Welspun Corp Limited (WELCORP) has released its investor presentation for the quarter and nine months ended 31st December 2025. The company reported a significant increase in total income for Q3FY26, reaching ₹4,532 crore, a 25% rise compared to ₹3,614 crore in Q3FY25. EBITDA also saw a substantial jump of 35%, growing from ₹478 crore in Q3FY25 to ₹645 crore in Q3FY26. This growth was accompanied by an improvement in EBITDA margin, which stood at 14.7% for 9MFY26, up from 10.4% in FY24. The company's order book as of 21st January 2026, considering execution till 31st December 2025, stands at approximately ₹23,600 crore. This includes Line Pipes (India + USA) at ~1,374 KMT, DI Pipes at ~302 KMT, and Stainless Steel Bars & Pipes at ~5,810 MT. Sales volume for Q3FY26 showed positive year-on-year growth in key segments, with Line Pipes (India + USA) increasing by 13% to 265 KMT and DI Pipes by 39% to 92 KMT. Financially, PAT after minorities, associates & JVs for Q3FY26 was ₹453 crore, a 33% decrease from Q3FY25's ₹675 crore. However, this was largely due to a one-time gain of ₹378 crore from the sale of shares in Associate (EPIC) in the previous year's quarter. Excluding this, the underlying performance shows a positive trend. The company's Net Debt has decreased to ₹387 crore as of 9MFY26, with a Net Debt/EBITDA ratio of -0.06. ROCE has shown significant improvement, reaching 24.4% annualized for 9MFY26. Welspun Corp provided guidance for FY26, expecting revenue of ₹17,500 crore and EBITDA of ₹2,200 crore, with ROCE greater than 20%. The company highlighted strong business environments in USA, KSA, and India, driven by increasing demand for natural gas pipelines, infrastructure development, and new energy initiatives like hydrogen and CCUS. The Little Rock mill in the USA is booked till FY28, and the new LSAW pipe facility in KSA is expected to generate significant opportunities.
