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Welspun Enterprises Results: Latest Quarterly Results & Analysis

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Welspun Enterprises Ltd. 05 Aug 2026 13:26 PM

Q1FY27 Quarterly Result Announced for Welspun Enterprises Ltd.

Construction & Engineering company Welspun Enterprises announced Q1FY27 results

Consolidated Financial Results:

  • Total Income: The consolidated total income for Q1FY27 was Rs 808.47 crore, representing a YoY decrease of 7% compared to Rs 870.62 crore in Q1FY26 and a QoQ decrease of 34.37% from Rs 1,231.70 crore in Q4FY26.
  • Revenue from Operations: Revenue for the quarter stood at Rs 773.72 crore, reflecting a YoY decline of 8% from Rs 845.05 crore in Q1FY26 and a QoQ decline of 35.49% from Rs 1,199.46 crore in Q4FY26.
  • Profit Before Tax (PBT): Consolidated PBT from continuing operations was Rs 121.69 crore for Q1FY27, a 20.89% YoY decrease from Rs 153.83 crore in Q1FY26 and a 40.82% QoQ decrease from Rs 205.64 crore in Q4FY26.
  • Net Profit (PAT): Net profit for the period was reported at Rs 56.36 crore in Q1FY27, marking a YoY decline of 44% compared to Rs 101.17 crore in Q1FY26 and a QoQ decline of 65.38% from Rs 162.79 crore in Q4FY26.
  • EBITDA: Consolidated EBITDA stood at Rs 185 crore in Q1FY27, down 11% YoY from Rs 208 crore in Q1FY26.
  • EBITDA Margin: The EBITDA margin for the quarter was 22.9%, a contraction of 95 bps compared to 23.9% in Q1FY26.
  • Earnings Per Share (EPS): Basic EPS from continuing and discontinuing operations for Q1FY27 was Rs 3.43, compared to Rs 6.64 in Q1FY26 and Rs 10.80 in Q4FY26.

Standalone Financial Results:

  • Total Income: Standalone total income for Q1FY27 was Rs 580.83 crore, a decrease of 8.63% YoY from Rs 635.67 crore in Q1FY26 and a decrease of 31.30% QoQ from Rs 845.38 crore in Q4FY26.
  • Revenue from Operations: Standalone revenue reached Rs 543.36 crore in Q1FY27, down 10% YoY from Rs 603.71 crore in Q1FY26 and down 32.87% QoQ from Rs 809.40 crore in Q4FY26.
  • Profit Before Tax (PBT): Standalone PBT was Rs 81.57 crore for the quarter, reflecting a 30.08% YoY decrease from Rs 116.66 crore in Q1FY26 and a 36.78% QoQ decrease from Rs 129.03 crore in Q4FY26.
  • Net Profit (PAT): Standalone PAT for Q1FY27 stood at Rs 60.44 crore, representing a 30.34% YoY decrease from Rs 86.77 crore in Q1FY26 and a 35.07% QoQ decrease from Rs 93.09 crore in Q4FY26.

Business Highlights:

  • Order Book: The company maintains a well-diversified order book of over Rs 18,700 crore (specifically Rs 18,729 crore).
  • Divestment: A definitive agreement was signed to divest the Aunta-Simaria road asset at an enterprise value of approximately Rs 1,000 crore.
  • Project Progress: Received High Court clearance for the Dharavi–Ghatkopar Tunnel Project and executed the Sub-Concession Agreement for the Pune–Shirur Road Project.
  • Liquidity: Consolidated cash and cash equivalents stood at Rs 1,792 crore as of June 30, 2026.
  • Segment-wise Performance:
    • Transport: Revenue for Q1FY27 was Rs 272.69 crore, compared to Rs 316.56 crore in Q1FY26.
    • Water: Revenue for Q1FY27 reached Rs 315.59 crore, compared to Rs 310.24 crore in Q1FY26.
    • Tunneling and Rehabilitation: Revenue for Q1FY27 was Rs 185.44 crore, compared to Rs 218.25 crore in Q1FY26.

Sandeep Garg, Managing Director, Welspun Enterprises, said: “We had a soft quarter amidst a challenging operating environment, although we maintained a strong EBITDA margin of 22.9%, which reflected the resilience of our operating model and execution discipline.

The Sub-Concession Agreement for the Pune–Shirur Road Project has been executed. We also received the long-awaited High Court clearance for the Dharavi–Ghatkopar Tunnel Project recently. These developments mark key progress in these large projects.

The signing of the definitive agreement for the divestment of the Aunta-Simaria road asset is another instance of successful execution of a project lifecycle in line with our capital recycling strategy. This strategy enables us to consistently and sustainably create long-term shareholder value, while remaining asset-light.

Looking ahead, the Government's continued focus on infrastructure development and increasing private sector participation presents a significant opportunity across our core businesses in Water, Transportation and Tunneling infrastructure segments. Backed by strong execution capabilities, a healthy balance sheet and strategic clarity, we are poised to capitalize on these opportunities.

Supported by a well-diversified order book of over Rs 18,700 crore and a robust bid pipeline across our businesses, we remain confident of delivering on our medium-term growth and profitability aspirations.”

Result PDF

Construction & Engineering company Welspun Enterprises announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations: For Q4FY26, revenue stood at Rs 1,199.46 crore, representing a YoY growth of 13.81% compared to Rs 1,053.96 crore in Q4FY25 and a QoQ growth of 52.42% from Rs 786.95 crore in Q3FY26. For FY26, revenue was Rs 3,615.38 crore, a decrease of 2.16% from Rs 3,695.34 crore in FY25.
  • Total Income: Total income for Q4FY26 was Rs 1,231.70 crore, up 14.48% YoY from Rs 1,075.95 crore and up 52.72% QoQ from Rs 806.49 crore. Annual total income for FY26 reached Rs 3,712.06 crore, down 2.12% from Rs 3,792.35 crore in FY25.
  • EBITDA: Consolidated EBITDA for Q4FY26 reached Rs 272 crore, an increase of 31% YoY from Rs 207 crore. For the full year FY26, EBITDA was Rs 845 crore, up 16% YoY compared to Rs 730 crore in FY25.
  • EBITDA Margin: The consolidated EBITDA margin improved to 22.0% in Q4FY26 (up from 19.3% in Q4FY25) and 22.8% for FY26 (up from 19.3% in FY25).
  • Profit Before Tax (PBT): Consolidated PBT for Q4FY26 was Rs 205.64 crore, up 39.06% YoY from Rs 147.88 crore. For FY26, PBT stood at Rs 545.40 crore, an increase of 4.89% from Rs 519.99 crore in FY25.
  • Net Profit (PAT): Net profit for Q4FY26 was Rs 162.79 crore, registering a YoY growth of 54.32% from Rs 105.49 crore and a substantial QoQ growth of 429.57% from Rs 30.74 crore. Annual PAT for FY26 was Rs 392.77 crore, up 11.01% from Rs 353.83 crore in FY25.

Standalone Financial Highlights:

  • Revenue from Operations: Standalone revenue for Q4FY26 was Rs 809.40 crore, up 10.20% YoY from Rs 734.47 crore and up 37.49% QoQ from Rs 588.67 crore. For FY26, revenue stood at Rs 2,594.88 crore, down 8.22% from Rs 2,827.39 crore in FY25.
  • Total Income: Total standalone income for Q4FY26 was Rs 845.38 crore, up 11.23% YoY and 38.05% QoQ. Annual income for FY26 reached Rs 2,711.34 crore compared to Rs 2,933.78 crore in FY25.
  • Net Profit (PAT): Standalone PAT for Q4FY26 was Rs 93.09 crore, up 10.02% YoY from Rs 84.61 crore and up 68.64% QoQ from Rs 55.20 crore. For FY26, standalone PAT was Rs 308.29 crore, up slightly from Rs 307.70 crore in FY25.

Business Highlights:

  • Order Book: The consolidated order book has strengthened to approximately Rs 20,000 crore (including Operations & Maintenance).
  • Segment Performance (Revenue):
    • Transport: FY26 revenue reached Rs 1,424.98 crore, compared to Rs 1,716.15 crore in FY25.
    • Water: FY26 revenue stood at Rs 1,239.73 crore, compared to Rs 1,283.48 crore in FY25.
    • Tunneling and Rehabilitation: FY26 revenue grew to Rs 950.67 crore, up from Rs 695.71 crore in FY25.
  • Major Project Win: The company secured a Letter of Award for the Pune Shirur Road Project with a total project value of Rs 7,300 crore, with an EPC scope of approximately Rs 5,400 crore.
  • Exceptional Item: The Group recorded an exceptional loss of Rs 48.86 crore in FY26 relating to its 35% share of the write-off for the Kutch oil block.
  • Dividend: The Board recommended a final dividend of Rs 3 per equity share of face value Rs 10 each for the financial year ended March 31, 2026.
  • Capital Raising: The Board approved proposals to raise funds up to Rs 1,000 crore through the private placement of securities or other permissible modes.

Sandeep Garg, Managing Director – Welspun Enterprises, said: “For Q4FY26, we delivered a strong and resilient performance, with consolidated revenue growth of 14% yearon-year and EBITDA growth of 31%, driven by sustained operational efficiencies and cost optimization across the business. The consolidated EBITDA for FY26 grew by 16% year-on-year, despite external headwinds from extended monsoons and project clearance delays, reinforcing the resilience and execution strength of our operating model.

I am pleased to mention that, with the addition of the Pune–Shirur Road project, our consolidated order book has strengthened to around Rs 20,000 crore (including O&M). This project reinforces our demonstrated ability to secure large-scale, technically demanding infrastructure assets with long-term value creation potential.

Going forward, our bid pipeline remains robust, providing strong visibility for 15-20% sustained growth ahead, along with EBITDA margins in the range of 18% over the medium term. Our 3G strategy — Growth, Governance, and Green- remains the foundation of disciplined capital allocation, operational excellence, and long-term value creation, driving scalable growth while enhancing shareholder returns.”

Result PDF

Construction & Engineering company Welspun Enterprises announced Q3FY26 results

  • Revenue: Rs 787 crore against Rs 896 crore during Q3FY25, change -12%.
  • EBITDA: Rs 174 crore against Rs 180 crore during Q3FY25, change -3%.
  • EBITDA Margin: 21.5% for Q3FY26.
  • PBT: Rs 60 crore against Rs 117 crore during Q3FY25, change -49%.
  • PAT: Rs 31 crore against Rs 77 crore during Q3FY25, change -60%.
  • PAT Margin: 3.8% for Q3FY26.

Sandeep Garg, Managing Director, Welspun Enterprises, said: “For the nine months ended FY26, we delivered a 10% YoY growth in consolidated EBITDA to Rs 573 crore, with a margin of 23.1%. The extended monsoons, delays in statutory clearances for the Dharavi–Ghatkopar Tunnel, and the delay in award of the Pune–Shirur project have affected our FY26 revenues. For the year, we now expect the consolidated revenues at Rs 3,600–3,700 crore. however, we remain on track to achieve our full year EBITDA target.

We targeted order book additions of ~Rs 12,000 crore in FY26. With the Panjrapur award and the expected Pune–Shirur project, we would add more than Rs 10,000 crore to the order book, leading to our total order book exceeding Rs 20,000 crore by the end of FY26.

With the Government driving infrastructure growth via public-private participation, we are well positioned to capitalize on these opportunities, leveraging our expertise in water and complex urban projects through our 3G strategy of Growth, Governance, and Green to deliver long-term sustainable value.”

Result PDF

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.”

Result PDF

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

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