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© Copyright 2023. All Rights Reserved. PIPE SOLUTIONS BUILDING MATERIALS Investor Presentation Q2&H1 FY26 Date: 30th,October, 2025
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Disclaimer For any financial disclosures, the information contained herein is provided by Welspun Corp Limited (the “Company”), although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change w i t hout notice, its accuracy, fairness or completeness is not guaranteed and has not been independently verified unless specifically provided and no express or implied warranty is made thereto . You must make your ow n assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate f or such purpose . Neither the Company nor any of its directors assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein . By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient w i t h access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent . This document is for informational purposes and does not constitute or f orm part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer to sell or issue or the solicitation of an offer or an offer document to buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 , bot h as amended, or any applicable law in India or as an inducement to enter into investment activity . No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company or any of its subsidiaries or affiliates and should not f orm the basis of, or be relied on in connection with, any contract or c omm it me nt or investment decision whatsoever . This document is not financial, legal, tax, investment or other produc t advice . W i th respect to any ESG related disclosures, the information contained in our disclosures, statements or reports are specific to the Company and not audited or confirmed to be compliant w i t h any general or standard benchmark . A number of statements in such disclosure or statements may contain forward -looking statements including statements about the Company’s strategic priorities, financial goals and aspirations, organic growth, performance, organizational quality and efficiency, investments, capabilities, resiliency, sustainable grow t h and Company management, as well as the Company’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives . W i th respect to all disclosures provided herein, the statements contained herein may be pertaining to future expectations and other forward -looking statements which involve risks and uncertainties that are subject to change based on various important factors (some of which are beyond the Company’s control) . These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers including w i t h respect to the consolidated results of operations and financial condition, and future events and plans of the Company . These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “future,” “potentially,” “out l ook” or words of similar meaning . Such forward -looking statements are not guarantees of future performance and actual results, performances or events may differ f rom those in the forward -looking statements as a result of various factors and assumptions . You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events . No assurance can be given that future events will occur, or that assumptions are correct . The Company does not assume any responsibility to amend, modify or revise any forward -looking statements, on the basis of any subsequent developments, information or events, or otherwise . Reproduction, distribution, republication and retransmission of material contained herein is prohibited w i t hout the prior consent of the Company 2 of 26
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4. GROWTH DRIVEN PERFORMANCE 8. ESG 9. GREAT PLACE TO WORK AGENDA 1. BUSINESS VERTICALS 2. ORDER BOOK 6. BUSINESS ENVIRONMENT 7. PROJECT UPDATE 3. OPERATIONAL & FINANCIAL PERFORMANCE 5. CREDIT RATING 3 of 26
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PIPE SOLUTIONS & BUILDING MATERIALS 4 of 15
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ORDER BOOK Line Pipes figures are excluding EPIC, KSA; Order Book as on 25th October, considering execution till 30th September Businesses Volume Line Pipes (India + USA) ~1,250 KMT DI Pipes ~355 KMT Stainless Steel Bars & Pipes ~6,950 MT Total Order Book Value stands at ~INR 23,500 Cr 5 of 26
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OPERATIONAL PERFORMANCE: Q2FY26 Line Pipes figures are excluding EPIC, KSA Sales Volume (KMT) Q2FY2 6 Q2FY25 YoY Q1FY2 6 QoQ Line Pipes (India + USA) 252 206 22% 182 38% DI Pipes 79 65 22% 65 22% Stainless Steel Bars 7.1 3.9 81% 7.4 (4%) Stainless Steel Pipes 1.7 1.3 30% 0.9 99% TMT Rebars 34 41 (17%) 40 (15%) 6 of 26
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Note: PARTICULARS (INR crore ) Q2FY2 6 Q2FY25 YoY Q1FY2 6 QoQ Total Income 4,409 3,364 31% 3,587 23% Other income 35 62 -44% 35 0% EBITDA 626 462 36% 560 12% Depreciation and Amortisation 84 89 -6% 85 -1% Finance Cost 49 83 -41% 63 -22% Profit before tax and share of JVs 493 289 70% 412 20% Share of profit/(loss) from Associates and JVs 96 74 30% 49 96% Exceptional Items - (11) NA - - PAT after Minorities, Associates & JVs 440 287 53% 350 26% EPS 16.7 10.9 52% 13.3 26% Prior period figures are restated wherever necessary; Only key line items of Consolidated P&L are shown above; Total income includes Other income FINANCIAL PERFORMANCE: Q2FY26 7 of 26
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NET DEBT/ (CASH) PARTICULARS (INR crore ) H1FY2 6 FY25 Gross Debt 1,366 924 Cash & Bank 1,376 1,973 Net Debt/ (Cash) (11)* (1,049) Net Debt/ EBITDA (0.0) (0.6) Net Debt/ Equity (0.0) (0.13) *After Capex spent of ~INR 950 Cr in H1FY26 8 of 26
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EBITDA GROWTH WITH MARGIN IMPROVEMENT 416 462 478 502 560 626 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EBITDA (INR Cr) 8.2% 10.4% 13.3% 15.0% FY23 FY24 FY25 H1FY26 EBITDA Margin 9 of 26
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HEALTHY BALANCE SHEET s 1,138 387 -1,049 -11 FY23 FY24 FY25 H1FY26 Net Debt (INR Cr) H1FY26 Net Debt post capex spent of ~INR 950 Cr 1.41 0.21 -0.56 -0.01 FY23 FY24 FY25 H1FY26 Net Debt/ EBITDA For H1FY26 Net Debt/ EBITDA- TTM EBITDA Considered 10 of 26
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ROCE IMPROVEMENT s 7.9% 20.0% 21.0% 23.5% FY23 FY24 FY25 H1FY26 Annualized ROCE for H1FY26 11 of 26
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FINANCE COST: SIGNIFICANT REDUCTION s 66 83 82 88 63 49 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 (In INR Cr) 12 of 26
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GROWTH DRIVEN PERFORMANCE s Particulars (INR Cr) FY24 FY25 FY26 H1FY26 Guidance Actual Guidance Actual Guidance Progress Revenue 15,000 17,340 17,000 13,978 17,500 7,925 EBITDA 1,500 1,804 1,700 1,841 2,200 1,186 ROCE 16% 20% 20% 21% >20% 24%* Track record of surpassing guidance of EBITDA and ROCE comfortably during last two years Revenue is a function of input steel price, which are a pass through. Thus, EBITDA (INR Cr) and ROCE are more relevant *Annualized ROCE 13 of 26
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CREDIT RATING Credit Rating by CRISIL: Long term facility: AA+ with Stable Outlook Short term facility: A1+ (Highest Safety) 14 of 26
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BUSINESS ENVIRONMENT: USA LINE PIPES EIA in its Short Term Energy Outlook expects US crude oil production to go up to 13.5 mbpd both in 2025 and 2026 Natural Gas consumption likely to rise to all time high of 91.4 Bcf/d in 2025 as per EIA. As per industry estimates, the demand for natural gas is set to increase by 22 – 28 Bcf/d by the end of this decade Total LNG exports likely to go up to 14.7 Bcf/d in 2025 and to 16.3 Bcf/d in 2026, up from 11.9 Bcf/d in 2024 In Permian Basin, 9.1 Bcf of pipeline are being built or expanded. Along the Texas, Louisiana and Mississippi Gulf Coast, there is 12.4 Bcf of new pipelines are underway US energy companies are expected to spend US$50 bn in new and planned pipeline projects over the next 5 years backed by strong demand for Natural Gas and support from the current administration Mid stream Companies are building or planning 8,800 miles of pipelines to meet huge demand from LNG exports and data centres More than 375 proposed data centres to account for more than 180 GW of additional power capacity Our mill in Little Rock is booked till FY28 and we see strong demand for pipes to persist due to boom in energy hungry data centre demand and focus on oil exploration and incremental gas transportation 15 of 26
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BUSINESS ENVIRONMENT: KSA LINE PIPES A) Water Under Saudi Vision 2030, the government is working to guarantee long-term water security through public–private partnerships (PPPs), large storage reservoirs and an integrated transmission system linking coasts with inland cities By 2030, daily national demand is forecast to reach nearly 18 million cubic metres. This will continue to boost pipe demand in the country for primary as well as secondary transmission of water B) Oil & Gas Saudi Aramco targets the oil production capacity exceeding 13 mbpd, supported by large-scale field developments such as Zuluf, Marjan, Berri, Tanajib, and Safaniyah; Crude exports increased to 6.407 million barrels per day (bpd) from 5.994 million bpd in July, marking their highest level since February 2025 Jafurah Gas Project playing a central role in surge in demand for line pipes. Pipeline network in the Kingdom is projected to grow at 6.6% CAGR through 2030, reflecting 3,000 km of new pipelines tied to Master Gas System Phase 3. Saudi Vision 2030 strategically aims at significant investments in onshore as well as offshore fields developments and significant spending in Hydrogen and CCUS ventures. This will result into significant business opportunity for our new LSAW pipe facility DI PIPES Strong demand, local capability constraints, import substitution opportunity augurs well for DI pipes market in KSA. Our greenfield plant is progressing well. Recent ADD investigation will further discourage cheaper imports thereby enhancing in-Kingdom manufacturing of DI pipes 16 of 26
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BUSINESS ENVIRONMENT: INDIA LINE PIPES A) Exports (O&G) Global Potential -Pipeline projects - increase of 1.74Mn MT over last quarter showing upward trend in demand Oil , Gas & Petrochemical construction projects to the tune of over $3.5 Trillion currently active globally Middle East and N. Africa with projects pegged over $923 Bn and followed by North America at over $ 587 Bn LNG facilities /associated pipelines worth over 100 Bn driving the surge Offshore developments in Saudi, Guyana, Indonesia, Thailand - gearing up for massive investment Environmental -New energy pipelines especially Hydrogen and Carbon Capture- opens a new frontier to quality pipe mills WCL offers complete product portfolio including line pipes, corrosion coatings, concrete coating, bends and bend coatings backed by strong R&D, excellent customer base and trust B) Domestic O&G Consumption of natural gas in the energy mix to be around 15% in 2030 from around 7%. Around 10,459 kms of pipelines under construction to handle around 197.1 MMSCMD of gas-up 6.5% YoY Increased Capex (new projects): by GAIL and BPCL for gas pipelines and refineries respectively New LNG terminals (IRN 500-700 Cr Capex)- for around 15,000 kms of new pipelines e.g Urja Ganga expansion India expands O&G exploration: Andaman discovery will add to more activities PNGRB roadmap on Hydrogen Transportation through Pipelines for 2025-2033 in a phased approach CGD – PNGRB authorization for 307 GA’s spanning 784 districts in the country to boostpipeline demand 17 of 26
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BUSINESS ENVIRONMENT: INDIA LINE PIPES C) Water Increased focus from Ministry of Jal shakti states to improve water resource management – budget of Rs 99,503 cr – increased. Water Sector to grow at a CAGR of 11.6% through key drivers – JJM , Namami Gange, and river interlinking projects. Mega River Interlinking Projects like ERCP – Eastern Rajasthan Canal Project, Ken Betwa in Madhya Pradesh, Maharashtra, Telengana etc. will add to huge requirement of large dia pipes Potential of almost 2.5 Mn ton of MS Pipe demand in next 3-5 years DI PIPES JJM’s extension up to 2028 to continue support the demand Higher inventory situation is likely to improve from January, ‘26. Moreover, Amrut 2.0 fund has started coming in. Irrigation projects are likely to come up in a big way with special focus on HAM. New requirement is coming up in sewerage sector with different types of coating Key Projects expected to be announced in next year: Marathwada Grid, NAINA-CIDCO, JJM-HAM, ERCP, PKC Ken Betwa RLP, etc. These projects are expected to bring in volumes of approx. 2-3 Mn Tonnes specially in Irrigation Sector Exports continue to grow to various regions like - Europe, Middle East & Africa 18 of 26
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BUSINESS ENVIRONMENT: INDIA SS BARS AND PIPES & TUBES Quarterly pipes sales volume reached all time high. Bars sales volume for the quarter remained steady Company added 21 new customers during H1FY26 IBR accreditation for Alloy steel bars and tubes progressed, expected completion during Q3FY26 New bright bar project construction in full swing. Commissioning scheduled during Q3FY26 EBITDA growth both on YoY and QoQ basis stood higher than revenue growth driven by better operating leverage Projected growth in key focused industries like energy, defence, space, oil & gas, petrochemicals, engineering, public infrastructure etc is expected to stimulate demand for stainless steel seamless pipes and bars WSSL remains committed to actively engaging with its customers both in domestic and international markets to minimize risks and maintain operational performance, positioning the company for stability and growth TMT REBARS Real estate and construction activities were very low due to heavy monsoon in Gujarat. There was lack of fund rotation in the market from the Government institutions which directly affected the contractors' buying & payment cycle. However from ending of Q2, bulk requirements have been coming up which will make up for the sales in Q3 Government Initiatives: Gujarat Government is coming up with six lane ring road expansion in Ahmedabad, usage of CRS in bridges all over Gujarat. Supplied our first order in 40mm dia TMT Rebar, grade CRS Fe550D & Fe550D 19 of 26
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BUSINESS ENVIRONMENT: INDIA WST AND PLASTIC PIPES (SINTEX) • Channel Expansion: Strategic shift toward secondary-driven sales through enhanced visibility and demand generation. Deepening engagement with plumbing contractors and growing adoption of Plumber ‘Pride’ loyalty program. Prioritising appointment of quality distributors • Brand Building: Launched campaign celebrating “50 Years of Sintex” through TV & digital media • Premiumization: Premium segment continues to deliver YoY growth driven by Pure+. Economy segment is gaining traction with the success of SMART in launched markets • Digitization: Warehouse Management System developed – enhancing real-time inventory visibility, optimized storage, and faster order fulfilments • Pipes: • Launched in Punjab in Sep’25 • Insights from launched markets are driving Go-To-Market refinements • Bhopal Plant functional 356 368 374 402 438 467 19,942 20,661 21,398 23,253 26,142 27,800 4,172 10,035 19,348 35,204 52,236 66,679 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Channel Expansion Distributor Retailer Plumber 20 of 26
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SINTEX PIPES IN CHHATTISGARH & PUNJAB • Offerings launched with ‘NXT Advantage’, which are attracting interest due to clear value proposition • Positive response received on Products – changes underway to match competitive standards where needed • Value-driven pricing strategy, anchored by demonstrable product superiority & +1 benefits • Expanding SKU range to enhance serviceability basis feedback from market • Driving demand through targeted engagement with plumbing contractors • Scaling operations to reach 80% of Pan-India markets by March 2026 21 of 26
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SINTEX: BRAND BUILDING AI-Crafted Anthem Marks 50 Years of Trust & Innovation Signage at the Retailer Point Building Visibility AI-Crafted Anthem Marks 50 Years of Trust & Innovation Pre-Launch OOH Announcement 22 of 26
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UPDATE ON PROJECTS Note: Sharp focus to keep Net Debt/ EBITDA < 1 Project Location Target Completion Progress/ Update International Projects: HFIW Plant USA Mar-26 On track LSAW Plant including DJ & Coating USA Dec-26 On track DI Pipes Plant KSA Apr-26 On track LSAW Plant KSA Domestic Projects: Spiral Plant Bhopal Jul-25 Commissioned Coating Plant Bhopal Dec-25 On track Hybrid facility of Spiral + LSAW pipes (In existing Spiral plant) Anjar Mar-26 On track Hot Induction bends Anjar Jun-26 On track DI Pipes expansion Anjar Completed Commissioned Sintex (Plastic Pipes + WST) Multiple locations across India In staggered and calibrated manner: FY25 to FY27 On track 23 of 26
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ESG S&P Global DJSI ESG RATINGS 6% over previous rating Ranked among Top 10 companies in Steel Sector globally 67 Environment 77 Social 75 Governance Long Term Sustainability Goals Carbon Neutrality by 2040 Water Neutrality by 2040 Zero waste to landfill 73 6th 24 of 26
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WCL- A GREATER PLACE TO WORK Particulars 2024 2025 Trust IndexTM Grand Mean 89 91 Respect 88 90 Pride 92 93 Validity Period: September to September GPTW Certified for 2 Consecutive Years with Improved Scores 25 of 26
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Thank You! Connect with us: /TheWelspunGroup /WelspunGroup /welspungroup /company/welspun-group Welspun Corp Limited CIN: L27100GJ1995PLC025609 For further queries, contact Name : Mr.Goutam Chakraborty Email : goutam_chakraborty@welspun.com www.welspuncorp.com Name : Mr. Salil Bawa Email : salil_bawa@welspun.com