Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 7 Oct - WMEL received NDMC Letter of Acceptance for ₹66 crore sewer rehabilitation project; order book reaches ₹2,356.66 crore.
Source: Bse
Welspun Enterprises Limited (WELENT)
Micro CapInfra stocks · Micro cap · NSE
Welspun Enterprises Limited (WELENT) is the infrastructure arm of the USD 5 Bn Welspun Group. It focuses on Roads, Water, and Tunnelling projects, employing an asset-light strategy. The company aims for value creation through selective bidding, efficient execution, and asset monetization, with a strong current order book.
₹689.55
-1.75 · -0.25%
Market cap ₹10,063 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 12:35 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -1.1% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 49
Sector RS: 38
Sector 3M: -7.9% vs Nifty 500 -5.6%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
WELENTD candles · FIT view+31.8%Latest close ₹689.55 on 2026-10-21
Bar
-0.8%
RSI
40
MACD hist
-8.05
52W pos
65%
2026-10-21O ₹694.90H ₹705.85L ₹680.00C ₹689.55Vol 1.9L 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
WELENTNifty InfraNifty 500
- WELENT
- +11.1%
- Nifty 500
- -6.5%
- Nifty Infra
- -8.6%
- Vs Nifty 500
- +17.6 pp
Chart stats
21 Oct 2026- From 52W high
- -18.1%
- 52W range position
- 65%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.54x
- Avg traded value
- ₹19.7 Cr
- 20D price channel
- ₹680 - ₹800
₹841.9
₹412 - ₹841.9
₹28.5
Latest completed session
20-session average
30.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -8.4% · PAT -44.5% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model-35.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
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
Bad · 0/100Rev -8% YoY · PAT -45% YoY · margin compression
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹774 Cr | -8.4% | -35.5% |
| EBITDA | ₹151 Cr | -16.6% | -36.8% |
| Operating margin | 19.0% | -200 bps | -100 bps |
| PAT | ₹56 Cr | -44.5% | -65.6% |
| PAT margin | 7.2% | -471 bps | -635 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.40
- P/B
- 3.30
- EV/EBITDA
- 15.09
- Market Cap
- 10063.00Cr
Profitability
- ROE
- 13.60%
- ROCE
- 16.70%
- ROA
- 4.77%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.49
- Interest Coverage
- 3.41×
- Altman Z
- 2.93
- Book Value
- 220.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 112.00 Cr
- EPS TTM
- 22.08
Shareholding
- Promoter Hold
- 56.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 774-35.4% vs prev
Net Profit
₹ CrLatest: 56.0-65.6% 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
Bearish setupTrend is weak — long-term uptrend intact. RSI 40.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 67% 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
84
RS percentile
Stage 2 UptrendEstablished S2
1M return
-12.1%
3M return
+11.1%
6M return
+35.5%
1Y return
+22.5%
RS 1D
+3
RS 20D
-6
Sector rank
#17
Industry rank
#68
Stage evidence
- Price is 16.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
01 Jul 2026
S2 age
78 trading sessions
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 143.49+0.68%
RS vs Nifty 500143
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth16/25
Quality8/20
Balance Sheet5/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Quality contributes 8/20 to the score.
Main drags
- Fair-value margin of safety is negative at -35.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
28.4
PB
3.3
EV/EBITDA
15.1
ROE
13.6%
ROCE
16.7%
FCF Yield
—
Debt/Equity
0.5
MoS
-35.2%
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
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-35.2%
Previous: -35.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
37
37
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹330.6
-108.6% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹510.05
-35.2% MoS
PEG
1.48
Comparable companies
Peers
Business-comparable peers in Infra — 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
AGIIL
Small
Agi Infra Limited
Construction & Engineering
match 80
52
31.9
25.0%
-28%
FAIR VALUE
ABINFRA
Small
A B Infrabuild Limited
Construction & Engineering
match 79
38
40.4
13.8%
-98%
WATCHLIST
JKIL
Small
J.Kumar Infraprojects Limited
Construction & Engineering
match 78
74
8.8
12.4%
+61%
UNDERVALUED
GAYAPROJ
Small
Gayatri Projects Limited
Construction & Engineering
match 78
47
8.0
—
+94%
FAIR VALUE
GPTINFRA
Small
GPT Infraprojects Limited
Construction & Engineering
match 78
59
15.4
17.3%
+33%
FAIR VALUE
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 2026-06-03T14:56:01.205Z
Management commentary snapshot
WELENT reported mixed FY26 consolidated results: Revenue from Operations declined 2% YoY to ₹3,615 Cr, but EBITDA grew 16% YoY to ₹845 Cr, with margins expanding 350 bps to 22.8%. Q4 FY26 saw strong growth, with Revenue up 14% YoY to ₹1,199 Cr and PAT up 54% YoY to ₹163 Cr.
Despite a full-year revenue dip, WELENT's strong Q4 performance, significant EBITDA margin expansion, and robust order book provide confidence. The focus on asset-light strategy and selective project bidding, particularly in Water and Tunnelling, positions the company for future growth. Execution and working capital management remain key.
Current business mix
Order Book by Segment
Latest issuer-disclosed distribution across 6 reported categories.
Water54.0%
Transport30.0%
Tunnel12.0%
Pumping3.0%
Rehabilitation1.0%
Others1.0%
Growth engines
Water Infrastructure
PositiveExponential Budgetary surge for creating water infrastructure ~ ₹6 lakh crore between 2020-25, a ~6x increase over 2015-20.
Tunnelling Solutions
PositiveTunnelling is a solution for urbanization, with ~3,000 km in 10 years vs ~2,500 km in 75 years. Enhancing in-house specialized capabilities.
Roads (BOT/HAM)
PositiveClear focus on BOT (Toll) and HAM projects. Rapidly expanding highway network ~1,46,000 kms in 2025 to ~1,85,000 kms in 2030.
Asset Monetization
PositiveStrategy to monetize balance sheet heavy assets and remain 'Asset Light' to create value.
Capacity and execution
Pune Shirur Road Project (DBFOT)
New ProjectLOA received on April 29, 2026, for construction of a partially elevated highway corridor (53.4 km). Scheduled construction period is 48 months.
Aunta-Simaria (HAM)
CommissionedProject completed and inaugurated by PM. Completion Certificate received in March 2026. Concession period of 15 years after COD.
Sattanathapuram-Nagapattinam (HAM)
Under ExecutionProject is under execution, on the way to completion. EOT up to May 31, 2026, received.
Varanasi Aurangabad NH2 Project (EPC)
Under ExecutionTotal contract value ~₹3,266 Cr. EOT up to April 30, 2026, is under process with client.
Tailwinds
Government Focus on Water Infrastructure
PositiveBudgetary surge for water infrastructure, ~₹6 lakh crore between 2020-25, a ~6x increase over 2015-20.
Expanding Highway Network
PositiveRapidly expanding highway network from ~1,46,000 kms in 2025 to ~1,85,000 kms in 2030.
Urbanization Driving Tunnelling Demand
PositiveTunnelling is a solution for urbanization, with ~3,000 km in 10 years as against ~2,500 km in 75 years.
Risk radar
Project Execution Delays
WatchSattanathapuram-Nagapattinam project received EOT up to May 31, 2026. Varanasi Aurangabad NH2 project EOT up to April 30, 2026, is under process.
Oil Block Investment Write-off
ConcernExceptional loss in FY26 on account of WEL’s 35% share in AWEL for the write-off relating to the Kutch oil block.
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
The investor presentation explicitly provides Q4 FY26 vs Q4 FY25 and FY26 vs FY25 comparisons for all financial metrics, indicating that year-over-year analysis is the intended and most relevant basis for assessing performance.
Sector KPIs management disclosed
Consolidated Order Book
PositiveConsolidated order book stands at ~₹19,739 Cr as of March 31, 2026, including the Pune Shirur LOA. WMEL's order book is ~₹2,305 Cr.
Consolidated Revenue from Operations
MixedFY26 consolidated revenue declined 2% YoY to ₹3,615 Cr. Q4 FY26 consolidated revenue grew 14% YoY to ₹1,199 Cr.
Consolidated EBITDA Margin
PositiveFY26 consolidated EBITDA margin expanded 350 bps YoY to 22.8%. Q4 FY26 margin expanded 278 bps YoY to 22.0%.
Consolidated Net Debt
PositiveConsolidated Net Debt reduced to ₹43 Cr as of March 31, 2026, from ₹145 Cr in FY25. Standalone remains net cash positive at (₹1,579) Cr.
Management forward view
Strategic Focus on Asset-Light Model
PositiveStrategy to bid for selective projects, deploy right mix of contractors, manage/complete/stabilize projects, undertake O&M, and monetize balance sheet heavy assets to remain 'Asset Light'.
Strengthening O&M Capabilities
PositiveStrengthening O&M capabilities for a sustainable business model in Transport. Creating capacity for lifecycle O&M for various segments of Water projects.
Enhancing Tunnelling Capabilities
PositiveEnhancing in-house strong & specialized tunnelling capabilities to capitalize on urbanization trends.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Order Book | ~₹19,739 Cr (as of March 31, 2026) | Sustained growth in order inflows, especially in high-margin Water and Tunnelling segments, and timely execution. |
| EBITDA Margin | 22.8% (FY26 Consolidated) | Maintenance or further expansion of margins, indicating effective cost control and project selection. |
| Net Debt Position | ₹43 Cr (FY26 Consolidated Net Debt) | Continued reduction in net debt, aligning with the asset-light strategy and efficient working capital management. |
| Project Execution Timelines | Sattanathapuram-Nagapattinam (EOT to May 2026), Varanasi Aurangabad NH2 (EOT under process to April 2026). | Timely completion of ongoing projects and avoidance of further delays or cost overruns. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited 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 52nd percentile of the scored universe and 57th percentile within Infra. Main check: results consistency is weak at 29/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
118 docs text-extracted · 26 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Infra: 57th pctile, median 64 · Micro: 32nd pctile, median 73
Evidence depth
Financial-only
118 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 56.1%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Welspun Enterprises 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 Of SEBI Listing Regulations 30 Sep - Haryana GST authority issued SCN on September 30, 2026 for Rs.15.37 crore tax, interest and penalty.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI Listing Regulations 28 Sep - Welspun Enterprises received Uttar Pradesh GST SCN for FY2022-23, proposing Rs.71.24 crore tax demand.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 21 Sep - Crisil upgraded Welspun Enterprises’ long-term rating to AA/Stable; subsidiaries also saw rating upgrades.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Sep - WMEL wins two Ahmedabad sewer rehabilitation projects worth ₹351.24 crore, executable in 24 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Welspun Enterprises Limited has informed about Schedule of meets of Investors
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 8 Jul - Sandeep Garg to lead Water vertical; Hardik Dhebar resigns as WMEL CFO from Aug 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper Advertisement for transfer of equity shares of the Company to the demat account of the Investor Education and Protection Fund Authority
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Copy of Newspaper Publication on the Un-Audited Financial Results for the Quarter ended June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Aug - Q1FY27 results: revenue ₹774 crore, EBITDA margin 22.9%; divestment agreement for Aunta-Simaria at ₹1,000 crore.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.