Welspun Corp earnings calls.

Welspun Corp delivered its highest ever quarterly EBITDA of ₹756 croreCurrent reported value: ₹756 crore. No comparable prior figure is available in the source record., up 35% YoY, with RoS exceeding 20%. The company operates from a position of strength with a record order book of ₹25,750 croreCurrent order book of ₹25,750 crore. Reported change: Record High. (~$2.7 billion) providing robust visibility through FY28 and emerging traction for FY29. The US remains the pivot for growth, with the ERW plant now operational and ELSA on track for year-end commissioning. Saudi Arabia is seeing accelerating demand with discussions advancing from engagement phase to tender stage for multiple pipeline projects. The India domestic market remains muted due to Jal Mission funding constraints and industry overcapacity, prompting a strategic recalibration toward exports—particularly for DI pipes and ELSA products. The company maintains a net cash position of ₹2,336 crore with capex ~60-65% complete and no additional capex planned beyond current commitments. A key risk is domestic demand weakness persisting longer than anticipated, potentially impacting the India-centric S&X segment, while geopolitical headwinds affecting Saudi operations represent an execution risk.