Welspun Corp (532144) Q4 24/25 earnings summary

Executive summary

• Achieved strong operational and financial performance in FY25, with EBITDA of ₹1,858 crore, ROCE at 21%, and robust order book visibility in India and the US.

• Approved audited standalone and consolidated financial results for FY25 with unmodified audit opinions.

• Maintained leadership in line pipes for oil and gas, with global niche in high-specification pipelines and expanding opportunities in hydrogen and carbon capture.

• Sintex business demonstrated resilience and growth, launching the world’s first antimicrobial CPVC pipes and expanding premium product lines.

• Strategic investments in India, USA, and KSA progressing on schedule, with new projects announced and DRI project at Anjar put on hold.

Financial highlights

• FY25 consolidated revenue: ₹13,977.54 crore (down from ₹17,339.60 crore in FY24); EBITDA: ₹1,858 crore (up 3% YoY); PAT: ₹1,908 crore (up 71.8% YoY); EPS: ₹72.80.

• Operating EBITDA margin for FY25: 14.08%; net profit margin: 13.61%.

• Gross debt reduced by over ₹1,000 crore; net cash position of ₹1,049 crore; CapEx spend of ₹900 crore.

• Board recommended a final dividend of ₹5 per equity share, subject to approval.

• Exceptional gains from asset sales and fair valuation, including partial stake sale in Nauyaan Shipyard and EPIC shares.

Outlook and guidance

• FY26 revenue guidance: ₹17,500 crore (25% growth over FY25); EBITDA guidance: ₹2,200 crore (18% growth YoY).

• ROCE expected to remain above 20%; Net Debt/EBITDA to stay below 1.

• CapEx of ₹5,500 crore planned over FY26-27, with no increase beyond previously announced limits.

• Strong demand visibility in US and domestic markets for steel and value-added products.