WCL is one of the largest manufacturers of large diameter pipes globally. The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated)Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The company acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio. It has also made strategic acquisition of specified assets of ABG Shipyard.[1]
Market PositionThe company ranksamong the top 3 line pipe manufacturers globallyand is one of the largest producers of large-diameter SAW/ERW pipes worldwide.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | APL Apollo Tubes | 1934.70 | 51.22 | 53714.24 | 0.30 | 301.54 | 460.38 | 5206.30 | 9.06 | 22.36 | 21317.40 | 7.40 | 1048.79 | 301.54 | 11.66 | 10.02 | 0.16 |
| 2. | Shyam Metalics | 836.75 | 24.07 | 23356.36 | 0.54 | 260.45 | 21.47 | 4457.02 | 22.65 | 12.05 | 16767.73 | 12.46 | 970.37 | 261.76 | 2.12 | 5.92 | 0.10 |
| 3. | Welspun Corp | 738.65 | 25.91 | 19484.90 | 0.68 | 365.75 | 113.81 | 1822.41 | -10.35 | 18.19 | 8380.56 | 11.17 | 752.11 | 231.47 | 4.10 | 6.66 | 0.21 |
| 4. | Godawari Power | 265.15 | 23.94 | 17796.02 | 0.38 | 161.65 | 1.78 | 1307.68 | 3.16 | 23.25 | 5396.61 | 20.82 | 743.44 | 161.44 | 3.39 | 13.86 | 0.04 |
| 5. | Ratnamani Metals | 2171.80 | 25.10 | 15222.58 | 0.64 | 156.04 | 35.69 | 1191.69 | 22.69 | 21.51 | 5374.76 | 16.84 | 606.49 | 136.22 | 3.93 | 12.11 | 0.06 |
| 6. | Gallantt Ispat L | 557.00 | 27.28 | 13439.35 | 0.22 | 88.93 | 81.90 | 1012.75 | 7.45 | 19.20 | 4331.00 | 17.56 | 492.70 | 88.93 | 4.33 | 11.96 | 0.21 |
| 7. | Usha Martin | 434.25 | 31.36 | 13233.41 | 0.69 | 109.80 | 16.20 | 907.56 | 1.84 | 18.75 | 3551.37 | 16.89 | 421.99 | 127.50 | 4.46 | 11.50 | 0.09 |
| – | Median: 82 Co. | 156.88 | 22.69 | 891.61 | 0.0 | 10.46 | 12.73 | 201.63 | 8.49 | 13.98 | 739.1 | 8.35 | 33.83 | 10.52 | 2.27 | 6.68 | 0.26 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,616 | 1,729 | 3,138 | 2,103 | 1,778 | 2,323 | 2,877 | 2,073 | 2,033 | 2,449 | 2,281 | 1,828 | 1,822 |
Expenses | 1,734 | 1,606 | 2,766 | 1,928 | 1,708 | 2,214 | 2,742 | 1,866 | 1,841 | 2,181 | 2,038 | 1,592 | 1,634 |
Operating Profit | -118 | 124 | 372 | 175 | 70 | 109 | 135 | 207 | 191 | 268 | 244 | 236 | 188 |
Other Income | 170 | 8 | 14 | 47 | 242 | 9 | 179 | 33 | 51 | 32 | 414 | 159 | 322 |
Profit before tax | -19 | 37 | 275 | 116 | 220 | 32 | 227 | 153 | 145 | 210 | 566 | 326 | 445 |
Tax % | -19% | 36% | 26% | 25% | 19% | 31% | 17% | 26% | 25% | 26% | 18% | 22% | 18% |
Net Profit | -16 | 24 | 203 | 87 | 178 | 22 | 189 | 114 | 108 | 156 | 464 | 255 | 366 |
EPS in Rs | -0.60 | 0.91 | 7.75 | 3.34 | 6.82 | 0.84 | 7.21 | 4.33 | 4.13 | 5.94 | 17.69 | 9.68 | 13.87 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,868 | 4,949 | 3,772 | 4,346 | 4,020 | 4,136 | 4,253 | 5,285 | 5,288 | 7,731 | 9,082 | 8,835 | 8,381 |
Expenses | 4,620 | 4,653 | 3,601 | 3,834 | 3,695 | 4,043 | 4,005 | 4,679 | 4,977 | 7,280 | 8,593 | 7,912 | 7,445 |
Operating Profit | 248 | 296 | 172 | 512 | 324 | 93 | 249 | 606 | 311 | 451 | 489 | 924 | 936 |
Other Income | 174 | 134 | 99 | 203 | 128 | -118 | 400 | 865 | 476 | 251 | 477 | 515 | 927 |
Interest | 224 | 213 | 201 | 207 | 131 | 118 | 111 | 58 | 77 | 194 | 205 | 192 | 154 |
Depreciation | 226 | 243 | 248 | 244 | 116 | 113 | 123 | 110 | 115 | 138 | 165 | 173 | 161 |
Profit before tax | -28 | -26 | -179 | 264 | 205 | -255 | 414 | 1,303 | 595 | 371 | 596 | 1,074 | 1,547 |
Net Profit | -18 | -16 | -123 | 175 | 126 | -277 | 268 | 1,018 | 486 | 277 | 476 | 842 | 1,240 |
EPS in Rs | -0.67 | -0.60 | -4.64 | 6.58 | 4.74 | -10.45 | 10.28 | 39.02 | 18.61 | 10.60 | 18.20 | 32.08 | 47.18 |
Dividend Payout % | -75% | -84% | -11% | 8% | 11% | -5% | 102% | 13% | 27% | 47% | 27% | 16% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 131 | 132 | 133 | 133 | 133 | 133 | 130 | 130 | 130 | 131 | 131 | 131 | 132 |
Reserves | 1,822 | 1,738 | 1,497 | 1,677 | 1,783 | 1,504 | 1,430 | 2,576 | 2,924 | 3,076 | 3,433 | 4,168 | 4,623 |
Borrowings | 2,638 | 2,139 | 1,872 | 1,477 | 697 | 749 | 822 | 559 | 1,330 | 2,536 | 1,259 | 417 | 978 |
Other Liabilities | 1,407 | 2,983 | 2,414 | 3,006 | 2,893 | 2,012 | 2,487 | 1,906 | 2,049 | 2,626 | 2,939 | 3,423 | 2,980 |
Total Liabilities | 5,999 | 6,992 | 5,916 | 6,293 | 5,506 | 4,397 | 4,870 | 5,171 | 6,433 | 8,368 | 7,762 | 8,140 | 8,712 |
Fixed Assets | 2,984 | 2,808 | 2,596 | 2,370 | 2,198 | 773 | 817 | 1,094 | 1,007 | 2,288 | 2,271 | 2,122 | 2,145 |
Gross Block | 4,293.92 | 4,379.82 | 2,842.89 | 2,860.33 | 2,922.24 | 1,215.53 | 1,370.90 | 1,889.19 | 1,888.67 | 3,276.87 | 3,391.14 | 3,153.74 | – |
Accumulated Depreciation | 1,310.27 | 1,572.19 | 247.06 | 490.33 | 724.39 | 442.49 | 553.86 | 795.28 | 881.44 | 988.50 | 1,120.09 | 1,031.90 | – |
CWIP | 94 | 23 | 25 | 32 | 14 | 40 | 67 | 10 | 5 | 55 | 20 | 36 | 65 |
Investments | 1,481 | 1,030 | 953 | 738 | 567 | 616 | 506 | 1,723 | 2,746 | 1,956 | 1,472 | 1,951 | 2,362 |
Other Assets | 1,440 | 3,132 | 2,342 | 3,153 | 2,726 | 2,968 | 3,479 | 2,344 | 2,675 | 4,070 | 3,999 | 4,032 | 4,141 |
Total Assets | 5,999 | 6,992 | 5,916 | 6,293 | 5,506 | 4,397 | 4,870 | 5,171 | 6,433 | 8,368 | 7,762 | 8,140 | 8,712 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 415 | 256 | 336 | 266 | 792 | 253 | 16 | 378 | 193 | -439 | 638 | 1,001 |
Cash from Investing Activity | -8 | 557 | 95 | 350 | 188 | -236 | 359 | -198 | -163 | -27 | 726 | 122 |
Cash from Financing Activity | -772 | -732 | -488 | -594 | -902 | -39 | -374 | -197 | 235 | 593 | -1,546 | -1,155 |
Net Cash Flow | -365 | 81 | -56 | 22 | 78 | -23 | 1 | -17 | 265 | 127 | -183 | -31 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 29 | 128 | 95 | 111 | 100 | 64 | 58 | 42 | 55 | 44 | 66 | 54 |
Inventory Days | 54 | 75 | 103 | 154 | 121 | 34 | 175 | 57 | 70 | 114 | 69 | 103 |
Days Payable | 52 | 198 | 173 | 224 | 217 | 116 | 95 | 50 | 86 | 81 | 84 | 101 |
Cash Conversion Cycle | 31 | 5 | 25 | 41 | 4 | -18 | 138 | 49 | 40 | 77 | 52 | 56 |
Working Capital Days | -28 | 3 | 10 | 15 | 0 | 67 | 65 | 48 | -27 | -24 | 26 | 2 |
ROCE % | 3% | 4% | -1% | 12% | 11% | 4% | 22% | 44% | 18% | 9% | 15% | 18% |
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Stock Analysis
Welspun Corp Limited is a leading global manufacturer of large diameter pipes and also produces BIS-certified Steel Billets, TMT Rebars, Ductile Iron (DI) Pipes, and Stainless Steel Pipes, and Tubes & Bars. The company has expanded its building materials portfolio through acquisitions.
Consolidated global order book stands at approximately ₹23,500 Crore.
Currently no data available for Key Red Flags.
Currently no data available for Key Dates To Watch.
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