# Welspun Specialty Solutions share price today (Welspun Specialty Solutions Ltd, NSE: WELSPLSOL)

> Welspun Specialty Solutions share price today: ₹43.84 at the NSE close on 3 November 2026, up 17.2% in a year. Welspun Specialty Solutions (NSE: WELSPLSOL) is worth ₹2,903 crore, trades at a P/E of 201.5 and has closed between ₹32.31 and ₹59.98 over the past 52 weeks. > Welspun Specialty Solutions Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. WELSPLSOL · Steel - Tubes/Pipes · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/welspun-specialty-solutions-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹43.84 (+17.2% in a year)
- P/E: 201.5× (higher than 83% of the last 3.3 years)
- Revenue (Sep 2026): ₹240 Cr (+0.5% on a year ago)
- Profit (Sep 2026): −₹4.5 Cr (−146.7% on a year ago)
- Operating margin: 1.1% (−4.9 points on a year ago)
- ROCE: 10%, FY26
- ROIC: 6.2%, against a 12.0% cost of capital: −5.8 points

Biggest thing to watch: the P/E is higher than 83% of its own history, so the multiple has already done part of the work. ## What is the Welspun Specialty Solutions share price today? Welspun Specialty Solutions Ltd's share price was ₹43.84 at the close on 3 November 2026. It has been rising for 26 weeks. That is 5.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹32 and ₹60, and at that close it sat 42% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 5 weeks running. Over the last 11 years the share price moved +1,156% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 1 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Welspun Specialty Solutions this quarter? 1. Profit fell in the September 2026 quarter Profit was ₹-5 crore, -146.7% on a year earlier (₹10 crore), after 4 quarters of growth. Why: Profit fell because the tube business had weak order booking and deliveries were spread across quarters. Next results: check whether tube shipments pick up and delivery schedules become steadier. From the earnings call on 22 Oct 2026. 2. Lowest operating margin in 16 quarters Operating margin was 1.2% in the September 2026 quarter, against 6.1% a year earlier. Why: The margin fell because costs rose faster than the company could raise selling prices. Next results: check whether tube shipments reach the pace management endorsed and delivery schedules become steadier. From the earnings call on 22 Oct 2026. ## What are Welspun Specialty Solutions' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Welspun Specialty Solutions reported revenue of ₹240 crore, up 0.5% from ₹239 crore a year earlier, and a loss of ₹4.51 crore, down 146.7% from ₹9.65 crore. ### Welspun Specialty Solutions results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹240 crore | ₹239 crore | +0.5% |
| Profit | loss of ₹4.51 crore | ₹9.65 crore | −146.7% |
| Earnings per share | ₹−0.07 | ₹0.15 | −146.7% |
| Operating margin | 1.1% | 6.0% | −4.9 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Welspun Specialty Solutions' management discussed these results on a call held on 22 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Welspun Specialty Solutions share price history? Welspun Specialty Solutions closed at ₹43.84 on 3 November 2026, up 17.2% from ₹37.40 a year earlier (31 October 2025) and up 243.8% over five years. Its highest weekly close since March 2016 was ₹59.98 on 17 June 2026. ### Welspun Specialty Solutions share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹43.01 | +1.9% |
| 1 month ago · 1 Oct 2026 | ₹52.57 | −16.6% |
| 6 months ago · 30 Apr 2026 | ₹44.19 | −0.8% |
| 1 year ago · 31 Oct 2025 | ₹37.40 | +17.2% |
| 3 years ago · 3 Nov 2023 | ₹38.60 | +13.6% |
| 5 years ago · 4 Nov 2021 | ₹12.75 | +243.8% |
| 10 years ago · 4 Nov 2016 | ₹8.25 | +431.4% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹3.49 | +1,156.2% |
| Highest weekly close since March 2016, also the 52-week high · 17 Jun 2026 | ₹59.98 | −26.9% |
| Lowest weekly close since March 2016 · 27 May 2016 | ₹2.64 | +1,560.6% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹32.31 | +35.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Welspun Specialty Solutions? 3 Nov 2026: Welspun Specialty Solutions closed at ₹43.84, up 1.9% on the week and down 16.6% on the month. 22 Oct 2026: Welspun Specialty Solutions held its results call for July to September 2026. Management guided: Q3 and Q4 pipe volumes expected to average above 1.3 KMT. ### Earlier

- Results for July to September 2026: Revenue up 0.5% and profit down 146.7% on a year earlier. ## What dividend does Welspun Specialty Solutions pay? Welspun Specialty Solutions has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. Welspun Specialty Solutions Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Welspun Specialty Solutions management say on the latest results call? On the call for July to September 2026, held on 22 October 2026, Welspun Specialty Solutions' management guided: Q3 and Q4 pipe volumes expected to average above 1.3 KMT. > “We will definitely get there, although it may be delayed by a couple of quarters.”
> Anuj Burakia, on the call for July to September 2026

### What management guided

- Volume growth of 20-30% remains the objective but may be delayed by a couple of quarters. - Most tube bid-book projects expected to be finalized this quarter or next. - FY27 and FY28 capital spending limited to maintenance unless a specific project opportunity arises. - FY27 renewable energy share up to about 67% of total energy use. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/269-22-Oct-2026.pdf). (From the call for July to September 2026, 22 October 2026.)

## What is the future of Welspun Specialty Solutions? What is changing in the business? What is changing at Welspun Specialty Solutions, from the latest results and calls: operating leverage inflection, volume ramp, seamless pipe + bar and geographical expansion, saudi aramco + middle east approvals. - Operating Leverage Inflection. Operating profit growing 3x faster than revenue as volume scale absorbs the fixed stainless steel melting base, operating margin moved from 2.1% trough to 7.5% peak on ~20% revenue growth. ⚠ estimate
- Volume Ramp, Seamless Pipe + Bar. Seamless pipe volumes +50% on a year earlier in October to December 2025, bar +22%; 9M FY26 pipe volumes +18%, bar +51%, demand recovery confirmed across both product lines. ⚠ estimate
- Geographical Expansion, Saudi Aramco + Middle East Approvals. In advanced stages of Saudi Aramco approval engagement, once secured, unlocks oil & gas OEM qualification that generates recurring export revenue at premium ASPs. ⚠ estimate
- Debt Elimination, Financial Flexibility Restored. Standalone debt collapsed from ₹260 Cr (FY25) to ₹21 Cr (Mar 2026), interest burden removal materially improves profit conversion from operating profit. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What is Welspun Specialty Solutions' order book? October to December 2025 order book approximately ₹200 Cr in pipes + additional bar orders; 30 new customers added in 9M FY26. ⚠ estimate

(Our read after the latest results, written 17 May 2026.)

## What could change the Welspun Specialty Solutions story? What are the risks? Operating margin swung from 2.1% (Jun-25) to 7.5% (Dec-25) to 5.08% (Mar-26) in four quarters, at thin margins, a single weak quarter erases profit entirely. ### The main risks

- Operating margin structural thinness and volatility: Operating margin swung from 2.1% (Jun-25) to 7.5% (Dec-25) to 5.08% (Mar-26) in four quarters, at thin margins, a single weak quarter erases profit entirely. ✓ fact
- EU tariff rate quota, 25% duty after quarterly quota fills: After India's quarterly quota of stainless seamless exports to EU is exhausted, residual volumes face 25% duty, making them uncompetitive and stranding those volumes. ⚠ estimate
- BIS import relaxation, temporary but real competitive headwind: Government temporarily eased BIS import restrictions, allowing lower imports to compete domestically, the protection Welspun relies on as India's sole integrated producer. ⚠ estimate
- Working capital deterioration: Debtor days ballooned to ~62 days (from 41 days); cash conversion cycle at 51 days, quality of earnings at risk with stretched receivables on thin margins. ⚠ estimate

(Our read after the latest results, written 17 May 2026.)

## What to watch in Welspun Specialty Solutions' next results? When Welspun Specialty Solutions reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Check whether tube shipments reach the Q3-Q4 pace management endorsed and whether scattered delivery schedules become steadier. - What to check (from the call)
- Check whether tube shipments reach the Q3-Q4 pace management endorsed and whether scattered delivery schedules become steadier. - Track the ADNOC tube approval and completion of the Malaysian certification audit. - Test whether bid-book projects convert into firm orders and whether volume growth catches up after the stated delay. ## Which stock lists is Welspun Specialty Solutions on? Welspun Specialty Solutions is on one of our India lists: Penny stocks. [Penny stocks Earnings growth, 12 months (%): 50](https://www.sectoralpha.in/penny-stocks-india)

## Is Welspun Specialty Solutions profitable? Welspun Specialty Solutions Ltd posted a net loss of ₹4.5 Cr in the Sep 2026 quarter. Full-year FY26 profit was ₹23.0 Cr. That loss is 1.9% of the quarter's revenue. The same quarter a year earlier earned ₹9.7 Cr. 4 of the last 12 reported quarters were loss-making. Sep 2026 profit was −₹4.5 Cr, −146.7% on a year earlier. ## How much revenue does Welspun Specialty Solutions make, and is it growing? Welspun Specialty Solutions Ltd reported ₹240 Cr of revenue in the Sep 2026 quarter, +0.5% on the same quarter a year earlier. Over 10 years it has grown 12.7% a year on average. The last full year, FY26, came in at ₹886 Cr. The last four reported quarters add to ₹880 Cr. Why this happened. Management confirmed across consecutive calls that volume recovery is driven by domestic customer additions (30 new customers in 9M FY26), recovery in strategic sectors (energy, defence, aerospace), and a shift away from standard schedule exports toward higher-value domestic strategic applications. The pipe plant operates at ~60-65% utilization, steel at ~50%, both show significant headroom without capex. Management goal: 80-85% utilization within 2 years. FY26 revenue was ₹886 Cr, +22.4% on the year before. Recent pace: the last four quarters grew +5.8% on average, against 12.7% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +5.4%, against +15.8% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +62.8%, against −41.2% a year (accelerating). ## How much of every ₹100 of sales does Welspun Specialty Solutions keep? Welspun Specialty Solutions Ltd's operating margin was 1.1% in the Sep 2026 quarter, 4.9 percentage points lower than the same quarter a year ago. Across 13 years it has been between −24.0% and 8.0%. The latest quarter is within that range. Why this happened. This is the primary thesis driver. The stainless steel extrusion route requires a steel melting base that is largely fixed-cost. Once throughput crosses a threshold, incremental revenue falls almost entirely to gross margin. Q3 FY26 demonstrated this: seamless pipe volume +50% YoY drove EBITDA +52% on only +15% revenue growth. At current 50-65% utilization, the company has meaningful headroom to scale without new capex. The risk: OPM collapsed to 2.1% in Jun-25 on just 1-2 quarters of volume weakness, the leverage works both ways. Why the margin moved: operating margin changed −4.9 percentage points on the year while gross margin changed −6.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Welspun Specialty Solutions' profit turning into cash? Over the last 3 years, 100% of Welspun Specialty Solutions Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹128 Cr of operating cash against ₹23.0 Cr of profit. After ₹71.0 Cr of spending on assets, ₹57.0 Cr was left over as free cash. Why this happened. Welspun Specialty confirmed AS9100D (aerospace quality system) and IBR (Indian Boilers Regulation) accreditations for chrome alloy bars in Q3 FY26. These unlock access to defence, nuclear power, and aerospace applications where import substitution and domestic sourcing are priorities. These segments carry meaningfully better margins than standard commercial stainless steel. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 100% of profit came in as cash: the cash cycle got 263 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 1.9× depreciation over three years. The next section checks what that spending is building. ## Where does Welspun Specialty Solutions' cash go? Welspun Specialty Solutions Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −2 days in FY26, down from 261 days in FY21. It spent ₹91.0 Cr on assets over the last 3 years. Customers take 59 days to pay, and stock sits for 153 days on average. At FY26 sales of ₹886 Cr, each day of that cycle ties up about ₹2.4 Cr, so roughly −₹5.0 Cr is tied up in the business at any time. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 153 days. Customers pay about 59 days after that. Suppliers are paid at 214 days. Together that makes the −2-day cycle. Spending on assets: ₹91.0 Cr over the last 3 years, against ₹48.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹51.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Welspun Specialty Solutions' P/E ratio, and how does it compare with its own history? Welspun Specialty Solutions Ltd's P/E is 201.5×, near the high end of its own history: higher than 83% of past readings. Its usual P/E (the middle reading) is 112.4×, over 3.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹0.21. Where the price move came from: over 3 years the price moved +4.3% a year; about −11.7% a year came from earnings growth and about +16.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Welspun Specialty Solutions business getting better or worse? Welspun Specialty Solutions Ltd's business is turning around. Profit growth has swung from −107.1% at its low to +62.8%, improving for 3 quarters in a row, with ROCE falling at 7.4%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the Welspun Specialty Solutions story, and has it been checked? Welspun Specialty Solutions Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: OPM swung from 2.1% (Jun-25) to 7.5% (Dec-25) to 5.08% (Mar-26) in four quarters, at thin margins, a single weak quarter erases PAT entirely. Our read, 17 May 2026. From the numbers. The stock is at 73rd percentile…

From the price. Price stage 2, week 26, below its 200-day line, relative strength falling. From the research. Where they disagree. FII stake-building is a modest positive signal. What is proven. What is not proven yet. OPM swung from 2.1% (Jun-25) to 7.5% (Dec-25) to 5.08% (Mar-26) in four quarters, at thin margins, a single weak quarter erases PAT entirely. The test written in advance. OPM structural thinness and volatility. Measured by: OPM structural thinness and volatility Q1 FY27 OPM, must sustain above 6.5%; below 5% signals thesis reversal by the next result. The test written in advance. EU tariff rate quota, 25% duty after quarterly quota fills. Measured by: EU tariff rate quota, 25% duty after quarterly quota fills Government announcement on EU tariff rate quota renegotiation or expansion by the next result. The test written in advance. BIS import relaxation, temporary but real competitive headwind. Measured by: BIS import relaxation, temporary but real competitive headwind BIS standard reinstatement announcement, monitor government policy by the next result. Lever 1 · Operating leverage: building. EBITDA growing 3x faster than revenue as volume scale absorbs the fixed stainless steel melting base, OPM moved from 2.1% trough to 7.5% peak on ~20% revenue growth. What proves it keeps working: Operating Leverage Inflection. It stops working if Q1 FY27 OPM, must sustain above 6.5%; below 5% signals thesis reversal. Lever 6 · Order-book wins: building. Seamless pipe volumes +50% YoY in Q3 FY26, bar +22%; 9M FY26 pipe volumes +18%, bar +51%, demand recovery confirmed across both product lines. What proves it keeps working: Volume Ramp, Seamless Pipe + Bar. It stops working if Q1 FY27 OPM, must sustain above 6.5%; below 5% signals thesis reversal. Lever 10 · New geographies: building. In advanced stages of Saudi Aramco approval engagement, once secured, unlocks oil & gas OEM qualification that generates recurring export revenue at premium ASPs. What proves it keeps working: Geographical Expansion, Saudi Aramco + Middle East Approvals. It stops working if Q1 FY27 OPM, must sustain above 6.5%; below 5% signals thesis reversal. Lever 7 · Consolidation: building. Standalone debt collapsed from ₹260 Cr (FY25) to ₹21 Cr (Mar 2026), interest burden removal materially improves PAT conversion from EBITDA. What proves it keeps working: Debt Elimination, Financial Flexibility Restored. It stops working if Q1 FY27 OPM, must sustain above 6.5%; below 5% signals thesis reversal. Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Welspun Specialty Solutions management deliver what it promised? What Welspun Specialty Solutions Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Volume Growth Guidance Delayed · 22 October 2026. In Jan 2026, management expected FY26 volume growth of 25%-30% and believed it would probably exceed that range. In Oct 2026, management acknowledged that the previously stated growth path could be delayed by a couple of quarters following a setback in tubes, representing a material timing revision even though the external environment was cited as the cause. Utilization Goal Pushed Out · 22 July 2026. In the Jan 2026 call, management endorsed reaching 80%-85% utilization in two years and said steel utilization was already above 50%. In the Jul 2026 call, it reported steel utilization at 40%-45% and framed 80%-90% utilization as a focus over the next 3 to 5 years. Although the latest call attributed the moderated ramp-up to declining exports, it did not directly reconcile the lower current utilization or the materially longer goal timeline. Bright Bar Commissioning Timeline Slippage · 4 May 2026. In the Oct 2025 call, management explicitly planned commissioning of the bright bar project for Q3 FY26 (Oct-Dec 2025), yet the Jan 2026 call - which reported results for that very quarter - still described commissioning as ongoing with no acknowledgment of the slippage. By the May 2026 call, the project is described only as installed and under stabilization, representing a delay of at least two quarters beyond the original goal with no explanation provided for the miss. 9-Month EBITDA Exceeds Full-Year Operating EBITDA · 4 May 2026. In the Jan 2026 call, management reported 9M FY26 EBITDA of INR52 crores while consistently citing improving operating leverage quarter after quarter, yet the May 2026 call reports full-year FY26 Operating EBITDA of only INR47 crores - a full-year figure materially below the already-reported 9M number. This implies a significantly negative Q4 EBITDA contribution regardless of any potential definitional delta between the two metrics, yet no prior call signaled such a Q4 deterioration and the only explanation offered in the May 2026 call is a passing reference to Q4 energy cost increases. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Welspun Specialty Solutions earn on its capital? Welspun Specialty Solutions Ltd earned a ROCE of 10% in FY26. That is up from a low of −33% in FY20. Its return on capital used (ROIC) is 5.8 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 2.6% net margin and 1.02× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 2.6% net margin × 1.02× asset turnover × 1.91× leverage (assets divided by equity) ≈ 5.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 6.2% − 12.0% = −5.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 6.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 8.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Welspun Specialty Solutions have too much debt? Welspun Specialty Solutions Ltd has total debt of ₹35.0 Cr against shareholder equity of ₹457 Cr as of Jun 2026, so its debt is 0.08× its equity, which is very little. Year by year, that ratio went from 5.48 in FY22 to 0.08 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Welspun Specialty Solutions shareholding pattern? Foreign institutions raised their stake in Welspun Specialty Solutions Ltd by 1.3 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 1.4% of the company. Promoters moved +0.0 points over the same period, to 55.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why the owners changed: foreign institutions drove it (+1.3 points). They raised their stake step by step. ## How far is Welspun Specialty Solutions from balance-sheet trouble? For Welspun Specialty Solutions Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Welspun Specialty Solutions rank in its industry? 28.9 out of 100, rank 14 of 15 in Steel - Tubes/Pipes, with 83% of the evidence available. Welspun Specialty Solutions Ltd scores 28.9 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 14. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 12.5 + 3.9 + 8.5 + 4 = 28.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Welspun Specialty Solutions compared with? Welspun Specialty Solutions ranks 14 of 15 Steel - Tubes/Pipes companies on the 4-Factor Sector Score, with 28.9 out of 100. 1. [Sambhv Steel Tubes Ltd](https://www.sectoralpha.in/stocks/sambhv-steel-tubes-ltd) SAMBHV · breaking out · Most evidence points up · 93% evidence 74.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.4/35 · Revenue 41.9% · Profit 100% · Operating margin change 2 points · 100% evidence Capital efficiency 15.8/25 · ROCE 19.1% · Operating margin 12% · 100% evidence Valuation 9.6/20 · P/E 22.7× · PEG 1.74 · 65% evidence Relative strength 19.3/20 · Lead over its industry 27.9% · Lead over NIFTY 500 39% · 1 year 35.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.4 + 15.8 + 9.6 + 19.3 = 74.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [APL Apollo Tubes Ltd](https://www.sectoralpha.in/stocks/apl-apollo-tubes-ltd) APLAPOLLO · breaking out · Most evidence points up · 100% evidence 69.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.5/35 · Revenue 14.9% · Profit 24.8% · Operating margin change 0 points · 100% evidence Capital efficiency 20.8/25 · ROCE 31.8% · Operating margin 8% · 100% evidence Valuation 10.4/20 · P/E 45.9× · PEG 0.92 · 100% evidence Relative strength 15.4/20 · Lead over its industry 3.8% · Lead over NIFTY 500 14.7% · 1 year 20.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.5 + 20.8 + 10.4 + 15.4 = 69.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Man Industries (India) Ltd](https://www.sectoralpha.in/stocks/man-industries-indialtd) MANINDS · leader · Most evidence points up · 96% evidence 68.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 10.8% · Profit 25.9% · Operating margin change 7 points · 88% evidence Capital efficiency 14.9/25 · ROCE 16.2% · Operating margin 14% · 100% evidence Valuation 11.1/20 · P/E 26.6× · PEG 0.22 · 100% evidence Relative strength 19.7/20 · Lead over its industry 31% · Lead over NIFTY 500 40% · 1 year 76.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.2 + 14.9 + 11.1 + 19.7 = 68.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Gandhi Special Tubes Ltd](https://www.sectoralpha.in/stocks/gandhi-special-tubes-ltd) GANDHITUBE · breaking out · Most evidence points up · 96% evidence 67.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.1/35 · Revenue 11.1% · Profit 13.6% · Operating margin change 4 points · 88% evidence Capital efficiency 19.8/25 · ROCE 28.4% · Operating margin 47% · 100% evidence Valuation 16.6/20 · P/E 13.1× · PEG 0.85 · 100% evidence Relative strength 11.4/20 · Lead over its industry -1.2% · Lead over NIFTY 500 8.5% · 1 year -0.9% · 100% evidence · 8 of 12 weeks ahead Exact sum: 20.1 + 19.8 + 16.6 + 11.4 = 67.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [DEE Development Engineers Ltd](https://www.sectoralpha.in/stocks/dee-development-engineers-ltd) DEEDEV · quiet · Evidence leans up · 89% evidence 60.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 40.1% · Profit 50% · Operating margin change 1 points · 88% evidence Capital efficiency 9.1/25 · ROCE 10.7% · Operating margin 17% · 100% evidence Valuation 13.6/20 · P/E 46.6× · PEG 0.62 · 65% evidence Relative strength 11.8/20 · Lead over its industry 14.2% · Lead over NIFTY 500 20.2% · 1 year 96.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 26.4 + 9.1 + 13.6 + 11.8 = 60.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Venus Pipes & Tubes Ltd](https://www.sectoralpha.in/stocks/venus-pipes-tubes-ltd) VENUSPIPES · leader · Evidence leans up · 96% evidence 58.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 21.9% · Profit 14.3% · Operating margin change 0 points · 88% evidence Capital efficiency 20.8/25 · ROCE 21.3% · Operating margin 16% · 100% evidence Valuation 4.1/20 · P/E 39.9× · PEG 3.94 · 100% evidence Relative strength 17.3/20 · Lead over its industry 22.1% · Lead over NIFTY 500 31.6% · 1 year 41.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 16.1 + 20.8 + 4.1 + 17.3 = 58.3 · What this means: Relative strength against the index is 31.6%, and revenue and profit growth are weak. 7. [JTL Industries Ltd](https://www.sectoralpha.in/stocks/jtl-industries-ltd) JTLIND · breaking out · Evidence leans up · 78% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 19% · Profit 42.4% · Operating margin change 3.7 points · 83% evidence Capital efficiency 7.9/25 · ROCE 9.6% · Operating margin 8% · 76% evidence Valuation 12.4/20 · P/E 25.4× · PEG n/a · 50% evidence Relative strength 13.2/20 · Lead over its industry 3.4% · Lead over NIFTY 500 12.7% · 1 year 15.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.6 + 7.9 + 12.4 + 13.2 = 56.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Goodluck India Ltd](https://www.sectoralpha.in/stocks/goodluck-india-ltd) GOODLUCK · breaking out · Evidence leans up · 100% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 18.8% · Profit 31.3% · Operating margin change 0 points · 100% evidence Capital efficiency 12.8/25 · ROCE 14.4% · Operating margin 9% · 100% evidence Valuation 9.7/20 · P/E 23.4× · PEG 0.94 · 100% evidence Relative strength 13.1/20 · Lead over its industry 10.3% · Lead over NIFTY 500 20% · 1 year 17.9% · 100% evidence · 7 of 12 weeks ahead Exact sum: 20.4 + 12.8 + 9.7 + 13.1 = 56 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Hariom Pipe Industries Ltd](https://www.sectoralpha.in/stocks/hariom-pipe-industries-ltd) HARIOMPIPE · quiet · Evidence leans down · 81% evidence 47.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 10.8% · Profit 1.5% · Operating margin change 0 points · 88% evidence Capital efficiency 15.7/25 · ROCE 15.7% · Operating margin 12% · 100% evidence Valuation 10.3/20 · P/E 13.8× · PEG 3.05 · 100% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.6% · 1 year -30.9% · 25% evidence · 1 of 12 weeks ahead Exact sum: 13.1 + 15.7 + 10.3 + 8.4 = 47.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Maharashtra Seamless Ltd](https://www.sectoralpha.in/stocks/maharashtra-seamless-ltd) MAHSEAMLES · losing its lead · Evidence leans down · 96% evidence 43.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.0/35 · Revenue -12.2% · Profit -16.1% · Operating margin change 2 points · 88% evidence Capital efficiency 12.2/25 · ROCE 14.3% · Operating margin 16% · 100% evidence Valuation 15.7/20 · P/E 9.8× · PEG 0.78 · 100% evidence Relative strength 5.6/20 · Lead over its industry -13.8% · Lead over NIFTY 500 -5.3% · 1 year -5.2% · 100% evidence · 6 of 12 weeks ahead Exact sum: 10 + 12.2 + 15.7 + 5.6 = 43.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 11. [Scoda Tubes Ltd](https://www.sectoralpha.in/stocks/scoda-tubes-ltd) SCODATUBES · quiet · Evidence leans down · 64% evidence 43.2 out of 100 Growth Capital Valuation Relative
12. [Surya Roshni Ltd](https://www.sectoralpha.in/stocks/surya-roshni-ltd) SURYAROSNI · basing · Evidence leans down · 96% evidence 39.1 out of 100 Growth Capital Valuation Relative
13. [Hi-Tech Pipes Ltd](https://www.sectoralpha.in/stocks/hi-tech-pipes-ltd) HITECH · basing · Most evidence points down · 96% evidence 34.4 out of 100 Growth Capital Valuation Relative
14. Welspun Specialty Solutions Ltd this page WELSPLSOL · losing its lead · Most evidence points down · 83% evidence 28.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.5/35 · Revenue 5.4% · Profit 62.8% · Operating margin change -4.9 points · 100% evidence Capital efficiency 3.9/25 · ROCE 9.9% · Operating margin 1.1% · 100% evidence Valuation 8.5/20 · P/E 188× · PEG n/a · 15% evidence Relative strength 4.0/20 · Lead over its industry -10.6% · Lead over NIFTY 500 -2.9% · 1 year 9.1% · 100% evidence · 6 of 12 weeks ahead Exact sum: 12.5 + 3.9 + 8.5 + 4 = 28.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 15. [Rama Steel Tubes Ltd](https://www.sectoralpha.in/stocks/rama-steel-tubes-ltd) RAMASTEEL · quiet · Most evidence points down · 96% evidence 24.2 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel - Tubes/Pipes](https://www.sectoralpha.in/sectors/steel-tubes-pipes), all 15 compared on one page. ## Which companies are close to Welspun Specialty Solutions in size? Welspun Specialty Solutions is the 10th largest of 15 Steel - Tubes/Pipes companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Venus Pipes & Tubes, DEE Development Engineers and JTL Industries. Just below it: Hi-Tech Pipes, Gandhi Special Tubes and Hariom Pipe Industries. ### Steel - Tubes/Pipes companies close in size

1. [Venus Pipes & Tubes Ltd](https://www.sectoralpha.in/stocks/venus-pipes-tubes-ltd) ₹4,147 crore
2. [DEE Development Engineers Ltd](https://www.sectoralpha.in/stocks/dee-development-engineers-ltd) ₹3,818 crore
3. [JTL Industries Ltd](https://www.sectoralpha.in/stocks/jtl-industries-ltd) ₹2,915 crore
4. Welspun Specialty Solutions Ltd ₹2,469 crore
5. [Hi-Tech Pipes Ltd](https://www.sectoralpha.in/stocks/hi-tech-pipes-ltd) ₹1,390 crore
6. [Gandhi Special Tubes Ltd](https://www.sectoralpha.in/stocks/gandhi-special-tubes-ltd) ₹986 crore
7. [Hariom Pipe Industries Ltd](https://www.sectoralpha.in/stocks/hariom-pipe-industries-ltd) ₹964 crore

[All 15 Steel - Tubes/Pipes companies, largest first](https://www.sectoralpha.in/sectors/steel-tubes-pipes#all-companies)

### Companies close in size in other industries

1. [H.G. Infra Engineering Ltd](https://www.sectoralpha.in/stocks/hg-infra-engineering-ltd) ₹2,474 crore · Infra - Construction & Contracting
2. [Apcotex Industries Ltd](https://www.sectoralpha.in/stocks/apcotex-industries-ltd) ₹2,472 crore · Rubber Processing/Rubber Products
3. Welspun Specialty Solutions Ltd ₹2,469 crore
4. [Ramco Industries Ltd](https://www.sectoralpha.in/stocks/ramco-industries-ltd) ₹2,464 crore · Cement Products
5. [Interarch Building Solutions Ltd](https://www.sectoralpha.in/stocks/interarch-building-solutions-ltd) ₹2,456 crore · Pre-Engineering Buildings

## What else do people ask about Welspun Specialty Solutions? ### What is Welspun Specialty Solutions's share price today? Welspun Specialty Solutions Ltd's share price is ₹43.84, +17.2% over the past year. The whole company is worth ₹2,903 Cr on the market. In the last 52 weeks it traded between ₹32 to ₹60; today it is 42% of the way up from the low, 5.7% below its 200-day average (as of 3 November 2026). ### What were Welspun Specialty Solutions's latest quarterly results? Welspun Specialty Solutions Ltd reported revenue of ₹240 Cr and a net loss of ₹4.5 Cr for the Sep 2026 quarter. Revenue rose 0.5% and profit fell 146.7% compared with a year earlier. Earnings per share were −₹0.07 (as of 3 November 2026). ### What is Welspun Specialty Solutions's market cap? Welspun Specialty Solutions Ltd's market capitalisation is ₹2,903 Cr at a share price of ₹43.84. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Welspun Specialty Solutions performing? Welspun Specialty Solutions Ltd's share price has been rising for 26 weeks. In its latest quarter, revenue rose 0.5% and profit fell 146.7% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 5 weeks running (as of 3 November 2026). ### Will Welspun Specialty Solutions's share price go up? This page does not forecast Welspun Specialty Solutions Ltd's share price. What it shows instead: the share price is ₹43.84, and it has been rising for 26 weeks. Its P/E of 201.5× is higher than 83% of its own last 3 years (as of 3 November 2026). ### Who owns Welspun Specialty Solutions? Promoters own 55.2% of Welspun Specialty Solutions Ltd, foreign institutions 1.4%, domestic institutions 0.0% and the public 43.4% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 1.3 percentage points over 8 quarters (as of 3 November 2026). ### Where is Welspun Specialty Solutions in its business cycle? Welspun Specialty Solutions Ltd's FY26 operating margin was 5.0%, against a 13-year range of −24.0% to 8.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 1.1%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Welspun Specialty Solutions story? Biggest thing to watch: the P/E is higher than 83% of its own history, so the multiple has already done part of the work. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Welspun Specialty Solutions a stock worth studying right now? What the numbers show: Welspun Specialty Solutions Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Welspun Specialty Solutions share price forecast for 2026? What management itself guided: Q3 and Q4 pipe volumes expected to average above 1.3 KMT. What is changing at Welspun Specialty Solutions, from the latest results and calls: operating leverage inflection, volume ramp, seamless pipe + bar and geographical expansion, saudi aramco + middle east approvals. What would change the story: Operating margin swung from 2.1% (Jun-25) to 7.5% (Dec-25) to 5.08% (Mar-26) in four quarters, at thin margins, a single weak quarter erases profit entirely. ## Lists

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