Welspun Corp Limited · NSE:WELCORP
Welspun — Q2 FY26 Earnings Presentation
27 slides from Welspun's earnings presentation, Oct 30, 2025
Slide 1: Cover letter to stock exchanges
WCL/SEC/2025 30th October, 2025 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 97330
Slide 2: Investor Presentation Q2&H1 FY26
Investor Presentation Q2&H1 FY26 Date: 30th,October, 2025 PIPE SOLUTIONS BUILDING MATERIALS © Copyright 2023. All Rights Reserved.
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 t o ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is s
Slide 4: Agenda
AGENDA 1. BUSINESS VERTICALS 4. GROWTH DRIVEN 7. PROJECT UPDATE PERFORMANCE 2. ORDER BOOK 5. CREDIT RATING 8. ESG 3. OPERATIONAL & 6. BUSINESS ENVIRONMENT 9. GREAT PLACE FINANCIAL PERFORMANCE TO WORK 3 of 26
Slide 5: Pipe Solutions & Building Materials
PIPE SOLUTIONS & BUILDING MATERIALS 4 of 15
Slide 6: Order Book
ORDER BOOK Businesses Volume Line Pipes (India + USA) ~1,250 KMT DI Pipes ~355 KMT Stainless Steel Bars & Pipes ~6,950 MT Total Order Book Value stands at ~INR 23,500 Cr Line Pipes figures are excluding EPIC, KSA; Order Book as on 25th October, considering execution till 30th September 5 of 26
Slide 7: Operational Performance: Q2FY26
OPERATIONAL PERFORMANCE: Q2FY26 Sales Volume (KMT) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Line Pipes (India + USA) 252 206 22% 182 38% DI Pipes 79 65 22% 65 22% Stainless Steel Bars 7.1 3.9 81% 7.4 (4%) Stainless Steel Pipes 1.7 1.3 30% 0.9 99% TMT Rebars 34 41 (17%) 40 (15%) Line Pipes figures are excluding
Slide 8: Financial Performance: Q2FY26
FINANCIAL PERFORMANCE: Q2FY26 PARTICULARS (INR crore) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Total Income 4,409 3,364 31% 3,587 23% Other income 35 62 -44% 35 0% EBITDA 626 462 36% 560 12% Depreciation and Amortisation 84 89 -6% 85 -1% Finance Cost 49 83 -41% 63 -22% Profit before tax and share of JVs 493 289
Slide 9: Net Debt/(Cash)
NET DEBT/ (CASH) PARTICULARS (INR crore) H1FY26 FY25 Gross Debt 1,366 924 Cash & Bank 1,376 1,973 Net Debt/ (Cash) (11)* (1,049) Net Debt/ EBITDA (0.0) (0.6) Net Debt/ Equity (0.0) (0.13) *After Capex spent of ~INR 950 Cr in H1FY26 8 of 26
Slide 10: EBITDA Growth with Margin Improvement
EBITDA GROWTH WITH MARGIN IMPROVEMENT EBITDA (INR Cr) EBITDA Margin 15.0% 626 560 502 462 478 13.3% 416 10.4% 8.2% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 FY23 FY24 FY25 H1FY26 9 of 26
Slide 11: Healthy Balance Sheet
HEALTHY BALANCE SHEET Net Debt (INR Cr) Net Debt/ EBITDA 1,138 1.41 387 -11 s FY23 FY24 FY25 H1FY26 0.21 -0.01 FY23 FY24 FY25 H1FY26 -0.56 -1,049 H1FY26 Net Debt post capex spent of ~INR 950 Cr For H1FY26 Net Debt/ EBITDA- TTM EBITDA Considered 10 of 26
Slide 12: ROCE Improvement
ROCE IMPROVEMENT 23.5% 21.0% 20.0% s 7.9% FY23 FY24 FY25 H1FY26 Annualized ROCE for H1FY26 11 of 26
Slide 13: Finance Cost: Significant Reduction
FINANCE COST: SIGNIFICANT REDUCTION 88 83 82 66 63 s 49 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 (In INR Cr) 12 of 26
Slide 14: Growth Driven Performance
GROWTH DRIVEN PERFORMANCE FY24 FY25 FY26 H1FY26 Particulars (INR Cr) Guidance Actual Guidance Actual Guidance Progress Revenue 15,000 17,340 17,000 13,978 17,500 7,925 EBITDA 1,500 1,804 1,700 1,841 2,200 1,186 s ROCE 16% 20% 20% 21% >20% 24%* Track record of surpassing guidance of EBITDA and ROCE c
Slide 15: Credit Rating
CREDIT RATING Credit Rating by CRISIL: Long term facility: AA+ with Stable Outlook Short term facility: A1+ (Highest Safety) 14 of 26
Slide 16: Business Environment: USA
BUSINESS ENVIRONMENT: USA LINE PIPES EIA in its Short Term Energy Outlook expects US crude oil production to go up to 13.5 mbpd both in 2025 and 2026 Natural Gas consumption likely to rise to all time high of 91.4 Bcf/d in 2025 as per EIA. As per industry estimates, the demand for natural gas is
Slide 17: Business Environment: KSA
BUSINESS ENVIRONMENT: KSA LINE PIPES A) Water Under Saudi Vision 2030, the government is working to guarantee long-term water security through public–private partnerships (PPPs), large storage reservoirs and an integrated transmission system linking coasts with inland cities By 2030, daily natio
Slide 18: Business Environment: India
BUSINESS ENVIRONMENT: INDIA LINE PIPES A) Exports (O&G) Global Potential -Pipeline projects - increase of 1.74Mn MT over last quarter showing upward trend in demand Oil , Gas & Petrochemical construction projects to the tune of over $3.5 Trillion currently active globally Middle East and N. Af
Slide 19: Business Environment: India
BUSINESS ENVIRONMENT: INDIA LINE PIPES C) Water Increased focus from Ministry of Jal shakti states to improve water resource management – budget of Rs 99,503 cr – increased. Water Sector to grow at a CAGR of 11.6% through key drivers – JJM , Namami Gange, and river interlinking projects. Mega
Slide 20: Business Environment: India
BUSINESS ENVIRONMENT: INDIA SS BARS AND PIPES & TUBES Quarterly pipes sales volume reached all time high. Bars sales volume for the quarter remained steady Company added 21 new customers during H1FY26 IBR accreditation for Alloy steel bars and tubes progressed, expected completion during Q3FY2
Slide 21: Business Environment: India
BUSINESS ENVIRONMENT: INDIA WST AND PLASTIC PIPES (SINTEX) • Channel Expansion: Strategic shift toward secondary-driven sales through Channel Expansion 467 enhanced visibility and demand generation. Deepening engagement with 438 402 plumbing contractors and growing adoption of Plumber ‘Pride’ loyalt
Slide 22: Sintex Pipes in Chhattisgarh & Punjab
SINTEX PIPES IN CHHATTISGARH & PUNJAB • Offerings launched with ‘NXT Advantage’, which are attracting interest due to clear value proposition • Positive response received on Products – changes underway to match competitive standards where needed • Value-driven pricing strategy, anchored by demonstra
Slide 23: Sintex: Brand Building
SINTEX: BRAND BUILDING Building Visibility AI-Crafted Anthem Marks 50 Years of Trust Pre-Launch OOH Announcement & Innovation AI-Crafted Anthem Marks 50 Years of Trust & Innovation Signage at the Retailer Point 22 of 26
Slide 24: Update on Projects
UPDATE ON PROJECTS Project Location Target Completion Progress/ Update International Projects: HFIW Plant USA Mar-26 On track LSAW Plant including DJ & Coating USA Dec-26 On track DI Pipes Plant KSA Apr-26 On track LSAW Plant KSA Domestic Projects: Spiral Plant Bhopal Jul-25 Commissioned Coating Pla
Slide 25: ESG Long Term Sustainability Goals
ESG 6% over previous rating Environment Social Governance 73 67 77 75 S&P Global Ranked 6th among Top 10 DJSI ESG companies in RATINGS Steel Sector globally Long Term Carbon Water Zero Sustainability Goals Neutrality by 2040 Neutrality by 2040 waste to landfill 24 of 26
Slide 26: WCL - A Greater Place to Work
WCL- A GREATER PLACE TO WORK GPTW Certified for 2 Consecutive Years with Improved Scores Particulars 2024 2025 Trust IndexTM Grand Mean 89 91 Respect 88 90 Pride 92 93 Validity Period: September to September 25 of 26
Slide 27: Thank You!
Thank You! Welspun Corp Limited CIN: L27100GJ1995PLC025609 For further queries, contact Name : Mr. Goutam Chakraborty Name : Mr. Salil Bawa Email : goutam_chakraborty@welspun.com Email : salil_bawa@welspun.com www.welspuncorp.com Connect with us: /TheWelspunGroup /WelspunGroup /welspungroup /company