Financial Results - Consolidated (₹ Crore)
| Particulars | Q1FY27 | Q1FY26 | YoY Change | FY26 |
| Revenue from Operations | 774 | 845 | (8%) | 3,615 |
| Other Income | 35 | 26 | 36% | 97 |
| Total Income | 808 | 871 | (7%) | 3,712 |
| EBITDA | 185 | 208 | (11%) | 845 |
| EBITDA Margin | 22.9% | 23.9% | (95 bps) | 22.8% |
| Profit Before Tax (before exceptional) | 122 | 154 | (21%) | 594 |
| Exceptional Item | - | - | - | (49) |
| Profit Before Tax (post exceptional) | 122 | 154 | (21%) | 545 |
| Tax | 31 | 40 | (22%) | 139 |
| Profit After Tax (Ordinary Activities) | 90 | 114 | (20%) | 406 |
| Profit/(Loss) from Discontinued Operations | (34) | (13) | - | (13) |
| Reported Profit After Tax | 56 | 101 | (44%) | 393 |
Financial Results - Standalone (₹ Crore)
| Particulars | Q1FY27 | Q1FY26 | YoY Change | FY26 |
| Total Income | 581 | 636 | (9%) | 2,711 |
| EBITDA | 99 | 124 | (20%) | 498 |
| EBITDA Margin | 17.1% | 19.5% | (240 bps) | 18.3% |
| Profit Before Tax | 82 | 117 | (30%) | 414 |
| Profit After Tax | 60 | 87 | (30%) | 308 |
Key Balance Sheet Metrics (₹ Crore)
Consolidated
| Particulars | 30th June 2026 | 31st March 2026 |
| Net Worth | 3,323 | 3,261 |
| Gross Debt | 1,900 | 1,771 |
| - Long Term Debt | 1,866 | 1,725 |
| - Short Term Debt | 34 | 46 |
| Cash & Cash Equivalents | 1,792 | 1,728 |
| Net Debt/(Cash) | 109 | 43 |
Standalone
| Particulars | 30th June 2026 | 31st March 2026 |
| Net Worth | 3,217 | 3,152 |
| Cash & Cash Equivalents | 1,660 | 1,579 |
| Net Debt/(Cash) | (1,660) | (1,579) |
Business Updates and Project Status
Overall Order Book: Robust and well-diversified order book of over ₹18,700 crore across Water, Transportation and Tunneling segments.
Water Portfolio Updates:
- Dharavi Waste Water Treatment Plant: ~70% work completed; expected completion by July 2027
- Panjrapur Water Treatment Plant: Under execution
- Bhandup Water Treatment Plant: Under execution; expected completion by April 2029
- Uttar Pradesh Jal Jeevan Mission: ~80% physical progress achieved; over 130 schemes (of 1,068) currently under O&M
Tunneling Project Updates:
- Dharavi Ghatkopar Tunnel: All clearances in place; execution in progress
- Priority Sewerage Tunnel 1 and 2, Mumbai: Advanced stage of completion
- Rehabilitation: 6 Projects under execution
- Pumping Stations: 3 Projects under execution & 3 Projects under O&M
Transportation Project Updates:
- Pune-Shirur Road Project: Sub concession agreement executed
- Varanasi-Aurangabad Road Project: Advanced stage of completion; Expect Provisional Completion Certificate shortly
- Sattanathapuram-Nagapattinam Road Project: Advanced stage of completion
- Aunta-Simaria Road Project: Project under O&M; Divestment Announced
Oil and Gas Exploration JV:
- Collective Gas Initially in Place: ~1.1 TCF
- Gas Evacuation Plan through a National Oil and Gas Company's Network in advance stages of discussion
- Monetization Expected in FY29
Subsidiary Performance - Welspun Michigan Engineers (WMEL)
WMEL (60.09% subsidiary) financial performance:
| Particulars (₹ Cr.) | Q1 FY27 | Q1FY26 | YoY Change | FY26 |
| Revenue from Operations | 179 | 208 | (14%) | 874 |
| Total Income | 181 | 209 | (13%) | 878 |
| EBITDA | 39 | 46 | (16%) | 185 |
| EBITDA Margin | 21.3% | 22.0% | (70 bps) | 21.1% |
Order Book: ~ ₹2,135 crore as on 30th June 2026
Management Commentary
Mr. Sandeep Garg, Managing Director, described Q1FY27 as a "soft quarter amidst a challenging operating environment" while highlighting the maintained strong EBITDA margin of 22.9% as evidence of operational resilience. He noted key progress on large projects including the executed Sub-Concession Agreement for the Pune-Shirur Road Project and High Court clearance for the Dharavi-Ghatkopar Tunnel Project. The divestment of the Aunta-Simaria road asset was presented as successful execution of the company's capital recycling strategy. The management expressed confidence in medium-term growth prospects supported by a diversified order book and robust bid pipeline across core businesses.
Awards and Recognition
- ISDA INFRACON NATIONALS (IINA) AWARD 2026: Platinum Award in "Best HSE Project" category (WwTF, Dharavi)
- ASSOCHAM Achiever's Awards 2026: Innovative Bridge Design category for Aunta–Simaria Ganga Bridge
- ISDA INFRACON NATIONALS (IINA) AWARD 2026: Gold Award in "Best HSE Project" category (Mithi Tunnel)
- EPC World Awards: Outstanding Company in Specialized Construction for Aunta–Simaria Ganga Bridge
- FICCI RECEIC Global Symposium award FY25: Resource Efficiency & Circular Economy
Forward-looking Statements Disclaimer
The presentation contains forward-looking statements involving risks and uncertainties. The company disclaims any obligation to update these statements and cautions investors not to place undue reliance on them.