Welspun Corp Limited — Credit Ratings, 02-07-2025: Credit Rating- Revision

CRISIL has upgraded Welspun Corp’s long-term bank facilities and non-convertible debentures rating to ‘CRISIL AA+ with Stable Outlook’ from ‘CRISIL AA with Positive Outlook,’ while reaffirming its short-term rating at ‘CRISIL A1+’. The upgrade reflects significant improvement in Welspun’s business risk profile, driven by strong revenue growth to Rs 13,966 Cr in FY2025 and diversification with 28% contribution from new segments like DI pipes, TMT bars, and Sintex. Financial risk profile strengthened with gross debt halving to Rs 924 Cr, gross Debt/EBITDA improving to 0.55x, and gearing lowering to 0.13x. Ample liquidity with net cash of Rs 1,049 Cr supports the company’s modular capex plans. This rating action enhances Welspun’s borrowing cost advantage and bolsters investor confidence with strong financial and operational metrics.