Welspun Corp (532144) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 EBITDA reached INR 782 crore, up 25% YoY; H1 EBITDA rose 30% to INR 1,538 crore, both records.

• Order book reached an all-time high of ~INR 50,000 crore (USD 5.2bn); H1 annualized ROCE was 22.7% and net cash was INR 3,887 crore.

Financial highlights

• Q2 FY27 revenue was INR 4,643.72 crore, up from INR 4,373.61 crore YoY; net profit was INR 495.09 crore versus INR 443.51 crore.

• Q2 PBT was INR 655.58 crore versus INR 588.49 crore YoY; basic EPS was INR 18.91 versus INR 16.70.

• H1 revenue was INR 8,724.84 crore versus INR 7,925.10 crore; EBITDA was INR 1,538 crore, up 30%, and PBT was INR 1,200 crore, up 33%.

• H1 net profit was INR 1,542.97 crore, including a INR 547.93 crore EPIC share-sale gain; adjusted PAT excluding the gain was INR 997 crore, up 26%.

• FY27 guidance remains INR 20,000 crore revenue and INR 2,850 crore EBITDA; management expects to meet or exceed EBITDA guidance but remains cautious.

Outlook and guidance

• H1 annualized ROCE of 22.7% exceeded FY27 guidance of >20%; management expects to retain net cash after planned investments.

• U.S. operations are booked through FY29; management cited 5–7 years of broader visibility and expects U.S. demand to remain strong for 3–5 years beyond FY29.

• H2 FY27 traction is strong; new U.S. and Saudi capacity is expected to contribute from the next FY, subject to supply-chain conditions.

• Saudi plants target at least 50%–60% utilization in their first year, with faster ramp-up if regional supply chains stabilize.