Welspun Corp (532144) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 EBITDA of ₹1,858 crore and ROCE of 21%, both exceeding guidance, with robust order book visibility in India, US, and KSA.

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

• Sintex business demonstrated resilience and growth, launching world's first antimicrobial CPVC pipes and expanding premiumization and channel reach.

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

• Approved audited standalone and consolidated financial results for FY ended March 31, 2025, with unmodified audit opinions.

Financial highlights

• FY25 EBITDA reached ₹1,858 crore with a margin of 13.1%; PAT was ₹1,908 crore; ROCE stood at 21%.

• FY25 consolidated revenue: ₹13,977.54 crore (down from ₹17,339.60 crore in FY24); Q4FY25 income: ₹3,967 crore.

• EPS for FY25: ₹72.80 (up from ₹42.45 in FY24); net profit margin: 13.61%.

• Gross debt reduced by over ₹1,000 crore, CapEx spend of ₹900 crore, and net cash position of ₹1,050 crore.

• Exceptional items in FY25: ₹843 crore, mainly from asset sales and fair valuation gains.

Outlook and guidance

• FY26 revenue guidance set at ₹17,500 crore, a 25% increase over FY25.

• EBITDA guidance for FY26 is ₹2,200 crore, up 18% year-over-year.

• ROCE expected to remain above 20%; net debt to 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.