Welspun Enterprises Ltd. · NSE:WELENT
Welspun Enterprises — Q2 FY26 Earnings Presentation
41 slides from Welspun Enterprises's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter
WEL/SEC/2025 November 11, 2025 To, BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, Plot No. C-1, 2nd Floor, New Trading Wing, Rotunda Block-G, Bandra-Kurla Complex, Building, P.J. Towers, Dalal Street, Bandra (East), Mumbai – 400 001
Slide 2: Q2FY26 Investor Presentation
WELSPUN ENTERPRISES LIMITED Q2FY26 Investor Presentation 11th November 2025 BSE: 532553 | NSE: WELENT |ISIN: INE625G01013
Slide 3: Safe Harbor
Safe Harbor The information contained in this presentation is provided by Welspun Enterprises Limited (the “Company”). Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to
Slide 4: Inside this Presentation
Inside this Presentation About Welspun World 04 Advantage Welspun Enterprises Ltd. 05 Financials Q2FY26 11 Infrastructure play across verticals 15 Welspun Michigan Enterprises Ltd. 17 WEL – ESG At the Core 20 Summary Historical Financials 23 Appendix – Project & Investment Details 27 Industrial Wate
Slide 5: Global Conglomerate
Global Conglomerate The USD 5 Bn Welspun Group is one of India’s fastest growing global conglomerates, with business interests in Line Pipes, Home Textiles, Building Materials, Infrastructure, Water, Steel, Warehousing, New Energy, Advanced Textiles and Flooring solutions. Global leader in Home Text
Slide 6: Advantage Welspun Enterprises
Advantage Welspun Enterprises This is a 3-D Render of Dharavi WwTF
Slide 7: Creating Value through a Clear Strategy
Creating Value through a Clear Strategy Municipal Water Treatment Industrial Water Remain “Asset Light” + Bid for selective Supply Ensure P&L supports projects new business Sewerage Treatment Asset Monetization Deploy right mix of Monetize Balance contractors for seamless execution Sheet heavy asset
Slide 8: Independent & Experienced Board
Independent & Experienced Board Balkrishan Goenka Rajesh Mandawewala Sandeep Garg Deepak Chauhan Executive Chairman Non-Executive Director Managing Director Director – Legal & Ethics S Madhavan Dr. Anoop Kumar Mittal Dr. Aruna Sharma Raghav Chandra Lead Independent Director Independent Director Inde
Slide 9: Through an Experienced Management
Through an Experienced Management Sandeep Garg Abhishek Chaudhary Saurin Patel Asim Chakraborty Managing Director CEO, Integrated Water SBU Executive Director CEO (Transportation) Yogen Lal Lalit Jain Hardik Dhebar Lekha Raghavan CEO – Strategy , Business Chief Financial Officer President Finance WE
Slide 10: Awards, Accreditation & Accolades
Awards, Accreditation & Accolades Letter of appreciation by Gold Award for Excellence in Project Most Admired Company in the Best Brand in Construction & Prime Minister of India Management under PPP mode from Transportation for ASRP at ET Now Infrastructure for Water Shri Narendra Modi MoRTH Infra F
Slide 11: Strong platform set for future growth
Strong platform set for future growth Robust portfolio of Water, Current order book at ~₹ 15,600 Cr.* Tunnelling and Transport Segment wise Break-up Transport Tunnelling and 8% Rehabilitation 24% Water 68% Current Order Book provides strong growth visibility * Consolidated order book as on September
Slide 12: Financials
Financials
Slide 13: Income Statement Snapshot – Consolidated
Income Statement Snapshot – Consolidated Particulars (₹ Cr) Q2 FY26 Q2 FY25 YoY % H1 FY26 H1 FY25 YoY % Revenue from Operations 784 815 -4% 1,629 1,745 -7% Other Income 19 23 -14% 45 52 -14% Total Income 803 838 -4% 1,674 1,798 -7% EBITDA 192 150 28% 399 343 17% EBITDA margin 23.9% 17.9% 598 bps 23.
Slide 14: Income Statement Snapshot – Standalone
Income Statement Snapshot – Standalone Particulars (₹ Cr) Q2 FY26 Q2 FY25 YoY % H1 FY26 H1 FY25 YoY % Revenue from Operations 593 663 -11% 1,197 1,409 -15.1% Other Income 25 25 -1% 57 55 3.6% Total Income 618 688 -10% 1,254 1,464 -14.4% EBITDA 116 99 18% 240 228 5.6% EBITDA margin 18.8% 14.3% 448 bp
Slide 15: Balance Sheet Snapshot
Balance Sheet Snapshot Consolidated Balance Sheet Snapshot (₹ Cr.) 30s September 2025 31s March 2025 Net worth 2,870 2,709 Returned ~INR 800 crore Gross Debt 1,731 1,300 through buyback & dividends - Long Term Debt 1,582 1,269 over the last 8 years. - Short Term Debt (Working Capital Loan) 149 31 Ca
Slide 16: Infrastructure play across verticals
Infrastructure play across verticals Water Transport Tunnel • Exponential Budgetary surge for • Rapidly expanding highway • Tunnelling — a solution creating water infrastructure ~ ₹6 network ~1,46,000 kms in for urbanization lakh crore between 2020-25 an 2025 to ~1,85,000 kms in increase of over ~6x
Slide 17: Building Water Resilience in India Key Projects
Welspun SmartOps – Unique proprietary Bioengineered Solution S.A.B.R.E* Wastewater Generation & Treatment Capacity GAP at City level in India (2023) Low Land Footprint – Up 20.0 120% to 1/5th 16.4 Low 100% Low on Deployment 96% Capex & Time – Up to 15.0 95% Opex 1/10th 90% 90% 80% Welspun SmartOps T
Slide 18: Welspun Michigan Engineers Ltd. (WMEL)
Welspun Michigan Engineers Ltd. (WMEL)
Slide 19: Welspun Michigan Engineers (WMEL)
Welspun Michigan Engineers (WMEL) • WMEL (60.09%), subsidiary of WEL, • Pioneer in trenchless technology with • Executed diverse urban infrastructure part of Welspun World, established in presence across tunnelling, micro projects — marine, drainage, tunnelling, 1973 tunnelling, pumping stations, br
Slide 20: Welspun Michigan Engineers (WMEL) - Snapshot
Welspun Michigan Engineers (WMEL) - Snapshot Financial Snapshot Types of Projects • Segment tunnelling Financial Year YoY YoY (₹. Cr.) Q2 FY26 Q2 FY25 growth H1 FY26 H1 FY25 growth • Micro tunnelling • Rehabilitation of Underground pipelines Revenue 169 105 60% 377 249 51% • Deep Storm water pumping
Slide 21: WEL - ESG At The Core
WEL - ESG At The Core
Slide 22: ESG Risk Rating
ESG Risk Rating 56 36 (Progressive Industry Average) (Stable Transition Zone) CRISIL Sustainalytics Carbon Emission Water Waste 17,163 KL water saved 11.3 lakh MT pond ash used 50,707 tCO₂e avoided 3.11 lakh KL rainwater harvested 18,189 MT fly ash used through various initiatives 96 % waste diverte
Slide 23: Board Committees
Audit Committee • 3 Members - all Independent Directors Nomination & Remuneration Committee • 3 Members - all Independent Directors Stakeholders’ Relationship, Share Transfer & Investors’ Grievance • 3 Members - all Independent Directors Risk Management • 3 Independent Directors & Managing Director
Slide 24: Summary Historical Financials
Summary Historical Financials
Slide 25: Consistent Performance
Consistent Performance 3,695 14,354 13,800 2,872 2,758 10,100 8,437 8,400 1,530 1,401 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Order Book (in ₹ Cr.) Revenue (in ₹ Cr.) 730 616 391 313 323 FY21 FY22 FY23 FY24 FY25 EBITDA (in ₹ Cr.)
Slide 26: Steady & Robust Growth
₹ Cr Particulars FY23 FY24 FY25 Revenue 2,758 2,872 3,695 EBITDA 391 616 730 EBITDA Margin (%) 13% 20% 19% PAT 684* 349 384 Net Debt (1,088) (214) 145 Net Worth 2,362 2,490 2,709 Long term Investment 258 283 299 Payback to Investors 135 292 42 Steady & Robust Growth • EBITDA has increased by ~86% an
Slide 27: Appendix – Existing Portfolio of Projects
APPENDIX Existing Portfolio of Projects 1 HAM: Aunta - Simaria (Ganga Bridge with Approach Roads) 2 HAM: Sattanathapuram – Nagapattinam 3 EPC: Varanasi Aurangabad NH2 Project 4 EPC: UP State Water and Sanitation Mission 5 EPC: Dharavi Wastewater Treatment Facility (Mumbai) 6 EPC: Bhandup Water Treat
Slide 28: Water Vertical
Project Names Contract Type Status Dewas Water BOT Operational Water/ UP State Water and Sanitation Mission EPC Under Execution Wastewater Bhandup Water Treatment Complex (Mumbai) EPC Under Execution Treatment Dharavi Wastewater Treatment Facility (Mumbai) EPC Under Execution 2 Smart Ops Treatment P
Slide 29: Transport Vertical
Project Names Contract Type Status Aunta-Simaria (ASRP) HAM PCOD received Sattanathapuram-Nagapattinam HAM Under Execution (SNRP) Transport Road Assets Vertical Varanasi Aurangabad NH2 Project (VARP) EPC Under Execution Pune Shirur NH-753F BOT L1 Emerged
Slide 30: HAM: Aunta-Simaria
01 HAM Project details Project Length (Kms) 08.15 Km Aunta-Simaria Acquisition Date Aug 2018 (Ganga Bridge with Approach Financial Closure Achieved Appointed Date 30th Aug 2018 Roads) Scheduled Construction Period 42 Months^ Concession Period after COD 15 Years SCOPE BARAUNI REFINERY ^ PCOD received
Slide 31: HAM: Sattanathapuram-Nagapattinam
02 HAM Project details Project Length (Kms) 55.755 Km Sattanathapuram- Award Date July 2018 Financial Closure Achieved Nagapattinam Appointed Date 5th Oct 2020 (SNRP) Scheduled Construction Period 24 months^ Concession Period after COD 15 Years ^ EOT up to 31st Oct 2025 received, & Further EOT is in
Slide 32: EPC: Varanasi Aurangabad NH2 Project
03 Project details EPC Project Length (Kms) Original Contract 192.4 Varanasi Aurangabad NH2 Commencement Date 30th Sep 2021 Construction Period 24 Months Project Additional Contract (VARP) Construction Start Date May 2022 Construction End Date Nov 2023^ ^ EOT available up to 30th Jun 2025. EOT up to
Slide 33: EPC: UP State Water and Sanitation Mission
04 EPC Project details UP State Water and Sanitation Project Scope Water Supply to Villages Mission Est aggregate contract value ₹ ~ 2,800 Cr. (excluding O&M value and GST) SCOPE S No. Revenue District No of Division Villages Rural Water Supply project under Jal Jeevan Mission by State Water 1 Varan
Slide 34: EPC: Dharavi Wastewater Treatment Facility
05 EPC Project details Wastewater Treatment Facility 60 Months for Design Build, 15 - Mumbai Sewage Disposal Contract period years of operation and maintenance Project, Dharavi SCOPE Status Design, Build, Operation and LOA received on May 27, 2022 Maintenance of 418 MLD Dharavi Project Commencement
Slide 35: Dharavi Project - India's First Multi-Storeyed Wastewater Facility
05 EPC Dharavi Project - India’s First Multi-Storeyed Wastewater Treatment Facility • A first-of-its-kind project in the country, this facility is being constructed vertically, due to the space constraints at the project site. • Being built on just 12.7 acres of land, it has one of the lowest footpr
Slide 36: EPC: Bhandup Water Treatment Plant
06 EPC Project details Water Treatment Plant – Contract period 48 Months for Design Build, 15 years of operation and Bhandup Complex, Mumbai maintenance Status SCOPE LOA received on Feb 29, 2024 Design, Build, Operation and Maintenance of 2,000 MLD Water Received Notice to Commence effective July 23
Slide 37: EPC: Water Conveyance Tunnel
07 EPC Project details Water Conveyance Tunnel from 93 Months for Design Build of a Contract period 8.48 km tunnel with a 3,500 mm Dharavi WWTF to Ghatkopar WWTF– bored diameter Mumbai Status SCOPE LOA received on Oct 8, 2024 Design and construction of Tertiary Treated Water Conveyance Tunnel of Rec
Slide 38: EPC: Panjrapur Water Treatment Plant
07 EPC Project details Water Treatment Plant (WTP) at 48 Months for Design Build, 15 Contract period years of operation and Panjrapur, Maharashtra maintenance Status SCOPE LOA received on Nov 6, 2025 Design, Build, Operation and Maintenance of 910 MLD Water Total consideration including GST ~₹ 3,145
Slide 39: BOT Dewas Water
08 BOT Sector Project Name Location COD Concession End Dewas Water Water Supply Dewas Water* MP Apr-20 Jun-37 *Dewas Water – Modified Project ▪ Modified project involves the supply of treated water of up to 23 MLD to industrial customers in Dewas ▪ FY26 H1 revenue stands at ₹ 7.0 Cr. with EBITDA of
Slide 40: Oil & Gas
Oil Oil &&Gas Oil &Gas Gas • Collective GIIP* : ~1.1 TCF • Gas Evacuation Plan Through a National Oil and Gas Company’s Network – in advance stages of discussion • Monetization Expected in FY ‘29 Location of Fields Gas Evacuation Schematic 39 *Gas Initially In Place
Slide 41: Thank You
Thank You For further details please contact investorrelations_WEL@welspun.com/Sangeeta_tripathi@welspun.com Sangeeta Tripathi- Head Investor Relations Mr Salil Bawa, Head – Group Investor Relations CORPORATE OFFICE WELSPUN ENTERPRISES LIMITED CIN: L45201GJ1994PLC023920 C/8, BKT House, Trade World,