WELENT Q3 FY26 earnings call.
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Revenue
₹787 Cr
verified against source
Revenue YoY
-9%
reported change
EBITDA
₹573 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Welspun Enterprises reported a revenue decline of 9% YoY to ₹2,480 crore for 9M FY26, impacted by delayed project awards (Pune-Shirur L1 for 4+ months), extended monsoon, and statutory clearance delays on the Dharavi-Ghatkopar tunnel. EBITDA grew 10% to ₹573 crore with margin expanding 380bps to 23.1%, demonstrating operational resilience despite lower topline. The exceptional ₹49 crore write-off (35% share of AEL's KGON block write-off) dragged reported PAT to ₹230 crore; excluding this, PAT was ₹279 crore (+12% YoY). FY26 revenue guidance was lowered to ₹3,600–3,700 crore, requiring a sharp Q4 recovery to ~₹1,200 crore. The order book stands at ~₹15,000 crore (ex-Pune L1), and management guided ~20% revenue growth for FY27 as pipeline visibility improves. Asset monetization of Antarsimaria (expected Q1–Q2 FY27) would de-gear ~₹800 crore debt. Key risk: execution ramp-up in Q4 remains ambitious given unresolved local disturbances on DGT.
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Guidance to track
- 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.
Risks flagged
- Q4 requires ~₹1,200 Cr revenue (~50% jump over Q3's ₹866 Cr), dependent on timely clearance of Dharavi tunnel shaft work and resolution of land availability issues on Vanasi-Orangabad road. Execution delays here would materially miss FY26 guidance.
- Dharavi-Ghatkopar tunnel shaft work at Ghatkopar end awaits formal CRZ/CRZ-related approval. While management is confident of starting work this quarter, the clearance was pending as of Q3. Any further delay would defer major tunneling revenue recognition.
- Outstanding order book ~₹600 Cr and receivables ~₹300 Cr are stuck pending government cash flow clarity. Management has consciously deferred profit recognition on this project until traction improves—a prudent but uncertain recovery timeline.
- AEL will conduct fair value assessment of its three offshore blocks (Mumbai B9, C37, and GKON) in the Q4 FY26 March quarter. The ₹49 Cr write-off was taken this quarter; management confirmed no further write-offs are anticipated, but the Q4 fair value exercise introduces uncertainty.
Key quotes
- We now expect consolidated revenues for FY26 to be in the range of 3,600 to 3,700 crores. However, we remain on track to achieve our full year EBITDA targets.
- The disturbance was primarily because we had the approval for starting our DGT at Dharavi end... because of local disturbances we could not do it and there was a sensitivity because there were local elections. The intervention is now taking place.
- As we had earlier also guided, we will grow at about 15%. Now that FY26 is not expected to meet its target... I think that FY27 may grow upward or close to about 20%.
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