Welspun Corp's commercial paper ratings reaffirmed by CARE and CRISIL

Welspun Corp Limited announced on December 2, 2025, that its Commercial Paper ratings have been reaffirmed by both CARE Ratings Limited and CRISIL Rating Limited. CARE Ratings reaffirmed its rating at CARE A1+, while CRISIL Rating reaffirmed its rating at CRISIL A1+. Both reaffirmations apply to an enhanced amount of INR 600 crore, up from INR 500 crore previously.

The reaffirmation reflects the company's strong business risk profile, supported by market leadership in the line pipe business and diversification into other segments. Welspun Corp's consolidated orderbook stood at INR 23,500 crore in October 2025, providing strong revenue visibility for the next two fiscal years (FY26 and FY27). In FY25, the company reported a total operating income of INR 13,948 crore and a Profit Before Interest, Lease Rentals, Depreciation, and Taxation (PBILDT) of INR 1,655 crore.

The company's financial risk profile remains strong, with overall gearing and total debt to gross cash accruals (GCA) improving to 0.36x and 1.13x, respectively, as of March 31, 2025, from 0.61x and 2.01x on March 31, 2024. This improvement is attributed to significant debt repayment and strong liquidity, supported by cash and investments of INR 835 crore as of September 30, 2025.