Shares of Welspun Corp Ltd have delivered multibagger returns to the investors in the last few years. The stock rose another 3.22 per cent on Tuesday to Rs 1,338.10 on, with its market capitalization near Rs 35,000 crore. Despite a mixed set of numbers in the March 2026 quarter, brokerage firms continue to remain positive on the stock, increasing its target price by up to 35 per cent.

Shares of Welspun Corp have surged more than 7 times, or delivered 620 per cent return, to investors from its price at Rs 185 in May 2023. The stock delivered a 800 per cent return in the last five years, while it has soared more than 20 times from its Covid-19 lows. Even from its 52-week low at Rs 709.75, hit on February 2, 2026, the stock is up nearly 90 per cent.

For the quarter ended on March 31, 2026, Welspun Corp reported a net profit at Rs 370.4 crore, down 47 per cent on a yearly basis. while revenue was up 9.9 per cent YoY to Rs 4,312.6 crore. Its Ebitda came in at Rs 503.8 crore, up 9.5 per cent with margins remaining stable at 11.7 per cent. The company announced a final dividend of Rs 5 per share and gave a strong guidance for FY27.

Welspun Corp reported revenue and Ebitda growth of 10 per cent and 9 per cent in Q4FY26, lower than estimates. The quarter was affected by disruptions in the export market due to the ongoing geopolitical tensions. Despite the disruptions, the order book was robust at Rs 25,300 crore, said Nuvama Institutional Equities.

"Owing to a healthy order book, strong sectoral tailwinds and capacity additions in FY27, we are revising upwards FY27E/28E EPS by 10 per cent each. Maintain 'buy' with a revised target price of Rs 1,458 (earlier Rs 1,082), based on SotP. The stock currently trades at 12 times/9 times FY27E/28E EV/EBIDTA," it added.

Welspun Corp closed FY26 on a strong note, achieving 96 per cent of its revenue guidance while surpassing its Ebida guidance, with FY26 EBITDA rising 34 per cent YoY, despite a softer 4QFY26 performance. It order book has more than doubled to Rs 25,000 crore, despite healthy execution over the period. The order book remains well diversified, said Systematix Institutional Equities.

"We believe a growing order book, ongoing capacity expansion plans, and a diversified product mix should continue to support growth over the medium term. Welspun's balance sheet remains a key strength, with the company closing FY26 with a net cash position of Rs 1,600 crore and maintaining the lowest leverage among peers, giving it enough flexibility to fund expansion projects while remaining relatively insulated from cyclical volatility," it added with a 'buy' and a target price of Rs 1,610.

FY27 guidance stands at revenue of Rs 20,000 and Ebitda Rs 2,850 crore, with RoCE more than 20 per cent; Sintex revenue and margin expected to witness a double-digit growth going ahead; US and KSA capacity expansion projects on track for FY27 commissioning; and company has commissioned capability enhancement of existing Spiral facility at Anjar; additional Bhopal coating capacity expansion, said JM Financial Ltd.

Net Cash at Rs 1,630 crore as at end of FY25 despite incurring a capex of Rs 2,500 crore in FY26. Improved scale across businesses buoyed by macros will help capitalize on operating leverage, while strong cash flows will further reduce financial leverage. We revise our earnings upwards for FY27E / FY28E driven by a robust order book and strong demand outlook," it said with a 'buy' tag and a target price of Rs 1,500.