General Updates

WCL/SEC/2026 29th October, 2026 BSE Limited National Stock Exchange of India Limited Listing Department, Exchange Plaza, P. J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001. Bandra (E), Mumbai – 400 051. (Scrip Code: Equity - 532144), (Symbol: WELCORP, Series EQ) (NCD – 973309) Dear Sirs/ Madam, Subject – Outcome of the meeting of the Board of Directors Ref.: a. Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) as amended from time to time. b. SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026 (“SEBI Master Circular”) as amended from time to time. c. ISIN: INE191B01025 We refer to our letter dated 23rd October, 2026 intimating you about the meeting of the Board of Directors (“Board”) of the Welspun Corp Limited (“the Company”) to be held on Thursday, 29th October, 2026. We wish to inform you that the Board at its meeting held today, inter-alia, considered and approved the following: 1. Unaudited Financial Results The Unaudited Financial Results of the Company for the quarter and half year ended 30th September, 2026, pursuant to Regulation 33 and Regulation 52 of the SEBI Listing Regulations. Please find enclosed herewith Standalone as well as Consolidated Un-audited Financial Results for the quarter and half year ended 30th September, 2026 along with the Limited Review reports, as reviewed by the Audit Committee and approved by the Board of Directors of the Company. 2. Re-appointment of Independent Directors Based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of the shareholders of the Company, the re-appointment of: (a) Mr. Manish Chokhani (DIN: 00204011) as an Independent Director of the Company for a second term of four (4) consecutive years with effect from 2nd February 2027; and (b) Mr. Anjani Kumar Agrawal (DIN: 08579812) as an Independent Director of the Company for a second term of four (4) consecutive years with effect from 1st April 2027. Basis the disclosures received from above Directors, it is hereby confirmed that none of them are debarred from holding the office of a Director by virtue of any order passed by the SEBI or any other such authority. The details required under Regulation 30 of the SEBI Listing Regulations read with the SEBI Master Circular are enclosed as Annexure A. 3. Setting up of Additional Spiral Facility in USA On the back of a robust order book, strong demand and long-term visibility in the USA for Oil & Gas pipeline projects, we are pleased to inform that the Board has approved a capex of USD115 million towards debottlenecking and capacity augmentation and accordingly have authorised for setting up of an additional Spiral (HSAW) Pipe facility at our existing location at Little Rock, Arkansas, USA. Existing HSAW Pipes capacity in US: 350 KMTPA Proposed HSAW Pipes capacity augmentation: 225 KMTPA The proposed facility is expected to be operational in March, 2028 Investment required: upto USD 115 million Mode of Financing: Through internal accruals 4. Perma-Pipe and Welspun Corp Announce Partnership in Jordan to Establish Pipe Manufacturing and Coating Facilities Further to our previous disclosure dated 1 September, 2026 whereby we had informed, that the Company together with Perma-Pipe International Holdings, Inc. (“Perma-Pipe”), had signed, a Memorandum of Understanding (“MOU”) with the developers of Jordan’s National Water Carrier Project and the Government of the Hashemite Kingdom of Jordan to advance the development of pipe manufacturing and advanced coating facilities in Jordan. We are now pleased to inform you that the Board has approved total project investment of upto ~ USD 125 million in Jordan, to be funded in ~ 50:50 proportion by each of the two partners, towards establishing spiral pipe manufacturing and coating facilities in Jordan. The proposed facilities will manufacture and coat pipes in range of 24” to 120”. The detailed terms of the partnership, including the governance and operational arrangements, will be set out in the definitive agreements, which we will be executed in due course. The proposed facilities will be capable of serving major water, oil and gas, energy, and infrastructure projects in the Kingdom and across surrounding regional markets. The partnership is expected to bring together Welspun’s large-diameter steel pipe manufacturing capabilities and Perma-Pipe’s expertise in anti-corrosion coating systems designed to protect pipelines from corrosion and extend service life, engineered piping solutions and project execution expertise. The partnership is intended to create a strategically located regional manufacturing hub that can support large-scale infrastructure programs, strengthen regional supply chains, increase local value creation and develop skilled technical capabilities in Jordan. Over time, it could also support infrastructure development and reconstruction requirements in Syria, Lebanon, Iraq and Gaza, as well as potential future opportunities associated with the development and rerouting of regional oil and gas infrastructure toward the Port of Aqaba. 5. Setting-up IFBE Plant in India:- Acquisition of 49% direct stake in Welspun Special Coating Private Limited (“WSCPL”), a step down wholly owned subsidiary of the Company As previously informed, WSCPL was recently incorporated with an initial paid-up share capital of Rs. 1,00,000/- and proposes to enter in the business of undertaking, executing and providing IFBE coating works and related activities in India. The acquisition of 49% equity stake in WSCPL from Welspun DI Pipes Limited (“WDI”), a wholly-owned subsidiary of the Company, for an aggregate consideration of Rs. 49,000/-. Simultaneously, WDI will enter into a Share Purchase Agreement with Perma-Pipe Qatar, pursuant to which Perma-Pipe Qatar will acquire the remaining 51% equity stake in WSCPL from WDI for an aggregate consideration of Rs. 51,000/-. The Company will also enter into Shareholders’ Agreement (JV Agreement) with Perma-Pipe Qatar. The Board of Directors of WDI has also approved the sale and transfer of its entire equity shareholding in WSCPL to the Company and Perma-Pipe Qatar in the aforesaid proportion and has approved the execution of the aforesaid Share Purchase Agreement. Internal FBE (Fusion Bonded Epoxy) coating is an epoxy-based powder applied electrostatically to the interior of steel pipes to protect against corrosion and chemical damage. The major applications are in Onshore and offshore Oil & Gas Pipelines; Slurry Pipeline; Chemical processing plants; Food processing applications; Underground or underwater water pipelines. This JV’s capability to do IFBE coating will position the Company favorably to win both export and domestic Orders for IFBE Coated Pipes. Upon completion of the aforesaid transactions, WSCPL will cease to be a wholly-owned subsidiary of WDI and will become a direct associate company of WCL, with the Company holding 49% of its equity share capital and Perma-Pipe Qatar holding the remaining 51%. The total investment in WSCPL is estimated at upto ~ Rs. 110 Crores which will be shared with JV Partner in the proportion of the above shareholding. About Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in engineered piping and corrosion protection solutions. The Company provides pre-insulated piping systems, leak detection systems, anti-corrosion coatings and related engineered products and services to customers across the energy, district energy, infrastructure, industrial, Oil & Gas, water transmission, and other critical infrastructure markets. Perma-Pipe operates manufacturing and service facilities across North America, Middle East, North Africa, India and other strategic markets, enabling the Company to serve customers globally while providing local [Showing first 8,000 characters — download PDF for full document]