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,

November 13, 2025

National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051. (Symbol: WELCORP, Series EQ)

Sub:

Ref.:

Analyst / Institutional Investor meeting - Investor Presentation of the Company. a. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“Listing Regulations”)

b. ISIN: INE191B01025

This is reference to our letter dated November 10, 2025, attached is the investor presentation of the Company, which will be made during investor meeting.

The Welspun World Investor Day is scheduled from 9:00 a.m. to 5:00 p.m., wherein registration and breakfast will take place from 9:00 a.m. to 11:00 a.m., followed by the presentations commencing at 11:00 a.m. and subsequent sessions as per the event agenda.

The same is for your information and record, please.

Thanking you.

Yours faithfully, For Welspun Corp Limited

Kamal Rathi Company Secretary and Compliance Officer ACS - 18182

Investor Day Presentation

13th November, 2025

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

2

AGENDA

1. PRODUCT PORTFOLIO

4. CREDIT RATINGS

7. ESG

2. OPERATIONAL & FINANCIAL PERFORMANCE

5. ORDER BOOK

8. GREAT PLACE TO WORK

3. DELIVERY ON GUIDANCE

6. GROWTH DRIVERS

9. SUMMARY

PRODUCT PORTFOLIO

LARGE DIAMETER LINE PIPES

Largest Player Globally

DUCTILE IRON PIPES

Formidable player in India and KSA

Pipes up to DN 2600 (very few plants in the world)

SINTEX

WSSL

National iconic brand with pan-India presence

Integrated producer from steel-making to finished products

WSSL: Welspun Specialty Solutions Limited

4

OPERATIONAL PERFORMANCE: Q2FY26

Sales Volume (KMT)

Q2FY26

Q2FY25

YoY

Q1FY26

QoQ

Line Pipes (India + USA)

252

206

22%

182

38%

DI Pipes

Stainless Steel Bars

Stainless Steel Pipes

79

7.1

1.7

65

3.9

1.3

22%

81%

30%

65

7.4

0.9

22%

(4%)

99%

Line Pipes figures are excluding EPIC, KSA

5

FINANCIAL PERFORMANCE: Q2FY26

PARTICULARS (INR Cr)

Q2FY26

Q2FY25

YoY

Q1FY26

QoQ

Total Income

EBITDA

Profit before tax and share of JVs

Share of profit/(loss) from Associates and JVs

PAT after Minorities, Associates & JVs

EPS

4,409

3,364

626

493

96

440

16.7

462

289

74

287

10.9

31%

36%

70%

30%

53%

52%

3,587

560

412

49

350

13.3

23%

12%

20%

96%

26%

26%

Prior period figures are restated wherever necessary; Note: Only key line items of Consolidated P&L are shown above; Total income includes Other income

6

NET DEBT / (CASH)

PARTICULARS (INR Cr)

H1FY26

Gross Debt

Cash & Bank

Net Debt/ (Cash)

Net Debt/ EBITDA

1,366

1,376

(11)*

(0.0)

FY25

924

1,973

(1,049)

(0.6)

*After Capex spent of ~INR 950 Cr in H1FY26 & ~INR 900 Cr in FY2025

7

EBITDA GROWTH WITH MARGIN IMPROVEMENT

EBITDA (INR Cr)

EBITDA Margin

626

560

462

478

502

416

15.0%

13.3%

10.4%

8.2%

Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26

FY23

FY24

FY25

H1FY26

8

HEALTHY BALANCE SHEET

Net Debt / (Cash) (INR Cr)

Net Debt/ EBITDA

1,138

387

1.41

FY23

FY24

FY25

-11 H1FY26

FY23

0.21

FY24

-0.01

H1FY26

FY25

-0.56

-1,049

H1FY26 Net Debt post capex spent of ~INR 950 Cr & ~INR 900 Cr in FY2025

For H1FY26 Net Debt/ EBITDA- TTM EBITDA Considered

9

ROCE IMPROVEMENT

23.5%

20.0%

21.0%

7.9%

FY23

FY24

FY25

H1FY26

*Annualized ROCE for H1FY26

10

FINANCE COST: SIGNIFICANT REDUCTION

83

82

88

66

63

49

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

(In INR Cr)

11

DELIVERY ON GUIDANCE

Particulars

(INR Cr)

FY24

FY25

FY26

H1FY26

Guidance

Actual

Guidance

Actual

Guidance

Progress

15,000

17,340

17,000

13,978

17,500

7,925

1,500

1,804

1,700

1,858

2,200

1,186

16%

20%

20%

21%

>20%

24%*

Revenue

EBITDA

ROCE

Track record of surpassing guidance of EBITDA and ROCE comfortably during last 2 years

Revenue is a function of input steel price, which are a pass through. Thus, EBITDA (INR Cr) and ROCE are more relevant

*Annualized ROCE

12

CREDIT RATINGS

Credit Rating by CRISIL and CARE:

Long term facility: AA+ with Stable Outlook

Short term facility: A1+ (Highest Safety)

13

ORDER BOOK

Businesses

Line Pipes (India + USA)

DI Pipes

Stainless Steel Bars & Pipes

Volume

~1,250 KMT

~355 KMT

~6,950 MT

Total Order Book Value stands at ~INR 23,500 Cr

Line Pipes figures are excluding EPIC, KSA; Order Book as on 30th October, considering execution till 30th September

14

PIPES: USA

WCL STRENTGH

GROWTH DRIVERS

A. LNG Exports and Permian Play

350

HSAW

+

350

HFIW

+

300

=

>1MN MT

LSAW*

TOTAL

B. LNG Terminals

Capacity (KMTPA)

C. NGL (Natural Gas Liquids)

 Largest player in USA

D. Data Centres

 Only player offering Pipes 6” to 60” OD incl.

DJ and Coating

 Impeccable quality track record

*Upcoming

Total potential of 8 to 9 pipelines: 8,000 to 9,000 Miles

15

USA: DATA CENTRES

• Medium term

requirement for NG - 8 to 10 bcfd

• This will require dedicated 4 to 5 pipelines

AI Data Centers Servers

16

Value Chain:

Line Pipes

Power Plant & Turbines

EPC

PIPES: KSA

Capacity (KMTPA)

500

+

HSAW (EPIC)

350

LSAW*

+

250

DIP*

=

>1MN MT

TOTAL

 Largest player in KSA

 Greenfield projects: Both of them to be

operational by Q1FY27

 Impeccable track record with Aramco

 DIP size range up to DN 2600 (very few

plants in the world)

*Upcoming

Map not to scale, only for representation purpose.

Welspun Presence

17

KINGDOM OF SAUDI ARABIA: VISION 2030

 New Energy: capture 25% of the global hydrogen demand by 2030

 Oil for Exports and NG for Domestic Consumption

 Gas Production

 Water Transmission

 Water Distribution

 Export Opportunity

 4,000 KM of Pipelines for O&G

 2,000 KM of Large Dia

Transmission Lines (HSAW) for Desalinated water

 Import Substitution of 200 KMT of DIP for Infra, Sewage and Water Distribution

18

PIPES: INDIA

Capacity (KMTPA)

765 HSAW

+

350 LSAW

+

200 ERW

+

600 DIP

=

~2MN MT TOTAL

i. Offering full range of pipes: 1.25” to 144” OD along with all types of coatings

ii. Largest exporter of LSAW pipes to niche projects globally

iii. Complete solutions for water: MS + DIP + Plastic pipes

iv. State of the art and the only H2 lab in India for testing in collaboration with DNV, Norway

19

GROWTH DRIVERS: INDIA

 LSAW and DIP Exports

 Expansion of Gas Grid

 CGD

 Hydrogen Pipelines

 Ethanol Blending

 River Interlinking Transmission

 Potable Water Distribution

 Sewage Network Expansion

A. 10,000 KM of NG

Pipelines

B. > 1 MN MT of Pipeline

requirements for CGD

over next 5 to 7 years

C. Huge potential for H2 /

Ammonia Pipelines over

the next 5 to 7 years

D. > 5 MN MT of HSAW

Pipe requirement over

next 5 years for River

Interlinking

20

SINTEX

National iconic brand with pan-India presence

 Expanding product range from Water

Storage Tanks to Plastic Pipes

 Increase in TAM1

 Full range of plastic pipes: HDPE, UPVC,

CPVC, SWR and OPVC

 B2B & B2C play

1) Total Addressable Market

Map not to scale, only for representation purpose.

21

GROWTH DRIVERS: SINTEX

Water Storage Tanks (WST) and

Plastic Pipes

 Channel Expansion

 Brand Building

 Premiumization

 Digitization

 Plastic Pipes

22

WSSL

Capacity (KMTPA)

150 SS Bars

18 SS Pipes & Tubes

 Only fully integrated facility in India from

Stainless Steel making to Pipes

Growth Drivers

A. Power, Defence, Space and Nuclear

sectors: Growth areas for next 5

years

B. Strong Government support: “Make

in India” initiative

 Product acceptance in both domestic and

C.

Import restrictions, quality control

international markets

 Recognized Player in Premium and Niche

markets

order and anti-dumping –

eliminating cheap imports from

China

23

ESG

Ranked 6th among companies in Steel Sector Globally in 2024

80

60

40

20

0

9

S&P Global DJSI ESG RATINGS

68

73

57

41

2020

2021

2022

2023

2024

Long Term Sustainability Goals

Carbon Neutrality by 2040

Water Neutrality by 2040

Zero waste to landfill

24

WCL- A GREATER PLACE TO WORK

GPTW Certified for 2 Consecutive Years with Improved Scores

Particulars

2024

2025

Trust IndexTM Grand Mean

Respect

Pride

89

88

92

91

90

93

Validity Period: September’25 to September’26

25

SUMMARY: WELSPUN CORP

• Largest Global Player in

Growth in 3 years

Line Pipes

• Size, Scale and Approvals

• Growth from KSA, USA

Data Centres, India Water

and Exports

• Sintex: B2B + B2C

• Governance – Gold

Standard

• Sharp Focus on

Sustainability

Revenue

EBITDA

10% to 12% CAGR

>15% CAGR

ROCE

Capex

22% to 23%

INR 5,500 CR

Net Debt / (Cash)

Net Cash Positive

26

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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