WELCORPCapital Goods

Welspun Corp Limited

Iron & Steel Products · ISIN INE191B01025 · BSE 532144 · NSE EQ · FV ₹5
Last price
₹2,460
+1.48%today
What this company does

Welspun Corp Limited operates in Iron & Steel Products, part of the Capital Goods sector. It booked ₹4,081 cr of revenue in its latest quarter (Q1 FY27) and kept 25.6% of sales as profit. It is the largest of 9 Iron & Steel Products companies we track, by market value.

In the report:
72out of 100
Equitytale Health Score
Solid

Healthier than 72% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
57

At close. Not part of the score.

Profitability & returns82

How much profit it earns on the money it employs

Balance sheet33

How much it owes, and whether earnings cover the interest

Cash quality75

Whether reported profit actually arrives as cash

Growth & consistency82

Whether sales and profit have grown, and how steadily

Valuation75

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 26% net margin
Sales up 15% vs last year
Profit up 199% vs last year
Promoters hold 50%
No promoter shares pledged
Strong 46% return on equity
Watch-outs
! Operating cash flow is negative

What if I invest in WELCORP?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹2,460 +1.48%
latest close · 2026-09-17
1-year return
+1995.7%
52-wk low ₹11552-wk high ₹2,785
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio15.5Average
LowAverageHigh
P/B ratio7.09High
Below bookModerateHigh
EV / EBITDA21.7High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity45.7%Strong
WeakFairStrong ▸15%
Return on capital20.9%Strong
WeakFairStrong
Net margin25.6%Strong
ThinDecentStrong
EBITDA margin18.5%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.23Comfortable
LowModerateHigh ▸1
Interest cover14.0×Strong
RiskyOkayStrong ▸5×
Current ratio1.33Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹64,903 cr
Book value
₹347
EPS
₹39.68
latest quarter
Net debt
₹650 cr
owes more than its cash
Enterprise value
₹65,553 cr
EBITDA
₹3,025 cr
annualised
EBIT
₹2,526 cr
annualised
Operating margin
15.5%
Return on assets
20.5%
Earnings yield
6.45%
P/S
3.98
Sales / share
₹618.8
Tax rate
27.2%
Face value
₹5
Shares
26.4 cr
Working capital
₹2,753 cr
Current assets
₹11,102 cr
Current liabilities
₹8,350 cr
Delivery %
35.0%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2026 report & filings
not investment advice
Hard to value confidentlyLow confidence
The models disagree too widely to call this cheap or dear — likely a hard-to-compare or transitioning business.
Models span ₹224₹842, midpoint ₹522

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹4,081 cr
Other Income₹64 cr
Total Income₹4,145 cr
Cost of Materials₹2,332 cr
Purchases of Stock-in-Trade₹3 cr
Inventory Change (±)₹-4 cr
Employee Benefit Expense₹314 cr
Finance Costs₹45 cr
Depreciation & Amortisation₹125 cr
Other Expenses₹744 cr
Total Expenses₹3,559 cr
Profit before Tax₹586 cr
Tax Expense₹159 cr
Share of JV / Associates₹621 cr
Net Profit₹1,048 cr
Net margin on total income25.3%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹2,331 cr48.9%
Employee benefit expense₹314 cr6.6%
Finance costs₹45 cr0.9%
Depreciation & amortisation₹125 cr2.6%
Other expenses₹744 cr15.6%
Tax expense₹159 cr3.3%
Profit for the period₹1,048 cr22.0%
Total income ₹4,145 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue4,532 cr4,313 cr4,081 cr
Total income4,562 cr4,348 cr4,145 cr
Expenses4,060 cr3,951 cr3,559 cr
Profit before tax502 cr397 cr586 cr
Tax137 cr133 cr159 cr
Net profit (owners' share)453 cr370 cr1,046 cr
Net margin (owners' share, on revenue)10.0%8.6%25.6%
EPS (₹)17.1714.0439.68
YoY (latest quarter): total income +15.6% · net profit +198.6%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹20,434 cr
Shareholder equity
₹9,156 cr
parent shareholders
Total debt
₹2,163 cr
Cash
₹1,513 cr
Cash flow · H1 FY26
Operating
₹-99 cr
Investing
₹-680 cr
Financing
₹189 cr
Peer comparison
Iron & Steel Products · by market value
CompanyPriceMarket capP/E
Welspun Corp Limitedthis company₹2,460₹64,903 cr15.5
APL Apollo Tubes Limited₹2,149₹59,664 cr56.7
Shyam Metalics and Energy Limited₹1,077₹29,982 cr21.4
Ratnamani Metals & Tubes Limited₹2,703₹18,943 cr57.6
Jindal Saw Limited₹291₹18,622 cr44.7
Usha Martin Limited₹496₹15,122 cr26.6
Godawari Power And Ispat limited₹238₹14,709 cr16.6
Gallantt Ispat Limited₹538₹12,974 cr26.2
Maharashtra Seamless Limited₹720₹9,651 cr9.1
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.20%
trailing 12 months
Dividend / share (TTM)
₹5
Last dividend
₹5
ex 30 Jun 2026
ActionDetailEx-date
Dividend₹5 / share30 Jun 2026
Dividend₹5 / share18 Jul 2025
Dividend₹5 / share28 Jun 2024
Dividend₹5 / share16 Jun 2023
Dividend₹5 / share9 Jun 2022
Dividend₹5 / share9 Aug 2021
Who owns it · 2026-06-30
No pledge
Promoter
49.7%
FII / Foreign
14.6%
DII / Domestic
19.9%
Retail / others
15.7%
Promoter stake down 0.2% over the last 12 quarters.
Smart-money activity
Insider trades
SoldTRIBHUWAN SINGH KATHAYAT · -6,600 · ₹35.2 L12 Jun 24
SoldTRIBHUWAN SINGH KATHAYAT · -500 · ₹2.7 L11 Jun 24
SoldGODFREY JOHN · -7,000 · ₹35.7 L18 Mar 24
Bulk / block deals
short · NSE3403 Sep 26
short · NSE2661 Sep 26
short · NSE128 Aug 26
Stake changes
SoldWelspun Investments and Commercials Limited · promoter→ 0.29% · 60.00 L26 Aug 26
BoughtMr. Balkrishan Goenka, Trustee of Welspun Group Master Trust alongwith PAC · promoter→ 44.91% · 4.50 L6 Mar 24
BoughtAuthum Investment & Infrastructure Limited→ 5.12% · 1.34 cr17 Oct 23
What shareholders were asked to approve
1 proposal passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 31 Jul 2025
See the official result
1
Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors’ and the Auditors’ thereon.
Backed by 100% of shareholders other than promotersneeded 50%
6.44 cr votes for, 28,079 against · 0% of mutual funds and other big investors said no
2
Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, and the Report of the Auditors’ thereon.
Backed by 100% of shareholders other than promotersneeded 50%
6.44 cr votes for, 28,079 against · 0% of mutual funds and other big investors said no
3
Declaration of dividend on equity shares
Backed by 100% of shareholders other than promotersneeded 50%
6.45 cr votes for, 555 against · 0% of mutual funds and other big investors said no
4
Retirement by rotation of Mr. Rajesh R. Mandawewala (DIN: 00007179).
Promoters had a personal stake in this
Backed by 70% of shareholders other than promotersneeded 50%
4.50 cr votes for, 1.95 cr against · 31% of mutual funds and other big investors said no
7
Payment of remuneration by way of Commission to Mr. Balkrishan Goenka, (DIN:00270175), Non-Executive Chairman of the Company.
⚑ Passed only because promoters voted yesPromoters had a personal stake in this
Backed by 63% of shareholders other than promotersneeded 75%
4.04 cr votes for, 2.41 cr against · 38% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 180 named members
owning 49.7% between them · as of 2026-06-30
Balkrishan Goenka, trustee of Welspun Group Master Trust44.55%
Aryabhat Vyapar Private Limited2.62%
Welspun Investments And Commercials Limited2.56%
Abhishek Mandawewala HUFno shares
Adani Welspun Exploration Limitedno shares
Alphaclarte Multiventures Private Limitedno shares
Alphaclarte Trading Private Limitedno shares
Angel Power and Steel Private Limited no shares
Business done with them
FY2026 · 7 of the group
The company paid ₹362 cr to companies in the promoter group last year — about 2.2% of its ₹16,770 cr revenue and received ₹145 cr back from them.
WELSPUN WASCO COATINGS PRIVATE LIMITED
Bought goods from them · As per below
₹159 cr
company paid
WELSPUN CAPTIVE POWER GENERATION LIMITED
Bought goods from them · As per below
₹65 cr
company paid
WELSPUN LIVING LIMITED
Sold goods to them · As per below
₹55 cr
company received
WELSPUN LIVING LIMITED
Bought goods from them · As per below
₹54 cr
company paid
WELSPUN CAPTIVE POWER GENERATION LIMITED
Other income from them · As per below
₹47 cr
company received
WELSPUN LIVING LIMITED
Contribution made to them · As per below
₹40 cr
company paid
MOUNTING RENEWABLE POWER LIMITED
Contribution made to them · As per below
₹32 cr
company paid
WELSPUN ENTERPRISES LIMITED
Sold goods to them · As per below
₹19 cr
company received
WELSPUN WASCO COATINGS PRIVATE LIMITED
Settlement Of Liabilities On Behalf Of Entity By Related Party · As per below
₹11 cr
company received
WELSPUN REALTY PRIVATE LIMITED
Bought goods from them · As per below
₹5 cr
company paid
WELSPUN WASCO COATINGS PRIVATE LIMITED
Other income from them · As per below
₹5 cr
company received
WELSPUN CAPTIVE POWER GENERATION LIMITED
Contribution made to them · As per below
₹3 cr
company paid
WELSPUN CAPTIVE POWER GENERATION LIMITED
Sold goods to them · As per below
₹3 cr
company received
WELSPUN LIVING LIMITED
Other income from them · As per below
₹2 cr
company received
WELSPUN REALTY PRIVATE LIMITED
Contribution received from them · As per below
₹2 cr
company received
WELSPUN WASCO COATINGS PRIVATE LIMITED
Settlement Of Liabilities By Entity On Behalf Of Related Party · As per below
₹2 cr
company paid
WELSPUN LIVING LIMITED
Settlement Of Liabilities On Behalf Of Entity By Related Party · As per below
₹1 cr
company received
WELSPUN ENTERPRISES LIMITED
Settlement Of Liabilities By Entity On Behalf Of Related Party · As per below
₹52 L
company paid
BHARGAVI RENEWABLE PRIVATE LIMITED
Contribution made to them · As per below
₹2 L
company paid
WELSPUN CAPTIVE POWER GENERATION LIMITED
Settlement Of Liabilities By Entity On Behalf Of Related Party · As per below
₹1 L
company paid

The company also transacted with 15 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.