WELCORPNSE30 October 2025

Welspun Corp Limited has informed the Exchange about Investor Presentation

Welspun Corp Limited

WCL/SEC/2025

30th October, 2025

To, BSE Ltd. Listing Department, P. J. Towers, Dalal Street, Mumbai – 400 001. (Scrip Code: Equity - 532144), (NCD – 960491 and 973309)

Dear Sir(s)/ Madam,

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

Sub.: Investor Presentation Ref.: a. Regulation 30 of the Securities and Exchange Board of India (Listing Obligations

and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) ISIN: INE191B01025

Please find enclosed the Investors’ Presentation on the financial results of the Company for the quarter and half year ended 30th September, 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 and Compliance Officer ACS-18182

Encl: As below

Investor Presentation

Q2&H1 FY26

PIPE SOLUTIONS

Date: 30th,October, 2025

BUILDING MATERIALS

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 of 26

AGENDA

1. BUSINESS VERTICALS

4. GROWTH DRIVEN PERFORMANCE

7. PROJECT UPDATE

2. ORDER BOOK

5. CREDIT RATING

8. ESG

3. OPERATIONAL & FINANCIAL PERFORMANCE

6. BUSINESS ENVIRONMENT

9. GREAT PLACE TO WORK

3 of 26

PIPE SOLUTIONS & BUILDING MATERIALS

4 of 15

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 25th October, considering execution till 30th September

5 of 26

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

TMT Rebars

7.1

1.7

3.9

1.3

22%

81%

30%

(17%)

7.4

0.9

22%

(4%)

99%

(15%)

Line Pipes figures are excluding EPIC, KSA

6 of 26

FINANCIAL PERFORMANCE: Q2FY26

PARTICULARS (INR crore)

Q2FY26

Q2FY25

YoY

Q1FY26

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:

4,409

3,364

626

493

440

16.7

462

289

(11)

287

10.9

31%

-44%

36%

-6%

-41%

70%

30%

53%

52%

3,587

560

412

350

13.3

23%

12%

-1%

-22%

20%

96%

26%

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

7 of 26

NET DEBT/ (CASH)

PARTICULARS (INR crore)

H1FY26

Gross Debt

Cash & Bank

Net Debt/ (Cash)

Net Debt/ EBITDA

Net Debt/ Equity

*After Capex spent of ~INR 950 Cr in H1FY26

1,366

1,376

(11)*

(0.0)

FY25

924

1,973

(1,049)

(0.6)

(0.13)

8 of 26

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

9 of 26

HEALTHY BALANCE SHEET

Net Debt (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

For H1FY26 Net Debt/ EBITDA- TTM EBITDA Considered

10 of 26

ROCE IMPROVEMENT

20.0%

7.9%

23.5%

21.0%

FY23

FY24

FY25

H1FY26

Annualized ROCE for H1FY26

11 of 26

FINANCE COST: SIGNIFICANT REDUCTION

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

(In INR Cr)

12 of 26

GROWTH DRIVEN PERFORMANCE

Particulars

(INR Cr)

FY24

FY25

FY26

H1FY26

Revenue

EBITDA

ROCE

Guidance Actual Guidance Actual Guidance Progress

15,000

17,340

17,000

13,978

17,500

7,925

1,500

1,804

1,700 s

1,841

2,200

1,186

16%

20%

21%

>20%

24%*

Track record of surpassing guidance of EBITDA and ROCE comfortably during last two 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

13 of 26

CREDIT RATING

Credit Rating by CRISIL:

 Long term facility: AA+ with Stable Outlook

 Short term facility: A1+ (Highest Safety)

14 of 26

BUSINESS ENVIRONMENT: USA

LINE PIPES

 EIA in its Short Term Energy Outlook expects US crude oil production to go up to 13.5 mbpd both in 2025 and 2026

 Natural Gas consumption likely to rise to all time high of 91.4 Bcf/d in 2025 as per EIA. As per industry estimates, the

demand for natural gas is set to increase by 22 – 28 Bcf/d by the end of this decade

 Total LNG exports likely to go up to 14.7 Bcf/d in 2025 and to 16.3 Bcf/d in 2026, up from 11.9 Bcf/d in 2024

 In Permian Basin, 9.1 Bcf of pipeline are being built or expanded. Along the Texas, Louisiana and Mississippi Gulf Coast,

there is 12.4 Bcf of new pipelines are underway

 US energy companies are expected to spend US$50 bn in new and planned pipeline projects over the next 5 years

backed by strong demand for Natural Gas and support from the current administration

 Mid stream Companies are building or planning 8,800 miles of pipelines to meet huge demand from LNG exports and

data centres

 More than 375 proposed data centres to account for more than 180 GW of additional power capacity

 Our mill in Little Rock is booked till FY28 and we see strong demand for pipes to persist due to boom in energy hungry

data centre demand and focus on oil exploration and incremental gas transportation

15 of 26

BUSINESS ENVIRONMENT: KSA

A) Water

LINE PIPES

 Under Saudi Vision 2030, the government is working to guarantee long-term water security through public–private

partnerships (PPPs), large storage reservoirs and an integrated transmission system linking coasts with inland cities

 By 2030, daily national demand is forecast to reach nearly 18 million cubic metres. This will continue to boost pipe demand in

the country for primary as well as secondary transmission of water

B) Oil & Gas

 Saudi Aramco targets the oil production capacity exceeding 13 mbpd, supported by large-scale field developments such as

Zuluf, Marjan, Berri, Tanajib, and Safaniyah; Crude exports increased to 6.407 million barrels per day (bpd) from 5.994

million bpd in July, marking their highest level since February 2025

 Jafurah Gas Project playing a central role in surge in demand for line pipes. Pipeline network in the Kingdom is projected to

grow at 6.6% CAGR through 2030, reflecting 3,000 km of new pipelines tied to Master Gas System Phase 3.

 Saudi Vision 2030 strategically aims at significant investments in onshore as well as offshore fields developments and

significant spending in Hydrogen and CCUS ventures.

 This will result into significant business opportunity for our new LSAW pipe facility

DI PIPES

 Strong demand, local capability constraints, import substitution opportunity augurs well for DI pipes market in KSA. Our

greenfield plant is progressing well.

 Recent ADD investigation will further discourage cheaper imports thereby enhancing in-Kingdom manufacturing of DI pipes

16 of 26

BUSINESS ENVIRONMENT: INDIA

A) Exports (O&G)

LINE PIPES

 Global Potential -Pipeline projects -

increase of 1.74Mn MT over last quarter showing upward trend in demand

 Oil , Gas & Petrochemical construction projects to the tune of over $3.5 Trillion currently active globally

 Middle East and N. Africa with projects pegged over $923 Bn and followed by North America at over $ 587 Bn

 LNG facilities /associated pipelines worth over 100 Bn driving the surge

 Offshore developments in Saudi, Guyana, Indonesia, Thailand - gearing up for massive investment

 Environmental -New energy pipelines especially Hydrogen and Carbon Capture- opens a new frontier to quality pipe mills

 WCL offers complete product portfolio including line pipes, corrosion coatings, concrete coating, bends and bend coatings

backed by strong R&D, excellent customer base and trust

B) Domestic O&G

 Consumption of natural gas in the energy mix to be around 15% in 2030 from around 7%.

 Around 10,459 kms of pipelines under construction to handle around 197.1 MMSCMD of gas-up 6.5% YoY

 Increased Capex (new projects): by GAIL and BPCL for gas pipelines and refineries respectively

 New LNG terminals (IRN 500-700 Cr Capex)- for around 15,000 kms of new pipelines e.g Urja Ganga expansion

 India expands O&G exploration: Andaman discovery will add to more activities

 PNGRB roadmap on Hydrogen Transportation through Pipelines for 2025-2033 in a phased approach

 CGD – PNGRB authorization for 307 GA’s spanning 784 districts in the country to boost pipeline demand

17 of 26

BUSINESS ENVIRONMENT: INDIA

C) Water

LINE PIPES

 Increased focus from Ministry of Jal shakti states to improve water resource management – budget of Rs 99,503 cr –

increased.

 Water Sector to grow at a CAGR of 11.6% through key drivers – JJM , Namami Gange, and river interlinking projects.

 Mega River Interlinking Projects like ERCP – Eastern Rajasthan Canal Project, Ken Betwa in Madhya Pradesh, Maharashtra,

Telengana etc. will add to huge requirement of large dia pipes

 Potential of almost 2.5 Mn ton of MS Pipe demand in next 3-5 years

DI PIPES

 JJM’s extension up to 2028 to continue support the demand

 Higher inventory situation is likely to improve from January, ‘26. Moreover, Amrut 2.0 fund has started coming in.

 Irrigation projects are likely to come up in a big way with special focus on HAM. New requirement is coming up in sewerage

sector with different types of coating

 Key Projects expected to be announced in next year: Marathwada Grid, NAINA-CIDCO, JJM-HAM, ERCP, PKC Ken Betwa

RLP, etc. These projects are expected to bring in volumes of approx. 2-3 Mn Tonnes specially in Irrigation Sector

 Exports continue to grow to various regions like - Europe, Middle East & Africa

18 of 26

BUSINESS ENVIRONMENT: INDIA

SS BARS AND PIPES & TUBES

 Quarterly pipes sales volume reached all time high. Bars sales volume for the quarter remained steady

 Company added 21 new customers during H1FY26

 IBR accreditation for Alloy steel bars and tubes progressed, expected completion during Q3FY26

 New bright bar project construction in full swing. Commissioning scheduled during Q3FY26

 EBITDA growth both on YoY and QoQ basis stood higher than revenue growth driven by better operating leverage

 Projected growth in key focused industries like energy, defence, space, oil & gas, petrochemicals, engineering, public

infrastructure etc is expected to stimulate demand for stainless steel seamless pipes and bars

 WSSL remains committed to actively engaging with its customers both in domestic and international markets to minimize risks

and maintain operational performance, positioning the company for stability and growth

TMT REBARS

 Real estate and construction activities were very low due to heavy monsoon in Gujarat. There was lack of fund rotation in the

market from the Government institutions which directly affected the contractors' buying & payment cycle. However from

ending of Q2, bulk requirements have been coming up which will make up for the sales in Q3

 Government Initiatives: Gujarat Government is coming up with six lane ring road expansion in Ahmedabad, usage of CRS in

bridges all over Gujarat.

 Supplied our first order in 40mm dia TMT Rebar, grade CRS Fe550D & Fe550D

19 of 26

BUSINESS ENVIRONMENT: INDIA

WST AND PLASTIC PIPES (SINTEX)

• Channel Expansion: Strategic shift toward secondary-driven sales through

enhanced visibility and demand generation. Deepening engagement with

plumbing contractors and growing adoption of Plumber ‘Pride’

loyalty

356

368

374

program. Prioritising appointment of quality distributors

• Brand Building: Launched campaign celebrating “50 Years of Sintex”

through TV & digital media

• Premiumization: Premium segment continues to deliver YoY growth driven

by Pure+. Economy segment is gaining traction with the success of SMART

19,942

4,172

20,661

10,035

21,398

19,348

Channel Expansion 438

402

467

66,679

52,236

35,204

23,253

26,142 27,800

in launched markets

• Digitization: Warehouse Management System developed – enhancing

real-time inventory visibility, optimized storage, and faster order fulfilments

Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26

Distributor

Retailer

Plumber

• Pipes:

• Launched in Punjab in Sep’25

•

Insights

from launched markets are driving Go-To-Market

refinements

• Bhopal Plant functional

20 of 26

SINTEX PIPES IN CHHATTISGARH & PUNJAB

• Offerings launched with ‘NXT Advantage’, which are

attracting interest due to clear value proposition

• Positive response received on Products – changes

underway to match competitive standards where

needed

• Value-driven pricing strategy, anchored by

demonstrable product superiority & +1 benefits

• Expanding SKU range to enhance serviceability basis

feedback from market

• Driving demand through targeted engagement with

plumbing contractors

• Scaling operations to reach 80% of Pan-India markets

by March 2026

21 of 26

SINTEX: BRAND BUILDING

Building Visibility

Pre-Launch OOH Announcement

AI-Crafted Anthem Marks 50 Years of Trust

& Innovation

AI-Crafted Anthem Marks 50 Years of Trust & Innovation Signage at the Retailer Point

22 of 26

UPDATE ON PROJECTS

Project

Location

Target Completion Progress/ Update

International Projects:

HFIW Plant

LSAW Plant including DJ & Coating

DI Pipes Plant

LSAW Plant

Domestic Projects:

Spiral Plant

Coating Plant

Hybrid facility of Spiral + LSAW pipes (In existing Spiral plant)

Hot Induction bends

DI Pipes expansion

USA

KSA

Bhopal

Anjar

Mar-26

Dec-26

Apr-26

Jul-25

Dec-25

Mar-26

Jun-26

On track

Commissioned

On track

Completed

Commissioned

Sintex (Plastic Pipes + WST)

Note: Sharp focus to keep Net Debt/ EBITDA < 1

Multiple locations across India

In staggered and calibrated manner: FY25 to FY27

On track

23 of 26

ESG

6% over previous rating

S&P Global DJSI ESG RATINGS

6th

Ranked among Top 10 companies in Steel Sector globally

Environment

Social

Governance

Long Term Sustainability Goals

Carbon Neutrality by 2040

Water Neutrality by 2040

Zero waste to landfill

24 of 26

WCL- A GREATER PLACE TO WORK

GPTW Certified for 2 Consecutive Years with Improved Scores

Particulars

2024

2025

Trust IndexTM Grand Mean

Respect

Pride

Validity Period: September to September

25 of 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

Connect with us:

/TheWelspunGroup

/WelspunGroup

/welspungroup

/company/welspun-group

← All Transcripts WELCORP Stock Page →

Welspun Corp Limited has informed the Exchange about Investor Presentation

Market Movers