Welspun Enterprises · forward-looking guidance across the available source record.
Guidance tracker
Reaffirmed full-year guidance despite Q1 revenue decline. Management confirmed revenue will be H2-weighted (60% in H2 vs typical even split) due to backend-loaded execution cycle with Bandu WTP and Dharavi tunnel projects moving past pre-implementation stage post-monsoon.
Raised from previous guidance of Rs 9,000-10,000 crore. Active pursuit of Rs 12,000-13,000 crore opportunities in next 30-45 days. NHAI pipeline of Rs 3 lakh crore expected over next 8 months provides significant opportunity. Targeting 50:50 split between water and transport orders.
PCOD received in May 2025. Equity investment of Rs 160 crore with target return of 2x (improved from 1.5x on MCP deal). Project spans 1.8 km over Ganga, India's widest extradosed cable-stay bridge. Transaction expected to close in current financial year.
Management indicated project economics are capable of delivering Q1-level margins (23.8% consolidated) given mix of three verticals (transport, water, tunneling) expected to remain roughly equal. Digitalization and real-time monitoring contributing to efficiency gains.
Management expects to be in growth phase closer to 15% than 20%, dependent on geopolitical conditions and commodity availability. Order book visibility provides confidence.
Appointed date expected in Q3 FY27 following sub-concession agreement execution. Financial closure and con-date declaration will trigger construction ramp-up.
Company maintains 18%+ EBITDA margin guidance, having delivered 22.9% in Q1 FY27 and 22.8% in FY26, demonstrating execution model strength.
Pipeline opportunities of ~₹30,000 crore tracked in water treatment space (40% Maharashtra, 60% outside). H1 inflows may shift to H2.
Downgraded from earlier targets due to Q3 delays in Dharavi tunnel clearances, extended monsoon, and Pune project award deferral. Requires ~₹1,200 Cr revenue in Q4 FY26.
Management guides approximately 20% growth in FY27 driven by Pune-Shirur execution (~₹500–600 Cr in first year), completion of SNRP and Vanasi projects, and accelerated Dharavi tunnel work.
Consolidated EBITDA margin expected to sustain around current 23% level for FY26, supported by operational efficiency and contingency releases as projects near completion.
Current order book of ₹14,800 Cr plus expected addition of Pune-Shirur project L1 (~₹7,300 Cr) should take FY26 closing order book beyond ₹20,000 Cr.
Management maintained medium-term guidance of 15-20% revenue growth for FY27. The uncovered portion is approximately 8-10% of revenue, which management is confident of covering through order additions in H1 FY27.
EBITDA margin guidance of 18% plus has been provided for FY27, down from 22% in FY26. Management cited supply chain disruptions and geopolitical headwinds as reasons for conservative guidance, noting that projects can deliver higher margins in normal circumstances.
Management expects to add ₹8,000-10,000 cr to the order book during FY27, targeting opportunities in water transmission, large-scale treatment, complex BOT transport projects, and tunneling. Total bid pipeline stands at approximately ₹2 lakh cr.
Welspun Michigan Engineers targets over 25% CAGR growth over the next three years, focusing on three key segments: tunnels, rehabilitation, and pumping projects. Revenue growth of 20% is predicted for FY27.