Interim report
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WCL/SEC/2026 29th October, 2026 To, BSE Limited Listing Department, P. J. Towers, Dalal Street, Mumbai – 400 001. (Scrip Code: Equity - 532144), (NCD – 973309) National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051. (Symbol: WELCORP, Series EQ) Dear Sirs/ Madam, Subject – Outcome of the meeting of the Board of Directors Ref.: a. Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) as amended from time to time. b. SEBI Master Circular No. SEBI/HO/49/14/14(7)2025 -CFD-POD2/I/3762/2026 dated 30th January, 2026 (“SEBI Master Circular”) as amended from time to time. c. ISIN: INE191B01025 We refer to our letter dated 23rd October, 2026 intimating you about the meeting of the Board of Directors (“Board”) of the Welspun Corp Limited (“the Company”) to be held on Thursday, 29th October, 2026. We wish to inform you that the Board at its meeting held today, inter -alia, considered and approved the following: 1. Unaudited Financial Results The Unaudited Financial Results of the Company for the quarter and half year ended 30th September, 2026, pursuant to Regulation 33 and Regulation 52 of the SEBI Listing Regulations. Please find enclosed herewith Standalone as well as Consolidated Un -audited Financial Results for the quarter and half year ended 30th September, 2026 along with the Limited Review reports, as reviewed by the Audit Committee and approved by the Board of Directors of the Company. 2. Re-appointment of Independent Directors Based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of the shareholders of the Company, the re-appointment of: (a) Mr. Manish Chokhani (DIN: 00204011) as an Independent Director of the Company for a second term of four (4) consecutive years with effect from 2nd February 2027; and (b) Mr. Anjani Kumar Ag rawal (DIN: 08579812) as an Independent Director of the Company for a second term of four (4) consecutive years with effect from 1st April 2027. Basis the disclosures received from above Directors, it is hereby confirmed that none of them are debarred from holding the office of a Director by virtue of any order passed by the SEBI or any other such authority.
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The details required under Regulation 30 of the SEBI Listing Regulations read with the SEBI Master Circular are enclosed as Annexure A. 3. Setting up of Additional Spiral Facility in USA On the back of a robust order book, strong demand and long-term visibility in the USA for Oil & Gas pipeline projects, we are pleased to inform that the Board has approved a capex of USD115 million towards debottlenecking and capacity augmentation and accordingly have authorised for setting up of an additional Spiral (HSAW) Pipe facility at our existing location at Little Rock, Arkansas, USA. Existing HSAW Pipes capacity in US: 350 KMTPA Proposed HSAW Pipes capacity augmentation: 225 KMTPA The proposed facility is expected to be operational in March, 2028 Investment required: upto USD 115 million Mode of Financing: Through internal accruals 4. Perma-Pipe and Welspun Corp Announce Partnership in Jordan to Establish Pipe Manufacturing and Coating Facilities Further to our previous disclosure dated 1 September, 2026 whereby we had informed, that the Company together with Perma- Pipe International Holdings, Inc. (“Perma -Pipe”), had signed, a Memorandum of Understanding (“MOU”) with the developers of Jordan’s National Water Carrier Project and the Government of the Hashemite Kingdom of Jordan to advance the development of pipe manufacturing and advanced coating facilities in Jordan. We are now pleased to inform you that the Board has approved total project investment of upto ~ USD 125 million in Jordan, to be funded in ~ 50:50 proportion by each of the two partners, towards establishing spiral pipe manufacturing and coating facilities in Jordan. The proposed facilities will manufacture and coat pipes in range of 24” to 120”. The detailed terms of the partnership, including the governance and operational arrangements, will be set out in the definitive agreements, which we will be executed in due course. The proposed facilities will be capable of serving major water, oil and gas, energy, and infrastructure projects in the Kingdom and across surrounding regional markets. The partnership is expected to bring together Welspun’s large-diameter steel pipe manufacturing capabilities and Perma-Pipe’s expertise in anti-corrosion coating systems designed to protect pipelines from corrosion and extend service life, engineered piping solutions and project execution expertise. The partnership is intended to create a strategically located regional manufacturing hub that can support large-scale infrastructure programs, strengthen regional supply chains, increase local value creation and develop skilled technical capabilities in Jordan. Over time, it could also support infrastructure development and reconstruction requirements in Syria, Lebanon, Iraq and Gaza, as well as potential future opportunities associated with the development and rerouting of regional oil and gas infrastructure toward the Port of Aqaba.
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5. Setting-up IFBE Plant in India:- Acquisition of 49% direct stake in Welspun Special Coating Private Limited (“WSCPL”), a step down wholly owned subsidiary of the Company As previously informed, WSCPL was recently incorporated with an initial paid-up share capital of Rs. 1,00,000/- and proposes to enter in the business of undertaking, executing and providing IFBE coating works and related activities in India. The acquisition of 49% equity stake in WSCPL from Welspun DI Pipes Limited (“WDI”), a wholly-owned subsidiary of the Company, for an aggregate consideration of Rs. 49,000/-. Simultaneously, WDI will enter into a Share Purchase Agreement with Perma-Pipe Qatar, pursuant to which Perma-Pipe Qatar will acquire the remaining 51% equity stake in WSCPL from WDI for an aggregate consideration of Rs. 51,000/-. The Company will also enter into Shareholders’ Agreement (JV Agreement) with Perma-Pipe Qatar. The Board of Directors of WDI has also approved the sale and transfer of its entire equity shareholding in WSCPL to the Company and Perma-Pipe Qatar in the aforesaid proportion and has approved the execution of the aforesaid Share Purchase Agreement. Internal FBE (Fusion Bonded Epoxy) coating is an epoxy-based powder applied electrostatically to the interior of steel pipes to protect against corrosion and chemical damage. The major applications are in Onshore and offshore Oil & Gas Pipelines; Slurry Pipeline; Chemical processing plants; Food processing applications; Underground or underwater water pipelines. This JV’s capability to do IFBE coating will position the Company favorably to win both export and domestic Orders for IFBE Coated Pipes. Upon completion of the aforesaid transactions, WSCPL will cease to be a wholly-owned subsidiary of WDI and will become a direct associate company of WCL, with the Company holding 49% of its equity share capital and Perma-Pipe Qatar holding the remaining 51%. The total investment in WSCPL is estimated at upto ~ Rs. 110 Crores which will be shared with JV Partner in the proportion of the above shareholding. About Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in engineered piping and corrosion protection solutions. The Company provides pre-insulated piping systems, leak detection systems, anti-corrosion coatings and related engineered products and services to customers across the energy, district energy, infrastructure, industrial, Oil & Gas, water transmission, and other critical infrastructure markets. Perma-Pipe operates manufacturing and service facilities across North America, Middle East, North Africa, India and other strategic markets, enabling the Company to serve customers globally while providing local manufacturing and engineering capabilities. For more information, visit www.permapipe.com .
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The detail s u nder SEBI Listin g Regulati ons a nd SEBI Mast er Circul ar are giv en as Annexure B. The meeting of the Board of Directors commenced at 11:00 a.m. and concluded at 2:25 p.m. The same is for your information and record, please. Yours faithfully, For Welspun Corp Limited Kamal Rathi Company Secretary and Compliance Officer ACS-18182 Encl: a/a.
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BSR&Co.LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai -400 063, Ind a Telephone: +91 (22)6257 1000 Fax: 91 (22) 6257 1010 Limited Review Report on unaudited consolidated financial results of Welspun Corp Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Weispun Corp Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Welspun Corp Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its associates and joint venture for the quarter ended 30 September 2026 and year to date results for the period from 1 April2026 to 30 September 2026 ("the Statement") (in which are included interim financial information of Weispun Corp Employee Welfare Trust), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generalty accepted in India and in comptiance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclus on on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial In formation Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of lnd'a. A review of intenm financial information consists of making inquiries, primarily of persons responsible for fnancial and accounting matters, and applying analytical and other review procedures. A review is substantially tess in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent app cable. 4. The Statement includes the results of the entities mentioned in Annexure Ito the report. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with egulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it ,$ontains any material misstatement. çg,. Co ceflflWnga MDItII C Wng. * * Reg'siere Ott,ce wit, Regst'a'on No 6A61223} corwerted into B SR & Co. LLP a 11th Fo'. Central B Wing arl NoI' C Wn. Nesco IT Park 1. Nesco LLP Re0'nhat,orr No MB-EtSt) with eRect morn O:tob.r It 2013 Center Western Eo2,esn H'ghway Go:egaon East;. Mumbo, - 400063 Page 1 of 4
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BSR&Co.LLP Limited Review Report (Continued) Weispun Corp Limited 6. The Statement also include the Group's share of net profit after tax of Rs. 43.36 Crores and Rs. 113,24 Crores and total comprehensive income of Rs. 44.57 Crores and Rs. 115.89 Crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, as considered in the Statement, in respect of an associate, whose interim financial statements have not been reviewed by us. These interim financial statements have been reviewed by other auditor whose report has been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. This associate is located outside India whose interim financial statements have been prepared in accordance with accounting principles generally accepted in its country and which has been reviewed by other auditor under generally accepted auditing standards applicable in its country. The Parent's management has converted the interim financial statements of the associate located outside India from accounting principles generally accepted in its country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion in so far as it relates to the balances and affairs of the associate located outside India is based on the report of other auditor and the conversion adjustments prepared by the management of the Parent and reviewed by us. Our conclusion is not modified in respect of this matter. The Statement includes the financial information of 8 Subsidiaries which have not been reviewed, whose financial information reflect total assets (before consolidation adjustments) of Rs. 3,512.86 Crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 40.47 Crores and Rs. 87.15 Crores, total net loss after tax (before consolidation adjustments) of Rs. 30.34 Crores and Rs. 69.51 Crores and total comprehensive loss (before consolidation adjustments) of Rs. 30.34 Crores and Rs. 69.51 Crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 38.01 Crores for the period from 1 April2026 to 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net profit/(loss) after tax (before consolidation adjustments) of Rs. (0.91) Crores and Rs. 0.98 Crores and total comprehensive income/(Ioss) (before consolidation adjustments) of Rs. (0.91) Crores and Rs. 0.98 Crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of 3 associates, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. For B S R & Co. LLP Chartered Accountants Firm's Registration No.:1 0i.2 Bhavesh Dhupelia Partner Mumbai 29 October 2026 Membership No.: 042070 UDIN:26042070LSMCYR4013 Page 2 of 4
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BSR&Co.LLP Limited Review Report (Continued) Weispun Corp Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 Welspun Corp Limited Parent Company 2 Welspun Pipes Inc. (USA) Subsidiary 3 Welspun Tubular LLC (USA) Step-down-Subsidiary 4 Welspun Global Trade LLC (USA) Step-down-Subsidiary 5 Welpun Logistics LLC (USA) Step-clown-Subsidiary 6 Welspun Tradings Limited (India) Subsidiary 7 Welspun Dl Pipes Limited (India) Subsidiary 8 Welspun Mauritius Holdings Limited (Mauritius) Subsidiary 9 Anjar TMT Steel Private Limited (India) Subsidiary 10 Welspun Specialty Solutions Limited (India) Subsidiary 11 Sintex Prefab & Infra Limited (India) Subsidiary 12 Sintex - BAPL Limited (India) Subsidiary 13 Sintex Advance Plastics Limited (India) Step-down-Subsidiary 14 Sintex Holdings B.V. (Netherlands) Step-down-Subsidiary 15 Weetek Plastics Private Limited (India) Step-down-Subsidiary 16 Welspun Europe S.A (Spain) Subsidiary 17 Welspun Pipes Company (Kingdom of Saudi Arabia) Step-down-Subsidiary 18 East Pipes Integrated Company for Industry (EPIC) (Kingdom of Saudi Arabia) Step-down-Associate Co cer'Z. k<. ' Welspun Captive Power Generation Limited (India) (upto 30 July 2026) Associate Ystern Express Hrghway. Page 3 of 4 O Goregaon (East) __
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BSR&Co.LLP Limited Review Report (Continued) Weispun Corp Limited 20 Welspun Captive Power Generation Limited (India) (with effect from 31 July 2026) Subsidiary 21 Clean Max Dhyuthi Private Limited (India) Associate 22 Welspun Wasco Coatings Private Limited (India) Joint Venture 23 Welspun Global Holdings Limited (United Arab Emirates) Subsidiary 24 Welspun Global IFSC Limited (India) Step-down-subsidiary 25 Welspun International FZCO (United Arab Emirates) Subsidiary 26 Welspun Corporate Services Limited (India) (formerly known as Welspun Home Textiles Limited) Associate 27 Welspun Special Coatings Private Limited (India) (with effect from 17 September 2026) Step-down-subsidiary 28 Welspun Slagexcel Private Limited (India) (with effect from 31 August 2026) Associate Page 4 of 4
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WeIspun°co CIN : L27100GJ1995PLC025609, Website: www.welspuncorp.com Regd. Office: Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode-370110, Tel No.02836-662222, Fax :02836-279060, email - CompanysecretarwclweIspun,com WELSPUN CORP LIMITED Corp. Office: Weispun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai, Pincode - 400013. Tel No.022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs. in crores) - - Quarterended Halfyearended Vearended (Unaudited) (Unaudited) (Audited) Particulars _____________ _____________ 30-Sep-26 30-Jun-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Mar-26 a Revenue from operations 4,643.72 4,081.12 4,373.61 8,724.84 7,92510 16,770.14 b Other income 54.83 63.79 35.05 118-62 70.08 135.25 4,698.55 4,144.91 4,408.66 8,843.46 7,995.18 16,905.39 Total income (a+b) 2 Expenses a Cost of materials consumed 2.910-82 2,331.94 2,767.41 5,242.76 5,528.76 10815.78 b Purchase of stock-in-trade 8,02 2.59 11.91 10.61 24.32 47.49 Changes in inventories of finished goods, stock-in-trade and work-in (117.52) (3.59) (77.38) (121.11) (820.41) (605.04) progress d Employee benefits expense 304.65 313.63 309.38 618.28 594.43 1246.46 e Finance costs 38.41 45.18 49.38 83.59 112.56 212 17 Depreciation and amortisation expense 129.49 124.58 84.20 254.07 168.98 354.55 g Other expenses 811.01 744.21 771.19 1555.22 1,481.89 3,029.81 4,084.88 3,558.54 3,916.09 7,643.42 7,090.53 15,101.22 Total expenses 613.67 586.37 492.57 1,200.04 904.65 1,804.17 3 Profit before exceptional Items, share of profit of Joint venture, associates and tax (1-2) ______________ - ______________ - ______________ - _______________ ______________ ______________ 4 Exceptional Items profit before share of profit of Joint venture, associates and tax (3+4) 613.67 586.37 492.57 1,200.04 904.65 1,804.17 6 share of profit of joint venture and associates (net) 41.91 72.83 95.92 114.74 144.89 342.34 Profit on sale of shares of associate (refer note 4) - 547.93 - 54793 - - 7 profit before tax (5+6) 655.58 1,207.13 588.49 1,862.71 1,049.54 2,146.51 8 Income Tax expense a Current tax (57.84) 176.86 146.72 11902 260.01 305.86 b Deferred tax 218.33 (17.61) (1.74) 200.72 (3.14) 220.16 Total tax expense 160.49 159.25 144 98 319.74 256.87 526.02 495.09 1,047.88 443.51 1,542.97 792.67 1,620.49 9 Net profit for the period (7-8) 10 Other Comprehensive Income, net of tax a Items that will be reclassified to profit or loss net) 61.79 (7.07 7909 5472 70.76 294.27 b Items that will not be reclassified to profit or loss (net) (1.88) 1 55 (0.68) (0.33) (1.35) (3.49) 59.91 (5.52) 78.41 54.39 69.41 290.78 Total other comprehensive income, net of tax 11 Total Comprehensive Income for the period (including non- 555.00 1,042.36 521.92 1,597.36 86208 1,911.27 controlling interest) (9+10) 12 Net profit attributable to: -Owners 498.56 1,046.49 43968 1,545.05 790.10 1,613.05 -Non-controlling interest (3.47) 1.39 3 83 (2 08) 2.57 7.44 13 Other comprehensive income attributable to: -Owners 59.99 (5.73) 78.32 54.26 68.97 291.03 -Non-controlling interest (0.08) 0.21 0.09 0.13 0.44 (0.25) 14 Total comprehensive income attributable to: -Owners 558.55 1,040.76 518.00 1,599.31 859.07 1,904.08 -Non-controlling interest (3.55) 1.60 3.92 (1.95 3.01 7.19 15 Paid up equity share capital (Face value of Rs. 5/- each) 131.90 131.90 131.80 131. 131.80 131.90 16 Other EquIty 9,023.66 17 Earnings per share (not annualised for the quarter) (a) Basic (in Rs) 18.91 39.68 16.70 58.59 30.01 61.23 - - (b) Diluted (in Rs) 18.89 39.65 16.68 58.54 29.98 61.20
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Notes: 1 The aforesaid consolidated financial results of Welspun Corp Limited (the Holding Company including Welspun Corp Employees Welfare Trust) and its subsidiaries (the Holding Company and its subsidiaries together hereinafter referred to as the Group), its joint venture and associates were reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on October 29, 2026. 2 The Group is primarily engaged in the business of manufacture and distribution of steel products and others (including plastic products). 3 The aforesaid consolidated financial results of the Group, its joint venture and associates have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind As) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 4 During the quarter ended June 30, 2026, 14,17,280 shares of East Pipes Integrated Company for Industry ("EPIC") were sold by Welspun Mauritus Holdings Limited ("WMHL") to identified financial investors in a series of negotiated trades on Tadawul Stock Exchange for an overall consideration of SAR 283.46 million equivalent to USD 75.59 million (Rs. 723.55 crores). The Group had accounted for a gain of Rs. 547.93 crores on sale of EPIC shares. S The financial results of Welspun Corp Employees Welfare Trust have been included in the standalone financial results of the Holding Company in accordance with the requirements of Ind-AS 102 and Guidance Note on Accounting for Employee Share-based payments. Cost of such treasury shares of Rs. 2.26 crores has been presented as a deduction in Other Equity. While computing basic and diluted earnings per share, weighted average of 86,717 number of equity shares have been reduced 6 During the quarter and half year ended September 30, 2026, no shares have been allotted as Employee Stock Options. The paid-up equity share capital of the Holding Company stands at Rs. 131.90 Crores - divided into 26,37,90,645 equity shares of Rs. 5 each. 7 During the quarter ended September 30, 2026, the Holding Company acquired additional 51% equity stake in Welspun Captive Power Generation Limited (WCPGL) from Welspun Living Limited (WIL), a promoter group company, comprising of 1,50,64,213 equity shares of face value Rs. 10/- each, at a total consideration of Rs. 67.66 crores. Upon completion of the acquisition, the aggregate equity shareholding of the Group, in WCPGL, has increased from 22.90% to 73.90%, consequent to which WCPGL has become a subsidiary of the Holding Company. The acquisition is accounted in accordance with provisions of Ind AS 103 'Business Combinations'. The purchase consideration of INR 67.66 crores has been provisionally allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired has resulted into goodwill of INR 0.38 crores. The purchase price allocation is expected to be completed within one year from the date of acquisition. 8 During the quarter ended September 30, 2026, a new company has been incorporated named "Weispun Slagexcel Private Limited' ("WSPL"). WSPL will manufacture Ground Granulated Blast Furnace Slag (GGBS) through Slag Granulation Process. WSPL has been incorporated with an initial paid-up share capital of Rs. 0.01 crore, comprising 10,000 equity shares of Rs. 10/- each. The Holding Company has subscribed 2,600 equity shares of Rs. 10/- each aggregating to Rs. 26,000 only, representing 26% of the paid-up share capital of WSPL. Upon incorporation, WSPL has become an Associate Company of the Holding Company. 9 During the quarter ended September 30, 2026, Welspun Dl Pipes Limited ("WDI") , a wholly-owned subsidiary has incorporated a wholly owned subsidiary Welspun Special Coating Private Limited ("WSCPL") in India. WSCPL has been incorporated with an the object, to carry on the business of applying, providing, executing and undertaking all types of coating works including but not limited to polyolefin, polymers, fusion bonded epoxy, internal fusion bonded epoxy, epoxy, polyurethane, polyethylene, polypropylene, coal tar, blasting, painting, anti-corrosive, anti-rust, abrasion-resistant, heat-resistant and other protective or functional coatings or any combination thereof. WSCPL has been incorporated with an initial paid-up share capital of Rs. 0.01 crore, comprising 10,000 equity shares of Rs. 10/- each. WDI has subscribed 10,000 equity shares of Rs. 10/- each aggregating to Rs. 0.01 crores, representing 100% of the paid-up share capital of WSCPL Upon incorporation, WSCPL has become a step-down wholly owned subsidiary of the Holding Company. ç Oo\ r' *
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10 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Sr No, Particulars Quarterended _____________ (Unaudited) _______________ l-Ialfyearended (Linaudited) Vearended (Audited) sosep-26 30-Jun- iS 30-Sep-is 30-Sep-26 30-Sep-25 as-Mar-is 1 Debt Equity Ratio 0.08 0 11 0.16 0.08 0.16 0.23 (Total Debt! Tow! Equity) 2 Debt service coverage ratio 531 1 21 18.70 1 66 6.49 5.03 (Earnings ovoiloble for debt service! debt service) 3 Interest service coverage ratio 46 16 6958 23.41 59.00 20.79 21 61 (Eornings before Interest on borrowings and Tax /lnterest on borrowings) 4 CurrentRatio 121 129 131 121 131 133 (Current Assets! Current Liabilities) long term debt to working capital 0.35 0.34 028 0.35 0.28 0.60 (Non-current borrowings + Current maturities of long term borrowings)! (Current Assets - Current liabilities) 6 Bad debts to Accounts receivable ratio - 0.01 (Bad debt expense/Closing Trode Receivable) 7 Current liability ratio 0 83 0.82 0.86 0.83 0.86 0.76 (Current liobilities/ Total Liabilities) 8 Total Debts to total assets ratio 0.04 0.06 0.08 0.04 0.08 0.11 (Total Debts! Totol Assets) 9 oebtorsturnover(noofdays) 22 32 34 30 39 38 (Average trade receivable/Revenue from operations (multiplied by no, of days)) 10 inventoryTumover(noofdays) 170 189 173 178 181 158 (Average inventory/Cost of goods sold (multiplied by no, of doys)) 11 Operating EBIDIA Margin (%) 17.28% 1973% 16.05% 18.42% 16 13 15.63% (Eornings before Depreciotion, Interest, Profit on sole of shores of ossociote and Tax / Revenue from operations) 12 Net Profit Margin 1%) 10.66% 25.63% 10.14% 1768% 10.00% 9.66% (Net profit after tax / Revenue from operations) 13 paid up equity share capital (Face value ofRs. 5/- each) (Rs In Crores) 13190 131.90 131.80 131,90 13180 131.90 14 other Equity excluding debenture redemption reserve and capital redemption 10,13921 9,711.90 7,709.21 10139.21 7709.21 8,66997 reserve (Rs. In Crores) 15 Debenture Redemption Reserve (Rs. In Crores) - - - - 16 capital Redemption Reserve (Rs. In crores) 353.69 353.69 353 69 353.69 353.69 353 69 17 share Application money pending 18 Outstanding redeemable preference shares (in numbers) (including issued by subsidiary companies) 19 Outstanding redeemable preference shares (Rs. In crores) - 20 Networth (Rs. In Crores) 10,907 58 10,449.45 8,463.75 10,907 58 8,463,75 9,405,86 and on behalf of the Board of Directors of Welspun corp limited place: Mumbai Date: October 29, 2026 Vipul Mathu Managing Di ctor and Chief Executive Officer DIN- 07990476
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3 WEISPUN CORP LIMITED 'VVelspun CORP CIN: L271006J1995PLC025609, Website: www.welspuncorp.com Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode -370110. Tel No.02836-662222, Fax: 02836-279060, email - Companysecretary_wcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Weispun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30. 2026 (Rs. in crores) Asat Asat Particulars September 30, 2026 March 31, 2026 (Unaudited) (Audited) ___________________________________________________________________________________ ASSETS Non-current assets Property, plant and equipment 5,857.23 5,791.08 Capital work in-progress 2,420.78 1,232.92 Right-of-use asset 352.40 293.24 Investment properties 61.08 61.19 Goodwill 373.58 373.20 Intangible assets 25.26 17.44 Intangible assets under development 2.64 8.49 Investments accounted for using the equity method 844.82 1,010.53 Financial assets Investments 35.28 35.28 Other financial assets 44.55 43.49 Deferred tax assets (net) 33.56 34.16 Non-Current Tax Asset (Net) 18.92 14.24 Other non-current assets 710.69 416.19 Total non-current assets 10,780.79 9,331.45 Current assets Inventories 5,351.34 4,655.66 Financial assets Investments 419.47 817.69 Trade receivables 1,078.25 1,718.93 Cash and cash equivalents 2,166.94 1,512.59 Bank balances other than cash and cash equivalents 2,203.39 1,459.34 Loans 0.77 0.46 Other financial assets 71.74 76.32 Other current assets 1,096.23 861.42 Assets or disposal groups classified as held for sale 38.56 0.14 Total current assets 12,426.69 11,102.55 Total assets 23,207.48 20,434.00 ( 7/ Cei&Wt Wino am \ \ Northcwlng * Nesto II Padc4. *
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0 WELSPUN CORP LIMITED tyyfeIspun CORP CIN L27100GJ1995P1C025609 Website: www.welspuncorp.com Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode -370110. Tel No. 02836-662222, Fax : 02836-279060, email - Cornpanysecretary_wcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30,2026 (Rs. in crores) Asat Asat Particulars September 30, 2026 March 31, 2026 (Unaudited) (Audited) ___________________________________________________________________________________ EQUITY AND LIABILITIES Equity Equity share capital 131.90 131.90 Other equity Reserves and surplus 9,771.99 8,357.24 Other reserves 720.91 666.42 Equity attributable to owners of Welspun Corp Limited 10,624.80 9,155.56 Non-controlling interests 282.78 250.30 Total equity 10,907.58 9,405.86 LIABILITIES Non-current liabilities Financial liabilities Borrowings 698.72 1,597.73 Lease liabilities 153.15 165.34 Otherfinancial liabilities 24.56 - Provisions 21.43 19.46 Deferred tax liabilities (net) 807.67 592.88 Government grants 328.80 302.92 Total non-current liabilities 2,034.33 2,678.33 Current liabilities Financial liabilities Borrowings 204.42 564.81 Lease liabilities 28.69 27.57 Trade payables total outstanding dues of micro and small enterprises 132.79 123.85 total outstanding dues other than above 2,582.98 3,198.97 Other financial liabilities 634.52 387.62 Other current liabilities 6,029.25 3,348.12 Provisions 101.21 96.86 Government grants 32.71 29.48 Current tax liabilities (net) 519.00 572.53 Total current liabilities 10,265.57 8,349.81 12,299.90 11,028.14 Total Liabilities Total equity and liabilities 23,207.48 20,434.00 For and on behalf of the Board of Directors of Welspun Corp Limited Place: Mumbai oate: October 29, ZULU Vipul Mat ur Managing Director and Chief Executive Officer DIN - 07990476
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Welspun°coRP - - - - Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, 01st. Kutch, Gujarat, Pincode -370110. Tel No. 02836-662222, Fax : 02836-279060, email - Companysecretary_wcl@welspun.com, Website: www.welspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, lower Parel, Mumbai -400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF (JNAIJDITED CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 WELSPUN CORP LIMITED CIN : L27100GJ 1995PLC025609 , Website: www.welspuncorp.com (Rs. in crores) Particulars Half Year ended Half Year ended September 30, 2026 September 30, 2025 A) Cash flow (used in)! from operating activities Profit before tax 1,862,71 1,049,54 Adjustments for: Depreciation and amortisation expense 254.07 168.98 Employee share-based payment expenses 2.49 3.18 (Gain)! Loss on sale of current nvestments (5.45) (8.65) Loss! (Gain) on sale! discarding of property, pant and equipment (net) 11.49 (8.53) Profit on sale of shares of associate (547.93) - Share of Net Profit of Joint Venture and Associates accounted for using Equity method (114.74) (144.89) Fair valuation (gain)! loss on investment (net) (3.89) (2.25) (Reversal) / Provision for Allowance for doubtful debts (net) 0.36 (2.98) Provisions for litigation!disputes 0.97 10.83 Provision/liability no longer required written back (1.61) (3.98) (Reversal)! Provision of allowance for doubtful loans (10.59) Dividend income (0.23) - Interest income and commission income (76.22) (24.78) Finance costs 83.59 112.56 Unrealised net exchange differences (54.66) 29.31 Rental Income (2.27) (2.50) Operating profit before changes In operating assets and liabilities 1,408S8 1,165.25 (Increase)! decrease in other non-current financia assets (1.76) (0.03) (Increase) decrease in other non-current assets 1.57 1.89 (Increase) / decrease in inventories (680.94) (941.18) (Increase) I decrease in trade receivables 649,73 146.16 (Increase)! decrease in other current financial assets 2.75 (8.30) (Increase)! decrease in other current assets (258.43) (284.64) Increase! (decrease) in other non-current financial liabilities 24.55 1.53 Increase / (decrease) in trade payables (583.93) (601.00) Increase / (decrease) in other current financial liabilities (16.97) 5.75 Increase / (decrease) in other current liabilities 2,708.18 490.15 Increase / (decrease) in provisions 2.49 370 Increase / (decrease) in government grants 29.12 6086 Total changes in operating assets and liabilities 1,876.36 (1,125.11) Cash flow from operations 3,285.04 40.14 Income taxes paid (net of refund received) (177.45) (138.96) Net cash (used in)! from operating activities (A) 3,107.59 (98.82)
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WELSPUN CORP LIMITED \Yelspun CORP CIN : L27100GJ1995P1C025609 " Website: www.welspuncorp.com Regd. Office: Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode -370110. Tel No. 02836-662222, Fax :02836-279060, email - Companysecretary_wcl@welspun.com, Website: www.wetspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel No. 022 2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 IRs. in crores) Particulars Half Year ended Half Year ended September 30, 2026 September 30, 2025 B) Payments for property, plant and equipment, investment property and intangible assets (including Capital (1,485.14) (1,001.15) work-in-progress and Intangible assets under development) Proceeds from disposal of property, plant and equipment and investment property 38.18 29.65 Cash outflow on acquisition of a subsidiary (67.66) - Proceeds from sate of investment in associate (net of transaction costs) 707.43 151.74 Purchase of non current investments (0.23) (19.39) Purchase of current investments (5,364.55) (5,406.42) Proceeds from sale redemption of current nvestments 5,782.10 5,421.58 Investments in fixed deposit (2,785.76) (2,232.11) Proceeds from maturity of fixed deposits 2,042.15 2,256.64 Interest and commission received 66.97 9.64 Dividend received 0.23 - Loan repaid by re ated parties - 3110 Loan g yen to related parties - (1760) (Loan given to others) I Repaytnent of loans by others (net) (0.31) 0.20 Dividend received from associates 101.08 93.87 Rental income 2.27 2.50 Net cash (used in)! from investing activities (B) (963.24) (679.75) C) Cash flow (used in)! from financing activities Proceeds from issue of equity share capital (including ESOP) - 385 Proceeds from Non-current borrowings 160.96 - Repayment of Non-current borrowings (1,053.61) (152.74) Proceeds from current borrowings 1,503.83 1,865.42 Repayment of current borrowings (1,870.67) (1,270.89) Interest paid (81.69) (104.19) Dividend paid (131.96) (131.66) Principal elements of lease payments (43.91) (20.86) Net cash (used in)! from financing activities (C) (1,517.05) 188.93 Net Increase! (decrease) in cash and cash equivalents (A+B+C) 627.30 (589.64) Cash and cash equivalents at the beginning of the year 1,512.59 1,147.12 Add: Cash and cash equivalents pursuant to business combinations 1 76 Gainl (Loss) on exchange rate changes on cash and cash equivalents 2529 1897 Cash and cash equivalents at the end of the half year 2,166.94 - 576.45
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WEISPUN CORP LIMITED 'VVelspun CORP CIN : 127100GJ1995PLC025609, Website: www.welspuncorp.com Regd. Office: Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat. Pincode 370110. Tel No.02836 662222, Fax :02836-279060, email - Companysecretary wcl@welspun.com, Website: www welspuncorp.com Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013 CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30,2026 The Group's operations primarily relates to manufacturing of steel products and plastic products. The segment information is provided to and reviewed by Chief Operating Decision Maker (CODM). The Group's segments consist of: i. Steel Products 2. Others (including plastic products) (Rs. in czores) Sr. Quarterended Half yearended Vearended No Particulars (Unaudited) (Unaudited) (Audited) ________________ 30-Sep-26 30-Jun-26 _______________ 30-Sep-25 30-Sep'26 30-Sep-25 31-Mar-26 - 1) ______________________________________________________________________________ Segment revenue a. Steel products 4,462.47 3,906.07 4,223.94 8,368.53 7,617.00 16,134.11 b. Others (including plastic products) 181.25 175.05 149.67 356.31 308.10 636.03 - Total Revenue 4,643.72 4,081.12 4,373.61 8.724,84 7,925.10 16,770.14 - 2) Segment results Profit / (loss) before Finance costs (net), non-operating expenses (net), and tax a. Steel products 571.64 598.81 552,81 1,170.45 1,018.52 026 b. Others (including plastic products) (43.51) (37.06) (28.29 (80.57) (36.95) (101. 528.13 561.75 524.S2 1,089.88 981.57 1,9249 Total Add: unallocated income, net of unallocated expense 123.95 69.80 17.43 193.75 35.64 91 632.08 631.55 541.95 1,283.63 1,017.21 2,016.34 Total segment results Less: Finance cost 38.41 45.18 49.38 83.59 112.56 212 17 Add/(Less): Share or profit/(loss) of Joint venture and Associates (net) and Profit on sale or shares of associates 41.91 620.76 95.92 662.67 144,89 34234 - Profit Before tax 655.58 1,207.13 588.49 1,862.71 1,049.54 2,146.51 - 3) Segment Assets a. Steel products 15,825.57 14,879.52 13,009.32 15,825.57 13,009.32 14,138 b. Others (including plastic products) 1,626.40 1,446.93 1,281.37 1,626.40 1,281.37 1,388. 17,451.97 16,326.45 14,290.69 17,451.97 14,290.69 15 5261 Total segment assets Add: Unallocated 5,755.51 4,435.03 2,247,97 5,755.51 2,247,97 4, 07 - Total Assets 23,207.48 20,761.48 16,538.66 23,207.48 16,538.66 20,434,00 - 4) Segment Liabilities a. Steel products 9,804,88 7,580.17 5,444,84 9,804.88 5,444.84 7,448.59 b. Others (including plastic products) 259.79 249.32 232.32 259.79 232.32 244.40 10,064.67 7,829.49 5,677.16 10,064.67 5,677.15 7,692,99 Total Segment Liabilities Add: unallocated 2,235.23 2,482.54 2,397.75 2,23S.23 2,397,75 3,335.15 Total Liabilities _..-_, 12,299.90 10,312.03 8,074.91 12,299,90 8.074,91 11,028.14 For don behalf of the Board of Directors of Welspun Corp Limited Place: Mumbai Date: October 29, 2026 vipul Methur Managing Dire r and Chief Executive Officer DIN' 07990475
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BSR&Co.LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited standalone financial results of Welspun Corp Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Welspun Corp Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Weispun Corp Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 (the Statement") (in which are included interim financial information of Welspun Corp Employees Welfare Trust) 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial keportin9" ("md AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in whch .t s to be disclosed, or that it contains any material misstatement. For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248 002i Bhavesh Dhupelia Partner Mumbai 29 October 2026 B SR & Co. (a oartne'sr,p (rn wan Reg eration No 2A6l223l converted 5:0 B SR & Co. LLP (a Limited L'ab'sty Parlne'sh-p wan LLP Regintrason No. AAB-BIBtl wile et'eci ironl October I. 20t3 Membership No.: 042070 UDIN:26042070E1FHLR9852 Regisieren 016cc 14th Floor Central B Wing end North C Wing. Nesco IT Park 4, Nesco Center. Western Express Hghvday Gnregaon Eas:,. MunTrbai - 400063 Page 1 of 1
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\Xf I WELSPUN CORP LIMITED v veuspun CORP CIN : L271000J1995PLC025609, Website www.welspuncorp.com tegd, Office: Weispun City Village Versamedi, Taluka Arijar Dial. Kutch Gujarat, Pincode-370110 Tel No, 02036-662222, Fax 02835-279059, email - Companysecretary wc @welspun Corn Corp. Office: Welspun House, Kamala M 15 Compound, Senapati Bapet Mars. Lower Parel Mumbai, Pincode - 400013 Tel No 022-2490 8000 Fax 022-2490 8020 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER RHO HALF YEAR ENDED SEPTEMBER 30, 2026 IRa. in croreaf - a cu are P ill I Quaffer ended (unaudited) Half year ended (Unaudited) - Year ended (Auditedl No. - - 30-Sep-2e 30-Jun-26 30-Sep-25 30-S.p-26 30.Sep-25 31-Mar-2026 I ____________________________________________________________________________________ Income a Revenue from operations 1 860 34 1 567 22 1 822.41 3 427 56 3,650.76 8.29937 Other income 23.68 36.46 15854 6216 265.37 29635 Total Income (a+b) 1,884,02 s,eos,70 1,980,05 3,489,72 3,916-13 8,596.72 2 Expenses a Cost of materials consumed 1,47948 1.12924 1,447.37 2608.72 295545 6103.51 b Purchases of stock-in-trade - - 8.05 - 15.40 40.43 Changes in inventories of finished goods, stock-in-trade and work-in-progress 267.64) (76.091 1178.27) (363.73) 1467.90) (374.77 Employee benefits expense 76.74 71.99 84.17 148.73 160.48 338.88 Finance costs 17.02 14.63 27.43 31.65 57.54 107.64 Depreciation and amoilisalion expense 41.27 40.63 37.47 81.90 76.66 150.90 9 Other expenses 371 15 268.86 272.91 640.01 66274 116769 Total expenses 1,698.02 1,449,26 1,699.13 3,147,28 3,360.37 7,534,28 186.00 156,44 281,82 342-U 555.76 1,061-U 3 Profit before tax and exceptIonal Items (1-2) 4 Exceptional items (Refer Note 4) - . 163.49 - 215.21 220.10 S Profit before tax (3-4) 186,00 156,44 445.31 342.44 770.97 1,281,54 6 Income Eax expense a current tax 41.67 39.60 49.14 81.27 505.64 210.02 b Deferred tax 2 50 1 00 30.42 3.50 44.75 58.00 Total tax expense 44,17 40.60 79.56 84,77 150,39 268.02 7 Net profit for the period (5-6) 141.83 115.84 365,75 257,67 620,58 1,013.52 B Other Comprehensive (Loss)! Income, net of tax a Items that will be redassified to prott or loss (net) 13.91) 16.30 (17.351 12.39 139.85) 137.27 b Items that will not be reclassified to profit or toss (netl 13.281 0.17 (0.061 3.11) 10.88) 0.65 Total other comprehensive (loss) 'income, net of tax (7,19) 16,47 (17,411 9.28 140,721 (36.62 9 Total Comprehensive Income for the period (7+8) 134,64 132,31 348,34 265,95 579.85 976,90 10 Paid up equity share capital Face value of Ra. 51- each) 131 90 131 90 131.80 13190 13180 131 90 11 Other Equity 502233 12 Earnings per equity share (not annuallsed for the quaffer) (a) Basic (in Rs) 5,38 4,39 13,89 9,77 23,57 38,47 - - (b) oituted (in Ps) 5,37 4,39 13.87 9,76 23,55 38,45 Cenitat wIng and -' * N0ttllCWlflQ * Nesco II 7554, Nesco Ctnlet
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Notes: 1 The aforesaid standalone financial results of Welspun Corp Limited (the Company), including Welspun Corp Employees Welfare Trust, were reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on October 29, 2026. 2 Since the segment information as per Ind AS 108 - Operating Segments is provided on the basis of consolidated financial results, the same is not provided separately in standalone financial results. 3 The aforesaid standalone financial results of the Company have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 4 Exceptional Items 4a During the previous year ended March 31, 2026, remaining equity shares of Nauyaan Shipyard Private Limited ("NSPL"), held by the Company were sold to Nauyaan Tradings Private Limited ("NTPL") for a consideration of Rs. 51.72 crores. The Company had recognised fair value gain of Rs 82.75 crores, disclosed under "Other income", which reflected the difference between the carrying value of the investment and its fair value. 4b During the previous year ended March 31, 2026, the Company had sold Longitudinal Submerged Arc Welded (LSAW) Pipe Plant situated at Dahej, to Welspun Pipes Company LLC, Kingdom of Saudi Arabia, a wholly owned subsidiary of the Company, for a consideration of Rs 203.07 crores based on an independent valuation report and on arms-length basis resulting in profit of Rs 168.38 crores. 5 The financial results of Weispun Corp Employees Welfare Trust have been included in the standalone financial results of the Company in accordance with the requirements of nd-AS 102 and Guidance Note on Accounting for Employee Share-based payments. Cost of such treasury shares of Rs. 2.26 crores has been presented as a deduction in Other Equity. While computing basic and diluted earnings per share, weighted average of 86,717 number of equity shares have been reduced. 6 During the quarter ended September 3D, 2026, no shares have been allotted as Employee Stock Options. The paid-up equity share capital of the Company stands at Rs. 131.90 Crores - divided into 26,37,90,645 equity shares of Rs. S each. 7 During the quarter ended September 30, 2026, a new company has been incorporated named "Weispun Slagexcel Private Limited' ("WSPL"). WSPL will manufacture Ground Granulated Blast Furnace Slag (GEBS) through Slag Granulation Process. WSPL has been incorporated with an initial paid-up share capital of Rs. 0.01 crore, comprising 10,000 equity shares of Rs. 10/- each. The Company has subscribed 2,600 equity shares of Rs. 10/- each aggregating to Rs. 0.0026 crores, representing 26% of the paid-up share capital of WSPI. Upon incorporation, WSPL has become an Associate Company of the Company. 8 During the quarter ended September 30, 2026, the Company acquired additional 51% equity stake in Weispun Captive Power Generation Limited (WCPGL) from Welspun Living Limited (WLL), a promoter group company, comprising of 1,50,64,213 equity shares of face value Rs. 10/- each, at a consideration of Rs. 67.66 crores. Upon completion of the acquisition, the aggregate equity shareholding of the Company together with its subsidiaries, in WCPGL, has increased from 22.90% to 73.90%, consequent to which WCPGL has become a subsidiary of the Company.
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9 Additional information purnuanl 10 Regulation 52(4) of Securities and Exchange Board of India (listing obligations and Disclosure Requirements) Regulations, 2015, an amended. Sr No. Particulars Quarter ended (Unaudited) Half year ended (Unaudited) Year ended (Audited) 30-Sep-26 30-Jun-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Mar.2026 1 Debt Equity Ratio o.oi 0.01 0.20 0.01 020 0.08 (Total Debt! Total Equity) 2 Debt service coverage ratio 30.78 33.06 21 73 31.79 24 14 4 64 (Earnings availablefor debt service/debt service) 3 Interest service coverage ratio 59.50 47.71 27.03 53,45 30.04 24.44 (Earning before Interest on borrowings and Tax/Interest on borrowings) 4 Current Ratio 1.06 1.24 1,24 1,06 1.24 1 23 (Current Assets! Current Liabilities) S tong term debt to working capital 0.19 0.05 0.28 0.19 0.28 0.05 (Non-current borrowings ý Current moturiries of tong term borrawings)/ (Current Assets - Current liobilities) 6 Bad debts to Accounts receivable ratio (Bad debt expense / Closing Trode Receivoble) 7 Current liability ratio 0.89 0.89 0.90 0.89 0.90 0.89 (Current liobilities/ Total Liobilities) 8 Total Debts to total atsets ratio 0.00 0.01 0.11 0,00 0.11 0.05 (Totol Debts! TotolAssets) 9 Debtors Turnover (no. of days) 41 71 60 54 62 60 (Average trode receivable/Revenuefrom operotions (multiplied byiio. of days)) 10 Inventory Turnover (no. of days) 176 168 148 165 147 112 (Average inventory! Cast of goods sold (multiplied by no. of days)) 11 Operating EBIDTA Margin (%) 12.40% 12.80% 18,48% 12.58% lt.06% 15.31 (Earnings before Depreciation, Interest and Tax / Revenue from operations) 12 Net Profit Margin (%) 7.62% 7.39% 20.07% 7.52% 17.00% 1221% (Net profit ofter tox /Revenue from operorions) 13 Paid up equity share capital (Facevatue ofRs. 51- each) IRs. in Crores) 131.90 131.90 131.80 131.90 13180 13190 14 Other Equity excluding debenture redemption reserve and capital 4,806.16 4,802.13 4,269.20 4,806.16 426920 4668.64 redemption reserve (Rs. in Crores) 15 Debenture Redemption Reserve (Rs. in Crores) 16 Capital Redemption Reserve (Rs. in Crores) 353.69 353.69 353.69 35369 353.69 353.69 17 outstanding redeemable preference shares (in numbert) 18 Outstanding redeemable preference shares (Rs. In Crores) - - . - 19 Networth (Rs. In Crores) 5,291.75 5,28772 4,75469 5291 75 4,754.69 5,154.23 and on behalf of the Board of Directors of Weispun Corp LimIted (7 2" 11th Fi. c\\ CenliaiBWit9asd * NoiitiCWsg Nesco II P164. Place: Mumbai ( (wtstets Expitss highway I Ntscs Ctrriti. Date: October 29, 2026 \ta\ Gasn(Ea:,p /: Viput Mat ur Managing rector and Chief Esecutive Officer DIN' 07990476
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'WeIspunco P WELSPUN CORP LIMITED CIN: L27100GJ1995P1C025609, Website: www.welspuncorp.com Regd. Office: Welspun City Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode-370110. Tel No. 02836-662222, Fax :02836-279060, email - Companysecretary_wc @welspun.com. Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai, Pincode - 400013. Tel No 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED STANDALONE BALANCE SHEET AS AT SEPTEMBER 30, 2026 (Rs. in crores Asat Mat Particulars September 30, 2026 March 31, 2026 (Unaudited) (Audited) _________________________________________________________________________________________ ASSETS Non-current assets Property, plant and equipment 2,166.12 2,223.70 Capital work-in- progress 13456 26.18 Right-of-use assets 72.89 13.76 Investment properties 29.20 29.31 Intangible assets 13.94 12.86 Intangible assets under development 2.20 4.13 Financial assets Investments in subsidiaries, associates and joint venture 2,898.19 2,243.43 Investments 35.28 35.28 Other financial assets 28.34 26.97 Other non-current assets 138.40 154.23 Total non-current assets 5,519.12 4,769.85 Current assets Inventories 2,354.90 1,701.63 Financial assets Investments 297.39 555.92 Trade receivables 600.02 1,422.28 Cash and cash equivalents 32.12 110.38 Bank balances other than cash and cash equivalents 16.79 72.57 Loans 0.72 0.39 Other financial assets 110.15 106.48 Other current assets 485.89 327.79 Total current assets 3,897.98 4,297.44 Total assets 9,417.10 9,067.29 Co Nesco II P * NescoCe k Weslern Espies
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\'VeIspun°co WELSPUN CORP LIMITED CIN : 127100GJ1995PLC025609, Website: www.welspuncorp.com Regd. Office: Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode-370110. Tel No. 02836-662222, Fax : 02836-279060, email - Companysecretary_wcl@welspun.com. Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai, Pincode 400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED STANDALONE BALANCE SHEET AS AT SEPTEMBER 30, 2026 IRs. in rrnrpc Asat Asat Particulars September 30, 2026 March 31, 2026 _________________________________________________________________________________________ (Unaudited) (Audited) EQUITY AND LIABILITIES Equity Equity share capital 131.90 131.90 Other equity Reserves and surplus 5,184.32 5,05.19 Other reserves (24.47) (36.86) Total equity 5,291.75 5,154.23 LIABILITIES Non-current liabilities Financial liabilities Borrowings 40.00 40.00 Lease liabilities 5.64 3.61 Provisions 0.10 Deferred tax liabilities (net) 197.16 190.54 Government grants 194.79 188.21 Total non-current liabilities 431.69 42236 Current liabilities Financial liabilities Borrowings 0.39 377.40 Lease liabilities 2.81 8.77 Trade payables - total outstanding dues of micro and small enterprises 43.55 50.33 - total outstanding dues other than above 1,669.74 1,465.61 Other financial liabilities 71.94 103.31 Other current liabilities 1,333.10 911.89 Provisions 76.32 76.78 Government grants 18.98 Current tax liabilities (net) 470.83 477.63 Total current liabilities 3,687.66 3,490.70 Total liabilities 4,125.35 3,913.06 Total equity and liabilities 9,417.10 9,067.29 F and on behalf of the Board of Directors of Welspun Corp Limited 7CeeiiaiBtraftd\ (* , NoiihCWlflg \ I Nescoil Pa,t4. I N¬sc Ceniei I \ wescein Enpi'ss Higliwa / C \ Goitgaon lEasi) / Vipul Mat Date: October 29, \ Muinbai 1 063/ Place: Mumbai Managing Director and Chief Executive Officer DIN -07990476
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"nJcni in°rnoD WEISPUN CORP LIMITED '- '-'V'1' "''r CIN L27100GJ1995PLC025609,Websjte: www.welspuncorp.com Regd. Office: Weispun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat, Pincode 370110. Tel No.02836-662222, Fax :02836 279060 email - Companysecretary_wcl@we spun.com. Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumba', Pincode 400013. Te No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED STANDALONE CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 Half Year Ended Half Year Ended Particulars September 30,2026 September 30,2025 (tinaudited) (Unaudited) A) Cash flow (used in)! from operating activities Profit before tax 342.44 770,97 Adjustments for Depreciation and amortisation expense 81.90 76.66 Exceptional items (refer note 4) - (215.21) Employee share-based payment expense (Gainyloss on sale/discarding of properly,plant and equipment (net) Loss/ (gain) on saId redemption of 2.49 4.43 3.18 (9.34) " Current investments (3.60) (7.24) - Non-current investments - (82.75) Fair valuation (qain)/loss on investment (net) (3.38) (0.21) (Reversal)! Provision of allowance for doubtful loans Provision for litigatio&disputes (net) - 097 (10.59) 10.68 (Reversal)! Provision For allowance for doubtful debts (net) o.os (0.09) Dividend income from non-current investments (15.59) (13214) Interest income and commission income (22.38) (15.06) Finance cost 31.65 5754 Unrealised net exchange differences (4355) 5.31 Liabilities! provisions no longer required written back (0-57) (0.58) Rental Income from investment properly and rental income others (2.55) (3.47) 2987 (323.311 Operating profit before changes in operating assets and liabilities 37231 447,66 Changes in operating assets and liabttities (Bracket figures represents increase in asset and decrease in liabilities) (Increase) I decrease in other non-current financial assets (1.38) (0.53) Decrease! (Increase) in other non-current assets 1.17 1 .87 (Increase)!decrease in inventories (653.26) (361.59) (Increase) / decrease in trade receivables 81622 151.40 Increase in other current financial assets (14.27) (9.75) (Increase)! decrease in other current assets (158.11) (147.86) increase! (decrease) in trade payabies 231.29 (443.05) (Decrease) / increase in other current financial liabilities i 0.34 (11.07) Increase! (decrease) in other current liabilities 421 .20 53.40 Increase! (decrease) in provisions (443) 3.98 Increase / (decrease) in government qrants 6.58 29.55 Total changes in operating assets and liabilities 65535 (733.65) 1021.66 (285.991 Cash flow from I (used in) operations Income taxes paid (net of refund received) (88.07) (120.76) Net cash from operating activities (A) 939.59 (406.75)
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"VVaIcni 1nr' DID WEISPUN CORP LIMITED '.- -'V'1. ' ¼' CIN : L27100GJ1995P1C025609 , Website: www.welspuncorp.com Regd. Office: Welspun City. Village Versamedi, Taluka Anjar, Oist. Kutch, Gujarat, Pincode-370110. Tel No. 02836-662222, Fax :02836-279060, email - Companysecretary_wcl@welspun.com. Corp. Office: Welspun House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Murnbai, Pincode -400013. Tel No. 022-2490 8000, Fax: 022-2490 8020 STATEMENT OF UNAUDITED STANDALONE CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 Particulars Cash flow (used in)! from investing activities Payments for property, plant and equipment, investment property and intangible assets (including capital woilc-in-progress and intangible assets under development) Proceeds from disposal or property, plant and equipment and investment property Purchase of long term investments Proceeds from sale/redemption of long term investments Purchase of current investments Proceeds from sale/redemption of current investments Investments in fixed deposit Proceeds from maturity of fixed deposit Interest and commission received Rent Income Received Dividend received Loans given to subsidiaries / related parties Repayment of loans by subsidiaries I related parties Loan given (toy repaid by others (net) Net cash (used in) I from investing activities (B) Cash flow froml (used ml financing activities Proceeds from issue of equity share capital Proceeds from current borrowings Repayment of current borrowings Interest paid Dividend paid Principal elements of lease payments Net cash (used in) / from financing activities (C) Other Non cash movememts Net increasel(decrease) in cash and cash equivalents (A+B+C) Year Ended I Half Year Ended September 30, 2026 I September 30,2025 (16414)1 (124.72) (014) 12.64 (654,76) (435,61) - 151.74 (5,120.53) (4.820,44) 5,386.04 4.852,04 (509.94) 53.44) 565.66 58.64 21,81 11.06 2.55 3,47 15.59 132.14 (17.60) 31.10 - 3.85 946.81 1,831,42 Cash and cash equivalents at the beginning of the year I 110.38 I 273.96
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Annexure-A Sr. No. Particulars Mr. Manish Chokhani (DIN: 00204011) Mr. Anjani Kumar Agrawal (DIN: 08579812) 1. Reason for Change Re-appointment as an Independent Director Re-appointment as an Independent Director 2. Date of Re-appointment 2nd February, 2027 1st April, 2027 3. Term of Re-appointment Re-appointed for a Second term of 4 (four) consecutive years, subject to the approval of shareholders of the Company, by way of a Special Resolution. Re-appointed for a Second term of 4 (four) consecutive years, subject to the approval of shareholders of the Company, by way of a Special Resolution. 4. Brief Profile Mr. Manish Chokhani is a member of the Institute of Chartered Accountants of India and MBA from the London Business School. He has over 35 years of experience in investment banking, fund management and private equity. He had served as the Chairman of TPG Growth India and as Senior Advisor to TPG that is one of the world largest PE firms. He has also been a member of the SEBI’s Alternative Investment Promotion Advisory Committee, and also a Co -Chairman of the Capital Markets Committee at the IMC. He was the MD & CEO of Axis Ca pital, earlier Enam Securities, one of India’s leading investment banks. Keenly associated with education, he serves on the Governing Board of Flame University and also Auxilo Finserv. He has served on the International Alumni Board and scholarship panel s of the London Business School and has been a visiting faculty member at the IIM - Kozhikode. Currently, he is a member of the Young Presidents’ organisation and independent director on the boards of several listed companies across hospitality, financial services, Specialty chemical and automotive. Mr. Anjani Kumar Agrawal is a Chartered Accountant, Certified Internal Auditor (Institute of Internal Auditors, USA), Advance Business Strategy (INSEAD), Business Sustainability Management (CISL, Cambridge UK). St arting as Audit Partner with EY, he handled transactions and valuations, before setting up EY’s Advisory practice in India. With more than 40 years’ experience, of which 26 years as partner at EY, he has worked across most industry verticals. Mr Agrawal has been National committee member and speaker at National Industry Associations like CII, FICCI, FIMI, ICC, IIA, IMC etc. He has worked with the Central Government, NITI Aayog on Policy making and strategy, PM Trophy etc. He is also involved with the social entrepreneurship development space and Impact Investing in India. Currently, he is an independent director on the Board of Companies in the Cement, Met al, Cellular Services and Consumer product Industries. 5. Disclosure of relationship between directors Not related to any Director or Key Managerial Personnel of the Company. Not related to any Director or Key Managerial Personnel of the Company.
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Annexure B Sr. No. Particulars Details 1. Name of the target entity, details in brief such as size, turnover etc.; Welspun Special Coating Private Limited (“WSCPL”), a step down wholly owned subsidiary of Welspun Corp Limited (“WCL or “the Company”) Turnover: Nil 2. Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arms length”; Yes. The proposed acquisition constitutes a related party transaction, as WSCPL is presently a step-down wholly-owned subsidiary of WCL. The proposed acquisition will be undertaken on an arm’s length basis. 3. Industry to which the entity being acquired belongs Pipe Coating Industry 4. Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity); The proposed acquisition is part of the Company's strategy to expand its presence in the pipe coating business through a joint venture in India with Perma -Pipe. The joint venture will leverage the expertise and capabilities of both partners to undertake various types of pipe coating activities, thereby strengthening the Company's produ ct and service offerings and creating opportunities for business growth. The proposed acquisition is aligned with the Company's existing business activities and is expected to enhance its capabilities in providing integrated piping solutions. 5. Brief details of any governmental or regulatory approvals required for the acquisition; None. 6. Indicative time period for completion of the acquisition; On or before 30th November, 2026 7. Consideration - whether cash consideration or share swap or any other form and details of the same At cash consideration. 8. Cost of acquisition and/or the price at which the shares are acquired; Rs.49,000/- 9. Percentage of shareholding / control acquired and / or number of shares acquired; 4,900 (Four Thousand Nine Hundred) equity shares of Rs. 10/ - each of WSCPL, representing 49% of the total paid -up equity share capital of WSCPL. 10. Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief); WSCPL is a step down wholly owned subsidiary of WCL, engaged in the business of undertaking, executing and providing IFBE coating works and related activities. Date of Incorporation: 17th September, 2026 Last 3 years Turnover: Not Applicable