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Welspun Corp Q2FY2027

• Revenue rose 6.2% YoY to Rs 4,643.72 crore from Rs 4,373.61 crore in Q2FY26, and 13.8% QoQ from Rs 4,081.12 crore in Q1FY27. This growth came despite lower volumes in the two largest businesses. By segment, Steel Products revenue grew 5.6% to Rs 4,462.47 crore and Others (incl. plastics) grew 21.1% to Rs 181.25 crore. The plastics segment’s loss widened to Rs 43.51 crore from Rs 28.29 crore. Line Pipes (India + USA) fell 22% YoY to 197 KMT and DI Pipes fell 29% to 56 KMT. Stainless-Steel Bars & Pipes were flat at 8.8 KMT, while TMT Rebars rose 26% to 43 KMT.
• EBITDA was Rs 782 crore, up 25% YoY from Rs 626 crore and the company’s highest quarterly EBITDA ever. EBITDA margin expanded about 250 bps YoY to 16.8% from 14.3%. H1FY27 EBITDA grew 30% to Rs 1,538 crore, which is about 54% of the full-year FY27 guidance of Rs 2,850 crore. H1 revenue of Rs 8,724.84 crore is about 44% of the FY27 revenue guidance of Rs 20,000 crore.
• PAT attributable to owners rose 13.4% YoY to Rs 498.56 crore from Rs 439.68 crore, with EPS of Rs 18.91 versus Rs 16.70.
• View: Welspun Corp posted record quarterly EBITDA with strong margin expansion and is well ahead of its run-rate for FY27 EBITDA guidance. H2 needs only about Rs 1,312 crore, or about Rs 656 crore a quarter, against Rs 782 crore achieved in Q2. The revenue guidance is more demanding: H2 needs about Rs 11,275 crore, roughly 21% above the Q2 quarterly run-rate. Volumes fell across line pipes, DI pipes and stainless steel in both Q2 and H1, so execution is the main watch point. The three mega US orders (about Rs 26,700 crore combined) will execute only in FY28–FY29, and management flags India DI pipe demand as under stress from Jal Jeevan Mission funding constraints. The company is putting its cash to work in new capacity.  

Results (consolidated)                                                                                                  Rs crore