Welspun Corp is a global leader in large-diameter line pipes for oil & gas and water infrastructure, and this quarter's print comes against a record USD 4.7 Bn (~Rs. 45,000 Cr) order book and a US demand supercycle driven by LNG exports and AI data-center power needs. The key things the results will speak to are whether margins can hold anywhere near Q1's highest-ever 18.5% EBITDA margin amid coking coal at ~$300/t, and whether the FY27 EBITDA target of Rs. 2,850 Cr stays on track.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,081.12 Cr |
| Previous quarter PAT | Rs. 1,047.88 Cr (including a one-time EPIC stake-sale gain of Rs. 547.93 Cr; Rs. 499 Cr ex-exceptionals) |
| Previous quarter EBITDA margin | 18.5% |
| Net debt (latest quarter) | Net cash of Rs. 2,336 Cr |
| Market cap | Rs. 63,011.67 Cr |
| CMP | Rs. 2,388.7 |
The board is scheduled to meet on October 29, 2026, to consider the Q2 and H1 FY27 financial results; the trading window remains closed until October 31, 2026.
The quarter tests whether Welspun Corp can extend its record run after Q1 FY27 delivered EBITDA of Rs. 756 Cr (+35% YoY, the highest ever) at an 18.5% margin, with the global order book at a record USD 4.7 Bn (~Rs. 45,000 Cr) by September 25 — a +74.76% expansion in two months on the back of the two largest-ever US orders. The demand backdrop firmed through the quarter: US rig counts hit 588 in the week to July 17, 2026 (+8% YoY), US LNG exports averaged 17.4 Bcf/d in H1 2026 (+23% YoY), and Kinder Morgan committed on October 21, 2026 to the $4.2 Bn Permian Link pipeline for a data-center complex. The main cost swing factor is coking coal, which rose from $260/t in June 2026 to roughly $300–305/t by September with the company's two-quarter forward cover rolled off — a live input headwind on the India DI and pig-iron side, even as steel remains a contracted pass-through in the US book. India remains the drag: JJM 2.0's conditional fund flows and contractor payment delays of 6–20 months support management's 'muted' domestic demand framing, keeping the India DI mix weighted to exports and pig iron. Management has guided FY27 revenue of Rs. 20,000 Cr (+19%) and EBITDA of Rs. 2,850 Cr (+20%), committing to absolute EBITDA numbers with guardrails of ROCE above 20% and Net Debt/EBITDA below 1x; Q1's Rs. 756 Cr was about 26% of the FY27 EBITDA target, so whether H1 crosses roughly half of Rs. 2,850 Cr — and whether guidance is reiterated unchanged — will be a focal point of the call.
FY27 EBITDA guidance (Rs. 2,850 Cr) tracking: Management commits to absolute EBITDA, not margins.
Margin sustainability after Q1's 18.5%
US and Saudi new-capacity ramp
Order book execution and India DI pivot
Sintex, EPIC and corporate actions
Management acknowledged increasing competitive intensity with Indian players like Jindal Saw, Man Industries and Ratnamani entering the region, but said the market is large enough and cited Welspun's 15–22 year presence and customer relationships as advantages. The Saudi anti-dumping investigation on DI imports is progressing and is viewed as positive for Welspun's Saudi DI plant.
Management said guidance is factored on the order book and execution timelines, and expressed confidence to achieve or exceed it without changing it drastically. A bigger guidance discussion was deferred to FY27 when the new capacities come online.
Management has guided FY27 consolidated revenue of Rs. 20,000 Cr (+19%) and EBITDA of Rs. 2,850 Cr (+20%) over FY26 actuals of Rs. 16,770 Cr and Rs. 2,371 Cr. The stated guardrails are ROCE above 20% and Net Debt/EBITDA below 1x.
EBITDA margin was 18.5% in Q1 FY27, up from 12.5% in Q4 FY26, with EBITDA of Rs. 756 Cr up 35% YoY — the highest ever. Reported PAT of Rs. 1,047.88 Cr included a one-time EPIC stake-sale gain of Rs. 547.93 Cr; PAT ex-exceptionals was Rs. 499 Cr.