1. Opening Hook
In a quarter where the world debated AI ethics, Welspun Corp quietly taught algorithms how to print cash instead. From data centers to desert pipelines, the company’s pipes now fuel both bytes and barrels. Vipul Mathur’s optimism could probably light up a server farm on its own.As the Bhagavad Gita says,“You have the right to work, but never to the fruits thereof.”— unless, of course, you’re Welspun Corp, which seems to have claimed both.Stick around — the story of gas pipelines powering America’s AI dreams only gets wilder.
2. At a Glance
- Revenue up 37%– CFO insists it’s real, not a spreadsheet hallucination.
- EBITDA ₹626 cr (highest ever)– A record so big, even Excel needed a breather.
- PAT ₹440 cr, up 53% YoY– Profits now have their gym membership.
- ROCE 24%– Clearly, capital is earning its keep.
- Finance cost down 41%– Borrowed money now feels redundant.
- Order Book ₹23,500 cr– Enough backlog to build two nations and a small moon.
- Net cash positive despite ₹950 cr CAPEX– Houdini-level fiscal discipline.
3. Management’s Key Commentary
“Our order book stands at ₹23,500 crore, the highest ever.”(Translation: Our Excel sheet screamed for mercy.)
“We’ve received $715 million worth of new U.S. orders.”(Translation: America’s AI dreams now run through our steel veins.😏)
“The data center revolution is driving new demand for gas pipelines.”(Translation: Every Google search now secretly benefits Welspun.)
“The Little Rock mill is booked till FY28.”(Translation: You can’t even book a haircut there till 2028.)
“India’s water sector fund crunch will ease soon.”(Translation: Jal Jeevan’s dry days might finally end — and so will ours.)
“We’re expanding Sintex across 80% of India by March 2026.”(Translation: Every plumber from Punjab to Puducherry will know our name.)
“Our Saudi operations will drive the next leg of growth.”(Translation: Oil, gas, and sand — the
holy trinity of margins.)
4. Numbers Decoded
| Metric | Q2 FY26 | QoQ Change | YoY Change | Comment |
|---|---|---|---|---|
| Revenue | ₹? (Undisclosed) | – | +37% | CFO swears it’s not Excel magic. |
| EBITDA | ₹626 cr | +? | +? | Highest ever; champagne popped. |
| PAT | ₹440 cr | +? | +53% | Pipes turning to pure profit. |
| ROCE | 24% | – | + | Investors finally smiling. |
| Order Book | ₹23,500 cr | +$715M | Record high | Pipes booked till 2028 in U.S. |
| Net Cash | Positive | – | – | Rare species: a CAPEX-rich net cash company. |
Decoded:The pipes business is now less about welding steel, more about welding global macro trends — LNG exports, AI data centers, and interlinking rivers. Every sector’s thirst seems to flow to Welspun.
5. Analyst Questions
Q:Why no guidance upgrade despite strong H1?A:“We prefer overdelivery to overpromising.” (Translation: We’ll surprise you later, promise.)
Q:How big is the U.S. data center opportunity?A:“Game-changing.” (Translation: Just don’t tell our competitors yet.)
Q:DI pipes struggling?A:“Temporary blip, exports starting soon.” (Translation: Chill, we have plan B, C, and Saudi.)
Q:Sintex growth outlook?A:“Foundation building phase.” (Translation:
