Waya initiates coverage on Welspun Enterprises Ltd. with a BUY recommendation. Waya expects an upside of 44% over the next 1 year and sets a target price of ₹750.

Welspun Enterprises is a diversified, asset-light infrastructure developer with a strong pivot toward water treatment, wastewater management and high-quality expressway projects. The company has a record consolidated order book of ₹16,330 crore, with the water segment contributing 64% and offering higher-margin, long-duration O&M revenues.

Welspun has delivered exceptional margin expansion with Q2 FY26 EBITDA margin at 23.9% and continues to win complex projects such as the Panjrapur 910 MLD WTP and the Pune–Shirur DFBOT highway. Strong execution, disciplined capital allocation and the backing of the Welspun Group enhance its credibility.

Waya expects Welspun’s revenues to grow from ₹3,584 crore in FY25 to ₹6,300 crore by FY28E, supported by robust water-sector tailwinds, consistent order inflows and margin stability in the 20–22% range.