WELCORP IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| GAILGAIL (India) Ltd. | UNSTATED | 4,629 | 4,629–4,629 | 27.6% | — | 2026-02 | EST | 50% |
| “Domestic oil and gas, there were IOCL, EIL and GAIL, which are their primary buyers.” CONCALL DOC | ||||||||
| Office | CONTRACT | — | — | — | — | FY25 | EST | 80% |
| “Sub.: Intimation regarding receipt of an Order from the Office of the Additional Commissioner of Customs.” ORDER p.1 · 27-MAR-25 DOC | ||||||||
| Additional Commissioner | CONTRACT | — | — | — | — | FY25 | EST | 80% |
| “Ref.: a. Regulation 30 and Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEB…” ORDER p.1 · 27-MAR-25 DOC | ||||||||
| SWCC. | CONTRACT | CT 49 | — | — | — | FY25 | EST | 75% |
| “This is in addition to the recent award of an SAR 490 million contract in May 2022 and SAR 497 million contract in March 2022, both of which were also awarded …” ORDER p.1 · 14-JUL-22 · +1 DOC | ||||||||
| Australia | CONTRACT | — | — | — | — | FY26 | EST | 75% |
| “Expanded export order wins from Australia, the Middle East, Latin America, and Europe, strengthening our global footprint.” AR · +2 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has also served as a Director (Finance) in Bharat Heavy Electricals Limited (BHEL) and ITI Limited.” AR · +1 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES During the year, all contracts / arrangements / transactions entered into by your Company with Re…” AR · +1 DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Mr. Verma served as the Chairman & Managing Director (CMD) of Steel Authority of India Limited (SAIL) and CMD of National Mineral Development Corporation Limit…” AR · +1 DOC | ||||||||
| National Mineral Development Corporation | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Mr. Verma served as the Chairman & Managing Director (CMD) of Steel Authority of India Limited (SAIL) and CMD of National Mineral Development Corporation Limit…” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Source: Export-Import Bank of India, Occasional Paper No. 224” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY23 | EST | 75% |
| “Anjar plant: • WCL invested in a Special Purpose Vehicle (SPV) in FY 2023-24 for supply of 42 MW Renewable Energy Round-The-Clock (RE- RTC).” AR DOC | ||||||||
| Welspun USA | CONTRACT | CT 5,500 | — | — | CAPEX | FY27 | EST | 75% |
| “This order will be executed from Welspun USA facility during FY29.” ORDER p.1 · 23-OCT-26 DOC | ||||||||
| Permian Basin | CONTRACT | — | — | — | — | FY25 | EST | 70% |
| “This order is for supply of 325,000 MT (approx) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston.” ORDER p.1 · 20-MAY-22 · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act, and the Register of Contracts or Arrang…” AR · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “2013 Commissioned the HFIW mill in USA 2010 Set up an HSAW Mill in Mandya, Karnataka, and acquired a stake in Dammam, KSA MillFinancial StatementsStatutory Rep…” AR DOC | ||||||||
| WCL’s | CONTRACT | CT 16,527 | — | — | — | FY26 | EST | 70% |
| “Opportunities ThreatsFinancial StatementsStatutory ReportsCorporate Overview 95 Human Resources WCL’s commitment to building a dynamic, agile, and customer-cen…” AR · +2 DOC | ||||||||
| Renewable Energy | CONTRACT | CT 16,770 | — | — | COGS | FY26 | EST | 70% |
| “Installed Pipe Manufacturing Capacity 2.3 MMTPA Revenue ` 16,770 Crores Order Book ` 25,350 Crores Manufacturing Locations in Global Steel Sector (S&P Global D…” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Marketing Offices Manufacturing Locations (Category) GlobalIndia Mumbai, Maharashtra Houston, Texas, USABhopal, Madhya Pradesh Lucknow, Uttar Pradesh Dammam, K…” AR DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Marketing Offices Manufacturing Locations (Category) GlobalIndia Mumbai, Maharashtra Houston, Texas, USABhopal, Madhya Pradesh Lucknow, Uttar Pradesh Dammam, K…” AR DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Marketing Offices Manufacturing Locations (Category) GlobalIndia Mumbai, Maharashtra Houston, Texas, USABhopal, Madhya Pradesh Lucknow, Uttar Pradesh Dammam, K…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Ranging between 3 to 15 years Ranging between 3 to 10 years Office and Other Equipment Office equipment Ranging between 3 to 10 years 5 years Computer 3 years …” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “) Financial StatementsStatutory ReportsCorporate Overview261 As at March 31, 2025 As at March 31, 2024 Other receivables from Related parties (refer note 42) 4…” AR · +1 DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Under Construction Bhopal, Madhya Pradesh Sonepat, Haryana Existing plants Kalol, Gujarat Uluberia, West Bengal Namakkal, Tamil Nadu Nalagarh, Himachal Pradesh…” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Under Construction Bhopal, Madhya Pradesh Sonepat, Haryana Existing plants Kalol, Gujarat Uluberia, West Bengal Namakkal, Tamil Nadu Nalagarh, Himachal Pradesh…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Approvals from leading organizations including NTPC, BHEL, NPCIL, ISRO, and EIL Established brand recall in international markets through strategic exports Bec…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct Stakeholder group from whom th…” AR DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “He has also served as a Director (Finance) in Bharat Heavy Electricals Limited (BHEL) and ITI Limited.” AR · +1 DOC | ||||||||
| Nuclear Power Corporation of India | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “Continued product development initiatives including Grade T91 tubes and development orders from NPCIL for Nickel Alloy 800H Steam Generator Tubes.” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 65% |
| “Approvals from leading organizations including NTPC, BHEL, NPCIL, ISRO, and EIL Established brand recall in international markets through strategic exports Bec…” AR DOC | ||||||||
| Aramco | UNSTATED | — | — | — | COGS | FY27 | EST | 65% |
| “order book is mainly driven by O&G orders from Aramco and water orders from Saline Water Conversion Corporation (SWCC).” RATING p.4 · 16-OCT-26 DOC | ||||||||
| Saline Water Conversion Corporation (SWCC) | UNSTATED | — | — | — | COGS | FY27 | EST | 65% |
| “order book is mainly driven by O&G orders from Aramco and water orders from Saline Water Conversion Corporation (SWCC).” RATING p.4 · 16-OCT-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR · +1 DOC | ||||||||
| Nuclear Power Corporation of India | UNSTATED | — | — | — | COGS | FY26 | EST | 60% |
| “Approvals from leading organizations including NTPC, BHEL, NPCIL, ISRO, and EIL Established brand recall in international markets through strategic exports Bec…” AR · +1 DOC | ||||||||
| Indian Space Research Organisation | UNSTATED | — | — | — | COGS | FY25 | EST | 60% |
| “Approvals from leading organizations including NTPC, BHEL, NPCIL, ISRO, and EIL Established brand recall in international markets through strategic exports Bec…” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “There is also a growing shift towards branded, WSSL is the first Indian integrated facility to be qualified by BHEL for supplying supercritical boiler tube gra…” AR DOC | ||||||||
| United States | UNSTATED | — | — | — | — | 2026-11 | EST | 55% |
| “Company serves customers across six continents and more than 50 countries, supported by manufacturing facilities in India, the United States of America, and th…” SCREENER DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Strategic Policy Drivers Anti-Dumping Duty (ADD) Investigations The General Authority for Foreign Trade (GAFT) recently concluded investigations resulting in t…” AR DOC | ||||||||
| WCL’s | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Our Code of Conduct and Ethics Policy, Prevention of Sexual Harassment (PoSH) Policy, and HR practices covers aspects of human rights for WCL’s operations and …” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Details on assessment of value chain partners: % of value chain partners (by value of business done with such partners) that were assessed Child labor 100% of …” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Less: Allowance for doubtful balance with suppliers (1.92) (1.92) - - Prepaid expenses 45.23 57.74 Others* 10.71 10.62 Total other non-current assets 154.23 97…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “33 FINANCE COSTS For the Year Ended March 31, 2025 For the Year Ended March 31, 2024 Interest on financial liabilities not at fair value through profit and los…” AR · +1 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 23/23 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 22/22 | 100% | 08-NOV-26 |
| RATINGS | 1/3 | 33% | 20-OCT-26 |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 14-NOV-26 | GAIL (India) Ltd. share 100% |
| CUST MOM 1M | +11.0% | 14-NOV-26 | from 15-OCT-26 · Bank of India +18.2% w 0 · Bharat Heavy Electricals Ltd. +0.5% w 0 · GAIL (India) Ltd. +11.0% w 1 · Central Depository Services (India) Ltd. +11.9% w 0 · ITI Ltd. +10.5% w 0 · Steel Authority of India Ltd. +3.5% w 0 |