Overview

Detailed Summary

Welspun Specialty Solutions Limited is an integrated manufacturer of alloy and stainless steel, specializing in bars and tubes. The company has demonstrated strong operational leverage with EBITDA outpacing revenue growth, reflecting improved efficiency and strategic focus. Significant capacity expansion with a new bright bar project nearing completion indicates a commitment to enhancing product offerings. Sustained market presence and increased renewable electricity usage (53% during 9MFY26) showcase its focus on sustainability. Ongoing initiatives to acquire approvals from major oil and gas companies in the Middle East signify strategic geographical market expansion.

Sector: Industrial Products
Industry: Iron & Steel Products
Market Cap: 2,277 Cr
Volatility: Moderate Risk
P/E Ratio: 101.1
Industry P/E: 30.9
PEG Ratio: —
P/B Ratio: 5.1
52W High: 43.25
52W Low: 25.60

Sales CAGR

1Y: 3.88%
3Y: 64.26%
5Y: 19.65%
10Y: 10.28%

Profit CAGR

1Y: -106.55%
3Y: —
5Y: —
10Y: —

ROE

TTM: 1.99%
3Y: 8.02%
5Y: 16.49%
10Y: 26.89%

ROCE

TTM: 9.81%
3Y: 12.71%
5Y: 14.21%
10Y: 4.97%

Technicals

‌

Forecasts

Peers

Industrials Capital Goods Industrial Products Iron & Steel Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KSL		611.95	2,667 Cr	10.03	1.35	1.64	13.23	14.97	9.44
MANINDS		347.15	2,605 Cr	14.77	1.32	0.00	8.48	13.70	4.64
SBCL		416.15	2,404 Cr	26.39	5.41	0.65	19.56	23.83	15.71
REMIMETAL		34.36	2,277 Cr	101.06	5.13	0.00	1.99	9.81	2.89
VSSL		224.25	2,160 Cr	23.37	1.83	1.14	11.67	15.64	8.20
VENUSPIPES		993.75	2,050 Cr	20.55	3.26	0.10	15.21	18.80	8.52
RHETAN		24.69	1,964 Cr	205.75	20.24	0.00	5.64	5.13	5.95
Median: 7 Co.	—	347.15	2,277 Cr	23.37	3.26	0.10	11.67	14.97	8.20

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	208	175	151	162	167	194	200	201	239	226
Expenses	196	163	139	151	165	187	190	197	225	209
Operating Profit	12	12	12	11	2.76	7.46	9.73	4.31	14	17
OPM %	5.77	6.82	7.98	6.69	1.65	3.84	4.86	2.14	6.05	7.50
Other Income	5.71	7.19	5.14	5.93	5.56	5.52	8.37	9.70	3.63	2.81
Interest	8.62	9.10	7.17	10	11	12	11	11	4.36	5.90
Depreciation	3.89	3.91	3.88	3.90	4.07	4.21	4.01	3.96	4.08	4.36
Profit Before Tax	5.20	6.10	6.16	2.60	-6.35	-3.60	3.38	-0.75	9.65	9.51
Tax %	0.00	0.00	-549.84	25.00	0.00	0.00	-5.33	0.00	0.00	0.00
Net Profit	5.20	6.10	40	1.95	-6.35	-3.60	3.56	-0.75	9.65	9.51
EPS in Rs	0.08	0.09	0.61	0.03	-0.10	-0.06	0.07	-0.01	0.14	0.14

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	262	240	441	295	93	163	418	697	724	763
Expenses	277	251	478	366	114	182	401	641	693	739
Operating Profit	-15	-11	-37	-71	-21	-18	17	56	31	24
OPM %	-5.87	-4.48	-8.50	-24.07	-22.10	-11.26	4.00	8.01	4.25	3.18
Other Income	8.67	9.68	33	15	139	19	15	22	25	29
Interest	45	47	9.45	15	11	19	30	33	44	44
Depreciation	6.63	6.61	6.68	10	14	14	15	15	16	16
Profit Before Tax	-58	-55	-20	-81	93	-32	-14	29	-4.00	-7.32
Tax %	0.00	0.00	0.00	0.00	0.10	0.00	0.00	-118.43	-2.25	2.46
Net Profit	-58	-55	-20	-81	93	-32	-14	62	-4.09	-7.14
EPS in Rs	-1.13	-1.01	-0.32	-1.39	1.35	-0.47	-0.21	0.94	-0.05	0.34
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	65	65	65	208	293	318	318	318	318	398
Reserves	-304	-510	-391	-420	-398	-279	-274	-289	-225	37
Borrowings	408	587	763	407	320	172	241	233	260	21
Other Liabilities	77	69	143	216	112	88	88	214	235	273
Total Liabilities	246	210	581	411	328	299	372	477	587	728
Fixed Assets	118	110	105	100	219	224	212	207	198	195
CWIP	0.00	0.00	7.14	85	12	5.03	6.19	1.17	5.23	2.49
Investments	0.00	0.00	67	0.00	0.00	0.00	0.00	0.00	0.00	24
Other Assets	129	100	401	226	97	70	154	268	384	506
Total Assets	246	210	581	411	328	299	372	477	587	728

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	25	18	-5.34	-2.38	-27	43	-84	50	7.47	58
Cash from Investing Activity	-0.55	3.76	-74	-18	-48	-8.61	-4.50	-5.04	-12	-39
Cash from Financing Activity	-25	-24	320	-222	75	-34	93	-50	4.69	53
Net Cash Flow	-0.62	-2.32	241	-243	0.06	0.21	4.71	-4.72	-0.28	72

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%	55.17%
FIIs	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%
DIIs	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.22%	0.01%	0.01%	0.04%
Public	44.80%	44.80%	44.83%	44.83%	44.83%	44.83%	44.79%	44.80%	44.58%	44.80%	44.82%	44.79%
Total Shareholders	85,069	85,109	87,835	87,778	88,352	92,357	96,406	96,899	99,581	99,071	98,933	98,469

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan