManufacturingNifty 500
- WELCORP
- +57.5%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +64.0 pp
Chart stats
21 Oct 2026- From 52W high
- -11.5%
- 52W range position
- 85%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.58x
- Avg traded value
- ₹429 Cr
- 20D price channel
- ₹2,450 - ₹2,900
₹2,900
₹710 - ₹2,900
₹137.6
Latest completed session
20-session average
59.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +14.9% · PAT +200.3% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+25.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +15% YoY · PAT +200% YoY · margin expansion · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,081 Cr | +14.9% | -5.4% |
| EBITDA | ₹692 Cr | +31.8% | +37.3% |
| Operating margin | 17.0% | +200 bps | +500 bps |
| PAT | ₹1,048 Cr | +200.3% | +182.5% |
| PAT margin | 25.7% | +1585 bps | +1708 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.60
- P/B
- 7.47
- EV/EBITDA
- 25.30
- Market Cap
- 68398.00Cr
Profitability
- ROE
- 19.40%
- ROCE
- 22.90%
- ROA
- 11.37%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 52.50%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 12.39×
- Altman Z
- 5.67
- Book Value
- 347.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 3204.00 Cr
- EPS TTM
- 87.55
Shareholding
- Promoter Hold
- 49.73%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 4,081-5.4% vs prev
Net Profit
₹ CrLatest: 1,048+182.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 261% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
99
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.1%
3M return
+57.5%
6M return
+113.1%
1Y return
+182.9%
RS 1D
0
RS 20D
0
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 50.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +17.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
20 Apr 2026
S2 age
130 trading sessions
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 315.74-0.13%
RS vs Nifty 500316
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation6/30
Growth20/25
Quality15/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 25.4%.
- Growth contributes 20/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
29.6
PB
7.5
EV/EBITDA
25.3
ROE
19.4%
ROCE
22.9%
FCF Yield
—
Debt/Equity
0.3
MoS
+25.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 56 (+2)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+25.4%
Previous: +24.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
57
57
56
56
56
59
58
58
58
56
56
56
Factor attribution
Valuation
6+2
was 4
Modelled fair value
Graham Number
₹826.77
-210.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹3,440.71
+25.4% MoS
PEG
0.88
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANINDS
Small
Man Industries (India) Limited
Steel Pipes
match 79
37
32.6
9.2%
+26%
WATCHLIST
JINDALSAW
Large
Jindal Saw Limited
Steel Pipes
match 76
41
35.1
8.2%
+12%
WATCHLIST
SKIPPER
Micro
Skipper Limited
Steel Pipes
match 75
61
27.8
16.6%
+33%
UNDERVALUED
APLAPOLLO
Mid
APL Apollo Tubes Limited
Steel Pipes
match 55
54
48.3
25.4%
-23%
FAIR VALUE
GOODLUCK
Small
Goodluck India Limited
Steel Pipes
match 52
45
23.5
13.0%
+27%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-17T15:38:23.257Z
Management commentary snapshot
Welspun Corp delivered strong Q4 & FY26 performance, surpassing full-year EBITDA guidance by 7.8% to Rs 2,371 Cr (14% margin). PAT (ex-exceptional) grew 42% YoY for FY26. The company maintained an all-time high order book of ~Rs 25,350 Cr and strengthened its net cash position to Rs 1,627 Cr despite significant capex.
WCL delivered robust FY26 performance, exceeding EBITDA guidance and demonstrating strong cash generation despite heavy capex. The substantial order book provides good visibility, particularly with the USA spiral mill booked through FY28. However, execution on new capacity and managing geopolitical supply chain disruptions remain key for FY27 guidance.
Growth engines
USA Line Pipes Demand
Strong multi-year demand visibility, driven by rising LNG demand, increasing power requirements linked to AI data centres, and resurgence of oil pipeline infrastructure.
KSA Infrastructure Investments
Significant investments across onshore and offshore fields, spending in Hydrogen & CCUS ventures, and continued thrust on water infrastructure projects to support pipeline demand.
India O&G and Water Pipelines
Government’s focus on PNG, LPG pipelines, Samudra Manthan initiative, and irrigation/river interlinking projects expected to drive demand.
KSA DI Pipes Market
Vision 2030 plans 30,000+ km of new water & sewage networks, creating favorable demand dynamics, local capacity constraints, and import substitution opportunities.
Capacity and execution
US and KSA Line Pipe Expansion
Capacity expansion projects in US and KSA to be commissioned in FY27.
KSA Greenfield DI Plant
Greenfield DI Plant in KSA to be commissioned in FY27.
Tailwinds
Higher Oil Prices & Energy Security
Higher oil prices and renewed focus on energy security to further support new investments in global line pipe projects.
Global Diversification Advantage
Strategic global presence across key regions and strong execution capabilities provides competitive advantage in the evolving global landscape.
Associate Company Performance
Associate company in KSA, East Pipes Integrated Company for Industry, delivered highest-ever profitability and margin performance in FY26.
WSSL Growth & Niche Focus
Welspun Specialty Solutions Ltd (WSSL) reported 52% y-o-y EBITDA growth for FY26, with continued focus on value over volume and niche products.
Headwinds
Geopolitical Supply Chain Disruptions
The current global geopolitical environment has created near-term supply chain disruptions across markets.
India DI Pipes Overcapacity
For DI Pipes in India, overcapacity and fund allocation for JJM still remains a big concern.
Global SS Market Slowness
Global markets for SS Bars and Pipes & Tubes continued slowness with tepid demand ever since US Tariff actions leading to caution and volatility.
Risk radar
Geopolitical Instability
Global geopolitical conflicts can impact supply chains and demand scenarios across various markets.
Execution Risk for New Capacities
Successful commissioning and ramp-up of new Line Pipe capacities in US/KSA and the KSA DI Plant in FY27 are critical.
Raw Material Price Volatility
Significant price increases undertaken for Sintex due to increasing raw material costs amid heightened global geopolitical uncertainty.
India DI Market Funding
Overcapacity and fund allocation for the Jal Jeevan Mission (JJM) remain a concern for DI Pipes in India.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
For an industrials company like Welspun Corp, year-over-year comparison is crucial to assess long-term growth trends, project execution cycles, and the impact of large-scale infrastructure projects, which often span multiple quarters and are less susceptible to short-term sequential fluctuations.
Sector KPIs management disclosed
Order Book
Maintained all-time high order book of ~Rs 25,350 crore, including line pipes (India & USA), ductile iron pipes, and stainless steel bars & pipes. USA spiral mill booked through FY28.
EBITDA Margin
FY26 EBITDA margin at 14%.
ROCE
FY26 ROCE at 22%.
Net Working Capital
Net working capital remained negative, supported by advances received from customers.
Management forward view
FY27 Guidance
FY27 guidance: Revenue at Rs. 20,000 crore and EBITDA at Rs. 2,850 crore.
Financial Guard-rails
Maintain ROCE > 20% and Net Debt/EBITDA < 1.
Sustainability Commitment
Continue to integrate sustainability across business approach with improved ESG rankings, reinforcing commitment towards sustainable growth.
Competitive Advantage
Strategic global presence across key regions and strong execution capabilities provides competitive advantage in the evolving global landscape.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Guidance | Rs 20,000 crore | Achievement of revenue target, indicating successful order book execution and market demand realization. |
| FY27 EBITDA Guidance | Rs 2,850 crore | Achievement of EBITDA target, reflecting margin management and operational efficiency amidst market dynamics. |
| New Capacity Commissioning & Ramp-up | US/KSA Line Pipe & KSA DI plants in FY27 | Timely commissioning and effective utilization ramp-up of new capacities to support future growth. |
| India DI Pipes Demand | Overcapacity and fund allocation concerns | Improvement in fund flow for Amrut 2.0 and resolution of overcapacity issues to drive demand from Q2FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
133 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · Small: 86th pctile, median 66
Evidence depth
Financial-only
133 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸ROCE is 22.9%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Welspun Corp Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 30 Sep - WDI incorporated step-down subsidiary WSCPL on 17 September 2026 for coating works.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 25 Sep - Welspun Corp wins USD 412.5 million HFIW pipe order; execution in FY28-FY29, order book hits USD 4.7 billion.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Sep - Welspun Corp to incorporate Welspun Pipe Jordan, PSC in Jordan as a step-down wholly owned subsidiary.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - Newspaper Publication regarding Special Window for Re-lodgement of Transfer of Physical Shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Aug - Welspun Corp wins $1.8 billion pipe order; execution in FY2028-29, lifting order book to $4.4 billion.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 5 Aug - CARE reaffirmed WCL ratings: AA+ Stable for long-term debt/NCDs and A1+ for short-term facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Jul - Welspun Corp wins fresh pipe orders worth Rs. 1,400 crore; order book reaches Rs. 23,650 crore for FY27-FY28.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.