Welspun Corp (532144) Q4 25/26 earnings summary

Executive summary

• FY 2026 revenue reached nearly INR 17,000 crore, with EBITDA at INR 2,370 crore and PAT at INR 1,613 crore, up 42% year-over-year; double-digit revenue and EBITDA growth achieved across business verticals.

• Maintained a healthy balance sheet and net cash position despite significant CapEx, with net debt turning to net cash of ₹1,627 crore at FY26 end.

• Expanded market presence in premium and economy segments, with new product launches and branding initiatives.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified audit opinion.

• Final dividend of Rs. 5 per equity share (100%) recommended, subject to shareholder approval.

Financial highlights

• FY26 consolidated revenue rose to ₹16,770 crore, up 20% year-over-year; EBITDA increased 28% to ₹2,371 crore, with margin at 14.0%.

• PAT after exceptional items for FY26 was ₹1,613 crore; consolidated net profit at ₹1,620.49 crore.

• Order book exceeds INR 25,000 crore ($2.5 billion), with strong presence in the U.S., Middle East, and India.

• Free cash flow for FY26 was ₹672 crore after capex of ₹2,532 crore; net working capital days turned negative due to customer advances.

• Share of profit from JV (East Pipe) in Saudi Arabia contributed significantly to earnings.

Outlook and guidance

• FY27 guidance: revenue of INR 20,000 crore and EBITDA of INR 2,850 crore, a 19–20% year-over-year increase.

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

• Strong tailwinds expected in U.S. and Middle East for the next five to seven years, driven by LNG exports, oil, and data center demand.

• Full benefit from new U.S. and Saudi plants expected in FY 2028.

• Double-digit growth targeted in plastic pipes and tanks; water sector in India expected to accelerate in H2 FY 2027.