Welspun Enterprises Q2 FY27 Revenue Rises 32% to ₹1,035 Crore

Welspun Enterprises Limited reported Q2 FY27 consolidated revenue of ₹1,035 crore, up 32% year on year, while EBITDA rose 122% to ₹425 crore and the EBITDA margin reached 39.5%. The reported quarter also included a ₹194 crore gain from the sale of a Panipat stake, affecting comparisons with the prior year.

What did Welspun Enterprises report for Q2 FY27?

Welspun Enterprises reported consolidated revenue from operations of ₹1,035 crore for the quarter ended 30 September 2026, compared with ₹783.92 crore in Q2 FY26. The company said its quarterly revenue increased 32% year on year, while EBITDA rose to ₹425 crore from ₹192 crore in the year-earlier period.

The EBITDA margin improved to 39.5% from 23.9% in Q2 FY26. Profit for the period was ₹295.55 crore, or about ₹296 crore, compared with ₹98.08 crore a year earlier. The company described this as a 201% year-on-year increase in PAT during its earnings call.

The results were announced for the quarter and half year ended 30 September 2026. Welspun Enterprises held its earnings call on 6 November 2026, hosted by 360 ONE Capital Markets Private Limited, where management discussed the reported financial performance and its growth outlook.

Why was the reported profit and margin higher?

The reported Q2 figures were higher partly because of a ₹194 crore gain from the sale of a Panipat stake. A call-summary source stated that the gain contributed to the reported revenue and EBITDA figures, making the quarter's year-on-year comparison different from the performance excluding that transaction.

Excluding the stake-sale gain, quarterly revenue was stated at about ₹841 crore and EBITDA at ₹231 crore. On that basis, the EBITDA margin was 26.2%. These figures provide context for the reported 39.5% margin and show the material effect of the one-time transaction on the quarter's reported profitability.

The company reported profit before tax from continuing operations of ₹351.17 crore, against ₹125.65 crore in Q2 FY26. It also recorded a ₹3.43 crore loss from discontinued operations, following which profit for the period stood at ₹295.55 crore.

How did Welspun Enterprises perform in the first half?

Welspun Enterprises recorded consolidated revenue of ₹1,808.30 crore in the first half of FY27, an increase of about 11% from ₹1,628.97 crore in the corresponding period of FY26. Profit for the period rose about 77% to ₹351.91 crore from ₹199.25 crore.

The difference between first-half revenue growth and Q2 growth reflects the timing of the Panipat stake-sale gain reported in the second quarter. Management indicated that the first half typically contributes around 40% of the company's annual revenue, with the remaining share generally recognised in the second half.

During the call, Managing Director Sandeep Garg reaffirmed consolidated revenue growth guidance of 10% to 20% for FY27. This guidance places the first-half performance in the context of expected project execution and revenue recognition during the rest of the financial year.

What does the order book indicate for operations?

Welspun Enterprises had an order book of about ₹18,708 crore, according to the earnings-call summary. The company also outlined a target for FY27 order inflows of ₹8,000 crore to ₹10,000 crore.

For an infrastructure development business focused on road and water projects, the order book is a key indicator of work available for execution over future periods. However, order-book value is not the same as quarterly revenue, as conversion depends on project commencement, construction progress and the timing of revenue recognition.

The call summary also noted approval for AWEL gas evacuation through ONGC facilities. The available information did not quantify the financial effect of this approval, but it was cited as an operational development alongside the company's infrastructure project portfolio.

How do these results matter to investors?

The results matter to investors because reported revenue, EBITDA and profit all rose sharply in Q2 FY27, with EBITDA margin expanding by 15.6 percentage points from the prior-year quarter. The ₹194 crore Panipat stake-sale gain is important when assessing the sustainability of the reported revenue growth and 39.5% EBITDA margin.

The underlying figures cited in the call summary show revenue of about ₹841 crore and EBITDA of ₹231 crore excluding the gain. This comparison does not change the reported results, but it separates the effect of the one-time transaction from operating performance during the quarter.

Management's 10% to 20% FY27 revenue-growth guidance, the stated second-half revenue mix and the ₹18,708 crore order book are the principal disclosed operating markers for investors. The company's ability to execute projects and secure new orders within its ₹8,000 crore to ₹10,000 crore inflow target remains relevant to its stated annual plan.

Conclusion

Welspun Enterprises delivered Q2 FY27 consolidated revenue of ₹1,035 crore, EBITDA of ₹425 crore and profit for the period of about ₹296 crore. The quarter showed strong reported growth and margin expansion, but the disclosed ₹194 crore Panipat stake-sale gain was a significant contributor to the reported financial outcome.

Investors will watch execution in the second half, which management said usually contributes roughly 60% of annual revenue. Other disclosed markers are progress toward 10% to 20% FY27 revenue growth, order inflows of ₹8,000 crore to ₹10,000 crore, and conversion of the ₹18,708 crore order book into project revenue.