Welspun Michigan

Mumbai, India Founded: 1988 • Age: 38 yrs Listed
Provides trenchless technologies for urban infrastructure projects in Indian cities.
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About Welspun Michigan

Welspun Michigan is a publicly listed company based in Mumbai (India) founded in 1988. It provides trenchless technologies for urban infrastructure projects in Indian cities. It operates on a B2B model in Real Estate & Construction and Technology sectors. The company has 1,068 employees. Its Indian entity Welspun Enterprises Limited reported revenue of ₹3,712 Cr. Welspun Michigan offers products and services including Large Diameter Tunneling, Microtunneling for Pipelines, Pipeline Rehabilitation, Greywater Pumping Station, and Bridge Construction. Its focus areas include Construction, Infrastructure Tech, Underground Construction and Trenchless Technologies.

Company details

Welspun Michigan Engineers Limited offers engineering solutions for underground construction, including trenchless technologies and pumping stations. The company focuses on projects like pipeline installation and rehabilitation, minimizing environmental impact. Based in Mumbai, India, it serves municipal and urban clients in cities such as Mumbai and Delhi, delivering efficient and safe infrastructure developments.

Operational Areas
Real Estate & Construction → Construction & Building Tech
Technology → Smart Infrastructure & Cities
Key Metrics
  • Market Cap
    ₹9,375 Cr

    WELENT · NSE

  • Share Price
    ₹722.05

    +6.61% today

  • Revenue
    ₹3,615 Cr

    FY 2025-26 · -2.2% YoY

  • EBITDA
    ₹684 Cr

    Margin 18.9%

  • Net Profit
    ₹384 Cr

    FY 2025-26 · +19.2% YoY

  • P/E (TTM)
    23.8x

    P/B 3.1x

  • ROE
    15.3%

    ROCE 17.2%

  • Debt / Equity
    0.62

    Interest cover 31.3x

  • Employee Count
    1,068

Products & Services of Welspun Michigan

Welspun Michigan offers a comprehensive portfolio of products and services, including Large Diameter Tunneling, Microtunneling for Pipelines, Pipeline Rehabilitation, Greywater Pumping Station, and Bridge Construction.

Large Diameter Tunneling
Tunnel Construction

Constructs large diameter tunnels using segmental linings for infrastructure.

Microtunneling for Pipelines
Pipeline Installation

Installs pipelines with minimal surface disruption using advanced technology.

Pipeline Rehabilitation
Maintenance Services

Extends pipeline lifespan through non-invasive repair methods.

Greywater Pumping Station
Water Management

Designs and builds stations for sustainable greywater handling.

Bridge Construction
Structural Engineering

Builds bridges with focus on safety and environmental sustainability.

Apps and channels of Welspun Michigan

its YouTube channel Welspun World has 6.18K subscribers and 30 videos.

Welspun World
YouTube 6.18K subscribers 30 videos Howto & Style
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Videos from Welspun Michigan

The most watched videos on Welspun Michigan's YouTube channel, Welspun World (6.18K subscribers). Click a video to play it here.

Sintex Anthem – Honouring India’s Independence | Welspun World
83.6K views
Watch Mr. BK Goenka, Chairman, Welspun World
4K views
Kyuki Farq Padta Hai | Vidya Balan | Welspun Home
1.2K views
Vidya’s Shocking Outburst At A Shop! Kyunki Farq Padta Hai | Welspun Home
944 views

More on Welspun World.

Board of directors of Welspun Enterprises Limited (Welspun Michigan)

Welspun Enterprises Limited is the primary company behind Welspun Michigan. The board of Welspun Enterprises Limited currently have 8 directors; the longest-serving is Rajesh Mandawewala, appointed in 2012. 43 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Rajesh Mandawewala
DIN 00007179
Director06 Jul 201214 yrs 4 moWelspun Enterprises Limited
Aruna Sharma
DIN 06515361
Director29 Jan 20197 yrs 9 moWelspun Enterprises Limited
Raghav Chandra
DIN 00057760
Director15 May 20197 yrs 5 moWelspun Enterprises Limited
Balkrishan Gopiram Goenka
DIN 00270175
Director29 May 20206 yrs 5 moWelspun Enterprises Limited
Anoop Kumar Mittal
DIN 05177010
Director16 Jun 20215 yrs 4 moWelspun Enterprises Limited
Sandeep Garg
DIN 00036419
Managing Director08 Aug 20224 yrs 2 moWelspun Enterprises Limited
Subramanian Madhavan
DIN 06451889
Director01 Apr 20242 yrs 7 moWelspun Enterprises Limited
Deepak Chandrabhan Singh Chauhan
DIN 01694550
Director06 Aug 20251 yr 3 moWelspun Enterprises Limited

IPO & Listings of Welspun Michigan

Welspun Michigan is a publicly listed company on the NSE with ticker symbol WELENT in India, operating in the Infrastructure Developers & Operators sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • Listed onNSE: WELENT
  • Listed entityWelspun Enterprises Limited
  • Exchange sectorInfrastructure Developers & Operators

Financials of Welspun Michigan

Exchange-reported figures of Welspun Enterprises Limited, the listed company behind Welspun Michigan (NSE: WELENT).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹3,615 Cr
-2.2% YoY
EBITDA
₹684 Cr
+13.8% YoY
Profit After Tax
₹384 Cr
+19.2% YoY
Net Worth
₹3,044 Cr
+19.8% YoY
Total Assets
₹5,302 Cr
+24.4% YoY
Total Debt
₹1,987 Cr
+32.5% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue3,6153,6952,8742,7581,3421,5301,808
Revenue growth-2.2%+28.6%+4.2%+105.5%-12.2%-15.4%-
EBITDA684601397146147164191
EBITDA margin+18.9%+16.3%+13.8%+5.3%+11.0%+10.7%+10.6%
Profit before tax532490449783152180203
Net profit384322294270124129145
Net profit margin+10.6%+8.7%+10.2%+9.8%+9.2%+8.4%+8.0%
EPS (₹)25.8023.5921.6248.198.338.6710.03
Balance sheet
Total assets5,3024,2623,5063,4884,5353,9552,426
Net worth3,0442,5402,3232,3561,7911,6841,579
Total debt1,9871,4997627642,5262,237812
Cash & bank338643481542277214149
Net working capital8251,2841,103727199351341
Cash flow
Cash from operations112(273)(344)3452878.74(57.94)
Cash from investing(877)1.21(57.32)1,197(487)(918)(49.54)
Cash from financing426536(486)(204)125753106
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue7741,1997877848451,054867815
Revenue growth (YoY)-8.4%+13.8%-9.2%-3.9%-9.1%---
Other income35.0532.2419.5421.8625.5722.7752.0922.62
EBITDA116238103172169177122116
EBITDA margin+15.0%+19.9%+13.0%+22.0%+20.0%+16.8%+14.1%+14.2%
Depreciation10.5912.8313.0113.3311.4614.5213.6913.99
Interest53.2852.6251.5052.5441.5443.5849.9334.28
Profit before tax87.5920557.5812814114211189.93
Tax31.2342.3026.8430.0940.0936.6733.5928.37
Net profit56.3616330.7498.0810110577.0561.56
EPS (₹)3.2910.441.746.536.556.825.164.21
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue2,5952,8272,4502,6761,3071,4101,760
Revenue growth-8.2%+15.4%-8.4%+104.8%-7.3%-19.9%-
EBITDA363324337195144169206
EBITDA margin+14.0%+11.4%+13.7%+7.3%+11.0%+12.0%+11.7%
Profit before tax414413396815116141214
Net profit32030728423192.55107155
Net profit margin+12.3%+10.9%+11.6%+8.6%+7.1%+7.6%+8.8%
EPS (₹)22.7322.5120.8951.216.247.2210.73
Balance sheet
Total assets3,3712,8942,8043,1542,6082,4552,076
Net worth3,1522,6902,4222,4651,8941,8191,736
Total debt216199190483513607310
Cash & bank24055742747086.22167121
Net working capital6691,0871,137879753575496
Cash flow
Cash from operations354274(106)24.96222337104
Cash from investing(772)1.64(75.89)1,674(266)(717)(168)
Cash from financing99.68(67.29)(662)(243)(173)20777.73
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue543809589593604734683663
Revenue growth (YoY)-10.0%+10.2%-13.9%-10.5%-19.1%---
Other income37.4735.9823.7224.8131.9625.8626.0525.04
Total expenses481697522502512638604589
EBITDA61.9711367.0791.3892.1196.4478.9573.49
EBITDA margin+11.4%+13.9%+11.4%+15.4%+15.3%+13.1%+11.6%+11.1%
Depreciation2.893.143.143.712.032.362.192.59
Interest14.9816.3414.5517.095.387.727.638.65
Profit before tax81.5712973.1095.3911711295.1887.29
Tax21.1335.9417.9022.1529.8927.6125.7422.57

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 05 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue7741,1997877848451,054867815
Revenue growth (YoY)-8.4%+13.8%-9.2%-3.9%-9.1%---
Other income35.0532.2419.5421.8625.5722.7752.0922.62
EBITDA116238103172169177122116
EBITDA margin+15.0%+19.9%+13.0%+22.0%+20.0%+16.8%+14.1%+14.2%
Depreciation10.5912.8313.0113.3311.4614.5213.6913.99
Interest53.2852.6251.5052.5441.5443.5849.9334.28
Profit before tax87.5920557.5812814114211189.93
Tax31.2342.3026.8430.0940.0936.6733.5928.37
Net profit56.3616330.7498.0810110577.0561.56
EPS (₹)3.2910.441.746.536.556.825.164.21
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue3,6153,6952,8742,7581,3421,5301,808
Revenue growth-2.2%+28.6%+4.2%+105.5%-12.2%-15.4%-
Other income96.6898.03189769103142112
Total expenses2,9313,0942,4772,6121,1951,3651,617
Employee cost23220017314911082.8187.14
EBITDA684601397146147164191
EBITDA margin+18.9%+16.3%+13.8%+5.3%+11.0%+10.7%+10.6%
Depreciation50.6350.9027.5613.1015.9315.9922.54
Interest19815811011982.9011077.36
Profit before tax532490449783152180203
Tax13913613057.0125.6149.5451.61
Net profit384322294270124129145
Net profit margin+10.6%+8.7%+10.2%+9.8%+9.2%+8.4%+8.0%
EPS (₹)25.8023.5921.6248.198.338.6710.03
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital136137137150150149148
Reserves & surplus2,6582,4032,1872,2061,6411,5361,431
Shareholders' funds (net worth)3,0442,5402,3232,3561,7911,6841,579
Minority interest2171691675.972.681.280.10
Secured loans1,9721,4907527542,3032,141720
Unsecured loans14.618.659.639.9422495.8391.79
Total debt1,9871,4997627642,5262,237812
Total liabilities5,3024,2623,5063,4884,5353,9552,426
Assets
Gross block5124774411301,933150139
Net block28830328969.701,871103107
Capital work in progress7.438.576.726.5563.811,40363.81
Investments1,6507637651,558812804948
Inventories17416315786.4148.074.890.68
Sundry debtors510303456326138135187
Cash & bank balances338643481542277214149
Loans & advances1,7841,9121,4001,3421,068820695
Total current assets2,8053,0202,4932,2961,5311,1741,031
Total current liabilities1,9801,7371,3901,5691,332823691
Net working capital8251,2841,103727199351341
Total assets5,3024,2623,5063,4884,5353,9552,426
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash5122491,616262337493494
Net cash from operating activities112(273)(344)3452878.74(57.94)
Net cash from investing activities(877)1.21(57.32)1,197(487)(918)(49.54)
Net cash from financing activities426536(486)(204)125753106
Net change in cash(338)264(888)1,338(75.33)(156)(1.53)
Closing cash338643481542277214149
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-2.2%+28.6%+4.2%+105.5%-12.2%-15.4%-
EBITDA growth+13.9%+51.3%+171.5%-0.6%-10.3%-14.0%-
PBT growth+8.5%+9.2%-42.7%+416.2%-15.6%-11.4%-2.1%
Net income growth+19.2%+9.6%+8.8%+118.2%-4.1%-11.0%-
Revenue CAGR (3Y)+9.4%+40.2%+23.4%+15.1%-9.1%+12.8%+80.9%
EBITDA CAGR (3Y)+67.2%+59.8%+34.3%-8.5%-6.3%+56.3%-
Profitability & leverage
Net income margin+10.9%+9.6%+11.1%+26.3%+9.4%+8.5%+8.4%
Return on capital employed+17.3%+17.4%+16.4%+9.3%+4.4%+9.1%+12.4%
Return on net worth+15.3%+14.6%+13.7%+13.2%+7.2%+8.0%+10.0%
Debt / equity0.620.460.330.791.370.930.46
Long-term debt / equity0.550.380.250.701.250.770.29
Interest cover31.2828.7029.6989.1163.1474.5545.98
Efficiency & per share
Fixed asset turnover7.318.0510.062.671.2910.5612.25
Inventory turnover21.4923.1523.6541.0250.69549.202,563.96
Debtors turnover8.909.747.3511.909.869.527.73
EPS (₹)25.8023.5921.6248.198.338.6710.03
Dividend per share (₹)3.003.003.008.501.501.502.00
Book value per share (₹)206.04185.81170.20157.09119.58113.16106.39
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue543809589593604734683663
Revenue growth (YoY)-10.0%+10.2%-13.9%-10.5%-19.1%---
Other income37.4735.9823.7224.8131.9625.8626.0525.04
Total expenses481697522502512638604589
EBITDA61.9711367.0791.3892.1196.4478.9573.49
EBITDA margin+11.4%+13.9%+11.4%+15.4%+15.3%+13.1%+11.6%+11.1%
Depreciation2.893.143.143.712.032.362.192.59
Interest14.9816.3414.5517.095.387.727.638.65
Profit before tax81.5712973.1095.3911711295.1887.29
Tax21.1335.9417.9022.1529.8927.6125.7422.57
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue2,5952,8272,4502,6761,3071,4101,760
Revenue growth-8.2%+15.4%-8.4%+104.8%-7.3%-19.9%-
Other income11613110270537.8028.9752.58
Total expenses2,2322,5042,1142,4811,1631,2411,554
Employee cost18616715814810980.7883.99
EBITDA363324337195144169206
EBITDA margin+14.0%+11.4%+13.7%+7.3%+11.0%+12.0%+11.7%
Depreciation12.028.749.719.5912.4212.2519.44
Interest53.3632.9833.4175.5253.4844.5225.37
Profit before tax414413396815116141214
Tax10610511146.9422.5633.6054.73
Net profit32030728423192.55107155
Net profit margin+12.3%+10.9%+11.6%+8.6%+7.1%+7.6%+8.8%
EPS (₹)22.7322.5120.8951.216.247.2210.73
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital136137137150150149148
Reserves & surplus2,7662,5532,2862,3151,7441,6701,587
Shareholders' funds (net worth)3,1522,6902,4222,4651,8941,8191,736
Secured loans201191181463354566189
Unsecured loans14.618.659.2619.6315941.34121
Total debt216199190483513607310
Total liabilities3,3712,8942,8043,1542,6082,4552,076
Assets
Gross block63.8840.7957.4763.0380.6266.3757.46
Net block27.0215.8015.9119.8232.5028.5631.57
Capital work in progress0.882.020.000.000.000.000.00
Investments2,5051,6331,5072,0241,4631,5111,433
Inventories12911210386.2948.004.890.68
Sundry debtors571660621569312209341
Cash & bank balances24055742747086.22167121
Loans & advances1,3811,1429029721,191926637
Total current assets2,3212,4712,0532,0971,6381,3071,099
Total current liabilities1,6521,3849171,218885732603
Net working capital6691,0871,137879753575496
Total assets3,3712,8942,8043,1542,6082,4552,076
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash4342251,54976.74294467454
Net cash from operating activities354274(106)24.96222337104
Net cash from investing activities(772)1.64(75.89)1,674(266)(717)(168)
Net cash from financing activities99.68(67.29)(662)(243)(173)20777.73
Net change in cash(319)208(844)1,455(217)(174)13.55
Closing cash24055742747086.22167121
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-8.2%+15.4%-8.4%+104.8%-7.3%-19.9%-
EBITDA growth+12.2%-3.9%+72.7%+35.3%-14.7%-18.2%-
PBT growth+0.2%+4.4%-51.4%+602.6%-17.8%-34.1%-7.7%
Net income growth+4.3%+8.2%+22.9%+149.8%-13.9%-30.8%-
Revenue CAGR (3Y)-1.0%+29.3%+20.2%+15.0%-9.1%+12.2%+82.1%
EBITDA CAGR (3Y)+23.0%+31.0%+25.9%-1.9%-7.5%+43.9%-
Profitability & leverage
Net income margin+11.9%+10.9%+11.6%+28.7%+7.2%+7.6%+9.1%
Return on capital employed+14.9%+15.7%+14.4%+11.1%+6.7%+8.2%+12.4%
Return on net worth+10.6%+12.0%+11.7%+10.6%+5.0%+6.1%+9.6%
Debt / equity0.070.080.140.230.300.260.14
Long-term debt / equity0.000.000.060.150.220.130.00
Interest cover15.2010.4810.2240.7440.6128.4313.58
Efficiency & per share
Fixed asset turnover49.5857.5540.6737.2617.7822.7818.30
Inventory turnover21.5026.2925.8739.8649.42506.352,496.52
Debtors turnover4.224.414.126.085.025.135.16
EPS (₹)22.7322.5120.8951.216.247.2210.73
Dividend per share (₹)3.003.003.008.501.501.502.00
Book value per share (₹)213.97196.75177.44164.34126.46122.18116.90
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Related news about Welspun Michigan

Welspun Enterprises: Gets Approval From NDMC For Sewer Rehab Project Worth About ₹66 Crore; Total Orders Now At Approximately ₹2,356.66 Crore.
Exchange Update • 1 month ago
Welspun Enterprise: Projects 10%-20% Revenue Growth For FY27
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Welspun Enterprise: Co's Executive Reveals New Project Expected Margins Between 24-25%
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Welspun Enterprises: Co' Unit Gets 351.24 Crore Rupee Sewer Rehab Contracts From Ahmedabad Municipal Corporation.
Exchange Update • 1 month ago
Authum Investment Sells Welspun Enterprises Shares Worth Rs 184 Crore; Fidelity Buys Stake
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Welspun Enterprises arm signs Rs 7,300 crore Pune-Shirur highway project; shares down marginally
Moneycontrol • 3 months ago
Welspun Enterprises' Unit Gets Project Worth 73 Bln Rupees For 6-Lane Highway Corridor
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Welspun Enterprises Limited March-Quarter Consol Net Profit 1.45 Billion Rupees
Reuters • 5 months ago
Welspun Enterprises Receives Project Order Worth 73 Billion Rupees
Reuters • 6 months ago
Welspun Enterprises To Buy 20% Stake In Welspun Corporate Services
Reuters • 7 months ago
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Frequently Asked Questions about Welspun Michigan

Welspun Michigan was founded in 1988.

Welspun Michigan is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Welspun Michigan has 1,068 employees.

The primary company behind Welspun Michigan, Welspun Enterprises Limited, reported revenue of ₹3,712 Cr for FY 0000, down 2% year on year.

Welspun Michigan Engineers Limited offers engineering solutions for underground construction, including trenchless technologies and pumping stations. The company focuses on projects like pipeline installation and rehabilitation, minimizing environmental impact. Based in Mumbai, India, it serves municipal and urban clients in cities such as Mumbai and Delhi, delivering efficient and safe infrastructure developments.

Welspun Michigan offers Large Diameter Tunneling, Microtunneling for Pipelines, Pipeline Rehabilitation, Greywater Pumping Station, and Bridge Construction.

Yes, Welspun Michigan is publicly traded on NSE under the ticker symbol WELENT.

Welspun Michigan operates through Welspun Enterprises Limited.

The legal entities of Welspun Michigan currently have 10 directors, including Rajesh Mandawewala, Raghav Chandra, Aruna Sharma and others.

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