Welspun Corp Limited has informed the Exchange about Investor Presentation
WCL/SEC/2025
To,
BSE Ltd. Listing Department, P. J. Towers, Dalal Street, Mumbai – 400 001. (Scrip Code: Equity - 532144), (NCD – 960491 and 973309)
Dear Sirs/ Madam,
29th July, 2025
National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051. (Symbol: WELCORP, Series EQ)
Sub: Investors’ Presentation Ref.:
a. Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
b. ISIN: INE191B01025
Please find enclosed the Investors’ Presentation on the financial results of the Company for the quarter ended 30 June, 2025 which is being released to the media and also posted on Company’s website www.welspuncorp.com
Kindly take the same on record.
Thanking you.
Yours faithfully, For Welspun Corp Limited
Kamal Rathi Company Secretary ACS-18182
Encl: as above
Investor Presentation
Q1FY26
PIPE SOLUTIONS
Date: 29thJuly, 2025
BUILDING MATERIALS
© Copyright 2023. All Rights Reserved.
Disclaimer
its accuracy, fairness or completeness is not guaranteed and has not been independently verified unless
For any financial disclosures, the information contained herein is provided by Welspun Corp Limited (the “Company”), although care has been taken t o ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject t o change without notice, specifically provided and no express or implied warranty is made thereto. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate f or such purpose. Neither the Company completeness of, or any errors or omissions in, any information or nor any of its directors assume any responsibility or liability for, the accuracy or its management, and their respective advisers undertakes any opinions contained herein. By preparing this presentation, none of obligation t o provide the recipient with access t o any additional information or t o correct any inaccuracies in any such information which may become apparent. This document is for informational purposes and does not constitute or f orm part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer t o sell or issue or the solicitation of an offer or an offer document t o buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, both as amended, or any applicable law in India or as an inducement t o enter into investment activity. No part of this document should be considered as a recommendation that any investor should subscribe t o or purchase securities of the Company or any of its subsidiaries or affiliates and should not f orm the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax, investment or other product advice.
information or t o update this presentation or any additional
Company,
the
W ith respect t o any ESG related disclosures, the information contained in our disclosures, statements or reports are specific t o the Company and not audited or confirmed t o be compliant with any general or standard benchmark. A number of statements in such disclosure or statements may contain forward-looking statements including statements about the Company’s strategic priorities, financial goals and aspirations, organic growth, performance, organizational quality and efficiency, investments, capabilities, resiliency, sustainable growth and Company management, as well as the Company’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives.
W ith respect t o all disclosures provided herein, the statements contained herein may be pertaining t o future expectations and other forward-looking statements which involve risks and uncertainties that are subject t o change based on various important factors (some of which are beyond the Company’s control). These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers including with respect t o the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “strategy,” “synergies,” “opportunities,” “trends,” “future,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “potentially,” “outlook” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results, performances or events may differ f rom those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, or that assumptions are correct. The Company does not assume any responsibility t o amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.
Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of the Company
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AGENDA
1. BUSINESS VERTICALS
4. SINTEX PIPE LAUNCH & BRANDING
7. GUIDANCE VS PROGRESS
2. KEY HIGHLIGHTS
5. CONSOLIDATED FINANCIAL PERFORMANCE
8. UPDATE ON INVESTMENTS
3. BUSINESS ENVIRONMENT
6. RATING UPGRADE
9. ESG
PIPE SOLUTIONS & BUILDING MATERIALS
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KEY HIGHLIGHTS
Consolidated Highlights
Particulars
Financial Performance (INR Crore)
Operational Performance (Sales Volume in KMT)
Order Book (Total value ~INR 19,000 Crore)
Total Income
EBITDA
EBITDA Margin (%)
Net Profit
Line Pipes
DI Pipes
SS Bars
SS Pipes
TMT Rebars
Line Pipes
DI Pipes
SS Bars & Pipes
Q1FY26
3,587
560
15.6%
350
182
65
7.4
0.85
40
1,103 KMT
307 KMT
9,660 MT
Line Pipes figures are excluding EPIC;
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BUSINESS ENVIRONMENT
Exports
LINE PIPES- INDIA
• Continue to observe strong demand for LSAW pipes for critical applications such as deep offshore, Sour Service where
Welspun has an impeccable track record
• Market Potential building up in Hydrogen Pipelines & Carbon Capture Pipelines globally • Witnessing an increasing trend in offshore and onshore pipelines calling for very demanding metallurgical and dimensional
requirements. This fits well in Welspun’s capabilities
Domestic Oil & Gas
Oil demand in India projected to double, potentially reaching approx.12 million bpd by 2050; Natural gas consumption also
anticipated to grow significantly, potentially more than doubling by 2040 India plans to expand O&G exploration area to 1 million sq km by 2030 Natural gas expected to play a larger role in India's energy mix, with its increasing from 6.7% to 15% by 2030 GOI investing heavily in expanding refining capacity, pipelines, and LNG terminals to meet the growing demand
CGD
The CGD sector likely to grow at a CAGR of 10% between FY25 and FY30. An investment of ₹30,000 crore is expected over
the next three years in this
Water
River Interlinking projects – Significant opportunity- MP (Ken-Betwa & PKC), Rajasthan (ERCP) and Maharashtra
(Wainganga-Nalganga) remain in the forefront with further opportunities coming up in Northern part of India
Water pipeline network for irrigation, industrialization and urbanization increasing substantially in states like Gujarat, MP,
Rajasthan, Haryana, Tamil Nadu and Jharkhand Water sector to remain critical and key focus area
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BUSINESS ENVIRONMENT
LINE PIPES- USA
Crude Oil Production likely to go up to 14.5 mbpd in CY30 with Permian production expected to increase from current 6.2
mbpd to ~8 mbpd
In CY25, oil demand in the US projected to grow by 90 kbpd, primarily due to a 140 kbd rise in LPG and ethane consumption LNG expansion remains a key strategic driver. Gross LNG exports expected to grow by 14.2% in CY2025 In May 2025, the US administration announced measures to expedite o&g leasing approvals, reinforcing supply resilience
and supporting long-term growth across O&G segments
While Permian basin still remains the key demand centre, Alaska could be a potential new demand driver Our mill is booked for next 2 years and we see strong demand for pipes to persist due to boom in data center demand and
focus on oil exploration and incremental gas transportation.
Water
LINE PIPES- KSA
Consistent focus on water transportation and distribution. KSA focusing on Enhancing Water Conservation Policies, Investing
in Research & Development, Encouraging Private Sector Participation and Strengthening Regional Collaboration
Water segment contributes significantly to the line pipe demand in the country. SWCC continues to oversee the expansion of
desalination projects, ensuring a reliable water supply across the Kingdom
Oil & Gas
KSA aims to expand its production capacity beyond 13 mbpd, driven by large-scale field developments such as Zuluf,
Marjan, Berri, Tanajib, and Safaniyah
Increased focus on natural gas development, with the Jafurah Gas Project playing a central role, to support domestic energy
needs and will potentially result in surge in demand for line pipes
KSA’s vision 2030 strategy aims at significant investments in both onshore and offshore field developments and
unconventional energy sources like Hydrogen and Carbon Capture
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BUSINESS ENVIRONMENT
India
DI PIPES
JJM to support increased consumption of DI pipes coupled with Amrut 2.0 (Urban) requirement Inventory piling up at manufacturers’ end backed by cash crunch resulted in slow down. Situation is likely to improve from
H2FY26. Moreover, Amrut 2.0 fund has started coming in
Key Projects to be announced in FY26- Marathwada Grid, NAINA-CIDCO, JJM-HAM, ERCP, WRCP, Ken Betwa RLP, etc.
These projects are expected to bring in volumes of approx. 2-3 Mn Tonnes in Irrigation Sector
Order book stands at 307 KMT
KSA
Strong demand, capability constraints, import substitution opportunity augurs well for DI pipes market in KSA. Our greenfield
plant is progressing well
Recent Anti Dumping investigation will further discourage cheap imports and help domestic capacity
SS BARS AND PIPES & TUBES (INDIA)
Bars sales volume recorded an all time high
Received AS9100D accreditation for aerospace application; Process of IBR accreditation for Alloy steel launched, expected
completion during Q2FY26. Norsok M650 certification progressing steadily, expected before Q3FY26
Grade T91 Tube for boilers – Trial order successfully produced and delivered paving way for entry into another value added
product
New bright bar project construction in full swing. Commissioning scheduled during Q3FY26 Focus remains on niche/ value added segment
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BUSINESS ENVIRONMENT
WST AND PLASTIC PIPES (SINTEX)
Accelerated Channel Expansion: Distributor appointments at all-time high. Increased participation from ‘Sintex Hamesha’
retailers; on back of healthy additions in FY25. Unique plumber engagement nearly doubled QoQ
Brand Building: Enhanced visibility in market through targeted BTL activations, including dealer and plumber engagement
meets; and amplified presence via ATL media campaigns
Premium Segment: Segment growth almost double of overall portfolio growth, led by strong performance of the ‘Pure’
franchise
Digitisation: Data analytics for Pipes plant factory - enabling real-time operational insights; Process streamlining &
enhancements ongoing for Distribution Management System & Salesforce Application
Pipes:
Launched in May’25 at Chhattisgarh Positive feedback on Sintex’s quality, brand strength, and differentiated offerings Bhopal plant for OPVC pipes to be operational from Q2 FY26
With both WST and Pipes in fold, our TAM jumps from Rs 12,000 Crore to Rs 85,000 Crore
TMT REBARS
Major infrastructure projects like the expressway expansion, metro expansion, empowerment of GIFT city & Flyover/bridge
connectivity over major cities, Gujarat ensures sustained volume demand for superior-grade TMT Rebars
Demand likely to improve post monsoon. We are increasing our market reach to fulfil prompt delivery for any upcoming
construction needs
Focus remains to be quality/ premium player in the regional Gujarat market
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SINTEX: PIPE LAUNCH & BRANDING
7 Systems Launched
+1: Anti-Microbial
+1: Anti-Rodent
Hot & Cold Water Management System - CPVC Pipes & fitting
Potable Water Management System - UPVC Pipes & fitting
Sewerage, Waste, Rain Water Management System - PVC Pipes & Fittings
Drainage System Pipes & Fittings
Premium Imagery with focus on product and protection
Plumber Activation – Digital WhatsApp Campaigns
UPVC Pipes & fitting
Reclaim Pipes
Surface Drainage
Refreshed Campaigns : increasing adoption, building app stickiness
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CONSOLIDATED FINANCIAL PERFORMANCE
PARTICULARS (INR crore)
Q 1 FY26
Q1FY25
YoY
Q 4 FY25
QoQ
Total Income
Other income
EBITDA
Depreciation and Amortisation
Finance Cost
Profit before tax and share of JVs
Share of profit/(loss) from Associates and JVs
Exceptional Items
PAT* after Minorities, Associates & JVs
EPS Note:
3,587
3,180
12.8%
3,967
-9.6%
35
560
85
63
412
49
--
350
13.3
42
416
85
66
265
40
--
248
9.5
-17.5%
34.5%
-0.1%
-4.8%
55.4%
22.2%
NA
41.2%
40.5%
42
502
87
88
-16.4%
11.5%
-2.5%
-27.8%
328
25.8%
51
-4.3%
477
698
26.5
NA
-49.8%
-49.8%
Prior period figures are restated wherever necessary; Only key line items of P&L are shown above; Total income includes Other income; Attributable to owners
11 of 18
NET DEBT/ (CASH)
PARTICULARS (INR crore)
Q1FY26
Gross Debt
Cash & Bank
Net Debt/ (Cash)
Net Debt/ EBITDA*
Net Debt/ Equity
Capex spent in Q1FY26- ~Rs 450 Crore
* Based on annualized EBITDA
1,032
1,633
(600)
(0.3)
(0.08)
FY25
924
1,973
(1,049)
(0.6)
(0.13)
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PERFORMANCE TREND
462
416
EBITDA
502
478
1,059
560
Net Debt
528
104
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26 -600
-1,049
Finance Cost
83
82
88
66
63
Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
All figures in INR Crore
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RATING UPGRADE
Credit Rating Upgrade by CRISIL:
Long term bank facilities and Non- Convertible Debentures: AA+ with Stable Outlook from earlier
AA with Positive Outlook
Short term facility: A1+ (Highest Safety) - reaffirmed
Rationale:
Continued diversification from the non large diameter pipes consequent to the investments made
since FY2021 in DI Pipes, TMT Rebars and Sintex
Strong operating cash flows over the next few years combined with the modular nature of the
capex plans- expected to keep the capital structure strong over the period
Strong business risk profile, backed by leadership position in the global steel line-pipe business,
geographically diversified capacities, a steady order flow, and prudent risk-management strategies
Strong financial risk profile, marked by large Net Worth and ample liquidity
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GUIDANCE VS PROGRESS
FY26
Q1FY26
Particulars (INR Crore)
Guidance
Progress
Revenue
EBITDA
ROCE
Net Debt/ EBITDA
*Annualized
17,500
2,200
>20%
<1.0
3,552
560
24%*
(0.30)
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UPDATE ON INVESTMENTS
Sr No
Project
Location
Capacity
Investment (INR Crore)
Target Completion
Progress/ Update
1
2
3
4 5
6
7
8
HFIW Plant LSAW Plant including DJ & Coating DI Pipes Plant LSAW Plant Spiral Plant Coating Plant Hybrid facility of Spiral + LSAW pipes (In existing Spiral plant)
USA
USA
KSA KSA Bhopal Bhopal
350 KMTPA
350 KMTPA
250 KMTPA 350 KMTPA 60 KMTPA 3 mn sqmt p.a.
Anjar
Capability upgradation
Hot Induction bends
Anjar
1,500 – 2,000 bends PA
DI Pipes expansion
Anjar
200 KMTPA
840
1,075
1,660
52 40
125
90
300
10 Sintex (Plastic Pipes + WST)
Multiple locations across India
200 KMTPA
1,300
Total (till FY27)
5,482
Mar-26
Dec-26
Apr-26
Jul-25 Dec-25
Mar-26
Jun-26
On track
On track
On track
On track On track
On track
On track
Completed
Under Trial Production
Investment in a staggered and calibrated manner over FY25 to FY27
On track
Note: Sharp focus to keep Net Debt positive
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ESG
S&P Global DJSI ESG RATINGS
6% over previous rating
73
Ranked among Top 10 companies in Steel Sector globally
6th
Environment
67
Social
77
Governance
75
Long Term Sustainability Goals
Carbon Neutrality by 2040
Water Neutrality by 2040
Zero waste to landfill
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Thank You!
Welspun Corp Limited CIN: L27100GJ1995PLC025609
For further queries, contact Name : Mr. Goutam Chakraborty
Email : goutam_chakraborty@welspun.com
Name : Mr. Salil Bawa Email : salil_bawa@welspun.com
www.welspuncorp.com
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