Welspun Corp Limited
NSE: WELCORP · Iron & Steel Products · sector
₹2,342.60NSE close 2026-10-26
Key numbers
Market cap₹61,798 cr
Price₹2,342.60
52w high / low₹2,900 / ₹710
P/E26.7xSector median 15.5x
P/B6.8xSector median 1.7x
Book value₹347.1
Dividend yield0.21%Sector median 0.60%
ROE27.8%Sector median 11.1%
ROCE19.2%Sector median 11.9%
OPM13.9%Sector median 6.7%
Debt / equity0.24xSector median 0.21x
EV/EBITDA25.0xSector median 11.8x
Interest cover11.2x
Current ratio1.33x
Sales growth 3y+19.8%Sector median +2.1%
Profit growth 3y+98.3%Sector median +13.0%
PEG0.27x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹3,790 cr vs borrowings ₹2,163 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 11.2x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 2.31 percentage points in a year, to 47.46% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 7% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹2,342.60 on 2026-10-26: -19.2% from the 52-week high, +229.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,692.20 · low ₹681.05
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,302 | 3,614 | 3,925 | 3,551 | 4,374 | 4,532 | 4,313 | 4,081 |
| EBITDA | 389 | 435 | 937 | 525 | 591 | 616 | 504 | 692 |
| OPM % | 11.8% | 12.0% | 23.9% | 14.8% | 13.5% | 13.6% | 11.7% | 17.0% |
| Other income | 62 | 43 | 42 | 35 | 35 | 30 | 36 | 64 |
| Net profit | 287 | 675 | 698 | 350 | 440 | 453 | 370 | 1,046 |
| EPS (₹) | 10.97 | 25.73 | 26.63 | 13.32 | 16.70 | 17.17 | 14.04 | 39.68 |
| Revenue YoY | +32.5% | +25.4% | +9.9% | +14.9% | ||||
| Profit YoY | +53.2% | -32.9% | -47.0% | +198.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 6,505 | 9,758 | 17,340 | 13,978 | 16,770 | 17,300 |
| EBITDA | 472 | 485 | 1,561 | 2,134 | 2,236 | 2,403 |
| Net profit | 439 | 207 | 1,110 | 1,908 | 1,613 | 2,309 |
| EPS (₹) | 16.82 | 7.91 | 42.45 | 72.80 | 61.23 | 87.59 |
| Revenue growth | +50.0% | +77.7% | -19.4% | +20.0% | +20.2% | |
| Profit growth | -52.9% | +437.2% | +71.8% | -15.5% | +14.9% | |
| Dividend / share (₹) | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +19.8% | +21.1% | +20.2% |
| Net profit | +98.4% | +21.1% | +14.9% |
| EPS | +97.8% | +20.9% | – |
| Share price | – | +89.7% (2y) | +201.8% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 4,732 | 5,616 | 7,463 | 9,156 |
| Borrowings | – | 3,316 | 1,908 | 924 | 2,163 |
| Cash & equivalents | – | 2,178 | 1,521 | 1,802 | 3,790 |
| Total assets | – | 15,339 | 11,850 | 15,237 | 20,434 |
| Fixed assets | – | 4,500 | 4,382 | 4,252 | 6,084 |
| Capital work in progress | – | 87 | 85 | 785 | 1,233 |
| Investments | – | 1 | 651 | 3 | 35 |
| Receivables | – | 1,140 | 1,799 | 1,769 | 1,719 |
| Inventory | – | 5,686 | 2,316 | 4,212 | 4,656 |
| Payables | – | 2,574 | 2,241 | 3,224 | 3,323 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 218 | -185 | 1,306 | 1,504 | 3,204 |
| Cash from investing | -209 | -417 | 367 | 180 | -3,723 |
| Cash from financing | 453 | 909 | -1,877 | -1,369 | 875 |
| Capex | 979 | 1,194 | 299 | 853 | 2,532 |
| Free cash flow | -761 | -1,379 | 1,007 | 651 | 672 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 4.4% | 19.8% | 25.6% | 17.6% |
| ROCE % | – | 6.2% | 19.4% | 23.5% | 17.8% |
| Debtor days | – | 43 | 38 | 46 | 37 |
| Inventory days | – | 286 | 70 | 173 | 166 |
| Payable days | – | 130 | 68 | 133 | 118 |
| Cash conversion cycle (days) | – | 199 | 40 | 86 | 85 |
| Working capital days | – | 55 | 44 | 55 | 60 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 47.46% |
| FIIs | 23.09% |
| DIIs | 16.36% |
| of which Mutual funds | 7.57% |
| of which Insurance | 4.98% |
| Government | 0.00% |
| Public (non-institutions) | 13.05% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 50.01% | 50.01% | 49.84% | 49.77% | 49.73% | 49.73% | 49.73% | 47.46% |
| Promoter group | % |
|---|---|
| Balkrishan Goenka, trustee of Welspun Group Master Trust | 44.55% |
| Aryabhat Vyapar Private Limited | 2.62% |
| Welspun Investments and Commercials Limited | 0.29% |
| Balkrishan Gopiram Goenka | 0.00% |
| Dipali B. Goenka | 0.00% |
| Rajesh Mandawewala | 0.00% |
| Sitadevi Mandawewala | 0.00% |
| Ms. Radhika Goenka | 0.00% |
| Ms. Vanshika Goenka | 0.00% |
| Mrs. Pratima Mandawewala | 0.00% |
| Mr. Abhishek Mandawewala | 0.00% |
| Mr. Ramesh Mandawewala | 0.00% |
| Mr. Yash Mandawewala | 0.00% |
| Rajesh Mandawewala HUF | 0.00% |
| BKG HUF | 0.00% |
| Public holders above 1% | % |
|---|---|
| Life Insurance Corporation of India | 4.27% |
| Authum Investment and Infrastructure Limited | 3.47% |
| Smallcap World Fund, INC | 3.06% |
| Fidelity Securities Fund: Fidelity Blue Chip Growth Fund | 1.90% |
| Quant Mutual Fund - Quant Multi CAP Fund | 1.63% |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Multicap Fund | 1.62% |
| NEW World Fund INC | 1.29% |
| Eupac Fund | 1.12% |
| Aditya Birla SUN Life Mutual Fund - Aditya Birla SUN Life BAL Bhavishya Yojna | 1.03% |
1,71,689 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MAHSEAMLES | ₹7,148 cr | 9.7x | 1.0x | 11.2% | 14.2% | 15.0% | -6.5% | 1.87% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Steel Products | ₹16,134 cr | 96.2% | ₹2,026 cr | 12.6% |
| Others (Including plastic products) | ₹636 cr | 3.8% | ₹-102 cr | -16.0% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-06-30 | Dividend | Dividend - Rs 5 Per Share |
| 2025-07-18 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2024-06-28 | Dividend | Dividend - Rs 5 Per Share |
| 2023-06-16 | Dividend | Dividend - Rs 5 Per Share |
| 2022-06-09 | Dividend | Dividend - Rs 5 Per Share |
| 2021-08-09 | Dividend | Dividend - Rs 5 Per Share |
| 2020-08-06 | Dividend | Dividend - Rs 0.50 Per Share |
| 2020-02-12 | Dividend | Interim Dividend - Rs 10 Per Share |
| 2019-07-04 | Dividend | Dividend Rs - 0.50 Per Share |
| 2019-07-04 | Buyback | Buyback |
| 2018-06-25 | Dividend | Dividend Re - 0.50 Per Share |
| 2017-06-22 | Dividend | Annual General Meeting/Dividend - Re 0.50 Per Share |
| 2016-06-23 | Dividend | Dividend Re.0.50 Per Share |
| 2015-06-18 | Dividend | Dividend - Re 0.50 Per Share |
| 2014-06-19 | Dividend | Dividend - Re 0.50/- Per Share |
| 2014-02-18 | Restructuring | Scheme Of Arrangement |
| 2013-09-19 | Dividend | Annual General Meeting And Dividend Re.0.50 Per Share |
| 2012-08-23 | Dividend | Annual General Meeting/Dividend Re 0.50 Per Share |
| 2011-06-29 | Dividend | Dividend-Rs.2/- Per Share |
| 2010-05-05 | Dividend | Dividend-Rs.2/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Welspun Corp Limited is in the business of manufacturing and sale of basic Iron and Steel pipes along with other by product like pig iron etc.: The products are industrial B2B products that are engineered to order and hence very specific to the project for which they are to be used.
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | WELCORP |
| BSE code | 532144 |
| ISIN | INE191B01025 |
| Face value | ₹5.0 |
| Incorporated | 1995-04-26 |
| Website | www.welspuncorp.com |
| Plants (India / abroad) | 3 / 2 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.