Welspun Corp Limited · NSE:WELCORP
Welspun — Q3 FY26 Earnings Presentation
22 slides from Welspun's earnings presentation, Jan 30, 2026
Slide 1: Exchange filing cover letter
WCL/SEC/2026 30 January, 2026 To, BSE Ltd. National Stock Exchange of India Ltd. Listing Department, Exchange Plaza, P. J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001. Bandra (E), Mumbai – 400 051. (Scrip Code: Equity - 532144), (Symbol: WELCORP, Series EQ) (NCD – 960491 and 973309)
Slide 2: Investor Presentation Q3 & 9M FY26
Investor Presentation Q3 & 9M FY26 Date: 30th,January, 2026
Slide 3: Disclaimer
DISCLAIMER For any financial disclosures, the information contained herein is provided by Welspun Corp 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 su
Slide 4: Agenda
AGENDA 1. BUSINESS VERTICALS 2. ORDER BOOK 3. OPERATIONAL & FINANCIAL PERFORMANCE 4. GUIDANCE vs ACTUAL PROGRESSION 5. BUSINESS ENVIRONMENT 6. ESG FOCUS
Slide 5: WCL: Business Verticals
WCL: BUSINESS VERTICALS LARGE DUCTILE IRON DIAMETER PIPES SINTEX WSSL LINE PIPES Largest Player Globally Formidable player in National iconic Integrated producer India and KSA brand with pan- from steel-making to India presence finished products Pipes up to DN 2600 (very few plants in the world) WSS
Slide 6: Order Book
ORDER BOOK Businesses Volume Line Pipes (India + USA) ~1,374 KMT DI Pipes ~302 KMT Stainless Steel Bars & Pipes ~5,810 MT Total Order Book Value stands at ~INR 23,600 Cr Line Pipes figures are excluding EPIC, KSA; Order Book as on 21st January, considering execution till 31st December
Slide 7: Operational Performance: Q3FY26
OPERATIONAL PERFORMANCE: Q3FY26 Sales Volume (KMT) Q3FY26 Q3FY25 YoY Q2FY26 QoQ Line Pipes (India + USA) 265 235 +13% 252 +5% DI Pipes 92 67 +39% 79 +16% Stainless Steel Bars 6.1 5.0 +22% 7.1 -13% Stainless Steel Pipes 1.6 1.1 +50% 1.7 -4% TMT Rebars 50 62 -19% 34 +46% Line Pipes figures are excludi
Slide 8: Financial Performance: Q3FY26
FINANCIAL PERFORMANCE: Q3FY26 PARTICULARS (INR Cr) Q3FY26 Q3FY25 YoY Q2FY26 QoQ Total Income 4,532 3,614 +25% 4,374 +4% Other income 30 43 -31% 35 -16% EBITDA* 645 478 +35% 626 +3% Depreciation and Amortisation 93 90 +3% 84 +10% Finance Cost 51 82 -38% 49 +3% Profit before tax and share of JVs 502 3
Slide 9: EBITDA Growth with Margin Improvement
EBITDA GROWTH WITH MARGIN IMPROVEMENT EBITDA (INR Cr) EBITDA Margin 645 626 560 14.7% 502 462 478 13.3% 10.4% 8.2% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 FY23 FY24 FY25 9MFY26
Slide 10: Healthy Balance Sheet
HEALTHY BALANCE SHEET Net Debt (INR Cr) Net Debt/ EBITDA 1,138 1.41 387 -132 FY23 FY24 FY25 9MFY26 0.21 -0.06 FY23 FY24 FY25 9MFY26 -1,049 -0.56 9MFY26 Net Debt post capex of ~INR 1,722 Cr For 9MFY26 Net Debt/ EBITDA- TTM EBITDA Considered
Slide 11: ROCE Improvement
ROCE IMPROVEMENT 24.4% 21.0% 20.0% 7.9% FY23 FY24 FY25 9MFY26 Annualized ROCE for 9MFY26
Slide 12: Guidance vs Actual Progression
GUIDANCE vs ACTUAL PROGRESSION FY26 9MFY26 Particulars (Full Year) (INR Cr) Guidance Progress Revenue 17,500 12,458 EBITDA 2,200 1,831 ROCE >20% 24%* *Annualized ROCE
Slide 13: Business Environment: USA
BUSINESS ENVIRONMENT: USA LINE PIPES Total LNG exports in CY2025 was approx. 14.7 Bcf/d, and for CY2026 is likely to be 16.3 Bcf/d. We expect it to further grow to >25 Bcf/d in next 3 years. Huge demand for power by upcoming AI Data Centres- creating strong demand for Natural Gas pipelines Mid
Slide 14: Business Environment: KSA
BUSINESS ENVIRONMENT: KSA LINE PIPES Oil & Gas Saudi Aramco increased its capex guidance to a range of US$52-55 bn. Aims to boost its gas production capacity by 80% by 2030, with the first phase of the Jafurah gas project commencing in Q4 2025 Saudi crude exports increased to a 32 week high of 7
Slide 15: Business Environment: India
BUSINESS ENVIRONMENT: INDIA LINE PIPES A) Exports (O&G) Multiple LNG projects in North America, Australia and Qatar offers a potential of over one million tonnes of line pipe opportunity Additionally, Latin America is also augmenting their O&G pipeline network and WCL has been successful in brea
Slide 16: Business Environment: India
BUSINESS ENVIRONMENT: INDIA LINE PIPES C) Water Water infrastructure sector to grow at a CAGR of 11.6% reaching US$17.9 bn by FY29 Growth driven by government programs – River interlinking, Jal Jeevan Mission, Irrigation, Portable water, WTP, STP Key River inter linking Projects: Ken-Betwa, PK
Slide 17: Business Environment: India
BUSINESS ENVIRONMENT: INDIA SS BARS AND PIPES & TUBES GoI’s continued focus on key sectors including Energy, Defence, Space, O&G, Petrochemicals, Engineering, and Public Infrastructure to translate into higher demand for stainless steel seamless pipes and bars in the domestic market FTA with EU
Slide 18: Business Environment: India
BUSINESS ENVIRONMENT: INDIA WST AND PLASTIC PIPES (SINTEX) • Channel Expansion: Strategic shift toward secondary-driven sales is yielding results, reflected by expansion of the dealer footprint to ~7,000 unique billed outlets in Dec’25 (~25% increase vs H1 average) • Branding: Strengthening brand vi
Slide 19: Sintex: Brand Building & Launch of Eterno
SINTEX: BRAND BUILDING & LAUNCH OF “ETERNO” Canopy Activity – Building Visibility WPL Premier Partner Signage at the Retailer Point Wall Paintings Brand legacy Commemorate 50 years of Sintex, reinforced by proven product longevity observed over decades Superior value proposition Combines all benefit
Slide 20: Sintex: Pipes Launch on Track
SINTEX: PIPES LAUNCH ON TRACK • Product superiority with +1 ‘NXT Advantage’ benefits • Broadening the product portfolio to address end-to-end customer requirements • Focused on-ground initiatives underway to build market visibility and accelerate contractor activation
Slide 21: ESG Focus
ESG FOCUS S&P Global (DJSI) ESG Ratings 78 73 68 Ranked 5th globally 57 and 2nd in India in the 41 Steel Sector 9 in 2025 2020 2021 2022 2023 2024 2025 Long Term Carbon Neutrality Water Neutrality Zero waste to Sustainability Goals by 2040 by 2040 landfill S&P Global (DJSI) ESG score as on 27th Jan,
Slide 22: Thank You
THANK YOU Welspun Corp Limited CIN: L27100GJ1995PLC025609 For further queries, contact Name : Mr. Goutam Chakraborty Email : goutam_chakraborty@welspun.com www.welspuncorp.com Connect with us: /TheWelspunGroup /WelspunGroup /welspungroup /company/welspun-group