JM Financial maintains Buy on Welspun Corp, raises target price to Rs 980

JM Financial maintains a Buy call on Welspun Corp with a revised target price of Rs 980 (earlier Rs 940). The current market price of Welspun Corp is Rs 920.1. The time period given by the analyst is year when Welspun Corp price can reach the defined target. Welspun Corp, incorporated in 1995, is a Mid Cap company with a market cap of Rs 24267.32 crore, operating in Metals - Ferrous sector.

Welspun Corp's key products/revenue segments include Welded Pipes, Scrap, Other Operating Revenue and Export Incentives for the year ending 31-Mar-2024.



Financials
For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 3966.86 crore, up 8.49% from last quarter Total Income of Rs 3656.57 crore and down -12.70 % from last year same quarter Total Income of Rs 4543.70 crore. The company has reported net profit after tax of Rs 648 crore in the latest quarter.

The company's top management includes Mr.Balkrishan Goenka, Mr.Vipul Mathur, Mr.Rajesh R Mandawewala, Mr.Aneesh Misra, Ms.Amita Misra, Mr.Manish Chokhani, Mr.Anjani Agrawal, Ms.Dipali Sheth. Company has Price Waterhouse Chartered Accountants LLP as its auditors. As on 31-03-2025, the company has a total of 26 crore shares outstanding.

Investment Rationale
Welspun Corp has guided to maintain its Net Debt to EBITDA ratio below 1.0x. Improved scale across businesses buoyed by macros will help capitalize on operating leverage, while strong cash flows will further reduce financial leverage. JM Financial maintains BUY.

Promoter/FII Holdings
Promoters held 50.01 per cent stake in the company as of 31-Mar-2025, while FIIs owned 12.18 per cent, DIIs 14.3 per cent.