Welspun Corp (532144) Q3 25/26 earnings summary

Executive summary

• Achieved record-high consolidated global order book of INR 23,600 crore, providing strong long-term visibility across geographies and segments.

• Q3 FY26 consolidated revenue was INR 4,532.48 crore, up from INR 3,613.51 crore year-over-year, with significant growth in key business verticals.

• Q3 FY26 PAT was INR 453 crore, significantly higher year-over-year when adjusted for last year's one-time gain, and total comprehensive income reached INR 508.78 crore.

• Maintained net cash position of INR 132 crore despite CapEx of INR 1,700 crore in nine months, and net debt reduced to -INR 1,049 crore in 9MFY26.

• Sustainability performance improved, ranking 5th globally and 2nd in India among steel companies in the DJSI Index, with long-term ESG goals.

Financial highlights

• Q3 FY26 EBITDA reached INR 645 crore, the highest ever, with margin improvement to 15.77% and a one-time cost of INR 25 crore due to new labor code provisions.

• Total income for Q3 FY26 rose 25% year-over-year to INR 4,532 crore.

• PAT for Q3 FY26 was INR 453 crore; prior year included a one-time gain of INR 378 crore.

• Nine-month EBITDA reached INR 1,831 crore, on track to exceed full-year guidance of INR 2,200 crore.

• EPS (Basic) for Q3 FY26 was INR 17.2, down 33% year-over-year, up 3% sequentially.

Outlook and guidance

• Confident of comfortably achieving or exceeding FY26 EBITDA guidance of INR 2,200 crore and revenue guidance of INR 17,500 crore.

• Strong business visibility for the next 3-5 years, especially in the US and KSA markets.

• U.S. market outlook remains bullish with strong pipeline demand driven by LNG exports and data centers.

• Saudi market expansion underway with new LSAW and DI pipe plants; anti-dumping investigations expected to support margins.

• Domestic Indian market expected to recover as government funding for water and oil & gas projects resumes.