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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹7642 Cr.
Stock P/E
19.9
P/B
2.5
Current Price
₹552.1
Book Value
₹ 220.1
Face Value
10
52W High
₹580.9
52W Low
₹ 391.2
Dividend Yield
0.54%

Welspun Enterprises Overview

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.

Welspun Enterprises Share Price

Live · BSE / NSE · Inception: 1994
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Welspun Enterprises Quarterly Results

#(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

Welspun Enterprises Profit & Loss

#(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

Welspun Enterprises Balance Sheet

#(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

Welspun Enterprises Cash Flow

#(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

Welspun Enterprises Ratios

# 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

Growth Rates

Compounded annual
# 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%

Welspun Enterprises Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 56.13 %
FII 3.46 %
DII (MF + Insurance) 5.74 %
Public (retail) 43.87 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 54.5154.5154.5154.5154.855.3155.3155.4856.1356.13
FII 4.574.554.74.714.594.174.173.973.763.46
DII 1.991.941.781.763.046.126.146.155.775.74
Public 45.4945.4945.4945.4945.244.6944.6944.5243.8743.87
Others 0000000000
Total 100100100100100100100100100100

Welspun Enterprises Peer Comparison

Engineering - Construction Edit Columns

Welspun Enterprises Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Welspun Enterprises Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%

Cons

  • Debtor days have increased from 402.73 to 414.62days.
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