Waya initiates coverage on Welspun Corp Ltd. with a BUY recommendation. Waya expects an upside of 46% in 1 year and sets a target price of ₹1,250.

Welspun Corp is a global leader in large-diameter steel pipes, supplying to the oil & gas, water and infrastructure sectors across India, the US and the Middle East. The company is also expanding into high-growth areas like ductile iron (DI) pipes and the Sintex building materials brand, making it a more stable and diversified business.

Welspun has strong financials with its best-ever results in FY26 — revenue of ₹4,374 crore (+32% YoY), EBITDA of ₹591 crore (+48% YoY) and PAT of ₹444 crore (+57% YoY). The company has a massive executable order book of ₹23,500 crore, giving clear visibility for the next 2–3 years. EBITDA margins have improved from 8–10% historically to 13.5% now, driven by better product mix and strong US orders. Net debt has also reduced sharply to just ~₹1,200 crore.

Waya believes Welspun Corp is a great company, well-positioned for long-term growth. Sales are expected to rise from ₹13,978 crore in FY25 to ₹22,500 crore by FY28E, led by high-margin US business, rising DI pipe demand and strong growth in the Sintex brand.