Welspun Corp Limited

BSE:532144 Stock Report

Market Cap: ₹336.7b

Welspun Management

Management criteria checks 2/4

Welspun's CEO is Vipul Shiv Mathur, appointed in Dec 2017, has a tenure of 8.42 years. total yearly compensation is ₹78.80M, comprised of 100% salary and 0% bonuses, including company stock and options. directly owns 0.2% of the company’s shares, worth ₹684.17M. The average tenure of the management team and the board of directors is 6.8 years and 2.9 years respectively.

Key information

Vipul Shiv Mathur

Chief executive officer

₹78.8m

Total compensation

CEO salary percentage100.00%
CEO tenure8.4yrs
CEO ownership0.2%
Management average tenure6.8yrs
Board average tenure2.9yrs

Recent management updates

Recent updates

Narrative Update • May 21

532144: Large Order Book And New Subsidiary Will Mask Overvaluation

Analysts have kept Welspun's price target steady at ₹1,082, citing updated assumptions that include minor adjustments to the discount rate, revenue growth, profit margin and future P/E. These adjustments together support the unchanged fair value view.
Narrative Update • Apr 27

532144: Global Order Book And Renewable Power Shift Will Shape Earnings Visibility

Analysts have revised their fair value estimate for Welspun from ₹1,113.25 to ₹1,209.50, citing updated assumptions related to the discount rate, revenue growth, profit margin and future P/E. What's in the News Welspun Corp.
Narrative Update • Apr 13

532144: Global Order Book Will Support Future Upside

Analysts have raised their price target on Welspun from ₹1,043 to ₹1,082, citing changes to key assumptions, including a higher discount rate, a revised revenue growth outlook, and updated expectations for profit margins and future P/E. What's in the News Welspun Corp.
Narrative Update • Mar 29

532144: Export Order Pipeline And New Global Subsidiary Will Support Future Upside

Analysts have raised their price target on Welspun from ₹892 to ₹1,043, citing updated assumptions that include a revised discount rate, revenue growth, profit margin, and future P/E inputs. What's in the News Board meeting on Mar 19, 2026 to consider acquiring a stake in Welspun Corporate Services Limited and modifying arrangements for 42 MW of renewable energy supply (company filing).
Narrative Update • Mar 13

532144: Global Order Book And New Dubai Hub Will Support Bullish Outlook

Analysts have kept Welspun's fair value estimate steady at ₹1,160, with only small model tweaks to discount rate, revenue growth and profit margin assumptions guiding this unchanged price target. What's in the News Welspun Corp has incorporated a wholly owned subsidiary, Welspun International FZCO, in the Dubai Multi Commodities Centre in the UAE to handle global marketing for all products and to conduct trading in products and raw materials related to the parent and its subsidiaries (Key Developments).
Narrative Update • Feb 05

532144: Large Export Order Book Will Support Bullish Outlook For Coming Years

Analysts have nudged their fair value estimate for Welspun down from ₹1,189 to ₹1,160, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Welspun Corp has scheduled a board meeting on January 30, 2026 to consider and approve standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
Narrative Update • Dec 05

532144: US And Middle East Orders Will Drive Long Term Earnings Visibility

Analysts have modestly raised their price target on Welspun, citing a slightly higher assumed discount rate and future valuation multiple while keeping fair value broadly unchanged at ₹1,113.25 per share. What's in the News The Board approved the incorporation of two wholly owned subsidiaries in the United Arab Emirates: one as a global investment holding company at Dubai International Financial Centre and another to handle international marketing and trading activities, both subject to local regulatory approvals (Board meeting, Oct 30, 2025).
Narrative Update • Nov 21

532144: Major US Orders Will Drive Record Global Order Book Expansion

Analysts have raised their price target for Welspun slightly from ₹1,110.25 to ₹1,113.25. They cite marginal improvements in future estimates and a lower discount rate as the reasons for this adjustment.
Narrative Update • Nov 06

532144: Major US Orders And Middle East Exports Will Drive Global Book Expansion

Analysts have raised Welspun's fair value estimate from ₹1,087 to ₹1,110.25, reflecting updated views on key growth and profitability assumptions. What's in the News The board approved the incorporation of two wholly owned subsidiaries in the United Arab Emirates, intended as investment holding and global marketing entities, subject to regulatory approvals (Board Meeting).
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New Narrative • Feb 09

Expansions And New Products Will Create Future Opportunities In Saudi Arabia, Europe, And Australia

Expansion into new markets and infrastructure projects is expected to drive significant revenue growth and improved margins for Welspun Corp.

CEO Compensation Analysis

How has Vipul Shiv Mathur's remuneration changed compared to Welspun's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

₹16b

Dec 31 2025n/an/a

₹19b

Sep 30 2025n/an/a

₹22b

Jun 30 2025n/an/a

₹20b

Mar 31 2025₹79m₹79m

₹19b

Dec 31 2024n/an/a

₹15b

Sep 30 2024n/an/a

₹11b

Jun 30 2024n/an/a

₹12b

Mar 31 2024₹72m₹72m

₹11b

Dec 31 2023n/an/a

₹11b

Sep 30 2023n/an/a

₹8b

Jun 30 2023n/an/a

₹4b

Mar 31 2023₹112m₹63m

₹2b

Dec 31 2022n/an/a

₹2b

Sep 30 2022n/an/a

₹2b

Jun 30 2022n/an/a

₹3b

Mar 31 2022₹59m₹59m

₹4b

Dec 31 2021n/an/a

₹5b

Sep 30 2021n/an/a

₹6b

Jun 30 2021n/an/a

₹7b

Mar 31 2021₹55m₹55m

₹8b

Dec 31 2020n/an/a

₹5b

Sep 30 2020n/an/a

₹6b

Jun 30 2020n/an/a

₹6b

Mar 31 2020₹55m₹55m

₹7b

Compensation vs Market: Vipul Shiv's total compensation ($USD823.54K) is above average for companies of similar size in the Indian market ($USD633.44K).

Compensation vs Earnings: Vipul Shiv's compensation has been consistent with company performance over the past year.

CEO

Vipul Shiv Mathur (55 yo)

8.4yrs
Tenure
₹78,800,000
Compensation

Mr. Vipul Shiv Sahai Mathur is Managing Director at East Pipes Integrated Company for Industry and has been its Director since 2013 and served as its Chairman of the Board of Director since May 24, 2022. H...

Leadership Team

NamePositionTenureCompensationOwnership
Vipul Shiv Mathur
MD, CEO & Executive Director8.4yrs₹78.80m0.20%
₹ 684.2m
Percy Birdy
CFO & President7.9yrs₹21.90mno data
Kamal Rathi
Company Secretary1.5yrs₹3.40mno data
Manish Pathak
President6.8yrs₹12.34mno data
Rupak Ghosh
Senior Vice President of Finance & MIS & Presidentno data₹11.49mno data
Atul Trivedi
Presidentno data₹16.22mno data
Chintan Thaker
Head of Corporate Affairs & Strategic Planning Cell and Presidentno data₹5.18mno data
Harishchandra Gupta
Presidentno data₹11.13mno data
Debasish Mazumdar
Presidentno data₹10.89mno data
Lal Hotwani
Head- Corporate Accounts & Taxationno datano datano data
Goutam Chakraborty
Head of Investor Relationsno datano datano data
Rakesh Mehta
Chief Human Resource Officerless than a yearno datano data
6.8yrs
Average Tenure
56.5yo
Average Age

Experienced Management: 532144's management team is seasoned and experienced (6.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Vipul Shiv Mathur
MD, CEO & Executive Director8.4yrs₹78.80m0.20%
₹ 684.2m
Anuj Burakia
CEO & Wholetime Director of Welspun Specialty Steel Limitedno datano datano data
Manish Chokhani
Non Executive Independent Director3.3yrs₹7.40mno data
Rajesh Ramesh Mandawewala
Non-Independent & Non-Executive Director31.1yrsno data0.000080%
₹ 269.4k
Balkrishan Gopiram Goenka
Non-Executive Chairman31.1yrs₹141.90m0.000050%
₹ 168.4k
Chandra Verma
Non-Executive Independent Director1.4yrs₹1.20mno data
Raghupal Singh
Non-Independent & Non-Executive Director1.4yrs₹1.20mno data
Dipali Sheth
Non-Executive Independent Director2.8yrs₹4.00mno data
Ravindra Pandey
Non-Executive Independent Director1.6yrs₹1.80mno data
Anjani Agrawal
Non-Executive Independent Director3.1yrs₹4.00mno data
Aneesh Misra
Non-Independent & Non-Executive Director2.8yrs₹6.70mno data
2.9yrs
Average Tenure
60yo
Average Age

Experienced Board: 532144's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/24 14:21
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Welspun Corp Limited is covered by 20 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Sanjaya SatapathyBofA Global Research
Niraj ShahCentrum Broking Limited