Welspun Corp up 9% in 2 days as D-Street cheers FY24 guidance

For the fiscal year 2024, Welspun Corp aims to achieve a topline of Rs 15,000 crore, representing a strong growth of around 50 percent. Furthermore, its target for EBIDTA stands at Rs 1,500 crore, growth of around 90 percent. It also aims to significantly improve their ROCE to 16 percent or higher from 7 percent in FY23.

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Shares of Welspun Corporation gained for the second straight session today with the Street cheering the company’s guidance for FY24. The stock has rallied 9 percent during these two sessions.

At 11:50 am, Welspun Corp was quoting at Rs 262.60, up 3.96 percent.

For the fiscal year 2024, Welspun Corp aims to achieve a topline of Rs 15,000 crore, representing a strong growth of approximately 50 percent. Furthermore, their target for EBITDA stands at Rs 1,500 crore, reflecting an expected growth of around 90 percent. The company aims to significantly improve its Return on Capital Employed (ROCE) to 16 percent or higher from 7 percent in FY23.

To ensure efficient capital allocation, Welspun Corp plans to focus solely on maintenance capital expenditures. They have identified Sintex, DI Pipes, and WSSL as key growth areas, emphasising their dedication to expanding these segments.

Six analysts have a ‘buy’ rating on the stock, one has a ‘Hold’ whereas no analysts have a ‘sell’ recommendation for the Welspun Group company’s scrip, according to Bloomberg data.

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Welspun Corporation achieved over 1 million metric tons of global line pipe sales in the fiscal year 2023, marking the 8th time in the last 10 years. This demonstrates their stable and consistent business performance.

The company has a robust pending order book for line pipes, with 1.1 million metric tons valued at Rs. 14,600 crores, indicating a strong pipeline of future business opportunities.

Welspun Corp is the flagship company of Welspun Group, one of India’s fastest-growing multinationals with a leadership position in line pipes and home textiles, along with other lines of businesses in infrastructure, warehousing, retail, advanced textiles, and flooring solutions. The company is one of the largest manufacturers of large-diameter pipes globally.

It recently acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio, and has also acquired specified assets of ABG Shipyard with a potential to enter Defence and commercial shipbuilding, green steel, ship breaking, and ship repair.

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