Welspun Corp (532144) Q1 25/26 earnings summary

Executive summary

• Achieved record quarterly EBITDA of INR 560 crore with margins at 16% and PAT of INR 350 crore in Q1 FY26, with consolidated total income of ₹3,587 crore, up 12.8% year-over-year.

• Maintained a robust consolidated order book of INR 19,000 crore, supporting strong revenue visibility for 8 quarters in the US and 4+ quarters in India.

• Net cash position of INR 600 crore maintained despite ongoing CapEx; CRISIL upgraded long-term facilities to AA/stable.

• Expanded product portfolio with Sintex pipes and focus on premium/value-added segments; strong demand outlook across oil & gas, water, and building materials in India, US, and Saudi Arabia.

• Unaudited consolidated and standalone financial results for Q1 FY26 approved by the Board on July 29, 2025.

Financial highlights

• EBITDA reached an all-time high of INR 560 crore, with margins improving to 16% (15.6%–16.21% range across sources).

• PAT for the quarter was INR 350 crore; annualized ROCE at 24%; EPS rose to 13.3 from 9.5.

• Consolidated revenue from operations for Q1 FY26 was ₹3,551.49 crore, up from ₹3,137.23 crore in Q1 FY25.

• Net cash of INR 600 crore, even after significant CapEx; net debt/EBITDA at (0.3); net debt/equity at (0.08).

• CapEx of ~₹450 crore spent in Q1FY26.

Outlook and guidance

• Confident in meeting or exceeding FY26 guidance based on current performance and order book; FY26 revenue guidance at ₹17,500 crore.

• EBITDA guidance for FY26 is ₹2,200 crore; Q1FY26 achieved ₹560 crore.

• ROCE guidance above 20%, with Q1FY26 annualized at 24%.

• CapEx plans are backloaded, with 40-45% expected in FY26 and the remainder in FY27.

• Net debt/EBITDA expected to remain below 1.0.