WELCORP Q3 FY26 earnings call.
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Revenue
₹4,532 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹645 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
Welspun Corp delivered its highest-ever quarterly EBITDA of Rs. 645 crore in Q3 FY26, with PAT at Rs. 453 crore (vs. Rs. 378 crore one-time gain in Q3 FY25). The company is well-positioned with a record order book of Rs. 23,600 crore extending to March 2028 in the US, while 9-month EBITDA of Rs. 1,831 crore puts FY26 full-year guidance of Rs. 2,200 crore firmly within reach. US operations are running at 85-90% capacity utilization with bullish demand driven by data center gas pipelines, LNG infrastructure, and offshore projects. Management confirmed all seven capex projects (Saudi DI plant, US LSAW, ERW expansion) remain on track for commissioning between Q2-Q4 FY27. The JD(JM) fund crunch easing (Rs. 70,000 crore allocated in Budget 2026) should revive domestic DI pipe demand from Q1 FY27. Key risks include Sintex OPVC market share recovery timeline, coking coal cost volatility (partially hedged for two quarters), and JV funding delays in domestic water infrastructure. Management targets ROC above 20% on new investments.
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Guidance to track
- 9-month EBITDA of Rs. 1,831 crore already achieved; company expects to comfortably exceed full-year guidance
- Seven capex projects including Saudi DI greenfield, US LSAW mill, and ERW 24-inch expansion will start operating from June 2026 through December 2026
- Rs. 70,000 crore allocated in Budget 2026; audit of JM schemes completed; government committed to completing ongoing projects
- Management will provide specific guidance for next financial year during Q4 FY26 earnings call as per standard practice
Risks flagged
- OPVC product approvals and accreditations completed in key markets (Chhattisgarh, MP, South, East) but order book build-up is still nascent; management acknowledged it takes time for market penetration
- Analyst Sneha Tala questioned why FY25 budget allocations did not translate into actual spending; management cited completed audit as reason for confidence but spending has been delayed historically
- Coking coal costs have risen 20-25%; management cited forward coverage for two quarters but sudden surge due to force majeure at coal mines could impact margins if sustained
- Analyst asked about tapping Russian refinery reconstruction opportunities given wartime damage; management responded they have not evaluated this market, indicating potential missed opportunity in a volatile geopolitical context
Key quotes
- We are into the part of the value chain of the AI data center and we are seeing a huge surge around at this point in time. There are almost 8 to 9 pipelines which are currently being discussed apart from what have already been awarded. So I think that shows a very strong visibility for next 3 to 5 years time.
- The strategy of being a local and yet a global player I think is panning out extremely well. We are a local player in Saudi, we are a local player in the US market, and we will focus on non-tariff markets from India.
- We are very clear in terms of selecting and cherry-picking the projects on which we want to work. We operate on the top end of the pyramid and that is where we will continue to play. That gives us the niche, that gives me visibility and that gives me the margin.
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