Welspun Corp closes FY26 ahead of guidance with stronger cash flows

For FY26 (consolidated), revenue from operations was INR 16,770 crore, EBITDA was INR 2,371 crore, and PAT after exceptional items was INR 1,613 crore. PAT without exceptional items was also INR 1,613 crore.

Yes. Management had guided FY26 revenue of around INR 17,000 crore and EBITDA of INR 2,200 crore. Actual FY26 revenue was INR 16,770 crore and EBITDA was INR 2,371 crore. ROCE was 22.3% versus the stated guard-rail of above 20%.

For FY27, the company guided revenue of INR 20,000 crore and EBITDA of INR 2,850 crore. It also reiterated guard-rails of ROCE above 20% and Net Debt/EBITDA below 1.

Welspun Corp reported a global consolidated order book of about INR 25,350 crore, including line pipes (India and USA), ductile iron pipes, and stainless steel bars and pipes. The presentation also states the USA spiral mill is booked through FY28.

Net working capital days were negative 5 in FY26, primarily due to advances received from customers. The company reported a net cash position of INR 1,627 crore despite FY26 capex of INR 2,532 crore, supported by operating cash flow of INR 3,204 crore.

Management stated that the USA HFIW plant is expected to come on stream by the end of Q1 FY27, and the USA LSAW large diameter pipe plant by the end of calendar year 2026. In Saudi Arabia, both the large diameter pipe plant and the DI plant are expected to come on stream in FY27, with full benefits expected in FY28.