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Welspun Enterprises Results: Latest Quarterly Results & Analysis

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Welspun Enterprises Ltd. 11 Nov 2025 16:28 PM
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Q2FY26 Quarterly Result Announced for Welspun Enterprises Ltd.

Construction & Engineering company Welspun Enterprises announced Q2FY26 results

  • Revenue from Operations: Rs 784 crore against Rs 815 crore during Q2FY25, change -4%.
  • EBITDA: Rs 192 crore against Rs 150 crore during Q2FY25, change 28%.
  • EBITDA Margin: 23.9% for Q2FY26.
  • PBT: Rs 126 crore against Rs 102 crore during Q2FY25, change 24%.
  • PAT: Rs 98 crore against Rs 62 crore during Q2FY25, change 59%.

Sandeep Garg, Managing Director, Welspun Enterprises, said:- “We continue to sustain strong growth momentum, delivering a 17% YoY rise in EBITDA and achieving a record-high consolidated EBITDA margin of 23.9% in Q2FY26. We remain on track to meet our annual revenue guidance of Rs 4,000 crore at a consolidated level.

Our recent win of the landmark 910 MLD Water Treatment Plant project at Panjrapur, Maharashtra, marks another milestone in our journey to become a leading player in the water sector. Together with the ongoing 2,000 MLD Bhandup project, we will soon be treating nearly 70% of Mumbai’s freshwater requirement.

On the industry front, we are witnessing strong traction in BOT (Toll) and HAM projects in transportation, as well as in water projects across river interlinking, treatment and desalination. Expanding opportunities in the tunnelling segment for both transport and water are also on the horizon. We continue to evaluate these prospects and will bid selectively for projects that meet our return benchmarks.

To capitalise on upcoming opportunities, we are in the process of raising finances of Rs 1,000 crore through a preferential issue of warrants via private placement, including to the promoter group, reflecting continued confidence in our long-term growth strategy.

With these efforts, we continue to advance our 3G strategy - Growth, Governance, and Green, with an unwavering focus on delivering sustainable value to all stakeholders.”

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Construction & Engineering company Welspun Enterprises  announced Q1FY26 results

  • Revenue from Operations: Rs 845 crore compared to Rs 930 crore during Q1FY25, change -9%.
  • EBITDA: Rs 208 crore compared to Rs 193 crore during Q1FY25, change 8%.
  • PBT: Rs 154 crore compared to Rs 154 crore during Q1FY25.
  • PAT: Rs 101 crore compared to Rs 110 crore during Q1FY25, change -8%.

Sandeep Garg, Managing Director, Welspun Enterprises, said: “For Q1FY26, we delivered 8% YoY growth in EBITDA, achieving a record-high consolidated EBITDA margin of 23.9%. This strong performance underscores our continued focus on high-quality project selection and disciplined cost management.

Our consolidated order book stands at Rs 13,665 crore, and we are actively bidding for additional projects worth Rs 12,000– 13,000 crore over the next 30–45 days. With a robust order pipeline and healthy execution momentum, we remain confident in achieving our full-year revenue growth guidance of 15–20%.

I am also pleased to share that our landmark Aunta–Simaria Road Project has received the Provisional Completion Certificate (PCOD) and is on track for monetization by the end of this financial year.

We will continue to build on our 3G strategy — Growth, Governance, and Green — with a steadfast commitment to delivering longterm, sustainable value to our stakeholders.”

Result PDF

Construction & Engineering company Welspun Enterprises announced Q4FY25 & FY25 results

Consolidated Q4FY25 Financial Highlights:

  • Revenue from Operations for Q4 FY25 was Rs 1,021 crore, a 24% increase compared to Rs 823 crore in Q4 FY24.
  • Total Income for Q4 FY25 was Rs 1,076 crore, a 24% increase compared to Rs 867 crore in Q4 FY24.
  • Reported EBITDA for Q4 FY25 was Rs 207 crore, a 32% increase compared to Rs 157 crore in Q4 FY24.
  • Reported EBITDA Margin for Q4 FY25 stood at 19.3%, expanding by 118 bps from 18.1% in Q4 FY24.
  • PBT for Q4 FY25 was Rs 148 crore, a 24% increase compared to Rs 120 crore in Q4 FY24.
  • PAT for Q4 FY25 was Rs 105 crore, a 36% increase compared to Rs 78 crore in Q4 FY24.

Consolidated FY25 Financial Highlights:

  • Revenue from Operations for FY25 was Rs 3,584 crore, a 25% increase compared to Rs 2,874 crore in FY24.
  • Total Income for FY25 was Rs 3,793 crore, a 23% increase compared to Rs 3,063 crore in FY24.
  • Reported EBITDA for FY25 was Rs 730 crore, an 18% increase compared to Rs 616 crore in FY24.
  • Reported EBITDA Margin for FY25 stood at 19.3%, a decline of 87 bps from 20.1% in FY24.
  • PBT for FY25 was Rs 520 crore, a 9% increase compared to Rs 479 crore in FY24.
  • PAT for FY25 was Rs 354 crore, an 11% increase compared to Rs 319 crore in FY24.

Standalone Q4FY25 Financial Highlights:

  • Revenue from Operations for Q4 FY25 was Rs 734 crore, a 14% increase compared to Rs 644 crore in Q4 FY24.
  • Total Income for Q4 FY25 was Rs 760 crore, a 14% increase compared to Rs 665 crore in Q4 FY24.
  • Reported EBITDA for Q4 FY25 was Rs 122 crore, a 26% increase compared to Rs 97 crore in Q4 FY24.
  • PAT Margin for Q4 FY25 stood at 11.1%, expanding by 149 bps from 9.6% in Q4 FY24.

Standalone FY25 Financial Highlights:

  • Revenue from Operations for FY25 was Rs 2,827 crore, a 15.4% increase compared to Rs 2,450 crore in FY24.
  • Total Income for FY25 was Rs 2,934 crore, a 14.9% increase compared to Rs 2,553 crore in FY24.
  • Reported EBITDA for FY25 was Rs 455 crore, a 3.6% increase compared to Rs 439 crore in FY24.
  • PAT for FY25 was Rs 308 crore, a 7.9% increase compared to Rs 285 crore in FY24.

Speaking about the performance,  Sandeep Garg, Managing Director, Welspun Enterprises, said, “We are pleased to deliver an exceptionally strong consolidated annual revenue growth of 25% in FY 25, ending at Rs 3,584 crore. This is ahead of our medium-term guidance of 15-20% growth. This is reflective of our continued focus on execution, growth and quality of the order book. We ended the year with an order book of Rs 14,354 crore, above 3X of trailing revenues and continue to have strong pipeline visibility to deliver a sustained doubledigit revenue of 15-20% over next few years. Our quality of order book will lead to higher margin, return-accretive projects in water EPC, thus leading to higher EBITDA margin in the coming years.

As guided earlier, we also closed strong on the EBITDA at Rs 730 crore, delivering above the earlier guided numbers. We consolidated our water business by increasing our stake in Welspun Michigan Engineers (WMEL) to 60% during the year. We have a healthy Balance Sheet with cash and cash equivalent of Rs. 1,155 crore for supporting future growth. We will continue our 3G strategy of 'Growth, Governance & Green' to deliver superior value to our stakeholders”

Result PDF

Construction & Engineering company Welspun Enterprises announced Q3FY25 results

  • Revenue: Rs 867 crore compared to Rs 707 crore during Q3FY24, change 23%.
  • EBITDA: Rs 180 crore compared to Rs 174 crore during Q3FY24, change 4%.
  • EBITDA margin: 19.6% for Q3FY25.
  • PAT: Rs 77 crore compared to Rs 80 crore during Q3FY24, change -4%.

Sandeep Garg, Managing Director, Welspun Enterprises, said: “We have continued the momentum from the second quarter, and delivered the highest ever first 9 months consolidated revenue of Rs 2,563 crore. This marks a growth of 25% in the 9 months of FY25 over the same period last year. This performance along with consolidated order book of Rs 14,500 crore gives us a visibility of a full year FY25 consolidated EBITDA of ~ Rs 700 crore, Continuing with objective of 3G- “Growth, Green & Governance” we are excited to share that we are cleaning Durga Kund (Varanasi) & Pandharpur Vitthal Temple water by the Smart-Ops technology which is likely to bring in revolution in the way waste water is treated.”

Result PDF

Iron & Steel Products company Welspun Enterprises announced FY24 results:

  • Diversified standalone order book stands at ~ Rs 12,200 crore.
  • The order book is categorized as follows:
    • Water & Wastewater management projects constitutes 77%
    • Road projects constitutes 23%
  • Debt Free company on standalone basis
  • The Board has recommended Final Dividend of Rs 3 per equity share of FV Rs 10 (30% of FV)
  • FY24 EBITDA of Rs 439 crore has grown by 31% over FY23
  • Inauguration of UP Section of our Varanasi Aurangabad Road Project by the Honorable Prime Minister 

Speaking about the performance, Sandeep Garg, Managing Director, Welspun Enterprises, said, “FY24 has been a year of consolidation, where we have acquired and successfully integrated Welspun Michigan Ltd. (erstwhile Michigan Engineers Pvt. Ltd.) with WEL. The standalone revenue has been subdued, due to some challenges on the existing projects and delayed order receipts, however, we have surpassed our margin guidance. On a consolidated basis, we have grown revenues by 4%, with EBITDA growth of 58%. This consolidated performance is an outcome of strategic diversification, and efficient deployment of capital that followed from our asset sale in FY23. Our commitment to creating value for our shareholders remains steadfast.”

Result PDF

Iron & Steel/Intermediate Products company Welspun Enterprises announced Q1FY24 results:

  • Diversified order book stands at ~ Rs 96,000 million, which includes ~Rs 18,000 million allocated for O&M and asset replacement in the MCGM STP project. The order book is categorized as follows:
    • Water & Wastewater management segment constitutes 63%
    • Road segments constitute 37%
  • Net Cash of the Company as on 30th June 2023 stands at Rs 10,577 million on a Standalone basis. This is post-completion of the buyback and redemption of NCDs.
  • Our excellence in execution across Water & Road segments was recognized through multiple accolades
  • Highest ever quarterly Operational Profit After Tax at Rs 896 million.

Speaking about the performance, Sandeep Garg, Managing Director, Welspun Enterprises, said, “We are very pleased to have made a strong start to the new financial year and are reasonably confident of delivering consistent and robust revenue growth going forward. Our sustained efforts towards enhancing efficiencies and operating leverage bodes well for our future.”

 

Result PDF

Iron & Steel/Intermediate Products company Welspun Enterprises announced Q4FY23 results:

  • In addition to Rs 7.5 special dividend per share announced earlier, the board has approved an additional Rs 1 per share dividend to the shareholders.
  • Net Cash of the company as on 31 March 2023 stands at Rs 15,478 million on a standalone basis
  • As of 31 March 2023, our diversified order book stands at ~ Rs 101 billion, which includes Rs 18 billion allocated for O&M and asset replacement in the MCGM STP project. The order book is categorized as follows:
    • Water & Wastewater management segment constitutes 60%
    • Road projects constitute 40%
  • Received Rs 1,610 million towards milestone linked payment out of Rs 2,595 million as a part of divestment transaction undertaken with Actis in Dec' 2022
  • CRISIL Rating has accorded long-term rating of AA-/and short term rating of A1
  • In the Dharavi STP project, received a mobilization advance of 5%
  • Received PCOD-2 for Mukarba Chowk – Panipat project

Speaking about the performance, Sandeep Garg, Managing Director, Welspun Enterprises, said, “In line with our thought process of return on investment to our shareholders, we have by way of dividend and buyback returned Rs 8.50 per share and Rs 2,350 million, respectively, in this financial year. Having announced special dividend of Rs 7.50, the board has further approved a final dividend of Rs 1 per share.

The Company has achieved a successful closure of the Actis deal during the year, highlighting the ability to create value not just during contract execution but also through effective monetization strategies, resulting in an impressive equity IRR of 19%. The asset-light execution model allows us to maintain a lean balance sheet, facilitating the efficient conversion of revenues into profits. As a result, we have created growth capital that positions us favorably to fund our next phase of growth, focusing on high-value, high margin assets in the portfolio.

The strong results we attained in FY23 serve as a testament to our unwavering commitment to delivering excellence and driving sustainable growth. We remain dedicated to building on these achievements, leveraging our strengths, and seizing new opportunities to further enhance our performance in the future.”

 

 

Result PDF

Iron & Steel/Interm Products Welspun Enterprises declares Q3FY22 result:

  • Strong order book led by both external EPC and water segments Growth to be driven by Execution and Strengthened EPC Capabilities.
  • Unexecuted EPC Order Book as on 31st Dec 2021 Rs 7,680 crore (Rs 5,162 crore in Road and Rs 2,525 crore in Water segment)
  • Provisional Commercial Operation Date (PCOD) of AM 2 road project (completion cost of Rs 1,670 crore) received. Out of the total 7 HAM projects, 5 projects have received PCOD/COD.
  • PCOD of Mukarba Chowk – Panipat (MCP) likely in Q4.
  • 5 HAM projects and one BOT project available as asset monetization opportunities.

Speaking about the performance, Mr Ajay Hans, CEO, Welspun Enterprises Ltd, said, “We have reported an operating performance that is characterized by a strong order book, with a majority of the unexecuted EPC order book coming from external client engagements, and also reflects our selective approach to evaluating and pursuing project opportunities. While project implementation and progress during the period under review has been affected by exogenous factors such as the farmers’ agitation and NGT intervention in a large BOT project, we expect the ongoing execution of our robust order book to generate incremental revenue and drive growth from next quarter onwards.

“We are encouraged by the continued thrust on infrastructure, as seen in the Union Budget presented yesterday. Among the measures announced was the expansion of the national highway network by 25,000 kilometers in FY2022-23. We are making consistent efforts in expanding our footprints into the Water segment where we see significant opportunities over the next few years.”

Result PDF

Highlights

  • Total current EPC Order Book at ~Rs 7,835 crore (~Rs 5,300 crore in Road and ~Rs 2,535 crore in Water segment).
  • PCOD for HAM road project (completion cost of Rs 1,240 crore) received. Portfolio now has 4 projects that have received PCOD/COD; nearly 50% of the HAM portfolio now operational.
  • Management bandwidth strengthened with three new additions at CXO level; CEO – Roads & Water, CFO, and COO – Roads.

Speaking about the performance, Mr. B.K. Goenka, Chairman, Welspun Group, said, “The quarter was impacted by seasonality of monsoon; while this is a cyclical impact, what gives me immense confidence are two policy measures announced by the Government that boost the infrastructure sector. The Gati Shakti plan announced by the Prime Minister lays the foundation for holistic infrastructure development and gives an integrated pathway to our economy. The National Monetisation Pipeline unveiled by the Finance Minister provides a sustainable source of long term funding for infrastructural development by monetising operational infrastructural assets. These measures provide clear direction and focus to our execution engine.

“Water segment continues to be an important growth driver for us and I am pleased to announce that our first project in this sector has taken off. I am happy to share with you that your Company was awarded the 'Fastest Growing Company' in the Infrastructure Sector at the Annual Construction World Awards 2021.”

Result PDF

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