WCL is one of the largest manufacturers of large diameter pipes globally. The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The company acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio. It has also made strategic acquisition of specified assets of ABG Shipyard. After making a high near 830, the stock made alow near 200ema at 670 and had a good bounce to touch near 780 and now looks to scale past its previous high above 830 to 875 based on following inputs • DI Pipes volume grew by ~8% YoY. • On the operating (EBITDA) front, the company reported margin improvement of 228bp YoY, primarily on account of lower raw material. • For Q3FY25, Welspun Corp (WCL)’s reported revenue de-growth of -23.9% yoy to Rs 3,614 cr (which is below our estimates) due to weak volume growth. • WCL reported PAT of Rs672cr which grew by 129% (due one time exceptional income during the quarter. • Robust order book worth more than Rs 15,000 cr including line pipes (India & US), ductile iron (DI) pipes and stainless steel bars & Pipes.

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