Welspun Corp shares have delivered over a 20x return over the past five years, gaining around 1,990% and sharply outperforming the Nifty Metal index.
While five years ago this company was largely known for making large-diameter line pipes, now it has expanded the business across multiple geographies and product lines, and the US market has become a much bigger part of its growth story.
The 5-year multibagger run and the shift in the business is now visible in the numbers, with the company's revenue from operations climbing from Rs 6,440 crore in FY2021 to Rs 16,770 crore in FY2026, while Ebitda has more than doubled.
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FY2021 Vs FY2026: The Business Scale-Up
Financial Metric | FY21 | FY26 |
Revenue from operations | Rs 6,440 Cr | Rs 16,770 Cr |
Ebitda | Rs 1,010 Cr | Rs 2,371 Cr |
Ebitda Margin | 15.7% | 14.0% |
PAT | Rs 619 Cr | Rs 1,613 Cr |
The Story Is No Longer Just About Line Pipes
In FY2021, Welspun Corp had 2.55 million tonnes of line pipe capacity, sold 1.003 million tonnes and had a 528 KMT order book worth Rs 4,800 crore.
Five years later, the business is broader. Ductile Iron pipe volumes rose 26% year-on-year, Stainless Steel bars grew 44% year-on-year, and seamless pipes and tubes increased 9% year-on-year in FY2026. The proposed KSA DI pipe capacity is also being raised from 150 KMTPA to 250 KMTPA.
The overseas businesses have become a key growth driver. Strong US orders helped take the global order book to a record Rs 25,350 crore, while the KSA business reported record profitability and margins.
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US Demand Has Become The New Growth Engine
The next phase of the story is increasingly linked to overseas infrastructure spending.
Management said that the US market remains buoyant and that Welspun Corp is booked through FY2028, with visibility emerging for FY2029. Saudi Arabia is also seeing encouraging demand.
The order book stood at around Rs 25,750 crore in July 2026, the strongest in the company's history. Q1FY27 also delivered the company's highest-ever quarterly Ebitda of Rs 756 crore, up 35% year-on-year, while net cash increased to Rs 2,336 crore.
New LSAW pipe projects in the US and Saudi Arabia are expected to be completed in FY2026-27, adding capacity to meet the demand already visible in these markets.
Two Recent Moves Add To The Pipeline
Welspun Corp has also started building opportunities beyond the existing order book.
On Sept. 1, the company announced an MOU with Perma-Pipe and the developers of Jordan's National Water Carrier Project to establish pipe manufacturing and advanced coating facilities in Jordan. The proposed platform is aimed at water, oil and gas, energy and infrastructure projects in Jordan and the wider Levant region.
The company has also incorporated Welspun Slagexcel Private Limited, which will manufacture Ground Granulated Blast Furnace Slag. Welspun Corp holds a 26% stake in the associate.
Welspun Corp Recent Stock Rally
Apart from the stock rallying 1990% in the past five years, the stock has gained around 42% in the past month itself.
In 2026 so far, the stock has rallied close to 227%, while the benchmark, Nifty Metal gained only 18.87% during the period.
For Welspun Corp, the next test is whether overseas demand, new capacity and the expanding product portfolio can keep the earnings growth ahead of the sharp re-rating already delivered by the stock.
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