Welspun Corp Limited (WELCORP) AI Stock Analysis

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Welspun Corp Limited

(NSE:WELCORP)

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Rating:73.1Outperform

Price Target:INR 2,604.00▲(11.54% Upside)

Action:reiterated

Date:09/19/26

The overall score of 73.1 reflects strong but cyclical financial performance with improving profitability and leverage as the primary driver, reinforced by a robust technical uptrend and positive momentum, while a rich valuation and volatile free cash-flow conversion modestly reduce the stock’s attractiveness.

Positive Factors

Revenue GrowthThe return to double-digit revenue growth indicates recovering demand for Welspun Corp’s infrastructure-related products after a stagnant year. If sustained, stronger sales should support operating leverage, improve capacity utilization, and reinforce the company’s position across energy and water pipeline markets.

Negative Factors

Cyclical EarningsThe sharp variation in profitability across recent years shows that Welspun Corp’s earnings remain sensitive to steel-cycle conditions and project economics. This volatility makes future margins less predictable and can limit the reliability of earnings growth even when revenue demand is recovering.

Welspun Corp Limited (WELCORP) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 617.49B
Dividend Yield: 0.21%
Average Volume (3M): 132.24K
Price to Earnings (P/E): 26.1
Beta (1Y): 1.05
Revenue Growth: 13.62%
EPS Growth: 9.05%
Country: India
Employees: 5,213
Sector: General
Sector Strength: 55
Industry: Steel

Welspun Corp Limited Business Overview & Revenue Model

Company Description

Mumbai, India-based Welspun Corp Limited, incorporated in 1995, operates as a leading global producer and vendor of steel piping, protective coatings, plates, and coils. The company maintains a significant presence in the United States, Saudi Arabia,...

Welspun Corp Limited Financial Statement Overview

Summary

Financial performance is solid overall, with strong recent earnings and a healthier, moderately leveraged balance sheet, but tempered by volatile revenue, margins, and uneven free cash-flow conversion.

Income Statement

78Positive

Balance Sheet

82Very Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	173.00B	167.70B	133.22B	168.96B	94.87B	63.29B
Gross Profit	59.32B	49.11B	39.65B	43.27B	20.68B	14.38B
EBITDA	33.85B	27.13B	29.24B	20.57B	8.63B	10.09B
Net Income	23.09B	16.13B	19.08B	11.10B	2.07B	4.39B
Balance Sheet
Total Assets	0	204.34B	152.37B	118.50B	153.39B	91.69B
Cash, Cash Equivalents and Short-Term Investments	37.64B	37.90B	18.02B	14.73B	20.72B	21.33B
Total Debt	0	23.55B	11.04B	19.49B	33.62B	20.57B
Total Liabilities	-94.06B	110.28B	75.08B	61.16B	104.95B	46.41B
Stockholders Equity	94.06B	91.56B	74.63B	56.16B	47.32B	44.28B
Cash Flow
Free Cash Flow	-11.00B	5.65B	4.12B	10.07B	-13.79B	-7.61B
Operating Cash Flow	-988.20M	30.98B	12.65B	13.06B	-1.85B	2.18B
Investing Cash Flow	-6.80B	-38.17B	1.16B	3.67B	-4.17B	-2.09B
Financing Cash Flow	1.89B	10.76B	-10.66B	-18.77B	9.09B	4.53B

Welspun Corp Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price2334.60

Price Trends

50DMA2546.65Negative

100DMA2073.14Positive

200DMA1524.64Positive

Market Momentum

MACD-34.80Positive

RSI41.61Neutral

STOCH46.40Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WELCORP, the sentiment is Negative. The current price of 2334.60 is below the 20-day moving average (MA) of 2559.12, below the 50-day MA of 2546.65, and above the 200-day MA of 1524.64, indicating a neutral trend. The MACD of -34.80 indicates Positive momentum. The RSI at 41.61 is Neutral, neither overbought nor oversold. The STOCH value of 46.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WELCORP.

Welspun Corp Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:WELCORP against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:WELCORP	73Outperform	INR 615.85B	26.07	―	0.21%	13.62%	9.05%
IN:RATNAMANI	71Outperform	INR 162.60B	37.55	―	0.43%	-16.30%	-24.14%
IN:APLAPOLLO	70Outperform	INR 600.02B	46.05	―	0.39%	15.83%	24.85%
IN:MANINDS	70Outperform	INR 54.45B	26.52	―	―	10.75%	9.71%
IN:SURYAROSNI	69Neutral	INR 44.23B	14.23	―	2.47%	11.69%	8.23%
IN:JINDALSAW	61Neutral	INR 146.03B	26.52	―	0.88%	-0.73%	-60.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IN:WELCORP and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:WELCORP	Welspun Corp Limited	2334.60	1384.76	145.79%
IN:APLAPOLLO	APL Apollo Tubes Limited	2161.00	370.34	20.68%
IN:JINDALSAW	Jindal Saw Limited	228.35	55.59	32.18%
IN:MANINDS	Man Industries (India) Limited	725.95	326.55	81.76%
IN:RATNAMANI	Ratnamani Metals & Tubes Ltd.	2319.85	-150.56	-6.09%
IN:SURYAROSNI	Surya Roshni Limited	203.25	-95.47	-31.96%

Welspun Corp Limited Corporate Events

Welspun Corp Sets Up New Jordan Subsidiary to Expand Steel Pipe Manufacturing

Oct 13, 2026

Welspun Corp Limited, through its wholly owned subsidiary Welspun Global Holdings Limited in the DIFC, UAE, has established a new step-down wholly owned subsidiary, Welspun Global Jordan, in Jordan, effective 12 October 2026. The move strengthens the...

Welspun Associate EPIC Wins ₹2,000 Crore Aramco Pipe Order in Saudi Arabia

Sep 20, 2026

Welspun Corp’s associate East Pipes Integrated Company for Industry in Saudi Arabia has secured a major contract from Saudi Arabian Oil Co. for the manufacture and supply of steel pipes worth over 771 million Saudi riyals, or about 2,000 crore...

Welspun Corp to Brief Investors on Record Order Win

Aug 21, 2026

Welspun Corp Limited has scheduled an investor conference call to discuss a major business development described as its largest ever order win. The call, organized by 360 ONE Capital Market Research, will be held on August 21, 2026, with participatio...

Welspun Corp Wins Record USD 1.8 Billion U.S. Pipe Order, Lifts Global Order Book to USD 4.4 Billion

Aug 20, 2026

Welspun Corp Limited has secured the largest single order in its history, worth about USD 1.8 billion (₹17,200 crore), to supply pipes from its U.S. manufacturing facility, with execution slated between FY 2028 and FY 2029. The record order sig...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 19, 2026

Welspun Corp Limited AI Stock Analysis

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