Welspun Corp Limited · NSE:WELCORP
Welspun — Investor Day (November 2025)
28 slides from Welspun's investor day presentation, Nov 13, 2025
Slide 1: Stock exchange cover letter for investor presentation
WCL/SEC/2025 November 13, 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 973309
Slide 2: Investor Day Presentation
Investor Day Presentation 13th November, 2025
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. PRODUCT PORTFOLIO 4. CREDIT RATINGS 7. ESG 2. OPERATIONAL & 5. ORDER BOOK 8. GREAT PLACE FINANCIAL PERFORMANCE TO WORK 3. DELIVERY ON GUIDANCE 6. GROWTH DRIVERS 9. SUMMARY
Slide 5: Product Portfolio
PRODUCT PORTFOLIO LARGE DUCTILE DIAMETER IRON PIPES SINTEX WSSL LINE PIPES Largest Player Formidable player in National iconic brand Integrated producer Globally India and KSA with pan-India from steel-making to presence finished products Pipes up to DN 2600 (very few plants in the world) WSSL: Wels
Slide 6: 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% Line Pipes figures are excluding EPIC, KSA 5
Slide 7: Financial Performance: Q2FY26
FINANCIAL PERFORMANCE: Q2FY26 PARTICULARS (INR Cr) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Total Income 4,409 3,364 31% 3,587 23% EBITDA 626 462 36% 560 12% Profit before tax and share of JVs 493 289 70% 412 20% Share of profit/(loss) from Associates and JVs 96 74 30% 49 96% PAT after Minorities, Associates &
Slide 8: Net Debt / (Cash)
NET DEBT / (CASH) PARTICULARS (INR Cr) 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) *After Capex spent of ~INR 950 Cr in H1FY26 & ~INR 900 Cr in FY2025 7
Slide 9: 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 8
Slide 10: Healthy Balance Sheet
HEALTHY BALANCE SHEET Net Debt / (Cash) (INR Cr) Net Debt/ EBITDA 1,138 1.41 387 -11 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 & ~INR 900 Cr in FY2025 For H1FY26 Net Debt/ EBITDA- TTM EBITDA Considered 9
Slide 11: ROCE Improvement
ROCE IMPROVEMENT 23.5% 21.0% 20.0% 7.9% FY23 FY24 FY25 H1FY26 *Annualized ROCE for H1FY26 10
Slide 12: Finance Cost: Significant Reduction
FINANCE COST: SIGNIFICANT REDUCTION 88 83 82 66 63 49 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 (In INR Cr) 11
Slide 13: Delivery on Guidance
DELIVERY ON GUIDANCE 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 1,858 2,200 1,186 ROCE 16% 20% 20% 21% >20% 24%* Track record of surpassing guidance of EBITDA and ROCE comforta
Slide 14: Credit Ratings
CREDIT RATINGS Credit Rating by CRISIL and CARE: Long term facility: AA+ with Stable Outlook Short term facility: A1+ (Highest Safety) 13
Slide 15: 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 30th October, considering execution till 30th September 14
Slide 16: Pipes: USA
PIPES: USA WCL STRENTGH GROWTH DRIVERS A. LNG Exports and Permian Play 350 350 300 >1MN MT + + = B. LNG Terminals HSAW HFIW LSAW* TOTAL Capacity (KMTPA) C. NGL (Natural Gas Liquids) Largest player in USA D. Data Centres Only player offering Pipes 6” to 60” OD incl. DJ and Coating Impeccable qu
Slide 17: USA: Data Centres
USA: DATA CENTRES • Medium term requirement for NG - 8 to 10 bcfd • This will require dedicated 4 to 5 pipelines AI Data Line Pipes Power Plant & EPC Centers Value Chain: Turbines Servers 16
Slide 18: Pipes: KSA
PIPES: KSA Capacity (KMTPA) 500 350 250 >1MN MT + + = HSAW (EPIC) LSAW* DIP* TOTAL Largest player in KSA Greenfield projects: Both of them to be operational by Q1FY27 Impeccable track record with Aramco DIP size range up to DN 2600 (very few plants in the world) Welspun Presence *Upcoming Ma
Slide 19: Kingdom of Saudi Arabia: Vision 2030
KINGDOM OF SAUDI ARABIA: VISION 2030 New Energy: capture 25% of the 4,000 KM of Pipelines for O&G global hydrogen demand by 2030 2,000 KM of Large Dia Oil for Exports and NG for Transmission Lines (HSAW) for Domestic Consumption Desalinated water Gas Production Import Substitution of 200
Slide 20: Pipes: India
PIPES: INDIA Capacity (KMTPA) 765 + 350 + 200 + 600 = ~2MN MT HSAW LSAW ERW DIP TOTAL i. Offering full range of pipes: 1.25” to 144” OD along with all types of coatings ii. Largest exporter of LSAW pipes to niche projects globally iii. Complete solutions for water: MS + DIP + Plastic pipes iv. State
Slide 21: Growth Drivers: India
GROWTH DRIVERS: INDIA A. 10,000 KM of NG LSAW and DIP Exports Pipelines Expansion of Gas Grid B. > 1 MN MT of Pipeline CGD requirements for CGD over next 5 to 7 years Hydrogen Pipelines C. Huge potential for H2 / Ethanol Blending Ammonia Pipelines over River Interlinking Transmission the
Slide 22: Sintex
SINTEX National iconic brand with pan-India presence Expanding product range from Water Storage Tanks to Plastic Pipes Increase in TAM1 Full range of plastic pipes: HDPE, UPVC, CPVC, SWR and OPVC B2B & B2C play 1) Total Addressable Market Map not to scale, only for representation purpose. 21
Slide 23: Growth Drivers: Sintex
GROWTH DRIVERS: SINTEX Water Storage Tanks (WST) and Plastic Pipes Channel Expansion Brand Building Premiumization Digitization Plastic Pipes 22
Slide 24: WSSL
WSSL Capacity (KMTPA) Growth Drivers A. Power, Defence, Space and Nuclear 150 18 sectors: Growth areas for next 5 SS Bars SS Pipes & Tubes years B. Strong Government support: “Make Only fully integrated facility in India from in India” initiative Stainless Steel making to Pipes Product acceptanc
Slide 25: Ranked 6th among Steel Companies Globally in ESG
ESG S&P Global DJSI ESG RATINGS Ranked 6th among 80 68 73 companies in Steel 60 57 41 Sector Globally in 40 20 2024 0 9 2020 2021 2022 2023 2024 Long Term Carbon Neutrality Water Neutrality Zero waste to by 2040 by 2040 landfill Sustainability Goals 24
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’25 to September’26 25
Slide 27: Summary: Welspun Corp
SUMMARY: WELSPUN CORP • Largest Global Player in Growth in 3 years Line Pipes Revenue EBITDA • Size, Scale and Approvals 10% to 12% >15% • Growth from KSA, USA CAGR CAGR Data Centres, India Water ROCE Capex and Exports INR • Sintex: B2B + B2C 22% to 23% 5,500 CR • Governance – Gold Net Debt / (Cash)
Slide 28: 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/