{"id":29964,"date":"2024-07-07T22:48:14","date_gmt":"2024-07-07T17:18:14","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29964"},"modified":"2024-07-08T11:28:40","modified_gmt":"2024-07-08T05:58:40","slug":"alpha-welspun-corp-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-welspun-corp-ltd-equity-research-desk\/29964","title":{"rendered":"Alpha | Welspun Corp Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-29978\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Welspun-CORP-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Welspun Corp Ltd. \u2013 Leader in Line Pipes<\/span><\/h2>\n\n\n\n<p>Incorporated in 1995, Welspun Corp Ltd. (WCL) is a market leader in line pipes and operates in various sectors including infrastructure, building materials, warehousing, retail, advanced textiles, home solutions, and flooring. As the flagship of the Welspun Group, WCL is among the world&#8217;s largest manufacturers of large diameter pipes, serving clients across 6 continents and 50 countries with tailored onshore and offshore solutions. The company boasts 5 state-of-the-art manufacturing facilities in Gujarat, Madhya Pradesh, Karnataka, and the USA.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-7.png\"><img loading=\"lazy\" width=\"743\" height=\"492\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-7.png\" alt=\"\" class=\"wp-image-29967\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-7.png 743w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-7-300x199.png 300w\" sizes=\"(max-width: 743px) 100vw, 743px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<ul><li><strong>Carbon Steel Line Pipes:<\/strong> Welspun offers SAWL, SAWH, and HFW pipes, and ductile iron pipes for water infrastructure needs.<\/li><li><strong>Industrial and Construction Materials:<\/strong> The lineup includes TMT rebars (8mm to 32mm), pig iron, stainless steel, and alloy products for automotive, energy, defense, nuclear power, and aerospace industries.<\/li><li><strong>Home Solutions:<\/strong> Welspun provides water tanks and uPVC interiors for home applications.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-8.png\"><img loading=\"lazy\" width=\"818\" height=\"299\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-8.png\" alt=\"\" class=\"wp-image-29968\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-8.png 818w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-8-300x110.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-8-768x281.png 768w\" sizes=\"(max-width: 818px) 100vw, 818px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of FY23, the company has 15 subsidiaries, 1 joint venture, and 2 associate companies.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Line Pipes Growth:<\/strong> Driven by government-backed oil, gas, and water distribution schemes, Welspun saw a 49% YoY volume increase, selling 9,80,000 tons in FY24. It leads the US market with a 20%-25% share and has orders confirmed until Q3FY25.<\/li><\/ul>\n\n\n\n<ul><li><strong>Major Projects:<\/strong> Executed a key Permian pipeline order, with 2-3 more expected. Exploring a new line of plastic pipes.<\/li><\/ul>\n\n\n\n<ul><li><strong>Strategic Acquisition:<\/strong> Acquired Sintex&#8217;s plastic products business in FY23, enhancing market presence through its vast distribution network.<\/li><li><strong>Diversified Portfolio:<\/strong> Includes home textiles, advanced textiles, flooring, retail, infrastructure, DI pipes, stainless steel pipes, pig iron, and TMT rebars. Qualified by BHEL and NTPC for supercritical boiler tube grades.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Operational Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/ALPHA-chart.png\"><img loading=\"lazy\" width=\"448\" height=\"478\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/ALPHA-chart.png\" alt=\"\" class=\"wp-image-29980\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/ALPHA-chart.png 448w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/ALPHA-chart-281x300.png 281w\" sizes=\"(max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue:<\/strong> Rs. 4,544 crore, up 10% from Rs. 4,132 crore in Q4FY23.<\/li><li><strong>EBITDA:<\/strong> Rs. 413 crore, down 14% from Rs. 483 crore in Q4FY23, due to product mix and US operations.<\/li><li><strong>Profit After Tax:<\/strong> Rs. 268 crore, up 14% from Rs. 236 crore in Q4FY23.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue:<\/strong> Rs. 17,582 crore, up 74% from Rs. 10,078 crore in FY23.<\/li><li><strong>EBITDA:<\/strong> Rs. 1,804 crore, up 124% from Rs. 805 crore in FY23.<\/li><li><strong>Net Profit:<\/strong> Rs. 1,110 crore, up 436% YoY.<\/li><li><strong>ROCE:<\/strong> Improved by 1200 bps to 20%.<\/li><li><strong>Debt Reduction:<\/strong> Reduced by 66% to Rs. 387 crore from Rs. 1,138 crore in FY23.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-9.png\"><img loading=\"lazy\" width=\"740\" height=\"347\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-9.png\" alt=\"\" class=\"wp-image-29970\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-9.png 740w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-9-300x141.png 300w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue and PAT Growth:<\/strong> Achieved a CAGR of 34% and 21% respectively over the period FY 21-24.<\/li><li><strong>ROE &amp; ROCE:<\/strong> Average 3-year Return on Equity (ROE) is around 12%, and Return on Capital Employed (ROCE) is approximately 14% for FY 21-24.<\/li><li><strong>Capital Structure:<\/strong> Maintains a robust capital structure with a debt-to-equity ratio of 0.35.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-10.png\"><img loading=\"lazy\" width=\"749\" height=\"203\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-10.png\" alt=\"\" class=\"wp-image-29971\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-10.png 749w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-10-300x81.png 300w\" sizes=\"(max-width: 749px) 100vw, 749px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook<\/span>&nbsp;<\/h2>\n\n\n\n<ul><li><strong>Energy Demand: <\/strong>India ranks third globally in energy and oil consumption. Projections indicate a 40% surge in oil demand to 6.7 million barrels per day (mb\/day) by 2030, rising to 8.3 mb\/day by 2050.<\/li><li><strong>Gas Pipeline Infrastructure:<\/strong> The government is enhancing the gas pipeline network to efficiently transport natural gas, connecting sources to consumer markets. Expansion of this grid is crucial for expanding the gas market.<\/li><li><strong>Upcoming Projects:<\/strong> Projects like the Kochi\u2013Koottanad\u2013Bangalore\u2013Mangalore Phase II pipeline, set to launch in 2025, highlight ongoing infrastructure developments aimed at supporting economic growth.<\/li><li><strong>Government Support:<\/strong> Significant investments in infrastructure are supported by the government&#8217;s goal of achieving a US$ 5 trillion economy, with a strong emphasis on water distribution for household and irrigation purposes, alongside broader infrastructure development.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>National Gas Grid:<\/strong> Government initiative to ensure widespread distribution of natural gas across India.<\/li><li><strong>Ministry of Jal Shakti:<\/strong> Aimed at providing tap water connections to all households.<\/li><li><strong>National Perspective Plan (NPP):<\/strong> Designed to interlink rivers, increasing water availability for domestic, industrial use, and irrigation.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Compared to competitors like APL Apollo Tubes Ltd, Shyam Metalics &amp; Energy Ltd,etc.<\/p>\n\n\n\n<p>Welspun growth is the most undervalued stock generating stable returns on capital employed and better earnings from the sales generated.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-11.png\"><img loading=\"lazy\" width=\"1024\" height=\"148\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-11-1024x148.png\" alt=\"\" class=\"wp-image-29972\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-11-1024x148.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-11-300x43.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-11-768x111.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-11.png 1437w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li><strong>Financial Targets for FY25:<\/strong> Welspun aims for a Rs. 17,000 crore topline, Rs. 1,700 crore EBITDA, and 20% ROCE.<\/li><li><strong>Strategic Focus on DI Pipes:<\/strong> Supporting India&#8217;s water access goals with substantial DI pipes orders and capacity expansion.<\/li><li><strong>Emerging Opportunities:<\/strong> Expanding into hydrogen, carbon capture, and ammonia transmission pipelines.<\/li><li><strong>Market Expansion:<\/strong> Strong growth expected in Saudi Arabia&#8217;s oil, gas, and water sectors, with significant new projects.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-12.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-12-1024x712.png\" alt=\"\" class=\"wp-image-29973\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-12-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-12-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-12-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-12.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Welspun Corp Ltd&#8217;s robust position in the pipeline business, strong US market presence, continuous growth in Saudi Arabia, and expanding opportunities in DI pipes and Sintex provide strong growth prospects for the company. Based on these factors, we recommend a BUY rating on Welspun Corp Ltd with a target price (TP) of Rs. 723, reflecting 17x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Forex Risk:<\/strong> Significant operations in foreign markets expose the company to forex fluctuations, potentially impacting financial results.<\/li><li><strong>Socio-economic Risk:<\/strong> Socio-economic instability can lead to increased input costs (e.g., raw materials, freight), potentially affecting margins and profitability.<\/li><\/ul>\n\n\n\n<p><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Welspun+Corp+Ltd+-+updated.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 05 July 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-14.png\"><img loading=\"lazy\" width=\"1024\" height=\"226\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-14-1024x226.png\" alt=\"\" class=\"wp-image-29975\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-14-1024x226.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-14-300x66.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-14-768x169.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-14.png 1165w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ntpc-ltd-equity-research-desk\/29938\">NTPC Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ramkrishna-forgings-ltd-equity-research-desk\/29898\">Ramkrishna Forgings Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-l-t-foods-ltd-equity-research-desk\/29870\">L T Foods Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-motherson-sumi-wiring-india-ltd-equity-research-desk-2\/29786\">Motherson Sumi Wiring India Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welspun Corp Ltd. \u2013 Leader in Line Pipes Incorporated in 1995, Welspun Corp Ltd. (WCL) is a market leader in line pipes and operates in various sectors including infrastructure, building materials, warehousing, retail, advanced textiles, home solutions, and flooring. As the flagship of the Welspun Group, WCL is among the world&#8217;s largest manufacturers of large [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":29978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1033,745,897,892,1069,648,870,1070],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Welspun Corp Ltd Stock Analysis July - 2024<\/title>\n<meta name=\"description\" content=\"Welspun Corp Ltd. is a global leader in line pipes, serving diverse sectors with innovative solutions. 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