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Indian manufacturer of large-diameter steel pipes used for oil & gas transmission, water infrastructure and other energy projects.
Indian manufacturer of large-diameter steel pipes used for oil & gas transmission, water infrastructure and other energy projects.
In one line: India's smaller Tenaris/Vallourec.
Moat: narrow (scale, process know-how). Large-scale pipe manufacturing capacity and a global export footprint, including US plants, built over decades.
Headquarters: Mumbai, India · Founded: 1995 · Employees: 4,174
Size Welspun (WELCORP.NS) is an India Industrials company (Industrial Machinery) with a market value of $6.13B, the 185th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,205 on 6 Nov 2026.
Performance Over six months the shares gained 69.7%, against -3.7% for the median peer and 0.0% for the India market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +18.2%); the operating margin is 11.9% (peer median 16.7%).
Valuation It trades at 25.5× forward earnings against a peer median of 24.1× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.5 points above its cost of capital (12.5% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹176B | ₹167B | ₹138B | ₹173B | ₹97.0B |
| Revenue growth | — | +21% | -20% | +78% | — |
| Gross profit | ₹52.0B | ₹33.3B | ₹22.3B | ₹25.4B | ₹9.32B |
| EBITDA | ₹25.4B | ₹22.9B | ₹14.9B | ₹15.6B | ₹5.52B |
| Net income | ₹23.7B | ₹16.1B | ₹19.1B | ₹11.1B | ₹2.07B |
| Free cash flow | n/a | ₹5.65B | ₹4.12B | ₹8.53B | -₹14.5B |
| Capital expenditure | n/a | ₹25.3B | ₹8.53B | ₹2.99B | ₹11.9B |
| Total debt | ₹10.8B | ₹23.6B | ₹11.0B | ₹19.5B | ₹33.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Welspun WELCORP.NS | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% |
| Tenaris TEN.MI | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% |
| Vallourec VK.PA | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% |
| Jindal Saw JINDALSAW.NS | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% |
| Ratnamani Metals & Tubes RATNAMANI.NS | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% |
| Man Industries (India) MANINDS.NS | $629M | +49% | +11% | 11% | 19.2× | n/a |
| Maharashtra Seamless MAHSEAMLES.NS | $809M | -12% | -12% | 13% | 15.5× | 8.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WELCORP.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.5% | -10.5% | 7th lowest of 21 |
| 6-month return | +69.7% | -3.7% | highest of 19 |
| Distance from 52-week high | -24.0% | -22.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +13.6% | +18.2% | 8th lowest of 21 |
| Operating margin | 11.9% | 16.7% | 7th lowest of 21 |
| Forward P/E | 25.5× | 24.1× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | 15.3% | 8th most demanding of 19 |
| Growth delivered (Del g) | +19.0% | +9.5% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | +5.9 pp | +7.6 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | +8.5 pp | +3.3 pp | 7th highest of 21 |
| EV / EBITDA | 21.5× | 14.6× | 3rd most expensive of 14 |
| Net debt / EBITDA | -1.5× | 0.7× | least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Welspun WELCORP.NS | India | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% | +19.0% |
| Airtac International 1590.TW | Taiwan | $6.11B | -30% | +23% | 33% | 15.8× | 5.0% | +12.4% |
| Shanghai BOCHU Electronic Technology 688188.SS | China | $6.16B | 0% | +20% | 44% | 29.6× | 18.0% | +30.9% |
| Middleby MIDD | United States | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% | +5.0% |
| MISUMI 9962.T | Japan | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% | +7.3% |
| Valmet VALMT.HE | Finland | $5.97B | +30% | +3% | 10% | 13.8× | 2.1% | +6.8% |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| Georg Fischer GF.SW | Switzerland | $5.65B | +32% | -20% | 3% | 19.9× | 29.2% | -1.2% |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| Mycronic MYCR.ST | Sweden | $5.57B | -4% | +17% | 29% | 24.9× | 10.1% | +15.6% |
| Robotechnik Intelligent Technology 3757.HK | Hong Kong | $6.76B | n/a | +217% | 9% | 140.6× | 53.9% | +11.6% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Enpro NPO | United States | $5.47B | -16% | +16% | 16% | 23.2× | 26.1% | +1.3% |
| Zhejiang Shuanghuan Driveline 002472.SZ | China | $5.46B | +9% | +15% | 15% | 26.9× | 11.0% | +20.0% |
| Rotork ROR.L | United Kingdom | $5.40B | +65% | +2% | 24% | 27.9× | 27.6% | +5.2% |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |