Welspun Corp Q2 FY27 Results Analysis: Record EBITDA Jumps 25%, USD 4.7 Bn Order Book (WELCORP)
Welspun Corp Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 4,643.72 Cr (+6.18% YoY) and PAT growth of +13.39% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 4,643.72 Cr (+6.18% YoY) |
| PAT (Q2) | Rs. 498.56 Cr (+13.39% YoY) |
| EBITDA margin | 16.83% (+251 bps YoY) |
| EPS (Q2) | Rs. 18.91 (+13.20% YoY) |
| Market cap | Rs. 65,941.92 Cr |
| CMP | Rs. 2,499.10 |
Quarter Snapshot
Welspun Corp delivered record Q2 company-basis EBITDA of Rs.781.57 Cr (+24.82% YoY, 16.83% margin) with H1 tracking at 53.95% of the FY27 EBITDA guidance of Rs.2,850 Cr, alongside a record net cash position of Rs.3,886.66 Cr and H1 operating cash flow of Rs.3,107.59 Cr. A USD 115 mn US capacity expansion and a USD 4.7 Bn order book underpin visibility, though the Sintex-led Others segment loss widened to Rs.(43.51) Cr and standalone PBT fell 34% YoY on India softness. Q2 margin normalized from Q1's 18.53% peak, and the deferred-tax-driven negative current tax will normalize.
Key Investment Insights
Key Positives
- Revenue grew 6.18% YoY and 13.79% QoQ to Rs.4,643.72 Cr; H1 revenue Rs.8,724.84 Cr (+10.09% YoY)
- Company-basis EBITDA rose 24.82% YoY to Rs.781.57 Cr, a new Q2 record, with margin at 16.83% vs 14.32% a year ago
- H1 EBITDA of Rs.1,537.70 Cr is 53.95% of the FY27 guidance of Rs.2,850 Cr
- Net cash of Rs.3,886.66 Cr at Sep 30, 2026, up from Rs.1,627.08 Cr at Mar 31, 2026; Debt/Equity at 0.08 vs 0.23 in FY26
- H1 operating cash flow of Rs.3,107.59 Cr vs Rs.(98.82) Cr in H1 FY26; FCF of Rs.1,622.45 Cr after Rs.1,485.14 Cr capex
- Finance costs fell 22.22% YoY to Rs.38.41 Cr; debtor days improved to 22 from 34
- New US spiral facility approved: USD 115 mn capex, +225 KMTPA, operational March 2028
- Order book of USD 4.7 Bn (~Rs.45,000 Cr) as of Sep 25, 2026, up from ~Rs.25,750 Cr in Jul 2026
Risk Factors
- Others segment (Sintex-led) loss widened to Rs.(43.51) Cr from Rs.(28.29) Cr YoY, contradicting the promised turnaround over 3-4 quarters
- Standalone PBT before exceptionals fell 34.0% YoY to Rs.186.00 Cr, reflecting India demand softness
- EBITDA margin compressed to 16.83% from Q1's 18.53%; Steel segment result margin fell to 12.81% from 15.33% QoQ
- Share of JV/associates profit halved YoY to Rs.41.91 Cr from Rs.95.92 Cr
- Inventory build of Rs.680.94 Cr in H1 with changes-in-inventories at Rs.(117.52) Cr in Q2
- Current tax was negative at Rs.(57.84) Cr with deferred tax of Rs.218.33 Cr — a tax-timing distortion that will normalize
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.