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India
Reported ownership for FY2027-Q1 as of 2026-06-30.
As of 06 Nov 2026, 03:30 pm
Welspun Corp (WELCORP) has experienced a leadership change and a notable shift in its stock price as of early November 2026. On November 2, 2026, Chief Human Resource Officer Rakesh Mehta resigned after a one-year tenure, citing personal reasons; the company has not yet announced a successor. Concurrently, the stock price declined from ₹2,385.6 to ₹2,215.6 by November 6, 2026. These developments occur against a backdrop of reported improved quarterly profits and ongoing expansion plans in the United States and Jordan. While broader market trends show Domestic Institutional Investors (DIIs) increasing their Nifty 50 stake to a 16-quarter high of 25.8%, this macro-level shift is distinct from Welspun Corp’s specific corporate actions.
Key points: - **Leadership Transition**: CHRO Rakesh Mehta resigned effective November 2, 2026, following a one-year stint, with no successor named. - **Price Movement**: The stock closed at ₹2,215.6 on November 6, 2026, down from ₹2,385.6 in the prior observation period. - **Operational Context**: The company continues to report improved quarterly profits and is advancing expansion projects in the US and Jordan. - **Market Structure**: DIIs have overtaken FIIs in Nifty 50 ownership, reaching a 16-quarter high of 25.8% stake.
Welspun Corp demonstrates strong earnings momentum and improving cash conversion, though recent quarterly revenue shows a sequential dip. For the trailing twelve months (TTM) ending Sep 2026, sales grew 14% to ₹17,570 crore, while operating profit surged 33% to ₹2,539 crore and net profit rose to ₹2,371 crore. EPS for TTM stands at ₹89.77, up from ₹61.15 in FY2026. Cash generation is robust: CFO reached ₹3,204 crore in FY2026, with CFO/EBITDA rising to 157%, indicating high earnings quality. However, Q1 FY2026-27 revenue declined sequentially to ₹4,081 crore from ₹4,312 crore in Q4, despite PBT increasing to ₹586 crore. Balance sheet expansion is evident with CWIP jumping to ₹2,421 crore by Sep 2026, signaling ongoing capacity addition. Leverage management is key; borrowings fell sharply to ₹1,085 crore in Sep 2026 from ₹2,355 crore in Mar 2026, supported by negative working capital days (-23), suggesting efficient supply chain financing. Promoter holding diluted slightly to 47.46% in Sep 2026, while FIIs increased their stake to 23.09%.
Key Points: - Earnings Quality & Growth: TTM operating profit grew 33% to ₹2,539 crore and CFO hit ₹3,204 crore in FY2026, reflecting strong cash conversion (CFO/EBITDA: 157%). - Quarterly Trend: Q1 FY2026-27 revenue decreased sequentially to ₹4,081 crore, yet PBT improved to ₹586 crore due to lower finance costs (₹45.18 crore) and expenses. - Balance Sheet Health: Borrowings reduced significantly to ₹1,085 crore by Sep 2026, while CWIP expanded to ₹2,421 crore, indicating active capex funded by internal accruals. - Ownership Shift: Promoter stake declined to 47.46% in Sep 2026, while FII holding rose to 23.09%, contrasting with DII reduction to 16.37%.
Rakesh Mehta resigned as Chief Human Resource Officer and Senior Management Personnel effective November 2, 2026. The resignation was due to personal reasons, with the company receiving the letter on May 22, 2026. No successor has been announced.
The company reported consolidated revenue of ₹46.4 billion and EBITDA of ₹7.3 billion for Q2 FY27. Analysts cite an all-time-high global order book of approximately ₹500 billion as a key earnings driver, while the company maintains its full-year guidance.
As of November 6, 2026, the daily trend is bearish with the stock closing at ₹2,215.60, down -7.1% over one day and -16.7% over one month. However, the weekly and monthly trends remain bullish, with the stock up +147.7% over the past year.
As of 06 Nov 2026, 03:30 pm
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Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
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The session opened materially above the previous close, indicating a sharp repricing at the open.
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The session opened materially above the previous close, indicating a sharp repricing at the open.
The move may reflect new information; subsequent price follow-through is worth monitoring.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹4,081.12 crore | ₹4,312.56 crore | PEAK₹4,532.48 crore | ₹4,373.61 crore | ₹3,551.49 crore |
| Finance Costs | ₹45.18 crore | ₹48.95 crore | ₹50.66 crore | ₹49.38 crore | PEAK₹63.18 crore |
| Other Expenses | ₹744.21 crore | PEAK₹808.44 crore | ₹739.48 crore | ₹771.19 crore | ₹710.70 crore |
| Profit Before Exceptional Items And Tax | PEAK₹586.37 crore | ₹397.43 crore | ₹502.09 crore | ₹492.57 crore | ₹412.08 crore |
| Profit Before Tax | PEAK₹586.37 crore | ₹397.43 crore | ₹502.09 crore | ₹492.57 crore | ₹412.08 crore |
| Tax Expense | PEAK₹159.25 crore | ₹132.55 crore | ₹136.60 crore | ₹144.98 crore | ₹111.89 crore |
Disclosed bulk and block transactions involving Welspun Corp, shown for the latest 90 days.
Exchange disclosures and regulatory announcements for Welspun Corp.
Welspun Corp Limited has informed the Exchange about Copy of Newspaper Publication regarding loss of share certificate |SUBJECT: Copy of Newspaper Publication
Welspun Corp Limited has filed a notice with the NSE and BSE pursuant to Regulation 30 of SEBI Listing Regulations, disclosing the transcript of its Q2 & H1 FY2026-27 earnings call. The earnings call was held on October 30, 2026, and the transcript is available on the company's website.
Welspun Corp Limited uploaded the transcript of an earnings or quarterly call to its website on 2026-11-04. The call concluded on 2026-10-30 at 13:02:00; prior intimation to the Exchange was disclosed on 2026-10-26.
Welspun Corp Limited (NSE: WELCORP) filed a disclosure with the NSE on November 2, 2026, reporting the resignation of Mr. Rakesh Mehta from his position as Senior Management Personnel. The resignation became effective on November 2, 2026, although the company received the resignation letter on May 22, 2026. The brief reason cited for the cessation is personal reasons.
Mr. Rakesh Mehta resigned from his position as Chief Human Resource Officer (CHRO) and Senior Management Personnel (SMP) of Welspun Corp Limited, effective from the close of business hours on November 2, 2026. The filing states that the resignation was due to personal reason.
Welspun Corp Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP
Welspun Corp Limited has disclosed the audio recording of its conference call regarding Q2 and H1 results for the financial year 2026-27. The filing, submitted by Company Secretary Kamal Rathi on October 30, 2026, provides a direct link to the recording on the company's website in compliance with SEBI Listing Regulations.
Welspun Corp Limited published newspaper notices on its unaudited financial results for the quarter and half year ended September 30, 2026, in Financial Express (English) and Kutchmitra and Kutchuday (Gujarati). The results had been reviewed by the Audit Committee and approved by the Board on October 29, 2026. The supplied extract reports consolidated total income of INR 4,698.55 crore and net profit after tax of INR 495.09 crore for the quarter; for the half year, consolidated total income was INR 8,843.46 crore and net profit after tax was INR 1,542.97 crore. The filing is a routine newspaper-publication notice; the financial results themselves were approved earlier.
Recent market and company developments associated with Welspun Corp.
Indian actively-managed equity funds attracted net inflows of ₹5.2 lakh crore and increased assets under management from ₹31 lakh crore to ₹35.4 lakh crore during the period between Diwali 2025 and Diwali 2026, leading to significant portfolio reshuffling across sectors.
Eight BSE 500 stocks, including Aditya Infotech and HFCL, delivered returns exceeding 100% since Diwali 2025, outperforming the broader market which saw the Nifty 50 decline nearly 3%. As Indian equities enter Samvat 2083, brokerages such as ICICI Direct and Motilal Oswal remain constructive, projecting earnings-led growth with double-digit EPS expansion expected in FY27. These firms favor selective investments in sectors like banking, manufacturing, and consumption, citing improved valuations and fundamental delivery as key drivers for future returns.
Despite a challenging Samvat 2082 marked by benchmark declines and geopolitical tensions, 16 Nifty 500 stocks gained over 100%, with Cupid and Sterlite Technologies leading with returns of 570% and 556% respectively. This performance highlights a significant divergence in stock-specific returns against the broader market weakness, as noted by PL Capital. Looking ahead to Samvat 2083, Kotak Neo suggests that while short-term volatility may persist due to global uncertainties, supportive corporate earnings and attractive entry points could offer long-term wealth creation opportunities for discip
Welspun Corp's Chief Human Resource Officer Rakesh Mehta has resigned from his position effective November 2, 2026, citing personal reasons after a tenure of approximately one year. The company disclosed the departure via regulatory filings but did not announce a successor or provide further details regarding the circumstances of his exit. This leadership change occurs while Welspun Corp is reporting improved quarterly profits and advancing significant expansion plans in the United States and Jordan.
Domestic institutional investors have overtaken foreign institutional investors in Nifty 50 ownership, with their stake rising to a 16-quarter high of 25.8% while FII holdings fell to a 16-quarter low of 22.1%, according to Elara Securities data. This structural shift is evident across broader market indices and specific sectors, as domestic funds increased exposure in banking, auto, and IT stocks while reducing foreign reliance in mid-cap and small-cap segments.
Mirae Asset Sharekhan has identified 15 stocks across large-, mid-, and small-cap segments for Samvat 2083, citing growth prospects in banking, telecom, infrastructure, and consumer goods. The selection includes major entities such as Bharti Airtel, ICICI Bank, and Larsen & Toubro, alongside smaller firms like DEE Development Engineers, which carries the highest estimated upside of 37%. Target prices and implied upside percentages vary significantly across the basket, ranging from 12% for Navin Fluorine International to 37% for DEE Development Engineers.
Welspun Corp reported Q2FY27 consolidated revenue of ₹46.4 billion and EBITDA of ₹7.3 billion, while maintaining full-year guidance and announcing new capacity expansions in the US and a joint venture in Jordan. The company's stock held gains as analysts cited an all-time-high global order book of approximately ₹500 billion as a key earnings driver.
Welspun Corp Ltd reported strong Q2FY27 earnings with 25% EBITDA growth to ₹782 crore and announced a record global order book of approximately ₹50,000 crore. The company also disclosed plans for capacity expansion in the USA and Jordan, alongside the acquisition of a stake in Welspun Special Coating Private Ltd.
Comprehensive Section Breakdown for Welspun Corp
Welcorp’s first quarter of FY2026‑27 delivered a striking result: revenue dipped from the prior quarter, but profitability surged at every level. The most unusual development is that net profit substantially exceeded the company’s reported pre‑tax profit, a relationship that warrants close attention.
Revenue from operations was ₹4,081.12 crore for the quarter ended June 2026, down 5.37% from ₹4,312.56 crore in the preceding March 2026 quarter. This sequential decline followed three consecutive quarters of revenue above ₹4,300 crore, making it the lowest quarterly revenue in the last four quarters.
Compared with the same quarter a year ago (₹3,551.49 crore), revenue grew by 14.91%. The year‑on‑year comparison shows the business is operating at a higher revenue base than twelve months earlier, even though the most recent quarter saw a pullback from the prior period’s level.
The quarter’s defining feature is the sharp expansion in profitability, which moved in the opposite direction from revenue.
Profit Before Exceptional Items and Tax (PBT) reached ₹586.37 crore, up 47.54% from ₹397.43 crore in the March 2026 quarter and up 42.3% from ₹412.08 crore in the same quarter last year. This increase occurred despite lower revenue, meaning the PBT margin improved significantly.
The bottom line showed an even larger move. Net profit (Profit/Loss for the Period) was ₹1,047.88 crore, more than double the prior quarter’s ₹371.46 crore (up 182.1%) and triple the year‑ago quarter’s ₹349.16 crore (up 200.11%). Basic earnings per share followed the same pattern, rising to ₹39.68 from ₹14.04 in the March quarter and ₹13.32 a year earlier.
A notable feature of the quarter is the large difference between the company’s reported segment profit and its company‑level pre‑tax profit.
Segment Profit Before Tax was ₹1,207.13 crore, more than double the company‑level PBT of ₹586.37 crore. The net profit of ₹1,047.88 crore equals the segment PBT of ₹1,207.13 crore minus the tax expense of ₹159.25 crore. This indicates that the bottom line is aligned with segment profitability rather than the company‑level PBT.
The company‑level PBT, at less than half the segment figure, therefore reflects adjustments that are not part of the segment results. The net profit figure is not directly derived from the company‑level PBT, which explains why net profit far exceeds the company’s pre‑tax profit.
Two cost items moved in directions that supported the company‑level PBT.
Finance costs were ₹45.18 crore, down 28.49% from ₹63.18 crore a year ago and down 7.7% from the March quarter. This is the lowest quarterly finance cost in the five‑quarter period shown.
Other expenses were ₹744.21 crore, down 7.94% from the March quarter (₹808.44 crore) but up 4.72% from the year‑ago quarter (₹710.70 crore). As a percentage of revenue, other expenses were 18.2% in the current quarter, compared with 18.7% in the March quarter and 20.0% a year ago. The expense ratio therefore declined relative to both periods.
Tax expense rose to ₹159.25 crore, up 20.14% from the March quarter and 42.33% from a year ago, reflecting higher profitability. The effective tax rate on company‑level PBT was 27.2%, while on segment PBT it was 13.2%—a difference that stems from the gap between the two profit measures.
Welcorp’s June 2026 quarter delivered a large increase in net profit, which more than doubled from both the previous quarter and the same quarter last year. The net profit of ₹1,047.88 crore was derived from segment profit before tax of ₹1,207.13 crore minus tax expense, rather than from the company‑level profit before tax of ₹586.37 crore. This relationship explains why net profit substantially exceeded the company’s pre‑tax profit. Revenue declined sequentially but grew 14.9% year‑on‑year. Company‑level PBT also improved, supported by lower finance costs and a decline in other expenses as a share of revenue. The divergence between segment and company‑level profit is the most important factor in understanding the quarter’s bottom‑line result.
Strategic Vision: Manufactures and supplies pipes and building materials globally.
Category: Manufacturing
Manufactures and supplies large diameter pipes including HFW, HFIW, HSAW, and LSAW pipes for infrastructure and oil and gas projects.
Category: Manufacturing
Produces Ductile Iron (DI) pipes for water infrastructure, BIS-certified steel billets and Direct Reduced Iron for TMT rebars, and stainless steel pipes, tubes, and bars.
Key Products & Services: Welspun Shield
Core Thesis: Diversified product portfolio addresses both B2B and B2C markets across infrastructure and construction sectors.
• Core Pipe Solutions: Focuses on manufacturing and supplying various types of large diameter pipes for critical infrastructure projects. • Building Materials Expansion: Diversifies into DI pipes for water infrastructure and TMT rebars for the construction market, including direct consumer engagement. • Global Manufacturing Footprint: Operates manufacturing facilities in India, the US, and Saudi Arabia to support international project delivery.
• Global manufacturing presence across multiple countries.
• Diversified product portfolio serving multiple end markets.