WELCORP : CARE REAFFIRMS RATINGS; ORDER BOOK WORTH OVER RS 40 CR

• CARE Ratings reaffirmed CARE AA+ (Stable) on ₹40 Cr non-convertible debentures and CARE A1+ on ₹600 Cr commercial paper and ₹5,984 Cr short-term bank facilities • Long-term bank facilities rating of ₹784 Cr withdrawn on company request, as the facility was not raised • FY26 consolidated total operating income ₹16,749 Cr with PBILDT of ₹2,207 Cr; PBILDT/tonne improved to ₹14,413 from ₹11,922 (FY25) • Net cash position of ₹202 Cr as on March 31, 2026 v net debt of ₹692 Cr as on March 31, 2025; overall gearing 0.39x • Consolidated order book above ₹42,000 Cr as on Aug 20, 2026 provides revenue visibility over next 18-24 months • Domestic DI pipes segment profitability seen subdued near-to-medium term on Jal Jeevan Mission funding slowdown

Welspun Corp Ltd

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