Welspun Corp Limited (WELCORP)

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Welspun Corp Limited (WELCORP) · mywealthgrid

About

Welspun Corp Limited manufactures Iron & Steel Products in the Industrials sector, with a ₹49,417 Cr market cap. Quarterly revenues range ₹1,567–₹4,532 Cr with operating margins 10–17% and ROE 19.41%, reflecting strong profitability and capital efficiency.

Founded: 1985
Face value: ₹5

Market cap

₹68,741 Cr

P/E

29.8×

P/B

7.5×

Dividend yield

0.4%

ROE

19.4%

ROCE

19.2%

Debt / equity

0.24

OPM

13.3%

EPS (TTM)

₹87.5

Book value

₹347.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: OPM ranges 10.33%–16.96% across quarters; verify drivers and sustainability
Revenue inconsistency: Quarterly revenues span ₹1,567–₹4,532 Cr; verify whether this reflects demand cycles, capacity, reporting periods, or product mix
Valuation risk: PE 21.4 depends on earnings sustainability; verify margin durability in cost-pressure scenarios
Sector cyclicality: Steel demand is cyclical; verify economic growth and industrial demand outlook

Generated analysis · source review pending

Growth drivers

Operating margin expanded from 10.33% (Sep 2025) to 16.96% (Jun 2026); verify whether sustainable through cost discipline or pricing
ROE 19.41% supports profitable reinvestment and shareholder returns without leverage strain
Low debt (D/E 0.24) provides headroom for growth capex or distributions
FII holding increased from 11.23% (Mar 2026) to 14.61% (Jun 2026); verify catalysts for institutional inflows

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,605.8-8.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.4% (3-yr avg)
+Profit CAGR of 21.1% over the last 5 years
+Revenue CAGR of 21.1% over the last 5 years

Cons

−Low dividend payout of 11.4% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 56
Growth: 86
Valuation: 36

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,587	9,957	6,440	6,505	9,758	17,340	13,978	16,770
COGS	5,288	6,535	4,317	4,758	7,254	12,100	8,870	10,258
Gross profit	2,300	3,422	2,123	1,747	2,504	5,240	5,107	6,512
	1,702	2,056	1,214	1,281	1,944	3,417	2,830	3,934
	598	1,366	909	466	560	1,823	2,277	2,578
OPM %	7.9%	13.7%	14.1%	7.2%	5.7%	10.5%	16.3%	15.4%
Depreciation	379	233	215	255	303	348	351	355
Interest	185	144	68	102	243	304	320	212
	131	78	224	551	320	242	655	135
Profit before tax	164	1,067	852	661	334	1,413	2,262	2,147
Tax	11	412	221	216	134	277	360	526
Tax %	6.8%	38.7%	25.9%	32.8%	40.3%	19.6%	15.9%	24.5%
	153	654	631	444	199	1,136	1,902	1,620
PAT margin %	2%	6.6%	9.8%	6.8%	2%	6.6%	13.6%	9.7%
EPS (₹)	6	24.1	23.7	16.8	7.9	42.5	72.8	61.2
EPS adjusted (₹)	5.8	25.1	23.7	16.8	7.9	42.4	72.7	61.2
	8.4%	43.5%	21.1%	29.7%	63.2%	11.8%	6.9%	8.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	133	133	133	133	130	130	130	131	131	131	132
Reserves	2,625	2,652	2,710	2,607	—	3,952	4,298	4,601	5,485	7,332	9,024
Minority interest	173	139	69	53	—	127	99	112	118	266	250
	2,414	1,742	1,284	1,253	—	963	2,021	3,316	1,908	924	2,163
	3,294	3,582	3,498	4,155	—	2,519	2,620	7,179	4,208	6,584	8,866
Total equity & liabilities	8,639	8,247	7,693	8,200	—	7,692	9,169	15,339	11,850	15,237	20,434
	3,731	3,356	3,045	1,562	1,687	2,584	2,418	4,856	4,735	4,644	6,475
CWIP	34	25	14	47	—	147	1,260	87	85	785	1,233
Investments	766	542	488	476	—	1,728	2,322	1,591	1,165	1,464	1,925
	4,108	4,324	4,147	6,116	—	3,233	3,169	8,805	5,865	8,343	10,801
Total assets	8,639	8,247	7,693	8,200	—	7,692	9,169	15,339	11,850	15,237	20,434

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Steel Products	16,134.11	2,026.5	14,138.07	7,448.59	6,689.48	30.29
Others (Including plastic products)	636.03	-101.55

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.3%	34.4%	33%	26.9%	25.7%	30.2%	36.5%	38.8%
EBITDA margin %	9%	11.7%	12%	7.3%	5%	9%	11.9%	13.3%
EBIT margin %	4%	9.3%	8.7%	3.3%	1.9%	7%	9.4%	11.2%
PAT margin %	2%	6.6%	9.8%	6.8%	2%	6.6%	13.6%	9.7%
Working capital
Receivable days	63	—	38	46	43	38	46	37
Inventory days	104	—	103	78	286	70	173	166
Payable days	0	—	61	75	130	68	133	118
NWC days	168	—	80	48	199	40	87	85
Leverage
Current ratio	1.49	—	1.97	1.46	1.18	1.53	1.33	1.33
Debt to EBITDA	1.88	—	1.24	4.29	6.84	1.22	0.55	0.97
Debt to equity	0.45	—	0.24	0.46	0.7	0.34	0.12	0.24
Interest coverage	2.3	7.2	11.8	7.5	2.1	4.8	4.7	9.5
Asset turnover	0.99	—	0.84	0.71	0.64	1.46	0.92	0.82
Return ratios
Return on assets %	2%	—	8.2%	4.8%	1.3%	9.6%	12.5%	7.9%
Return on capital employed %	8.8%	—	14.4%	13.1%	7.5%	19.4%	18%	19.2%
Return on equity %	5.4%	—	15.4%	10%	4.2%	20.2%	25.5%	17.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.96%	49.96%	50.14%	50.03%	50.01%	50.01%	50.01%	49.84%	49.77%	49.73%	49.73%	49.73%
	9.42%	10.56%	10.7%	10.51%	11.65%	11.72%	12.18%	12.14%	11.8%	11.44%	11.23%	14.61%
	16.45%	16.59%	17.57%	15.86%	17.64%	20.19%	20.49%	20.72%	20.88%	20.54%	21.49%	19.95%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.13%	22.85%	21.56%	23.57%	20.67%	18.05%	17.29%	17.27%	17.52%	18.26%	17.52%	15.68%
No. of shareholders	—	—	—	—	—	—	—	—	1,31,026	1,31,326	1,22,338	1,38,939

Promoter holding down 0.23 percentage points since Sep 2023.

52 deals · 23 Aug 2021 – 26 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Aug 2026	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Block	NSE	Sell	60,00,000	₹2,275.30	₹1,365.18 Cr
26 Aug 2026	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Bulk	NSE	Sell	60,00,000	₹2,275.30	₹1,365.18 Cr
26 Aug 2026	EURO PACIFIC GROWTH FUND	Block	NSE	Buy	29,45,863	₹2,275.30	₹670.27 Cr
26 Aug 2026	EURO PACIFIC GROWTH FUND	Bulk	NSE	Buy	29,45,863	₹2,275.30	₹670.27 Cr
26 Aug 2026	NEW WORLD FUND INC	Block	NSE	Buy	8,41,675	₹2,275.30	₹191.51 Cr
26 Aug 2026	CAPITAL GROUP EUROPACIFIC GROWTH TRUST (US)	Block	NSE	Buy	4,43,268	₹2,275.30	₹100.86 Cr
26 Aug 2026	EDELWEISS MUTUAL FUND	Block	NSE	Buy	3,73,577	₹2,275.30	₹85.00 Cr
26 Aug 2026	QUANT MUTUAL FUND	Block	NSE	Buy	3,69,397	₹2,275.30	₹84.05 Cr
26 Aug 2026	VIPUL MATHUR	Block	NSE	Sell	3,00,000	₹2,275.30	₹68.26 Cr
26 Aug 2026	ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC	Block	NSE	Buy	1,62,000	₹2,275.30	₹36.86 Cr

1–10 of 52

1 / 6

Mr. Balkrishan Gopiram GoenkaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Rajesh MandawewalaNon-Executive - Non Independent Director
Mr. Vipul MathurExecutive Director-CEO-MD
Mr. Ravindra PandeyNon-Executive - Independent Director
Mr. Manish Balkishan ChokhaniNon-Executive - Independent Director
Mr. Anjani Kumar AgrawalNon-Executive - Independent Director
Mrs. Dipali Hemant ShethNon-Executive - Independent Director
Mr. Aneesh MisraNon-Executive - Non Independent Director
Mr. Chandra Shekhar VermaNon-Executive - Independent Director
Mr. Raghupal SinghNon-Executive - Non Independent Director
Mr. Percy Birdy

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 16 fund houses

Held by these funds

3.82%

of the company's equity

All mutual funds

9.06%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

68 schemes · 16 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	23.24 L	555.68	2.57%	0.881%	-2.51 L
Small Cap Fund	Axis Mutual Fund	17.08 L	408.3	1.3%	0.647%	-0
Multicap Fund	Axis Mutual Fund	10.36 L	247.74	2.07%	0.393%	-0
Flexi Cap Fund	Axis Mutual Fund	6.99 L	167.13	1.2%	0.265%	-0
Small Cap Fund	Bajaj Finserv Mutual Fund	4.33 L	103.61	3.91%	0.164%	+45,286
Multi Cap FundNEW	ICICI Prudential Mutual Fund	4.02 L	96.2	0.49%	0.153%	—
(LIVE SCHEMES)	ITI Mutual Fund	3.9 L	93.34	2.59%	0.148%	-33,148
India Manufacturing Fund	Axis Mutual Fund	3.64 L	87.08	1.5%	0.138%	+14,546

1–8 of 68

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

21

Final dividend30 Jun 2026 · ex-date₹5
Final dividend18 Jul 2025 · ex-date₹5
Final dividend28 Jun 2024 · ex-date₹5
Final dividend16 Jun 2023 · ex-date₹5
Dividend dividend9 Jun 2022 · ex-date₹5
Final dividend9 Aug 2021 · ex-date₹5
Dividend dividend6 Aug 2020 · ex-date₹0.5
Interim dividend12 Feb 2020 · ex-date₹10
Final dividend4 Jul 2019 · ex-date₹0.5
Dividend dividend25 Jun 2018 · ex-date₹0.5
Dividend dividend22 Jun 2017 · ex-date₹0.5
Dividend dividend23 Jun 2016 · ex-date₹0.5
Dividend dividend18 Jun 2015 · ex-date₹0.5
Dividend dividend19 Jun 2014 · ex-date₹0.5
Dividend dividend19 Sept 2013 · ex-date₹0.5
Dividend dividend23 Aug 2012 · ex-date₹0.5
Dividend dividend29 Jun 2011 · ex-date₹2
Dividend dividend5 May 2010 · ex-date₹2
Dividend dividend8 Jun 2009 · ex-date₹1.5
Dividend dividend29 Jul 2008 · ex-date₹1.5
Dividend dividend9 Jul 2007 · ex-date₹1

1

Board meeting to consider results24 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

30 Sept 2026, 9:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Updates on Acquisition

Acquisition PDF

Loading announcements…

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.3%	34.4%	33%	26.9%	25.7%	30.2%	36.5%	38.8%
EBITDA margin %	9%	11.7%	12%	7.3%	5%	9%	11.9%	13.3%
EBIT margin %	4%	9.3%	8.7%	3.3%	1.9%	7%	9.4%	11.2%
PAT margin %	2%	6.6%	9.8%	6.8%	2%	6.6%	13.6%	9.7%
Working capital
Receivable days	63	—	38	46	43	38	46	37
Inventory days	104	—	103	78	286	70	173	166
Payable days	0	—	61	75	130	68	133	118
NWC days	168	—	80	48	199	40	87	85
Leverage
Current ratio	1.49	—	1.97	1.46	1.18	1.53	1.33	1.33
Debt to EBITDA	1.88	—	1.24	4.29	6.84	1.22	0.55	0.97
Debt to equity	0.45	—	0.24	0.46	0.7	0.34	0.12	0.24
Interest coverage	2.3	7.2	11.8	7.5	2.1	4.8	4.7	9.5
Asset turnover	0.99	—	0.84	0.71	0.64	1.46	0.92	0.82
Return ratios
Return on assets %	2%	—	8.2%	4.8%	1.3%	9.6%	12.5%	7.9%
Return on capital employed %	8.8%	—	14.4%	13.1%	7.5%	19.4%	18%	19.2%
Return on equity %	5.4%	—	15.4%	10%	4.2%	20.2%	25.5%	17.7%

Date	Category	Subject	Filing
30 Sept 2026, 9:30 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Updates on Acquisition	PDF
30 Sept 2026, 5:55 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Updates on Acquisition	PDF
28 Sept 2026, 7:17 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 3:57 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
20 Sept 2026, 9:43 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
18 Sept 2026, 8:36 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
11 Sept 2026, 8:13 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
1 Sept 2026, 7:41 pm	Company Update General	Perma-Pipe And Welspun Corp Announce Memorandum Of Understanding To Establish Pipe Manufacturing And Coating Facilities In Jordan	PDF

₹ Cr	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-155	713	218	-185	1,306	1,504	3,204
	17	-808	-209	-417	367	180	-3,723
	197	-174	453	909	-1,877	-1,369	875
Net cash flow	60	-269	462	307	-203	315	357
Free cash flow	-302	414	-761	-1,379	1,007	651	672
CFO / Operating profit %	—	92%	46.3%	-38.2%	83.6%	90.1%	143.3%

Welspun Corp Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

21

1

Announcements

21

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Others (Including plastic products) · revenue

Welspun Corp Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends21

Board meetings1

Announcements

Dividends21

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Others (Including plastic products) · revenue

21

1

21

1