NSE:WELCORP · Risk Score Report

NSE:WELCORPNSEBasic Materials

Welspun Corp Limited

📊 Steel

Day ₹1,235

₹1,290 Overbought

52W ₹710

₹1,290 Overbought

₹1,278.25

▲ ₹51.85 (+4.23%)

Vol: 1,338,865 · Avg: 701,462

As of April 29, 2026 · 06:30 IST

COMPOSITE RISK SCORE

VAL:9/25 · FIN:23/25 · GRO:12/25 · TECH:18/25

📈 P/E RATIO

17.3x

Trailing

📖 P/B RATIO

4.1x

Price to Book

💰 EPS

₹73.71

TTM

🏛 MARKET CAP

₹33,708Cr

Large Cap

📊 ROE

25.6%

Return on Equity

📈 REV GROWTH

25.4%

YoY

🏢 Company Analysis · Welspun Corp Limited

💼 BUSINESS MODEL

Welspun Corp Limited, together with its subsidiaries, manufactures, trades in, distributes, and sells steel pipes, tubes, bars, coils, and plates in India, the United States, and internationally..
It operates through Steel Products and Others segments..
The company offers carbon steel line pipes comprising longitudinal submerged arc welding, helically submerged arc welding, high frequency welding, bends, and anti-corrosion and concrete weight coating; ductile iron pipes; thermo-mechanically treated bars and billets; pig iron products; stainless steel and alloy products; water storage tanks; industrial containers; SMC panel tanks; electrical enclosures; and uPVC doors and interiors..
It also provides plastic products; basic precious and non-ferrous metals; prefabricated structures, infra project services, and turnkey projects; custom moulded products; polymers and its products; PVC/CPVC pipes and fittings for water supply; water pipes; and billet, rolled bar, black bar, ingot, bloom, and seamless pipes and tubes..
Operates in Steel within the Basic Materials sector.
Workforce of 35,000 employees.

🏰 MOAT & COMPETITION

Large-cap (₹33,708 Cr) — established player with meaningful market presence.
Profit margin of 11.8% — moderate pricing power.
Key competitors: APL Apollo Tubes, Welspun Corp, Godawari Power, Jayaswal Neco.

🚀 CATALYSTS

Welspun Corp Ltd (BOM:532144) Q3 2026 Earnings Call Highlights: Record EBITDA and Robust Order ... (GuruFocus.com)
Revenue growing at 25% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,082 — ₹1,422 (mean ₹1,210, 6 analysts).
Unfavorable asymmetry — limited upside +11% vs downside -15% (0.7x).
P/E of 17.3x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Strong Buy (6 analysts).
Latest quarter earnings declined -33% YoY — watch for recovery signals.

✅ PROS

Company has reduced debt.
Company has been maintaining a healthy dividend payout of 27.3%

❌ CONS

Earnings include an other income of Rs.905 Cr.

VALUATION

9/25

25% WEIGHT

P/E at 17x
P/B at 4.1x
Analyst target: ₹1210 (-5.4%)
1Y return: +66.8%

FINANCIAL HEALTH

23/25

25% WEIGHT

ROE: 25.6%
Profit margin: 11.8%
Revenue growth: 25.4%
Debt/Equity: 18%

GROWTH

12/25

25% WEIGHT

Revenue growth: 25.4%
Earnings growth: -33.0%
Beta: 0.06
Sector: Basic Materials

TECHNICAL

18/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

17.3x

Trailing twelve months

P/B RATIO

4.1x

Price to Book value

ROE

25.6%

Return on Equity

PROFIT MARGIN

11.8%

Net profit margin

OPM

11.5%

Operating profit margin

ANALYST TARGET

₹1,210

Range: ₹1,082 - ₹1,422

Yahoo Finance ↗

PEG RATIO

0.55

Price/Earnings to Growth

EV/EBITDA

15.1x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.41%

Annual yield

ROA

11.8%

Return on Assets

GROSS MARGIN

37.9%

Gross profit margin

INDUSTRY AVERAGES — IRON & STEEL PRODUCTS

P/E 27.8x (below avg)

P/B 2.5x (sector fair)

ROCE 21.5% (below avg)

ROE 18% (sector good)

OPM 15% (sector good)

Div Yield 0.42%

D/E <40 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹3,302 Cr	—	₹287 Cr	—	N/A	15.9%
Q3 FY25	₹3,614 Cr	+9.4%	₹675 Cr	+135.1%	N/A	25.5%
Q4 FY25	₹3,269 Cr	-9.5%	₹698 Cr	+3.5%	N/A	31.2%
Q1 FY26	₹3,551 Cr	+8.6%	₹350 Cr	-49.8%	N/A	17.1%
Q3 FY26	₹4,532 Cr	+27.6%	₹453 Cr	+29.2%	N/A	16.2%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹6,329 Cr	—	₹439 Cr	—	₹218 Cr	—
FY23	₹9,487 Cr	+49.9%	₹207 Cr	-52.9%	₹-185 Cr	-184.7%
FY24	₹16,896 Cr	+78.1%	₹1,110 Cr	+437.2%	₹1,306 Cr	+805.4%
FY25	₹13,322 Cr	-21.2%	₹1,908 Cr	+71.8%	₹1,504 Cr	+15.1%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Welspun Corp Limited Makes Its Money

🏦 Snapshot of Welspun Corp Limited's Balance Sheet

💸 Looking into Welspun Corp Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	4,069	4,059	4,750	4,461	3,137	3,302	3,614	3,925	3,551	4,374	4,532
YOY Sales Growth %	207.85%	106.71%	97.71%	9.61%	-22.90%	-18.66%	-23.92%	-12.02%	13.20%	32.46%	25.43%
Expenses +	3,712	3,660	4,287	4,131	2,763	2,902	3,179	3,465	3,026	3,783	3,917
Material Cost %	69%	67%	70%	73%	64%	62%	64%	64%	57%	62%	63%
Employee Cost %	5%	6%	5%	5%	7%	8%	7%	7%	8%	7%	7%
Operating Profit	357	400	463	330	374	400	434	460	525	591	616
OPM %	9%	10%	10%	7%	12%	12%	12%	12%	15%	14%	14%
Other Income +	50	227	62	178	83	125	487	570	84	131	120
Exceptional items	0	0	0	0	0	-11	0	476	0	0	0
Other income normal	50	227	62	178	83	136	487	93	84	131	120
Interest	92	75	62	75	66	83	82	88	63	49	51
Depreciation	86	86	90	87	85	89	90	87	85	84	93
Profit before tax	228	466	373	347	305	352	749	855	461	588	593
Tax %	26%	17%	21%	17%	19%	20%	10%	18%	24%	25%	23%
Net Profit +	168	387	294	287	248	283	672	699	349	444	456
Minority share	-3	-2	-2	-19	0	4	3	-1	1	-4	-4
Exceptional items AT	0	0	0	0	0	-9	0	390	0	0	0
Profit excl Excep	168	387	294	287	248	292	672	310	349	444	456
Profit for PE	165	385	292	268	248	296	675	309	350	440	453
Profit for EPS	165	385	292	268	248	287	675	698	350	440	453
YOY Profit Growth %	3,924%	780%	1,156%	14%	50%	-23%	131%	15%	41%	49%	-33%
EPS in Rs	6.32	14.70	11.15	10.24	9.46	10.94	25.72	26.62	13.31	16.68	17.16
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	6,347	8,953	9,957	7,153	6,505	9,758	17,340	13,978	16,383
Sales Growth %	7.60%	41.07%	11.21%	-28.16%	-9.05%	50.01%	77.69%	-19.39%
Expenses +	5,874	8,310	8,756	6,357	6,032	9,264	15,778	12,293	14,191
Manufacturing Cost %	12%	12%	13%	13%	6%	9%	8%	10%
Employee Cost %	7%	6%	6%	6%	6%	6%	5%	7%
Other Cost %	4%	4%	3%	3%	8%	7%	8%	7%
Operating Profit	473	644	1,201	795	473	494	1,561	1,684	2,192
OPM %	7%	7%	12%	11%	7%	5%	9%	12%	13%
Other Income +	128	-106	243	618	544	386	504	1,248	905
Exceptional items	15	-228	-68	232	-7	102	114	827
Other income normal	114	122	311	386	551	283	390	421
Interest	170	177	144	85	102	243	304	320	251
Depreciation	258	260	233	246	255	303	348	351	349
Profit before tax	173	101	1,067	1,082	661	334	1,413	2,262	2,498
Tax %	12%	122%	39%	24%	33%	40%	20%	16%
Net Profit +	153	-22	654	827	444	199	1,136	1,902	1,948
Minority share	5	8	-19	-59	-5	8	-26	6
Exceptional items AT	6	49	-18	155	-5	50	92	696
Profit excl Excep	147	-71	672	672	449	149	1,044	1,206
Profit for PE	152	-43	653	624	443	157	1,021	1,212
Profit for EPS	158	-13	635	768	439	207	1,110	1,908
Profit Growth %	414%	-128%	1,609%	-4%	-29%	-65%	551%	19%
EPS in Rs	5.97	-0.50	24.36	29.42	16.82	7.90	42.44	72.73	73.77
Dividend Payout %	8%	-100%	43%	17%	30%	63%	12%	7%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	133	133	130	130	130	131	131	131	132
Reserves	2,721	2,665	3,085	3,952	4,298	4,582	5,467	7,313	8,063
Borrowings +	1,386	1,305	1,061	1,021	2,057	3,381	1,967	1,122	1,545
Long term Borrowings	1,272	1,078	511	590	1,429	1,926	1,622	463	339
Short term Borrowings	13	175	269	373	592	1,390	286	461	1,027
Lease Liabilities	-0	-0	66	58	35	46	41	180	179
Preference Capital	-0	-0	-0	51	402	36	38	40	-0
Other Borrowings	102	52	215	-51	-402	-17	-19	-21
Other Liabilities +	3,452	4,097	3,667	2,588	2,684	7,180	4,249	6,635	6,799
Non controlling int	57	-5	14	127	99	112	118	266	269
Trade Payables	2,134	1,580	1,442	717	984	2,574	2,241	3,224	2,650
Advance from Customers	84	1,393	1,027	267	325	3,087	384	1,624
Other liability items	1,178	1,130	1,184	1,477	1,276	1,406	1,505	1,520	3,879
Total Liabilities	7,693	8,200	7,943	7,692	9,169	15,274	11,813	15,201	16,539
Fixed Assets +	3,046	1,567	1,617	2,599	2,433	4,910	4,800	4,707	5,218
Land	76	73	99	449	482	2,142	2,194	630
Building	973	858	987	1,113	1,118	4,541	4,686	1,659
Plant Machinery	3,054	1,553	1,673	2,468	2,512	95	109	4,759
Equipments	50	80	107	111	111	5	7	129
Furniture n fittings	9	8	10	15	17	211	214	34
Vehicles	4	3	13	11	8	27	31	9
Intangible Assets	0	0	0	343	343	343	343	373	393
Other fixed assets	26	25	33	43	43	91	82	313
Gross Block	4,191	2,600	2,922	4,553	4,633	7,454	7,667	7,907
Accumulated Depreciation	1,146	1,033	1,305	1,953	2,200	2,545	2,867	3,200
CWIP	17	47	83	147	1,261	87	87	787	952
Investments	488	476	784	1,713	2,307	1,537	1,100	1,402	1,357
Other Assets +	4,143	6,110	5,460	3,233	3,168	8,740	5,827	8,306	9,011
Inventories	1,512	2,223	2,268	1,213	1,019	5,686	2,316	4,212	5,153
Trade receivables	1,314	1,181	1,144	669	813	1,140	1,799	1,769	1,629
Cash Equivalents	628	670	514	259	701	1,202	1,072	1,255	835
Loans n Advances	78	120	123	52	115	134	157	264	45
Other asset items	611	1,916	1,411	1,040	519	576	484	806	1,349
Total Assets	7,693	8,200	7,943	7,692	9,169	15,274	11,813	15,201	16,539

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	403	981	623	648	774	218	-185	1,306	1,504
Profit from operations	614	680	1,048	1,206	815	495	430	1,619	1,735
Receivables	-58	157	-60	110	609	-138	-288	-699	-1
Inventory	-471	253	-1,145	280	1,235	194	-4,594	3,371	-1,906
Payables	525	-62	-255	-293	-958	270	1,475	-321	1,023
Other WC items	-253	-82	1,118	-382	-766	-450	2,911	-2,474	992
Working capital changes	-258	265	-342	-286	120	-125	-496	-124	109
Direct taxes	46	36	-83	-272	-161	-151	-119	-190	-341
Cash from Investing Activity +	618	184	-255	-49	-848	-201	-348	373	194
Fixed assets purchased	-82	-54	-60	-175	-319	-979	-1,194	-299	-853
Fixed assets sold	1	6	2	1	63	4	144	15	39
Investments purchased	0	0	-28,672	-8,642	-10,536	-16,665	-25,497	-15,501	-16,659
Investments sold	610	190	28,393	8,531	9,873	16,440	26,474	16,062	16,676
Interest received	120	55	69	57	38	157	108	79	71
Dividends received	0	0	0	0	0	0	1	27	64
Investment in group cos	0	0	0	0	0	0	0	0	0
Redemp n Canc of Shares	0	0	0	0	0	0	0	150	869
Acquisition of companies	0	0	0	0	0	0	-436	0	-31
Other investing items	-32	-12	13	179	34	843	53	-161	16
Cash from Financing Activity +	-979	-761	-335	-743	-198	453	909	-1,877	-1,369
Proceeds from shares	0	0	0	0	1	0	6	1	16
Proceeds from debentures	0	250	0	0	0	0	0	0	0
Redemption of debentures	-300	-704	0	0	0	0	0	0	0
Proceeds from borrowings	382	312	800	856	879	3,037	3,000	750	1,972
Repayment of borrowings	-864	-325	-864	-1,149	-989	-2,330	-1,694	-2,160	-3,021
Interest paid fin	-181	-137	-106	-94	-53	-74	-178	-181	-304
Dividends paid	-16	-16	-16	-274	-13	-165	-130	-131	-131
Financial liabilities	0	0	-17	-23	-22	-16	-95	-6	-54
Other financing items	0	-141	-132	-59	0	0	0	-150	153
Net Cash Flow	42	405	33	-144	-271	470	376	-198	328
Free Cash Flow	322	933	565	474	518	-757	-1,235	1,022	690
CFO/OP	69%	200%	110%	77%	118%	78%	-13%	96%	109%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	91	76	48	42	34	46	43	38	46
Inventory Days	159	125	129	127	93	78	290	70	173
Days Payable	198	177	92	81	55	75	131	68	133
Cash Conversion Cycle	52	24	86	88	72	48	201	40	87
Working Capital Days	33	22	49	39	36	-47	-26	12	8
ROCE %	5%	7%	12%	30%	20%	13%	6%	20%	21%

🏭 Industry Peers — Iron & Steel Products

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	APL Apollo Tubes ★	₹1,973	48.0	₹54,790	22.4%	+42.9%	72
2	Welspun Corp	₹1,280	21.8	₹33,769	21.2%	-32.9%	66
3	Godawari Power	₹307	27.8	₹20,622	23.2%	-1.1%	63
4	Jayaswal Neco	₹111	22.9	₹10,792	20.7%	+87.8%	61
5	Venus Pipes	₹1,400	28.8	₹2,900	24.9%	+45.2%	61
6	Ratnamani Metals	₹2,657	31.2	₹18,622	21.5%	-7.8%	59
7	Shivalik Bimetal	₹604	38.0	₹3,479	25.6%	+25.4%	59
8	Surya Roshni	₹240	16.4	₹5,229	20.7%	-11.4%	56
9	Mah. Seamless	₹649	10.3	₹8,701	16.6%	+30.5%	55

★ APL Apollo Tubes ranks higher on combined P/E, ROCE, and growth metrics in Iron & Steel Products

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	50.00%	50.00%	49.84%	49.77%	49.73%	49.73%
FIIs	11.71%	12.18%	12.13%	11.79%	11.45%	11.23%
DIIs	20.19%	20.50%	20.72%	20.89%	20.55%	21.49%
Government	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	18.06%	17.28%	17.26%	17.52%	18.26%	17.52%
Others	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
No. of Shareholders	1,17,368	1,28,471	1,28,466	1,31,026	1,31,326	1,22,338

🟢 CATALYSTS

🏆Revenue Growth 25%: Above sector norm of 15% — strong top-line momentum.

💹High ROE (25.6%): Above sector norm of 18% — efficient capital use.

🔀Low Beta (0.06): Less volatile than market — defensive play.

🔴 RISKS

📜Below Analyst Target: CMP above mean target — limited upside consensus.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Basic Materials space.

🕸 Factor Analysis · Radar

Momentum 8/10
1M +57.3%, 6M +40.9%, RSI 91, MACD bullish, Above 200DMA

Sentiment 5/10
Analyst upside -5.4%, Rec: strong buy

Value 7/10
P/E 17.3, P/B 4.1, PEG 0.55, EV/EBITDA 15.1

Quality 6/10
Margin 11.8%, D/E 18

Low Volatility 8/10
Beta 0.06, Ann. vol 36%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating; strong 21% ROCE compounds	OPM of 12% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.22%)	Miss further upside if momentum continues; 1M return of +57.3% shows momentum
SELL	Lock in +66.8% 1Y return	Avoid further drawdown

REASONS TO BUY

ROCE at 21% indicates strong capital efficiency
ROE of 25.6% above sector norm of 18%
Revenue growing at 25.4% YoY (sector norm: 5%)

REASONS TO SELL / AVOID

FII stake falling (-0.22%) — institutional exit signal
1Y return of +66.8% — profit booking opportunity
Trading above analyst target — consensus sees -5.4% downside

📰 Latest News

Indian textile maker Welspun's profit nearly wiped out on US tariff-led slowdown

Reuters · 2026-02-12T09:51

Welspun Corp Ltd (BOM:532144) Q3 2026 Earnings Call Highlights: Record EBITDA and Robust Order ...

GuruFocus.com · 2026-02-04T01:03

RECOMMENDATION

HOLD

COMPOSITE SCORE

62/100

Welspun Corp Limited trades at ₹1,278.25 with a composite risk score of 62/100. The stock scores 9/25 on valuation, 23/25 on financial health, 12/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 25.4% — a strong positive signal.

Within Iron & Steel Products, APL Apollo Tubes (P/E 48.0, ROCE 22.4%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Basic Materials — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE STRONG GROWTH CHEAP