Engineering - Construction · Founded 1994 · www.welspunenterprises.com · BSE 532553 · NSE WELENT · ISIN INE625G01013
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Business
Welspun Enterprises Ltd. (WELENT) is an India-based infrastructure development and construction company. Its core business involves developing and executing projects primarily in the road and water infrastructure segments, often under Public-Private Partnership (PPP) models such as Hybrid Annuity Model (HAM) for roads, and Engineering, Procurement, and Construction (EPC) contracts. The company also holds investments in other areas, including an oil and gas exploration joint venture. It makes money through construction revenues from EPC and HAM projects, and upon completion of HAM projects, through annuity payments received from the awarding authorities over the concession period. For BOT (Build-Operate-Transfer) projects (historically undertaken), revenue was generated through toll collections.
Revenue Mix
The company's primary revenue streams are derived from:
Infrastructure Development: This is the core segment, predominantly focusing on executing road projects (especially under the HAM model) and water infrastructure projects (water treatment, supply, and irrigation).
Investments / Other Ventures: WELENT also acts as a holding company for certain investments in other Welspun Group ventures, including a minority stake in an oil & gas exploration block. While not its primary operational segment, these investments contribute to its overall financial profile.
(Specific percentage breakdowns are not consistently disclosed or vary annually; the focus remains on infrastructure execution).
Industry
The Indian infrastructure sector is highly competitive, capital-intensive, and largely driven by government spending and policy initiatives. It is characterized by numerous players ranging from large conglomerates to smaller regional contractors. Welspun Enterprises is positioned as a reputable player within this sector, particularly strong in the road construction (HAM projects) and water infrastructure space. It competes with other established Indian infrastructure developers and EPC contractors such as L&T, IRB Infrastructure Developers, PNC Infratech, Dilip Buildcon, and Ashoka Buildcon. Being part of the diversified Welspun Group provides it with a strong brand legacy and financial backing.
MOAT
Execution Capability & Track Record: WELENT has a proven track record of timely and quality execution of complex infrastructure projects, particularly in the HAM road segment. This fosters trust with government awarding authorities and enhances its ability to win new bids.
Financial Prudence: The company has historically maintained a relatively strong balance sheet and prudent financial management, which is crucial for a capital-intensive sector, enabling it to bid for larger projects and secure financing efficiently.
Strategic Project Selection: Focus on specific, relatively de-risked models like HAM (where revenue streams are predictable post-construction) allows for better risk management compared to pure BOT projects.
Group Synergies: Leveraging the broader Welspun Group's reputation, resources, and shared expertise can provide an edge in terms of project financing, strategic partnerships, and talent acquisition.
Growth Drivers
Government Infrastructure Push: Continued high budgetary allocations and policy thrust by the Indian government towards infrastructure development (e.g., National Infrastructure Pipeline, Gati Shakti Master Plan for roads, railways, ports, water) provide a robust pipeline of projects.
Road Sector Growth (HAM): The Hybrid Annuity Model (HAM) continues to be favored for road projects, offering developers more predictable revenue streams and better risk-sharing, which WELENT is well-positioned to capitalize on.
Water Infrastructure Demand: Significant investment is required in water treatment, supply, and irrigation projects across India (e.g., Jal Jeevan Mission), presenting substantial opportunities.
Order Book Expansion: The company's ability to consistently win new, high-value projects and efficiently execute its existing order book will be a primary driver of revenue growth.
Risks
Project Execution Risks: Potential delays in land acquisition, obtaining environmental clearances, cost overruns, and unforeseen geological or site conditions can significantly impact project timelines and profitability.
Regulatory and Policy Changes: Adverse changes in government policies, bidding terms, concession agreements, or the regulatory environment for infrastructure projects can affect business viability.
Competition: The infrastructure sector is highly competitive, which can lead to aggressive bidding, margin compression, and difficulty in securing new projects at favorable terms.
Funding and Interest Rate Risks: High capital requirements necessitate access to financing, and rising interest rates can increase borrowing costs, impacting project economics.
Counterparty Risk: Delays or defaults in annuity payments or other dues from government agencies or other clients can affect cash flows.
Management & Ownership
Welspun Enterprises Ltd. is part of the Welspun Group, a prominent Indian conglomerate founded by Mr. B.K. Goenka. The company is promoter-led, with the Welspun Group holding a significant ownership stake. The management is generally perceived to be professional, with a focus on prudent financial management, risk mitigation, and strong project execution capabilities, which is critical in the infrastructure sector.
Outlook
Welspun Enterprises is strategically positioned to benefit from India's significant and ongoing infrastructure development push. The government's sustained focus on roads and water infrastructure, coupled with models like HAM that de-risk developers, provides a positive long-term environment. The company's proven execution track record, relatively strong balance sheet, and disciplined bidding approach are key strengths. However, the sector remains intensely competitive, capital-intensive, and susceptible to execution challenges (land acquisition, clearances) and potential delays in government payments. Continuous success hinges on WELENT's ability to maintain its operational efficiency, judiciously bid for and win new projects, and manage the inherent risks associated with large-scale infrastructure development.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 707 | 823 | 930 | 815 | 896 | 1054 | 845 | 784 | 787 | 1199 |
| Other Income | 47 | 44 | 30 | 23 | 23 | 22 | 26 | 19 | 20 | 32 |
| Total Income | 754 | 867 | 960 | 838 | 919 | 1076 | 871 | 803 | 806 | 1232 |
| Total Expenditure | 580 | 710 | 767 | 688 | 739 | 869 | 663 | 612 | 633 | 960 |
| Operating Profit | 174 | 157 | 193 | 150 | 180 | 207 | 208 | 192 | 174 | 272 |
| Interest | 28 | 28 | 30 | 34 | 50 | 44 | 42 | 53 | 52 | 53 |
| Depreciation | 9 | 9 | 9 | 14 | 14 | 15 | 11 | 13 | 13 | 13 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | -49 | 0 |
| Profit Before Tax | 136 | 119 | 154 | 102 | 117 | 150 | 155 | 126 | 60 | 206 |
| Provision for Tax | 38 | 34 | 38 | 28 | 34 | 37 | 40 | 30 | 27 | 42 |
| Profit After Tax | 98 | 85 | 116 | 73 | 83 | 113 | 115 | 96 | 33 | 164 |
| Adjustments | -27 | -15 | -18 | -15 | -12 | -19 | -24 | -5 | -9 | -19 |
| Profit After Adjustments | 72 | 70 | 98 | 59 | 71 | 95 | 91 | 90 | 24 | 145 |
| Adjusted Earnings Per Share | 5.2 | 5.1 | 7.2 | 4.3 | 5.2 | 6.9 | 6.6 | 6.6 | 1.8 | 10.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 826 | 188 | 305 | 1067 | 1787 | 1808 | 1530 | 1342 | 2758 | 2874 | 3584 | 3615 |
| Other Income | 73 | 103 | 101 | 115 | 74 | 112 | 142 | 57 | 143 | 191 | 208 | 97 |
| Total Income | 898 | 291 | 406 | 1182 | 1860 | 1919 | 1672 | 1399 | 2902 | 3065 | 3793 | 3712 |
| Total Expenditure | 835 | 235 | 335 | 987 | 1593 | 1598 | 1358 | 1192 | 2511 | 2448 | 3062 | 2868 |
| Operating Profit | 63 | 56 | 71 | 195 | 267 | 321 | 313 | 207 | 391 | 616 | 730 | 846 |
| Interest | 138 | 13 | 10 | 33 | 54 | 77 | 110 | 83 | 119 | 110 | 158 | 200 |
| Depreciation | 88 | 27 | 21 | 24 | 11 | 23 | 16 | 16 | 13 | 28 | 51 | 50 |
| Exceptional Income / Expenses | 174 | -23 | -23 | -20 | 20 | 0 | 0 | 0 | 483 | 0 | 1 | -49 |
| Profit Before Tax | 11 | -4 | 15 | 116 | 207 | 203 | 180 | 105 | 741 | 479 | 520 | 547 |
| Provision for Tax | 10 | -5 | 10 | 46 | 80 | 52 | 50 | 26 | 57 | 130 | 136 | 139 |
| Profit After Tax | 1 | 1 | 5 | 69 | 127 | 151 | 130 | 80 | 684 | 349 | 384 | 408 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | -2 | -1 | 45 | 38 | -54 | -61 | -57 |
| Profit After Adjustments | 1 | 1 | 5 | 69 | 127 | 149 | 129 | 125 | 723 | 295 | 323 | 350 |
| Adjusted Earnings Per Share | 0 | 0 | 0.3 | 4.7 | 8.6 | 10 | 8.7 | 8.3 | 48.2 | 21.6 | 23.6 | 25.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 25% | 39% | 15% | 16% |
| Operating Profit CAGR | 19% | 52% | 18% | 28% |
| PAT CAGR | 10% | 69% | 21% | 81% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 3% | 47% | 36% | 24% |
| ROE Average | 16% | 21% | 15% | 9% |
| ROCE Average | 19% | 20% | 15% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1515 | 1421 | 1258 | 1339 | 1454 | 1579 | 1684 | 1791 | 2356 | 2323 | 2540 |
| Minority's Interest | 9 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 6 | 167 | 169 |
| Borrowings | 306 | 79 | 125 | 415 | 404 | 478 | 2044 | 2303 | 287 | 558 | 1269 |
| Other Non-Current Liabilities | 40 | 34 | 29 | 23 | 27 | 19 | 39 | 242 | 412 | 295 | 99 |
| Total Current Liabilities | 247 | 78 | 208 | 415 | 1000 | 1025 | 1014 | 1549 | 2040 | 1589 | 1954 |
| Total Liabilities | 2118 | 1612 | 1621 | 2192 | 2885 | 3101 | 4783 | 5888 | 5100 | 4932 | 6031 |
| Fixed Assets | 501 | 169 | 110 | 27 | 80 | 107 | 103 | 1871 | 70 | 289 | 303 |
| Other Non-Current Assets | 720 | 455 | 348 | 961 | 1257 | 1569 | 3348 | 2375 | 1158 | 1442 | 2087 |
| Total Current Assets | 897 | 989 | 1162 | 1204 | 1547 | 1425 | 1332 | 1617 | 3595 | 2975 | 3445 |
| Total Assets | 2118 | 1612 | 1621 | 2192 | 2885 | 3101 | 4783 | 5888 | 5100 | 4932 | 6031 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 101 | 677 | 785 | 967 | 697 | 494 | 493 | 337 | 262 | 1616 | 728 |
| Cash Flow from Operating Activities | -10 | -17 | -24 | -287 | -116 | -58 | 9 | 287 | 345 | -344 | -273 |
| Cash Flow from Investing Activities | -125 | 161 | 327 | -250 | -139 | -62 | -918 | -487 | 1289 | -64 | -17 |
| Cash Flow from Financing Activities | -102 | -36 | -122 | 268 | 53 | 106 | 753 | 125 | -204 | -486 | 536 |
| Net Cash Inflow / Outflow | -237 | 108 | 181 | -270 | -202 | -14 | -156 | -75 | 1430 | -895 | 246 |
| Closing Cash & Cash Equivalent | 681 | 785 | 967 | 697 | 494 | 493 | 337 | 262 | 1599 | 728 | 974 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.04 | 0.03 | 0.34 | 4.71 | 8.56 | 10.03 | 8.67 | 8.33 | 48.19 | 21.62 | 23.59 |
| CEPS(Rs) | 5.13 | 1.61 | 1.76 | 6.31 | 9.34 | 11.7 | 9.82 | 6.39 | 46.51 | 27.57 | 31.78 |
| DPS(Rs) | 0 | 0 | 0.75 | 1.5 | 2 | 2 | 1.5 | 1.5 | 8.5 | 3 | 3 |
| Book NAV/Share(Rs) | 87.39 | 81.6 | 85.33 | 90.11 | 97.03 | 105.03 | 111.82 | 118.92 | 156.88 | 170.12 | 185.77 |
| Core EBITDA Margin(%) | -1.08 | -24.82 | -9.75 | 7.51 | 10.82 | 11.59 | 11.21 | 11.18 | 8.98 | 14.81 | 14.56 |
| EBIT Margin(%) | 16.75 | 4.71 | 8.27 | 13.95 | 14.59 | 15.5 | 18.97 | 14.03 | 31.19 | 20.47 | 18.91 |
| Pre Tax Margin(%) | 1.25 | -2.11 | 4.94 | 10.85 | 11.59 | 11.22 | 11.75 | 7.85 | 26.88 | 16.65 | 14.51 |
| PAT Margin (%) | 0.08 | 0.34 | 1.62 | 6.51 | 7.1 | 8.36 | 8.51 | 5.94 | 24.81 | 12.14 | 10.7 |
| Cash Profit Margin (%) | 9.97 | 14.87 | 8.47 | 8.72 | 7.74 | 9.61 | 9.56 | 7.13 | 25.29 | 13.1 | 12.12 |
| ROA(%) | 0.05 | 0.03 | 0.31 | 3.64 | 4.99 | 5.05 | 3.3 | 1.5 | 12.46 | 6.95 | 7 |
| ROE(%) | 0.07 | 0.04 | 0.37 | 5.37 | 9.17 | 10.09 | 8.08 | 4.63 | 33.11 | 14.92 | 15.78 |
| ROCE(%) | 10.87 | 0.51 | 1.73 | 9.29 | 13.56 | 12.63 | 9.2 | 4.58 | 23.2 | 19.02 | 19.08 |
| Receivable days | 16.46 | 68.71 | 33.78 | 9.09 | 32.15 | 47.19 | 38.33 | 37.01 | 30.67 | 49.65 | 36.11 |
| Inventory Days | 11.52 | 52.92 | 17.23 | 0.63 | 0.15 | 0.14 | 0.66 | 7.2 | 8.9 | 15.43 | 16.26 |
| Payable days | 22.67 | 66.55 | 224.72 | 3604.08 | 8314.08 | 0 | 0 | 1895.58 | 344.62 | 402.73 | 414.62 |
| PER(x) | 800.77 | 1369.57 | 248.22 | 30.02 | 12.41 | 4.08 | 12.6 | 8.76 | 2.61 | 14.11 | 20.49 |
| Price/Book(x) | 0.36 | 0.58 | 0.98 | 1.57 | 1.09 | 0.39 | 0.98 | 0.61 | 0.8 | 1.79 | 2.6 |
| Dividend Yield(%) | 0 | 0 | 0.9 | 1.06 | 1.88 | 4.89 | 1.37 | 2.06 | 6.76 | 0.98 | 0.62 |
| EV/Net Sales(x) | 1.11 | 4.67 | 3.52 | 2.31 | 1.13 | 0.7 | 2.38 | 2.48 | 0.76 | 1.54 | 2.08 |
| EV/Core EBITDA(x) | 14.54 | 15.67 | 15.1 | 12.65 | 7.55 | 3.95 | 11.63 | 16.08 | 5.36 | 7.19 | 10.21 |
| Net Sales Growth(%) | 239.14 | -77.22 | 62.42 | 249.37 | 67.42 | 1.17 | -15.38 | -12.24 | 105.48 | 4.21 | 24.7 |
| EBIT Growth(%) | 631.83 | -94.07 | 185.54 | 489.24 | 75.04 | 7.47 | 3.6 | -35.1 | 356.79 | -31.6 | 15.22 |
| PAT Growth(%) | 101.11 | -6.64 | 687.3 | 1299.8 | 82.57 | 19.23 | -13.86 | -38.7 | 757.67 | -49.03 | 9.96 |
| EPS Growth(%) | 100.26 | -11.31 | 876.23 | 1297.33 | 81.79 | 17.21 | -13.59 | -3.92 | 478.82 | -55.14 | 9.15 |
| Debt/Equity(x) | 0.3 | 0.07 | 0.12 | 0.35 | 0.41 | 0.52 | 1.34 | 1.41 | 0.32 | 0.32 | 0.59 |
| Current Ratio(x) | 3.63 | 12.61 | 5.58 | 2.9 | 1.55 | 1.39 | 1.31 | 1.04 | 1.76 | 1.87 | 1.76 |
| Quick Ratio(x) | 3.51 | 12.28 | 5.56 | 2.9 | 1.55 | 1.39 | 1.31 | 1.01 | 1.72 | 1.77 | 1.68 |
| Interest Cover(x) | 1.08 | 0.69 | 2.48 | 4.49 | 4.86 | 3.62 | 2.63 | 2.27 | 7.24 | 5.36 | 4.29 |
| Total Debt/Mcap(x) | 3.59 | 0.11 | 0.12 | 0.22 | 0.38 | 1.34 | 1.37 | 2.3 | 0.43 | 0.18 | 0.22 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.51 | 54.51 | 54.51 | 54.51 | 54.8 | 55.31 | 55.31 | 55.48 | 56.13 | 56.13 |
| FII | 4.57 | 4.55 | 4.7 | 4.71 | 4.59 | 4.17 | 4.17 | 3.97 | 3.76 | 3.46 |
| DII | 1.99 | 1.94 | 1.78 | 1.76 | 3.04 | 6.12 | 6.14 | 6.15 | 5.77 | 5.74 |
| Public | 38.92 | 39 | 39.01 | 39.02 | 37.57 | 34.41 | 34.38 | 34.4 | 34.33 | 34.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.55 | 7.55 | 7.55 | 7.55 | 7.59 | 7.66 | 7.66 | 7.68 | 7.77 | 7.77 |
| FII | 0.63 | 0.63 | 0.65 | 0.65 | 0.63 | 0.58 | 0.58 | 0.55 | 0.52 | 0.48 |
| DII | 0.28 | 0.27 | 0.25 | 0.24 | 0.42 | 0.85 | 0.85 | 0.85 | 0.8 | 0.79 |
| Public | 5.39 | 5.4 | 5.4 | 5.4 | 5.2 | 4.76 | 4.76 | 4.76 | 4.75 | 4.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +25% | +39% | +15% | +16% |
| Operating Profit CAGR | +19% | +52% | +18% | +28% |
| PAT CAGR | +10% | +69% | +21% | +81% |
| Share Price CAGR | +3% | +47% | +36% | +24% |
| ROE Average | +16% | +21% | +15% | +9% |
| ROCE Average | +19% | +20% | +15% | +11% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.51 | 54.51 | 54.51 | 54.51 | 54.8 | 55.31 | 55.31 | 55.48 | 56.13 | 56.13 |
| FII | 4.57 | 4.55 | 4.7 | 4.71 | 4.59 | 4.17 | 4.17 | 3.97 | 3.76 | 3.46 |
| DII | 1.99 | 1.94 | 1.78 | 1.76 | 3.04 | 6.12 | 6.14 | 6.15 | 5.77 | 5.74 |
| Public | 45.49 | 45.49 | 45.49 | 45.49 | 45.2 | 44.69 | 44.69 | 44.52 | 43.87 | 43.87 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.55 | 7.55 | 7.55 | 7.55 | 7.59 | 7.66 | 7.66 | 7.68 | 7.77 | 7.77 |
| FII | 0.63 | 0.63 | 0.65 | 0.65 | 0.63 | 0.58 | 0.58 | 0.55 | 0.52 | 0.48 |
| DII | 0.28 | 0.27 | 0.25 | 0.24 | 0.42 | 0.85 | 0.85 | 0.85 | 0.8 | 0.79 |
| Public | 6.3 | 6.3 | 6.3 | 6.3 | 6.26 | 6.19 | 6.19 | 6.16 | 6.07 | 6.07 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 | 13.84 |
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