Date: 29th October, 2026

Financial Performance Summary

Quarterly Performance (Q2FY27 vs Q2FY26)

  • Revenue from Operations: ₹4,644 crore (up 6% YoY from ₹4,374 crore)
  • Other Income: ₹55 crore (up 56% YoY from ₹35 crore)
  • Total Expenses: ₹3,917 crore (up 4% YoY from ₹3,783 crore)
  • EBITDA: ₹782 crore (up 25% YoY from ₹626 crore)
  • Depreciation and Amortisation: ₹129 crore (up 54% YoY from ₹84 crore)
  • Finance Cost: ₹38 crore (down 22% YoY from ₹49 crore)
  • Profit before tax and share of JVs: ₹614 crore (up 25% YoY from ₹493 crore)
  • Share of profit/(loss) from Associates and JVs: ₹42 crore (down 56% YoY from ₹96 crore)
  • PAT after Minorities, Associates & JVs: ₹499 crore (up 13% YoY from ₹440 crore)
  • EPS: ₹18.9 (up 13% YoY from ₹16.7)
  • PAT without Exceptional Items: ₹499 crore (up 13% YoY from ₹440 crore)

Half-Yearly Performance (H1FY27 vs H1FY26)

  • Revenue from Operations: ₹8,725 crore (up 10% YoY from ₹7,925 crore)
  • Other Income: ₹119 crore (up 69% YoY from ₹70 crore)
  • Total Expenses: ₹7,306 crore (up 7% YoY from ₹6,809 crore)
  • EBITDA: ₹1,538 crore (up 30% YoY from ₹1,186 crore)
  • Depreciation and Amortisation: ₹254 crore (up 50% YoY from ₹169 crore)
  • Finance Cost: ₹84 crore (down 26% YoY from ₹113 crore)
  • Profit before tax and share of JVs: ₹1,200 crore (up 33% YoY from ₹905 crore)
  • Share of profit/(loss) from Associates and JVs: ₹115 crore (down 21% YoY from ₹145 crore)
  • Exceptional Items: ₹548 crore (one-time gain on partial stake sale in East Pipes Integrated Company for Industry in Q1FY27)
  • PAT after Minorities, Associates & JVs: ₹1,545 crore (up 96% YoY from ₹790 crore)
  • EPS: ₹58.6 (up 95% YoY from ₹30.0)
  • PAT without Exceptional Items: ₹997 crore (up 26% YoY from ₹790 crore)

Key Financial Metrics

  • ROCE: 22.7%
  • Net cash position: ₹3,887 crore (after incurring capex of ₹1,616 crore)
  • Current global order book: ~₹50,000 crore (all-time record high)

Strategic Initiatives and Expansion Plans

Capacity Expansion Projects

  • Expanding Spiral (HSAW) Pipe capacity by 225 KMTPA in USA at a capex of US$115 million
  • Setting up greenfield Spiral (HSAW) Pipe Plant along with coating facility in Jordan in JV with Perma Pipes Inc at total cost of US$125 million
  • Acquiring 49% direct stake in step-down subsidiary Welspun Special Coating Private Ltd. for setting up Internal FBE (Fusion Bonded Epoxy) coating plant in India in partnership with Perma-Pipe

Management Commentary

Mr. Vipul Mathur, MD & CEO, highlighted:

  • H1FY27 EBITDA of ₹1,538 crore against full-year guidance of ₹2,850 crore
  • Strong demand visibility in USA and Middle East markets
  • Expansion into Jordan marks step into new markets and reinforces global line pipe industry position
  • Focus on core products and geographies, prudent capital allocation, and maintaining strong supplier-customer relationships
  • Emphasis on innovation, building capabilities, and sustainability agenda guiding responsible manufacturing

Business Overview

Welspun Corp Limited has diversified portfolio spanning Line Pipes, Ductile Iron (DI) Pipes, Stainless Steel Bars, Pipes & Tubes, and TMT Rebars. Also includes Sintex brand for water storage tanks and plastic piping solutions. Serves customers across six continents and fifty countries with manufacturing facilities in India, USA, and Saudi Arabia. Ranked 5th globally and 2nd in India among steel companies in S&P Global Corporate Sustainability Assessment.