MarketFriction

Welspun Corp Ltd

NSE WELCORP · BSE 532144 · Iron & Steel Products
₹2,605.80 -4.09%
NSE close2026-10-01
52 week range710.00 - 2,900.00
Market cap₹74,969 Cr.
P/E32.5
Nifty 500Nifty Smallcap 50Nifty Smallcap 100Smallcap 250 ASM long-term Price band 20% Delivery 41.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4,0594,7504,4613,1373,3023,6143,9253,5514,3744,5324,3134,081
Expenses3,6604,2874,1312,7632,9023,1793,4653,0263,7833,9173,8093,389
Operating Profit400463330374400434460525591616504692
OPM %10%10%7%12%12%12%12%15%14%14%12%17%
Other Income227621788312548757084131120142685
Interest756275668382886349514945
Depreciation8690878589908785849393125
Profit before tax4663733473053527498554615885935041,207
Tax %17%21%17%19%20%10%18%24%25%23%26%13%
Net Profit3872942872482836726993494444563711,048
EPS in Rs14.7011.1510.249.4610.9425.7226.6213.3116.6817.1614.0439.67
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,2365,8996,3478,9539,9577,1536,5059,75817,34013,97816,77017,300
Expenses6,4495,3805,8748,3108,7566,3576,0329,26415,77812,29314,53414,897
Operating Profit7875194736441,2017954734941,5611,6842,2362,403
OPM %11%9%7%7%12%11%7%5%9%12%13%14%
Other Income99139128-1062436185443865041,2484781,078
Interest24123617017714485102243304320212194
Depreciation386386258260233246255303348351355394
Profit before tax258361731011,0671,0826613341,4132,2622,1472,893
Tax %31%72%12%122%39%24%33%40%20%16%25%
Net Profit17910153-226548274441991,1361,9021,6202,319
EPS in Rs5.721.005.97-0.5024.3629.4216.827.9042.4472.7361.1587.55
Dividend Payout %9%50%8%-100%43%17%30%63%12%7%8%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%19%20%20%
Compounded Profit Growth29%21%119%42%
Stock Price CAGR45%82%93%231%
Return on Equity13%15%19%19%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital132133133133133130130130131131131132
Reserves2,6672,6662,6772,7212,6653,0853,9524,2984,5825,4677,3139,024
Borrowings3,0212,6441,8431,3861,3051,0611,0212,0573,3811,9671,1222,355
Other Liabilities3,9983,1953,5953,4524,0973,6672,5882,6847,1804,2496,6358,889
Total Liabilities9,8188,6378,2477,6938,2007,9437,6929,16915,27411,81315,20120,400
Fixed Assets4,6623,7303,3563,0461,5671,6172,5992,4334,9104,8004,7076,536
CWIP8034321747831471,26187877871,241
Investments8051,0177254884767841,7132,3071,5371,1001,4021,864
Other Assets4,2713,8554,1344,1436,1105,4603,2333,1688,7405,8278,30610,759
Total Assets9,8188,6378,2477,6938,2007,9437,6929,16915,27411,81315,20120,400
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity901354403981623648774218-1851,3061,5043,204
Cash from Investing Activity338-326618184-255-49-848-201-348373194-3,714
Cash from Financing Activity-1,106-99-979-761-335-743-198453909-1,877-1,369875
Net Cash Flow133-714240533-144-271470376-198328365
Free Cash Flow812122322933565474518-757-1,2351,022690715
CFO/OP108%60%69%200%110%77%118%78%-13%96%109%157%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days497191764842344643384637
Inventory Days138107159125129127937828670173166
Days Payable1541321981779281557513068133118
Cash Conversion Cycle3345522486887248199408785
Working Capital Days1853322493936-47-26128-23
ROCE %8%8%5%7%12%30%20%13%6%20%21%23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters49.96%49.96%50.14%50.03%50.00%50.00%50.00%49.84%49.77%49.73%49.73%49.73%
FIIs9.42%10.56%10.70%10.51%11.65%11.71%12.18%12.13%11.79%11.45%11.23%14.61%
DIIs11.53%11.23%11.99%9.74%11.41%20.19%20.50%20.72%20.89%20.55%21.49%19.96%
Government0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public29.05%28.22%27.13%29.67%26.90%18.06%17.28%17.26%17.52%18.26%17.52%15.68%
Others0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%
No. of Shareholders82,05899,2841,19,4661,23,4911,16,4851,17,3681,28,4711,28,4661,31,0261,31,3261,22,3381,38,939

Fundamentals

Market Cap₹ 74,969 Cr.
Current Price₹ 2,842
Stock P/E32.5
Book Value₹ 347
ROCE22.9 %
ROE19.4 %
Dividend Yield0.18 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)42%
Consolidated figures.
Valuation
Market capRs 68,739 Cr
Enterprise valueRs 68,122 Cr
P/E (TTM)29.77x
Price to book7.51x
Price to sales3.97x
EV / EBITDA19.57x
EV / EBIT22.07x
EV / sales3.94x
Price to cash flow21.45x
Earnings yield3.36%
Dividend yield0.19%
P/E, 3-year average12.46x
P/B, 3-year average2.61x
P/E, 5-year average14.54x
P/B, 5-year average1.98x
Profitability
Operating margin (excl. other income)13.33%
Operating margin (incl. other income)16.18%
EBITDA margin20.12%
Pre-tax margin16.72%
Net profit margin13.35%
Net margin, latest quarter25.64%
ROE19.44%
ROCE23.50%
ROA9.06%
ROE, 3-year average23.41%
ROCE, 3-year average25.81%
ROA, 3-year average10.46%
ROE, 5-year average17.01%
ROCE, 5-year average19.70%
ROA, 5-year average7.66%
ROIC (approx.)27.29%
Tax rate24.51%
Other income / net worth5.22%
Growth
Sales growth (latest year)19.98%
Profit growth (latest year)-15.46%
Sales CAGR, 3 years19.78%
Sales CAGR, 5 years18.58%
Profit CAGR, 3 years98.35%
Profit CAGR, 5 years16.01%
Sales growth QoQ-5.37%
Profit growth QoQ182.56%
Sales growth YoY (latest quarter)14.91%
Profit growth YoY (latest quarter)198.64%
Per share
EPS (TTM)Rs 87.54
EPS (latest year)Rs 61.15
EPS (latest quarter)Rs 39.67
EPS, 3-year averageRs 58.77
EPS, 5-year averageRs 40.21
Book value per shareRs 347.08
Sales per shareRs 655.81
Cash flow per shareRs 121.47
Free cash flow per shareRs 27.10
Dividend per share (latest year)Rs 5.00
Dividend per share, 3-year averageRs 5.00
Dividend per share, 5-year averageRs 5.00
Dividends
Dividend payout8.18%
Dividend payout, 3-year average8.94%
Dividend payout, 5-year average23.97%
Efficiency
Asset turnover0.82x
Fixed asset turnover2.57x
Inventory turnover2.54x
Inventory days144 days
Debtor days37 days
Debtors turnover9.76x
Creditor days118 days
Cash conversion cycle85 days
Working capital days-23 days
Leverage
Total debtRs 2,355 Cr
Cash and bankRs 2,972 Cr
Net debtRs -616 Cr
Debt to equity0.26x
Net debt / EBITDA-0.18x
Interest coverage15.90x
Current ratio (filing 2026-03-31)1.33x
Quick ratio (filing 2026-03-31)0.77x
Trade payables (filing 2026-03-31)Rs 3,323 Cr
Owners' fund to total sources44.88%
Debt to assets11.55%
Cash flow
Cash from Operating Activity (latest year)Rs 3,204 Cr
Cash from Investing Activity (latest year)Rs -3,714 Cr
Cash from Financing Activity (latest year)Rs 875 Cr
Net Cash Flow (latest year)Rs 365 Cr
Free cash flow (latest year)Rs 715 Cr
FCFE (approx.: FCF + change in debt)Rs 1,948 Cr
Cash from ops / profit, 5 years1.14x
Sales to cash flow5.23x
Statement figures
Net sales (TTM)Rs 17,300 Cr
Net sales (latest year)Rs 16,770 Cr
Sales (latest quarter)Rs 4,081 Cr
Operating profit excl. other income (latest year)Rs 2,236 Cr
Operating profit (latest quarter)Rs 692 Cr
Other income (TTM)Rs 1,078 Cr
EBITDA (TTM)Rs 3,481 Cr
PBDT (TTM)Rs 3,287 Cr
Profit before tax (TTM)Rs 2,893 Cr
Tax (latest year)Rs 526 Cr
Net profit (TTM)Rs 2,309 Cr
Net profit (latest year)Rs 1,613 Cr
Net profit (latest quarter)Rs 1,046 Cr
Depreciation (TTM)Rs 394 Cr
Depreciation (latest quarter)Rs 125 Cr
Interest (TTM)Rs 194 Cr
Cost of goods sold (latest year)Rs 11,833 Cr
Total expenditure (latest year)Rs 14,534 Cr
Total income (latest year)Rs 17,248 Cr
Share capitalRs 132 Cr
ReservesRs 9,024 Cr
Shareholders' fundsRs 9,156 Cr
Total assetsRs 20,400 Cr
Net blockRs 6,536 Cr
Capital work in progressRs 1,241 Cr
InvestmentsRs 1,864 Cr
ReceivablesRs 1,719 Cr
InventoryRs 4,656 Cr
Other liabilitiesRs 8,889 Cr
Shares outstanding (crore)26.38
Ownership
Promoter holding49.73% (-0.11 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 29.8 is at the 74th percentile of its own 8.4-year range (median 15.5, low 3.3, high 175.4).
P/B 7.51 is at the 98th percentile (median 1.35).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodWELCORPNifty 50Difference
1 week-3.2%-2.8% -0.4 pts
1 month+2.0%-6.8% +8.8 pts
3 months+81.0%-7.6% +88.7 pts
6 months+220.6%+0.4% +220.2 pts
1 year+198.5%-9.9% +208.4 pts
2 years+277.2%-13.6% +290.7 pts
3 years+562.1%+14.2% +548.0 pts
5 years+1722.2%+27.9% +1694.3 pts
105 mutual fund schemes hold about ₹5,289 Cr. Over three months 20 bought more and 83 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Quant Small Cap Fund2.98%1,059 -18%
DSP Small Cap Fund2.57%556 -39%
Axis Small Cap Fund1.30%408 -19%
Aditya Birla SL Flexi Cap Fund1.36%395 -44%
Axis Multicap Fund2.07%227 -29%
Aditya Birla SL Value Fund3.17%220 -46%
Axis Flexi Cap Fund1.20%167 -17%
Axis Flexi Cap Fund1.20%162 -17%
Mirae Asset Small Cap Fund2.77%159 -49%
Quant Infrastructure Fund3.41%108 -12%
Bajaj Finserv Small Cap Fund3.91%104 -34%
ICICI Pru Multi Cap Fund0.49%96 -7%
ITI Small Cap Fund2.59%93 -24%
ICICI Pru Multi Cap Fund0.49%92 -7%
Quant Multi Cap Fund1.16%90 -13%
Quant Mid Cap Fund1.10%88 +100%
Axis India Manufacturing Fund1.50%87 -16%
Helios Flexi Cap Fund0.90%78 -35%
Edelweiss Balanced Advantage Fund(Q0.53%71 +100%
TRUSTMF Small Cap Fund2.38%68 -24%
Edelweiss Small Cap Fund0.92%67 +100%
Abakkus Small Cap Fund2.21%62 -23%
Aditya Birla SL Conglomerate Fund3.17%51 -48%
Nippon India Nifty Smallcap 250 Index Fund1.42%50 -16%
Mahindra Manulife Small Cap Fund0.88%48 -61%

Red flags

F-score 5 of 8
explainDebt up, profit down Borrowings up 110% while net profit fell in 2026
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-06-12TRIBHUWAN SINGH KATHAYAT-sell6,600Rs 0.35 CrMarket Sale
2024-06-11TRIBHUWAN SINGH KATHAYAT-sell500Rs 0.03 CrMarket Sale
2024-03-18GODFREY JOHN-sell7,000Rs 0.36 CrMarket Sale
2024-03-15CHINTAN THAKER-sell5,000Rs 0.25 CrMarket Sale
2024-03-06Balkrishan Goenka, trustee of WelsPromoter Groupbuy450,000Rs 24.43 CrMarket Purchase
2024-03-06Vipul MathurDirectorsell450,000Rs 24.30 CrMarket Sale
2023-12-05TRIBHUWAN SINGH KATHAYAT-sell10,000Rs 0.55 CrMarket Sale
2023-11-21TRIBHUWAN SINGH KATHAYAT-sell5,000Rs 0.28 CrMarket Sale
2023-11-20TRIBHUWAN SINGH KATHAYAT-sell5,000Rs 0.27 CrMarket Sale
2023-09-08CHINTAN THAKER-sell30,000Rs 1.09 CrMarket Sale
2023-09-06TRIBHUWAN SINGH KATHAYAT-sell5,000Rs 0.17 CrMarket Sale
2023-08-24CHINTAN THAKER-sell4,000Rs 0.13 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹4,081 Cr +14.9% vs Jun 2025. Net profit ₹1,048 Cr +200.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-30Dividend - Rs 5 Per Share
2025-07-18Annual General Meeting/Dividend - Rs 5 Per Share
2024-06-28Dividend - Rs 5 Per Share
2023-06-16Dividend - Rs 5 Per Share
2022-06-09Dividend - Rs 5 Per Share
2021-08-09 Dividend - Rs 5 Per Share
2020-08-06 Dividend - Rs 0.50 Per Share
2020-02-12 Interim Dividend - Rs 10 Per Share
2019-07-04 Dividend Rs - 0.50 Per Share
2019-07-04 Buyback
2018-06-25 Dividend Re - 0.50 Per Share
2017-06-22 Annual General Meeting/Dividend - Re 0.50 Per Share
2016-06-23 Dividend Re.0.50 Per Share
2015-06-18Dividend - Re 0.50 Per Share
2014-06-19Dividend - Re 0.50/- Per Share
2014-02-18Scheme Of Arrangement
2013-09-19Annual General Meeting And Dividend Re.0.50 Per Share
2012-08-23Annual General Meeting/Dividend Re 0.50 Per Share
2011-06-29Dividend-Rs.2/- Per Share
2010-05-05Dividend-Rs.2/- Per Share
2009-06-08Dividend-Rs.1.50 Pr Share
2008-07-29Agm/Dividend - 30%
2007-07-09Agm/Dividend-20%
2006-09-21Agm/Dividend-10%
DateTypeWhat it says
2026-09-30General UpdatesGeneral Updates - Update on the Incorporation of a New Step down Wholly Owned Subsidiary
2026-09-30General UpdatesGeneral Updates
2026-09-25Order winBagging/Receiving of orders/contracts
2026-09-22Concall / analyst meetSchedule of meet
2026-09-20Order winBagging/Receiving of orders/contracts: Large order win announced by the Company s associate Company viz. East Pipes Integrated Company for Industry, K...
2026-09-18General UpdatesIntimation of Incorporation of a new step-down wholly owned subsidiary in Jordan
2026-09-11General UpdatesIncorporation of a new step-down wholly owned subsidiary
2026-09-01General UpdatesGeneral Updates
2026-08-31General UpdatesGeneral Updates
2026-08-31General UpdatesUpdate on incorporation of an Associate Company
2026-08-21Concall / analyst meetSchedule of meet
2026-08-20Order winBagging/Receiving of orders/contracts - Welspun Corp Secures Largest-Ever Single Order in Company History Valued at approx USD 1.8 Billion (approx. ...
2026-08-07Concall / analyst meetSchedule of meet
2026-08-05Credit RatingCredit Rating
2026-07-31General UpdatesUpdate on Acquisition of additional 51% equity stake in Welspun Captive Power Generation Limited.
2026-07-30Concall / analyst meetTranscript
2026-07-27Concall / analyst meetLink of Recording
2026-07-27Order winBagging/Receiving of orders/contracts
2026-07-24Press ReleaseA press release dated July 24, 2026, titled "Press Release Q1 FY27".
2026-07-24Investor PresentationInvestor Presentation
2026-07-24AcquisitionThe investment of 26% stake in new entity for incorporation and Acquisition of additional 51% equity stake in Welspun Captive Power Generation Limited...
2026-07-24Board meeting outcomeWelspun Corp Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-17Shareholder meetingVoting results.
2026-07-17Concall / analyst meetSchedule of meet Q1FY27 Earnings Conference Call Invite
2026-07-17Shareholder meetingProceedings of the 31st Annual General Meeting ( AGM ) of the Company held on Friday, 17th July, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-03-13NCLTWelspun Corp Ltd Vs Rithwik Projects Pvt Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03