Key Quantitative Figures

Financial Results (Consolidated, Rs. in crores)

Quarter ended 30-Sep-26:

  • Revenue from operations: ₹4,643.72
  • Other income: ₹54.83
  • Total Income: ₹4,698.55
  • Total Expenses: ₹4,084.88
  • Profit before share of JV/associates and tax: ₹613.67
  • Share of profit of JV and associates (net): ₹41.91
  • Profit on sale of shares of associate (EPIC, Qtr ended Jun-26): ₹547.93
  • Profit before tax: ₹655.58
  • Total tax expense: ₹160.49
  • Net profit for the period: ₹495.09
  • Total Comprehensive Income for the period: ₹555.00
  • Net profit attributable to owners: ₹498.56
  • Basic EPS: ₹18.91 | Diluted EPS: ₹18.89

Half Year ended 30-Sep-26:

  • Revenue from operations: ₹8,724.84
  • Other income: ₹118.62
  • Total Income: ₹8,843.46
  • Total Expenses: ₹7,643.42
  • Profit before share of JV/associates and tax: ₹1,200.04
  • Share of profit of JV and associates (net): ₹114.74
  • Profit on sale of shares of associate (EPIC): ₹547.93
  • Profit before tax: ₹1,862.71
  • Total tax expense: ₹319.74
  • Net profit for the period: ₹1,542.97
  • Total Comprehensive Income for the period: ₹1,597.36
  • Net profit attributable to owners: ₹1,545.05
  • Basic EPS: ₹58.59 | Diluted EPS: ₹58.54

Key Ratios (Consolidated)

  • Debt Equity Ratio: 0.08 (Sep-26) vs 0.23 (Mar-26)
  • Interest service coverage ratio: 46.16 (Qtr) | 59.00 (HY)
  • Current Ratio: 1.21 (Sep-26) vs 1.33 (Mar-26)
  • Operating EBITDA Margin: 17.28% (Qtr) | 18.42% (HY)
  • Net Profit Margin: 10.66% (Qtr) | 17.68% (HY)
  • Inventory Turnover (days): 170 (Qtr) | 178 (HY)
  • Debtors Turnover (days): 22 (Qtr) | 30 (HY)

Standalone Financials (Rs. in crores)

Quarter ended 30-Sep-26:

  • Revenue from operations: ₹1,860.34
  • Net profit for the period: ₹141.83
  • Basic EPS: ₹5.38

Half Year ended 30-Sep-26:

  • Revenue from operations: ₹3,427.56
  • Net profit for the period: ₹257.67
  • Basic EPS: ₹9.77

Dates of Action/Transaction

  • Board Meeting Date: 29th October 2026 (11:00 a.m. to 2:25 p.m.)
  • Previous intimation letter date: 23rd October 2026
  • Financial Results Period: Quarter and Half Year ended 30th September 2026
  • Proposed re-appointment dates: Mr. Manish Chokhani from 2nd Feb 2027; Mr. Anjani Kumar Agrawal from 1st Apr 2027

Parties or Entities Involved

  • Welspun Corp Limited (The Company)
  • Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) - JV Partner for Jordan project and India IFBE coating JV.
  • Perma-Pipe Qatar - Entity acquiring 51% in WSCPL for the India IFBE JV.
  • Welspun Dl Pipes Limited (WDI) - Wholly-owned subsidiary, seller of stake in WSCPL.
  • Welspun Special Coating Private Limited (WSCPL) - Step-down subsidiary, subject of the JV transaction.
  • Welspun Captive Power Generation Limited (WCPGL) - Became a subsidiary (73.9% holding) after an acquisition during the quarter.
  • Welspun Slagexcel Private Limited (WSPL) - New associate company (26% holding) incorporated during the quarter for GGBS manufacturing.
  • East Pipes Integrated Company for Industry (EPIC) - Associate, shares were sold in the previous quarter (Jun-26) for a gain of ₹547.93 cr.
  • B S R & Co. LLP - Statutory Auditors who issued the limited review report.

Purpose or Stated Rationale

  • USA Spiral Facility: Approved due to "robust order book, strong demand and long-term visibility in the USA for Oil & Gas pipeline projects."
  • Jordan Partnership: To "create a strategically located regional manufacturing hub" for water, oil & gas, energy, and infrastructure projects in Jordan and surrounding regional markets (Syria, Lebanon, Iraq, Gaza). Aims to strengthen regional supply chains and increase local value creation.
  • India IFBE JV: To "position the Company favorably to win both export and domestic Orders for IFBE Coated Pipes." IFBE coating protects steel pipes from corrosion and chemical damage.
  • Director Re-appointment: Based on the recommendation of the Nomination and Remuneration Committee.

Financial or Operational Impact

Capital Expenditure & Investments

1. USA Expansion: Investment of USD 115 million (~₹940 cr approx.) for capacity augmentation. To be funded through internal accruals. Expected operational date: March 2028.

  • Existing HSAW Pipes capacity in US: 350 KMTPA
  • Proposed augmentation: 225 KMTPA

2. Jordan Partnership: Total project investment of ~USD 125 million (~₹1,020 cr approx.). Funding in ~50:50 proportion with Perma-Pipe.

3. India IFBE JV (WSCPL): Total investment estimated at up to ~₹110 Crores. Welspun Corp's share (49%): ~₹53.9 Cr. Perma-Pipe Qatar's share (51%): ~₹56.1 Cr.

  • Acquisition cost for 49% stake: ₹49,000
  • Sale of 51% stake by WDI to Perma-Pipe Qatar: ₹51,000

Capital Structure Impact

  • WCPGL Acquisition: Increased holding from 22.90% to 73.90%, making it a subsidiary. Purchase consideration: ₹67.66 crores for 1,50,64,213 equity shares (FV ₹10 each). Resulted in goodwill of ₹0.38 crores.
  • WSPL Investment: Subscribed 2,600 equity shares (₹10 each) for ₹26,000, representing a 26% stake.
  • Paid-up equity share capital remains unchanged at ₹131.90 Crores (26,37,90,645 equity shares of ₹5 each).
  • No shares were allotted as Employee Stock Options during the quarter.

Cash Flow Implications (Half Year Consolidated)

  • Net cash from operating activities: ₹3,107.59 cr
  • Net cash used in investing activities: (₹963.24) cr
  • Net cash used in financing activities: (₹1,517.05) cr
  • Net increase in cash and cash equivalents: ₹627.30 cr
  • Cash and cash equivalents at end of period: ₹2,166.94 cr

Forward-looking Guidance or Commentary

  • The proposed US facility is "expected to be operational in March, 2028."
  • The definitive agreements for the Jordan partnership "will be executed in due course."
  • The Jordan partnership "over time, could also support infrastructure development and reconstruction requirements in Syria, Lebanon, Iraq and Gaza."
  • The purchase price allocation for the WCPGL acquisition "is expected to be completed within one year from the date of acquisition."