NSE:WELENT · Risk Score Report

NSE:WELENTNSEIndustrials

Welspun Enterprises Limited

📊 Engineering & Construction

Day ₹521

₹545 Neutral

52W ₹412

₹580 Overbought

₹534.50

▲ ₹16.95 (+3.28%)

Vol: 937,944 · Avg: 175,255

As of April 29, 2026 · 06:44 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:7/25 · GRO:4/25 · TECH:20/25

📈 P/E RATIO

23.3x

Trailing

📖 P/B RATIO

2.7x

Price to Book

💰 EPS

₹22.98

TTM

🏛 MARKET CAP

₹7,249Cr

Mid Cap

📊 ROE

12.7%

Return on Equity

📈 REV GROWTH

-9.2%

YoY

🏢 Company Analysis · Welspun Enterprises Limited

💼 BUSINESS MODEL

Welspun Enterprises Limited engages in the engineering, procurement, and construction of infrastructure development projects in India..
It develops and operates infrastructure for road transport, water, tunneling, and rehabilitation; hybrid annuity model and build; operate and transfer; and oil and gas exploration activities..
The company is engaged in carrying out operation and maintenance activities, as well as water transmission and distribution, water, and wastewater treatment businesses..
Welspun Enterprises Limited was formerly known as Welspun Projects Limited and changed its name to Welspun Enterprises Limited in May 2015..
Operates in Engineering & Construction within the Industrials sector.
Workforce of 30,000 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹7,249 Cr) — growing company in a competitive landscape.
Key competitors: Dilip Buildcon, Engineers India, Central Mine Pla, Sterling & Wils..

🚀 CATALYSTS

Welspun Enterprises Ltd (BOM:532553) Q2 2026 Earnings Call Highlights: Strong Order Book and ... (GuruFocus.com)

⚖️ ASYMMETRY CHECK

Analyst target range: ₹509 — ₹509 (mean ₹509, 1 analysts).
P/E of 23.3x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: None (1 analysts).
Latest quarter earnings declined -66% YoY — watch for recovery signals.
Debtor days have improved from 42.3 to 25.8 days.

✅ PROS

Debtor days have improved from 42.3 to 25.8 days.

❌ CONS

Company has a low return on equity of 13.0% over last 3 years.

VALUATION

14/25

25% WEIGHT

P/E at 23x
P/B at 2.7x
Analyst target: ₹509 (-4.8%)
1Y return: +7.8%

FINANCIAL HEALTH

7/25

25% WEIGHT

ROE: 12.7%
Profit margin: 8.9%
Revenue growth: -9.2%
Debt/Equity: 68%

GROWTH

4/25

25% WEIGHT

Revenue growth: -9.2%
Earnings growth: -66.5%
Beta: 0.29
Sector: Industrials

TECHNICAL

20/25

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

23.3x

Trailing twelve months

P/B RATIO

2.7x

Price to Book value

ROE

12.7%

Return on Equity

PROFIT MARGIN

8.9%

Net profit margin

OPM

17.9%

Operating profit margin

ANALYST TARGET

₹509

Range: ₹509 - ₹509

Yahoo Finance ↗

PEG RATIO

0.48

Price/Earnings to Growth

EV/EBITDA

13.8x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.58%

Annual yield

ROA

5.2%

Return on Assets

GROSS MARGIN

90.6%

Gross profit margin

INDUSTRY AVERAGES — CIVIL CONSTRUCTION

P/E 20.5x (above avg)

P/B 5.0x (sector fair)

ROCE 22.5% (below avg)

ROE 20% (sector good)

OPM 20% (sector good)

Div Yield 0.75%

D/E <30 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹896 Cr	—	₹71 Cr	—	N/A	20.1%
Q4 FY25	₹983 Cr	+9.7%	₹95 Cr	+32.2%	N/A	19.0%
Q1 FY26	₹845 Cr	-14.0%	₹91 Cr	-4.0%	N/A	24.5%
Q2 FY26	₹784 Cr	-7.2%	₹90 Cr	-0.4%	N/A	24.4%
Q3 FY26	₹787 Cr	+0.4%	₹24 Cr	-73.4%	N/A	15.9%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹1,336 Cr	—	₹125 Cr	—	₹287 Cr	—
FY23	₹2,702 Cr	+102.2%	₹723 Cr	+479.6%	₹345 Cr	+20.1%
FY24	₹2,827 Cr	+4.6%	₹295 Cr	-59.2%	₹-344 Cr	-199.9%
FY25	₹3,546 Cr	+25.4%	₹323 Cr	+9.3%	₹-273 Cr	+20.6%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Welspun Enterprises Limited Makes Its Money

🏦 Snapshot of Welspun Enterprises Limited's Balance Sheet

💸 Looking into Welspun Enterprises 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 +	699	646	707	821	930	815	896	1,054	845	784	787
YOY Sales Growth %	1.24%	21.72%	2.07%	-2.84%	33.09%	26.26%	26.80%	28.36%	-9.13%	-3.85%	-12.18%
Expenses +	594	563	581	710	767	688	739	871	664	612	633
Material Cost %	14.92%	66.88%	17.91%	17.99%	15.48%	9.53%	21.45%	20.93%	13.00%	17.73%	14.70%
Employee Cost %	5.76%	5.90%	6.74%	5.71%	4.93%	5.98%	5.89%	5.02%	6.10%	7.16%	7.42%
Operating Profit	105	83	126	111	163	127	157	183	181	172	154
OPM %	15%	13%	18%	14%	18%	16%	18%	17%	21%	22%	20%
Other Income +	51	44	29	38	23	11	17	17	13	22	-32
Exceptional items	-1	-3	-18	-8	-6	-12	-6	-5	-13	3	-52
Other income normal	51	47	47	46	30	23	23	22	26	19	20
Interest	27	27	28	28	30	34	50	44	42	53	52
Depreciation	3	6	9	9	9	14	14	15	11	13	13
Profit before tax	126	94	118	112	148	90	111	142	141	128	58
Tax %	26%	26%	32%	31%	26%	32%	30%	26%	28%	23%	47%
Net Profit +	93	69	80	78	110	62	77	105	101	98	31
Minority share	-1	-7	-8	-8	-12	-3	-6	-11	-10	-8	-7
Exceptional items AT	-1	-3	-18	-8	-6	-12	-6	-5	-13	3	-29
Profit excl Excep	94	72	98	85	116	73	83	110	114	96	59
Profit for PE	93	65	88	77	104	70	77	99	102	88	46
Profit for EPS	92	62	72	70	98	59	71	95	91	90	24
YOY Profit Growth %	274%	72%	55%	-28%	12%	7%	-12%	29%	-2%	27%	-40%
EPS in Rs	6.63	4.48	5.17	5.04	7.08	4.23	5.16	6.83	6.56	6.53	1.74
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 +	1,067	1,787	1,808	1,530	1,342	2,758	2,874	3,584	3,470
Sales Growth %	249.37%	67.42%	1.17%	-15.38%	-12.24%	105.48%	4.21%	24.70%
Expenses +	990	1,608	1,617	1,365	1,195	2,511	2,447	3,064	2,779
Manufacturing Cost %	80%	81%	80%	75%	68%	64%	57%	57%
Employee Cost %	5%	5%	5%	5%	8%	5%	6%	6%
Other Cost %	7%	4%	4%	9%	8%	7%	5%	5%
Operating Profit	77	179	191	164	147	247	427	520	691
OPM %	7%	10%	11%	11%	11%	9%	15%	15%	20%
Other Income +	95	93	112	142	103	668	160	179	20
Exceptional items	-20	20	6	0	47	530	-28	-30
Other income normal	115	73	106	142	56	138	187	208
Interest	33	54	77	110	83	119	110	158	189
Depreciation	24	11	23	16	16	13	28	51	52
Profit before tax	116	207	203	180	152	783	449	490	469
Tax %	40%	39%	25%	28%	17%	7%	29%	28%
Net Profit +	69	127	151	130	126	726	319	354	335
Minority share	0	-0	-2	-1	-1	-3	-24	-31
Exceptional items AT	-11	12	4	0	1	453	1	0
Profit excl Excep	80	114	147	130	125	273	318	354
Profit for PE	80	114	145	129	124	272	294	322
Profit for EPS	69	127	149	129	125	723	295	323
Profit Growth %	640%	43%	27%	-11%	-4%	120%	8%	10%
EPS in Rs	4.71	8.56	10.03	8.66	8.33	48.19	21.32	23.30	21.66
Dividend Payout %	32%	23%	20%	17%	18%	18%	14%	13%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	148	148	148	149	150	150	137	137	137
Reserves	1,191	1,306	1,431	1,536	1,641	2,206	2,187	2,403	2,545
Borrowings +	460	592	812	2,237	2,526	764	762	1,499	1,941
Long term Borrowings	415	404	478	2,044	2,303	287	558	1,269	1,582
Short term Borrowings	14	158	277	189	212	467	194	222	346
Lease Liabilities	0	0	0	4	11	10	10	9	13
Other Borrowings	30	30	58	0	0	0	0	0
Other Liabilities +	401	844	725	861	1,571	1,981	1,847	1,992	1,765
Non controlling int	0	0	0	1	3	6	167	169	189
Trade Payables	215	574	282	329	408	482	666	847	805
Advance from Customers	0	0	0	1	0	0	0	0
Other liability items	186	269	443	530	1,160	1,493	1,014	975	771
Total Liabilities	2,199	2,890	3,116	4,783	5,888	5,100	4,932	6,031	6,387
Fixed Assets +	27	80	107	103	1,871	70	289	303	299
Land	18	18	18	18	17	0	31	30
Building	0	0	7	13	22	23	32	24
Plant Machinery	2	48	35	36	37	23	209	253
Equipments	2	2	2	3	4	5	5	5
Computers	0	0	0	1	2	4	6	6
Furniture n fittings	0	1	1	1	2	2	3	3
Vehicles	3	21	12	12	12	5	8	10
Intangible Assets	0	0	0	0	0	0	83	83	127
Other fixed assets	177	65	64	67	1,835	67	64	64
Gross Block	203	156	139	150	1,933	130	441	477
Accumulated Depreciation	176	75	32	48	62	60	152	174
CWIP	64	120	64	1,403	64	7	7	9	7
Investments	1,118	933	948	804	812	1,558	765	763	1,090
Other Assets +	990	1,756	1,998	2,473	3,141	3,466	3,871	4,956	4,992
Inventories	1	1	1	5	48	86	157	163	156
Trade receivables	34	281	187	135	138	326	456	253	110
Cash Equivalents	78	150	149	214	277	542	481	643	218
Loans n Advances	115	118	43	305	218	215	241	238	1,980
Other asset items	763	1,207	1,619	1,815	2,460	2,297	2,536	3,660	2,528
Total Assets	2,199	2,890	3,116	4,783	5,888	5,100	4,932	6,031	6,387

💰 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 +	-24	-287	-116	-58	9	287	345	-344	-273
Profit from operations	-9	101	209	221	181	152	312	476	537
Receivables	-126	-528	-691	102	-208	-475	-469	-265	-814
Inventory	0	2	-0	0	-4	-43	-38	23	-6
Payables	119	183	441	-312	72	687	617	-455	147
Other WC items	0	0	0	0	0	0	0	0	0
Working capital changes	-7	-343	-250	-211	-140	169	110	-697	-673
Direct taxes	-8	-46	-75	-68	-32	-34	-77	-123	-138
Cash from Investing Activity +	327	-250	-139	-50	-918	-487	1,197	-57	-17
Fixed assets purchased	-1	-3	-100	-17	-747	-436	-157	-71	-52
Fixed assets sold	2	0	5	20	0	3	27	21	1
Investments purchased	-26	-5	-0	-55	-4	0	-240	0	0
Investments sold	304	27	62	12	59	1	1,411	42	37
Interest received	64	72	35	43	58	17	62	56	47
Dividends received	0	0	0	0	0	0	1	7	1
Invest in subsidiaries	0	0	0	0	0	0	-12	-161	-20
Investment in group cos	0	-284	0	0	0	0	-25	0	0
Redemp n Canc of Shares	0	0	0	0	0	0	0	0	0
Acquisition of companies	0	0	0	0	0	0	0	0	-100
Inter corporate deposits	10	50	0	0	0	0	-1	0	0
Other investing items	-27	-108	-141	-51	-284	-72	132	48	69
Cash from Financing Activity +	-122	268	53	106	753	125	-204	-486	536
Proceeds from shares	0	0	0	0	0	0	0	0	0
Proceeds from borrowings	54	318	212	651	1,156	1,029	378	285	755
Repayment of borrowings	-0	-11	-77	-432	-294	-742	-353	-318	-28
Interest paid fin	-8	-26	-56	-76	-76	-136	-90	-117	-146
Dividends paid	0	-13	-27	-35	-30	-22	-135	-14	-41
Financial liabilities	0	0	0	-3	-4	-4	-4	-5	-6
Other financing items	-169	0	0	0	0	0	0	-319	2
Net Cash Flow	181	-270	-202	-2	-156	-75	1,338	-888	246
Free Cash Flow	-22	-290	-211	-56	-739	-146	215	-394	-324
CFO/OP	50%	-312%	-23%	5%	25%	218%	171%	-52%	-26%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	23	12	57	38	32	37	43	58	26
Inventory Days	16						81	121	94
Days Payable	344						451	516	487
Cash Conversion Cycle	-306	12	57	38	32	37	-327	-337	-368
Working Capital Days	-122	4	4	-29	-13	-80	-38	54	39
ROCE %	3%	11%	13%	12%	9%	5%	10%	18%	18%

🏭 Industry Peers — Civil Construction

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Dilip Buildcon ★	₹471	11.7	₹7,645	14.8%	+349.1%	54
2	Engineers India	₹252	18.3	₹14,180	25.0%	+219.3%	54
3	Central Mine Pla	₹187	21.8	₹13,355	38.1%	-32.2%	52
4	Sterling & Wils.	₹212	19.0	₹4,945	26.2%	+143.0%	50
5	Larsen & Toubro	₹4,102	33.1	₹564,257	14.5%	+29.4%	44
6	Cemindia Project	₹685	25.1	₹11,767	27.6%	+27.4%	42
7	NCC	₹166	14.0	₹10,447	21.7%	-24.9%	41
8	Afcons Infrastr.	₹330	20.5	₹12,120	22.5%	-0.2%	39
9	Welspun Enterp	₹534	22.1	₹7,398	18.2%	-39.8%	31

★ Dilip Buildcon ranks higher on combined P/E, ROCE, and growth metrics in Civil Construction

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	54.80%	55.31%	55.31%	55.48%	56.13%	56.13%
FIIs	4.58%	4.16%	4.17%	3.98%	3.76%	3.47%
DIIs	6.31%	9.43%	9.45%	9.46%	9.25%	9.32%
Public	33.07%	29.87%	29.84%	29.86%	29.68%	29.04%
Others	1.23%	1.23%	1.23%	1.23%	1.16%	2.02%
No. of Shareholders	63,886	57,369	58,625	55,813	53,447	51,521

🟢 CATALYSTS

🏆Low Beta (0.29): Less volatile than market — defensive play.

💹Sector Opportunity: Industrials / Engineering & Construction — positioned in growth sector.

🔴 RISKS

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

💰Revenue Decline (-9.2%): Top-line shrinking — negative trend.

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

🕸 Factor Analysis · Radar

Momentum 7/10
1M +28.6%, 6M -5.1%, RSI 70, MACD bullish, Above 200DMA

Sentiment 4/10
Analyst upside -4.8%, Rec: none

Value 7/10
P/E 23.3, P/B 2.7, PEG 0.48, EV/EBITDA 13.8

Quality 5/10
Margin 8.9%, D/E 68

Low Volatility 8/10
Beta 0.29, Ann. vol 37%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating	OPM of 18% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.29%)	Miss further upside if momentum continues; 1M return of +28.6% shows momentum
SELL	Lock in +7.8% 1Y return; redeploy into Dilip Buildcon at lower P/E	Avoid further drawdown

REASONS TO BUY

ROCE at 18% indicates strong capital efficiency

REASONS TO SELL / AVOID

FII stake falling (-0.29%) — institutional exit signal
Dilip Buildcon offers lower P/E (11.7) with ROCE of 14.8% in the same sector
Trading above analyst target — consensus sees -4.8% downside

📰 Latest News

Welspun Enterprises Ltd (BOM:532553) Q3 2026 Earnings Call Highlights: Navigating Challenges ...

GuruFocus.com · 2026-02-07T01:02

Welspun Enterprises Ltd (BOM:532553) Q2 2026 Earnings Call Highlights: Strong Order Book and ...

GuruFocus.com · 2025-11-13T01:05

RECOMMENDATION

HOLD

COMPOSITE SCORE

45/100

Welspun Enterprises Limited trades at ₹534.50 with a composite risk score of 45/100. The stock scores 14/25 on valuation, 7/25 on financial health, 4/25 on growth, and 20/25 on technicals. The company is currently profitable with moderate return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at -9.2% — a concern.

Within Civil Construction, Dilip Buildcon (P/E 11.7, ROCE 14.8%) ranks higher on techno-fundamental metrics and may be worth considering.

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