Welspun Enterprises financials and balance sheet

NSE: WELENTBSE: 532553ConstructionSmall Cap

Formerly Welspun Projects

₹633.95₹32.95 (4.94%)BSE ₹633.35

Share price at the NSE close on 23 Oct 2026. Previous close ₹666.90.

52-week range of traded prices to 23 Oct 2026

₹412.00Low, 30 Mar 2026₹841.90High, 21 Sep 2026

Market cap: ₹8,775 Cr685th largest listed
P/E: 28.7
P/E without one-offs: 22.5
P/B: 2.9
Dividend yield: 0.47%
ROE: 10.9%
ROE without one-offs: 13.9%
ROCE: 12.7%
Debt to equity: 0.60
Volume, NSE: 2,55,61338.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Welspun Enterprises annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹1,067 Cr, differs from its quarters added, ₹1,089 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,615
Materials and goods−628
Employee costs−232
Other expenses−2,008
Operating profit748
Depreciation−51
Other income+97
One-off items−49
Finance costs−198
Profit before tax547
Tax−139
Joint ventures−1.6
Discontinued businesses−13
Net profit393

What the company owns

Plant, investments and other assets₹4,925 Cr
Current investments₹1,383 Cr
Receivables₹510 Cr
Cash and bank₹338 Cr
Inventory₹174 Cr

What pays for it: net worth and liabilities

Net worth₹3,261 Cr
Borrowings₹1,972 Cr
Other liabilities₹1,108 Cr
Owed to suppliers₹988 Cr

Welspun Enterprises business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Welspun Enterprises segment results by quarter

Revenue by segment

₹3,615 CrTotal

Transport₹1,425 Cr39.4% of total
Water₹1,240 Cr34.3% of total
Tunneling and Rehabilitation₹951 Cr26.3% of total

Profit by segment

Transport₹359 Cr40.8% of total
Water₹325 Cr37.0% of total
Tunneling and Rehabilitation₹196 Cr22.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Transport
Revenue, ₹ crore
1,605
1,425
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
247
359
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Water
Revenue, ₹ crore
1,283
1,240
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
265
325
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Tunneling and Rehabilitation
Revenue, ₹ crore
696
951
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
110
196
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,787	1,808	1,530	1,401	2,758	2,872	3,584	3,615
Company revenue, as in its results	1,787	1,808	1,530	1,401	2,758	2,872	3,584	3,615
Revenue	–	–	–	–	–	–	1,605	1,425
Revenue growth	–	–	–	–	–	–	–	−11.2%
Profit	–	–	–	–	–	–	247	359
Profit growth	–	–	–	–	–	–	–	45.3%
Margin	–	–	–	–	–	–	15.4%	25.2%
Return on capital	–	–	–	–	–	–	12.9%	14.8%
Assets	–	–	–	–	–	–	2,476	2,813
Liabilities	–	–	–	–	–	–	557	381
Capital employed	–	–	–	–	–	–	1,918	2,432
Revenue	–	–	–	–	–	–	1,283	1,240
Revenue growth	–	–	–	–	–	–	–	−3.4%
Profit	–	–	–	–	–	–	265	325
Profit growth	–	–	–	–	–	–	–	22.5%
Margin	–	–	–	–	–	–	20.7%	26.2%
Return on capital	–	–	–	–	–	–	68.3%	88.0%
Assets	–	–	–	–	–	–	1,117	1,327
Liabilities	–	–	–	–	–	–	729	958
Capital employed	–	–	–	–	–	–	388	369
Revenue	–	–	–	–	–	–	696	951
Revenue growth	–	–	–	–	–	–	–	36.6%
Profit	–	–	–	–	–	–	110	196
Profit growth	–	–	–	–	–	–	–	77.7%
Margin	–	–	–	–	–	–	15.8%	20.6%
Return on capital	–	–	–	–	–	–	32.4%	56.6%
Assets	–	–	–	–	–	–	792	989
Liabilities	–	–	–	–	–	–	452	643
Capital employed	–	–	–	–	–	–	340	346
Revenue	1,787	1,808	1,530	1,401	2,758	2,872	–	–
Revenue growth	–	1.2%	−15.4%	−8.4%	96.8%	4.1%	–	–
Profit	253	258	239	227	385	577	–	–
Profit growth	–	2.0%	−7.4%	−5.2%	70.1%	49.9%	–	–
Margin	14.2%	14.3%	15.6%	16.2%	14.0%	20.1%	–	–
Return on capital	29.2%	25.7%	9.8%	8.2%	–	41.7%	–	–
Assets	1,638	1,656	3,218	4,226	1,956	2,924	–	–
Liabilities	772	650	781	1,470	1,984	1,539	–	–
Capital employed	866	1,006	2,437	2,756	−28	1,385	–	–
	0	0	0	0	0	0	–	–
Profit	0	0	0	0	0	0	–	–
Return on capital	0.0%	0.0%	0.0%	0.0%	–	–	–	–
Assets	57	57	57	57	0	0	–	–
Liabilities	0	0	0	0	0	0	–	–
Capital employed	57	57	57	57	0	0	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
Capital employed	0	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Welspun Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 2 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 14 May	Mar 2023Filed 8 Jun	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	343	1,067	1,787	1,808	1,530	1,401	2,758	2,872	3,584	3,615
	344	987	1,594	1,598	1,358	1,252	2,511	2,447	3,062	2,867
Materials and goods bought	70	14	17	9	6	64	390	471	634	628
Employee costs	–	–	81	87	83	110	149	173	200	232
Other expenses	–	–	1,496	1,502	1,269	1,079	1,971	1,803	2,228	2,008
Operating profit before depreciation	−1	80	193	210	171	149	248	425	522	748
Operating margin	−0.2%	7.5%	10.8%	11.6%	11.2%	10.6%	9.0%	14.8%	14.6%	20.7%
Materials, % of revenue	–	–	1.0%	0.5%	0.4%	4.5%	14.1%	16.4%	17.7%	17.4%
Employee costs, % of revenue	–	–	4.5%	4.8%	5.4%	7.8%	5.4%	6.0%	5.6%	6.4%
Other expenses, % of revenue	–	–	83.7%	83.1%	83.0%	77.0%	71.5%	62.8%	62.2%	55.5%
Depreciation and amortisation	21	24	11	23	16	16	13	28	51	51
Operating profit after depreciation	−22	57	181	187	155	133	235	398	471	697
Other income	72	115	74	112	142	174	143	191	208	97
Finance costs	10	33	54	77	110	140	119	110	158	198
Profit before one-off items and tax	40	138	202	222	187	167	259	479	521	596
One-off items	−23	−20	20	0	0	0	483	0	1	−49
Profit before tax	17	119	221	222	187	167	742	479	522	547
	10	46	80	52	50	41	57	130	136	139
Current tax	–	53	78	59	29	25	48	131	141	152
Deferred tax	–	−7	3	−7	20	16	9	−1	−4	−12
Share of profit of joint ventures and associates	−2	−3	−15	−19	−7	1	−1	−1	−2	−2
Profit from discontinued businesses	–	–	–	–	–	–	42	−29	−30	−13
	5	69	127	151	130	126	726	319	354	393
Belonging to the company's shareholders	–	69	127	151	129	125	723	295	323	350
Belonging to outside owners of subsidiaries	–	–	0	0	1	1	3	24	31	43
Other comprehensive income	–	–	0	0	0	1	−3	4	−2	1
Total comprehensive income	–	–	126	151	131	128	723	323	352	394
Net margin	1.4%	6.5%	7.1%	8.4%	8.5%	9.0%	26.3%	11.1%	9.9%	10.9%
Net margin without joint ventures and associates	2.0%	6.8%	7.9%	9.4%	9.0%	8.9%	26.4%	11.1%	9.9%	10.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the earnings per share is under 50 paise, where its rounding to the paisa is too coarse.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 2 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 14 May	Mar 2023Filed 8 Jun	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	1,454	1,580	1,686	1,794	1,794	2,490	2,709	3,261
	1,454	1,579	1,684	1,791	1,791	2,323	2,540	3,044
Share capital	148	148	149	150	150	137	137	136
Reserves	1,306	1,431	1,536	1,641	1,641	2,187	2,403	2,909
Belonging to outside owners of subsidiaries	0	0	1	3	3	167	169	217
	562	754	2,141	2,515	2,515	752	1,490	1,972
Repayable after a year	404	478	2,044	2,403	2,403	558	1,269	1,725
Repayable within a year	158	277	97	112	112	194	222	247
	1,000	1,025	1,014	1,449	1,449	1,585	1,954	2,234
Trade payables	574	282	329	408	408	463	847	988
Other financial liabilities	137	250	230	174	174	227	34	34
Other liabilities	124	214	354	753	753	687	844	959
Provisions	1	2	3	2	2	3	5	6
Tax owed	6	0	0	0	0	11	2	0
	439	512	2,089	2,651	2,651	873	1,395	1,834
Other financial liabilities	0	2	2	6	6	21	3	8
Other liabilities	0	3	3	185	185	189	0	–
Provisions	32	30	30	30	30	49	53	54
Deferred tax	3	0	11	28	28	56	59	48
Trade payables	0	0	0	0	0	0	11	0
	2,893	3,116	4,788	5,895	5,895	4,949	6,058	7,329
Held for sale or for a demerger	1	25	25	25	25	226	196	183
	1,436	1,692	3,456	4,253	4,253	1,738	2,418	2,958
Plant in use, after depreciation	80	45	46	39	39	150	169	149
Plant being built	120	64	64	64	64	7	7	7
Intangible assets	0	62	57	53	53	47	43	42
Goodwill	0	0	0	0	0	83	83	83
Intangible assets being developed	0	0	1,339	1,768	1,768	0	2	1
Investments	21	9	0	0	0	2	0	0
Stakes in joint ventures and associates	537	546	646	701	701	281	299	0
Loans given	6	29	32	27	27	0	0	0
Other financial assets	654	3	1,234	88	1,543	29	1,485	2,242
Deferred tax	8	15	6	7	7	20	27	28
Trade receivables	0	881	0	1,454	0	1,048	83	83
Other assets	10	38	33	52	52	70	219	324
	1,456	1,400	1,307	1,617	1,617	2,985	3,445	4,189
Inventories	1	1	5	48	48	157	163	174
Trade receivables	281	238	135	325	138	429	253	510
Cash and cash equivalents	116	126	199	234	234	252	512	174
Other bank balances	34	23	16	43	43	232	131	164
Current investments	377	393	158	111	111	482	464	1,383
Loans given	115	33	171	64	64	0	0	0
Other financial assets	411	53	171	33	220	130	149	74
Other assets	122	532	454	759	759	1,303	1,772	1,710
Net debt	36	212	1,769	2,127	2,127	−214	384	251

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 17 Jun	Mar 2022Filed 14 May	Mar 2023Filed 8 Jun	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	9	287	−112	−344	−273	112
	41	321	−52	−221	−136	261
	−140	169	−347	−653	−673	−351
Receivables	13	8	−217	−307	−233	−560
Inventories	−4	−43	−38	23	−6	−11
Payables	0	75	352	−105	184	131
Other working capital	−149	129	−444	−263	−617	90
Tax paid	−32	−34	−77	−123	−138	−149
Capital spending	2	7	5	70	52	34
Free cash flow	7	280	−117	−415	−325	78
	−918	−487	1,306	−52	−17	−877
Plant and property sold	0	3	27	21	1	1
Companies bought	0	0	0	0	−100	0
Interest received	58	17	62	50	47	36
Dividends received	0	0	1	7	1	4
	753	125	151	−480	536	426
Borrowings raised	1,156	640	1,045	277	755	518
Borrowings repaid	−294	−410	−572	−310	−28	−46
Interest paid	−76	−79	−90	−117	−146	−188
Lease payments	−4	−4	−4	−5	−6	−8
Dividends paid	30	22	135	14	41	41
Shares bought back	0	0	0	30	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−156	−75	1,345	−876	246	−338

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Welspun Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 2 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 14 May	Mar 2023Filed 8 Jun	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	₹0.28	₹4.71	₹8.58	₹10.19	₹8.67	₹8.37	₹48.20	₹21.50	₹23.61	₹25.80
Diluted earnings per share	₹0.28	₹4.62	₹8.53	₹10.05	₹8.60	₹8.33	₹48.08	₹21.22	₹23.30	₹25.26
Dividend per share	₹0.75	₹1.50	₹2.00	₹2.00	₹1.50	₹1.50	₹8.50	₹3.00	₹3.00	₹3.00
Book value per share	–	–	₹98.16	₹106.39	₹113.16	₹119.58	₹119.42	₹170.20	₹185.81	₹224.48
Dividend payout	–	31.9%	23.4%	19.7%	17.3%	18.0%	17.6%	13.9%	12.7%	11.6%
Shareholder yield	–	–	–	–	1.8%	2.1%	7.2%	1.0%	0.6%	0.7%
Market cap at the year end (₹ crore)	1,455	2,085	1,576	590	1,619	1,088	1,883	4,209	6,687	5,755

Ratios

Consolidated, years to March.Welspun Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 2 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 14 May	Mar 2023Filed 8 Jun	Mar 2024Filed 22 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	54.4%	–	67.4%	1.2%	−15.4%	−8.4%	96.8%	4.1%	24.8%	0.9%
Operating profit growth	–	–	140.7%	8.6%	−18.2%	−13.1%	66.2%	71.8%	22.6%	43.4%
Net profit growth	186.7%	1,299.8%	82.6%	19.2%	−13.9%	−3.1%	475.8%	−56.0%	10.8%	11.0%
Earnings per share growth	–	1,582.1%	82.2%	18.8%	−14.9%	−3.5%	475.9%	−55.4%	9.8%	9.3%
	–	–	8.7%	10.0%	7.9%	7.2%	40.4%	14.3%	13.3%	12.5%
	–	–	–	1.2 pts	−2.1 pts	−0.7 pts	33.2 pts	−26.0 pts	−1.1 pts	−0.7 pts
From the net margin	–	–	–	1.5 pts	0.1 pts	0.4 pts	14.0 pts	−24.5 pts	−1.8 pts	1.0 pts
From asset turnover	–	–	–	−0.3 pts	−3.6 pts	−2.7 pts	16.6 pts	2.1 pts	2.9 pts	−2.4 pts
From borrowing	–	–	–	0.0 pts	1.4 pts	1.5 pts	2.7 pts	−3.6 pts	−2.2 pts	0.7 pts
Return on capital employed	–	–	9.0%	8.0%	4.1%	3.1%	5.4%	12.3%	11.2%	13.3%
Cash conversion	–	–	–	–	6.7%	227.7%	−15.4%	−107.8%	−77.3%	28.6%
Interest cover	–	1.7	3.4	2.4	1.4	1.0	2.0	3.6	3.0	3.5
Debt to equity	–	–	0.39	0.48	1.27	1.40	1.40	0.30	0.55	0.60
Receivable days	–	–	57	48	32	85	18	54	26	51
Inventory days	–	–	15	29	295	275	45	121	94	101
Payable days	–	–	12,101	11,940	19,875	2,339	382	359	487	575
Cash conversion cycle, days	–	–	−12,028	−11,864	−19,548	−1,979	−319	−183	−368	−422
Working capital days	–	–	18	22	4	−28	−14	80	62	49
Asset turnover	–	–	0.62	0.60	0.39	0.26	0.47	0.53	0.65	0.54
Assets per rupee of net worth	–	–	1.99	1.98	2.42	3.07	3.29	2.64	2.26	2.40
Sales per rupee of plant	–	–	22.32	40.30	33.50	36.34	71.53	19.09	21.18	24.35
Capital spending to depreciation	–	–	–	–	0.11	0.43	0.39	2.55	1.01	0.67
Plant being built, % of plant in use	–	–	150.1%	142.3%	139.8%	165.5%	165.5%	4.5%	3.9%	4.4%

Interest cover is left blank for the year to Mar 2017: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.2%
Cash from operations against operating profit: 15.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	32.2%	18.8%	9.4%
Profit growth, yearly rate	70.1%	22.1%	−21.5%
Return on equity, average	–	17.5%	13.4%
Return on capital employed, average	–	9.1%	12.3%
Operating margin, average	11.1%	13.9%	16.7%
Net margin, average	9.9%	13.4%	10.6%
Asset turnover, average	–	0.49	0.57
Cash conversion cycle, days, average	–	−654	−324
Interest cover, average	2.4	2.6	3.4
Debt to equity, average	–	0.85	0.49

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−331	−506	112
Cash from investing	−126	−945	−877
Cash from financing	758	482	426
Capital spending	168	156	34
Dividends paid	253	96	41
Shares bought back	30	30	0
Shares issued for cash	0	0	0
Borrowings raised	3,234	1,550	518
Borrowings repaid	1,366	384	46

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	4	5	5	3	5
Altman Z-scorePublished threshold 1.81	–	–	2.41	1.91	1.36	0.99	1.65	2.94	3.00	2.55
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.68	−1.16	−1.61	0.05	−2.29	−1.36
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	26.29	6.10	−7.94	13.20	11.70	17.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.19	−0.14	−0.52	−0.47
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−16.30	−28.15	150.08	−154.47	207.22	−65.73	100.43
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	43.38	648.93	−70.03	−512.34	205.15	−30.91	7.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.86	2.59	11.90	6.80	15.84	13.62	−3.81
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	3.80	7.23	4.87	0.05	0.09	0.22
Effective tax ratePublished threshold 17.16 per cent	59.23	39.05	36.22	23.30	26.50	24.75	7.68	27.07	26.13	25.47
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	4.43	−2.68	1.31	−0.26	−1.71

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Upgrade	Stable	316
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		2,284
21 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		200
29 Apr 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AANew, New	Stable	250
29 Apr 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+New, New		50
29 Apr 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AANew, New	Stable	100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.