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Swing Capital

Welspun Corp Ltd

NSE: WELCORP BSE: 532144Metal

WCL is one of the largest manufacturers of large diameter pipes globally. The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The company acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio. It has also made strategic acquisition of specified assets of ABG Shipyard. [1]

₹1,298
52W: ₹710 — ₹1410
PE 45.2 · Book ₹180 · +621% vs book
Market Cap₹34,254 Cr
Stock P/E45.2Price to Earnings
ROCE18.2%Return on Capital
ROE13.5%Return on Equity
Div. Yield0.39%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 30.1%

Weaknesses

  • −Stock is trading at 7.20 times its book value
  • −Company has a low return on equity of 11.4% over last 3 years.
  • −Earnings include an other income of Rs.907 Cr.

Shareholding Pattern

Promoters49.73%
FIIs11.23%
DIIs21.49%
Public17.52%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.03%50%▼0.050%50%49.84%▼0.249.77%▼0.149.73%▼0.049.73%
FIIs10.51%11.65%▲1.111.71%▲0.112.18%▲0.512.13%▼0.011.79%▼0.311.45%▼0.311.23%▼0.2
DIIs9.74%11.41%▲1.720.19%▲8.820.5%▲0.320.72%▲0.220.89%▲0.220.55%▼0.321.49%▲0.9
Public29.67%26.9%▼2.818.06%▼8.817.28%▼0.817.26%▼0.017.52%▲0.318.26%▲0.717.52%▼0.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,7782,3232,8772,0732,0332,4492,2811,8281,8222,378
Expenses1,7082,2142,7421,8661,8412,1812,0381,5921,6342,113
Operating Profit70109135207191268244236188265
OPM %4%5%5%10%9%11%11%13%10%11%
Net Profit17822189114108156464255366161
EPS ₹6.820.847.214.334.135.9417.699.6813.876.1

AI Insights

Revenue Trend

TTM revenue at ₹8,310Cr, down 5.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹978Cr. Debt-to-equity ratio: 0.21x. Healthy balance sheet.

Capex Cycle

CWIP at ₹65Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.49% (+10.53pp change). FIIs: 11.23% (+3.45pp change). Promoters hold 49.73%.

Margin & Efficiency

ROCE improving from 3% (Mar 2014) to 18% (Mar 2025). Working capital days: 2.

Valuation

PE 45.2x with 18.2% ROCE. Price is 621% above book value of ₹180. Dividend yield: 0.39%.

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