Earnings Call Transcript on the Un-Audited Financial Results for the Quarter ended June 30, 2026.

WEL/SEC/2026 August 11, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, Plot No. C-1, 2nd Floor, New Trading Wing, Rotunda Block-G, Bandra-Kurla Complex, Building, P.J. Towers, Dalal Street, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 532553 NSE Symbol: WELENT Dear Madam/Sir, Subject: Intimation under Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations): Transcript of the Earnings Call Pursuant to Regulation 30(6) of the SEBI Listing Regulations, please find enclosed herewith the transcript for the Earnings Call held on Wednesday, August 05, 2026, on the Un-audited Financial Results of the Company, for the quarter ended on June 30, 2026. This intimation is also uploaded on the Company’s website at www.welspunenterprises.com. You are requested to take the above information on record. Thanking you, For Welspun Enterprises Limited Nidhi Tanna Company Secretary ACS-30465 Encl.: as above “Welspun Enterprises Limited Q1 FY27 Earnings Conference Call” August 05, 2026 MANAGEMENT: MR. SANDEEP GARG – MANAGING DIRECTOR – WELSPUN ENTERPRISES LIMITED MR. SAURIN PATEL – MANAGING DIRECTOR – WELSPUN MICHIGAN ENGINEERS MR. ABHISHEK CHAUDHARY – CHIEF EXECUTIVE OFFICER (TRANSPORT) – WELSPUN ENTERPRISES LIMITED MR. LALIT JAIN – CHIEF FINANCIAL OFFICER – WELSPUN ENTERPRISES LIMITED MS. SANGEETA TRIPATHI – LEAD INVESTOR RELATIONS – WELSPUN ENTERPRISES LIMITED MR. HARSH RUNGTA – SENIOR VICE PRESIDENT AND GROUP INVESTOR RELATIONS HEAD – WELSPUN WORLD MODERATOR MR. SAILESH RAJA – 360 ONE CAPITAL MARKETS PRIVATE LIMITED Page 1 of 13 Welspun Enterprises Limited May 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Welspun Enterprises Limited Q1 FY27 Conference Call hosted by 360 ONE Capital Markets. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Mr. Sailesh Raja. Thank you, and over to you, sir. Sailesh Raja: Yes. Good afternoon, everyone, and thank you for joining Welspun Enterprises Limited 1Q FY27 Earnings Conference Call. We thank the Welspun Enterprises team for giving 360 ONE Capital the opportunity to host this interaction today. Without taking much time, I hand over the call to Mr. Harsh to introduce the management, following which we will begin the Q&A session. Yes. Over to you, Harsh. Harsh Rungta: Thank you, Sailesh, and good afternoon. On behalf of Welspun Enterprises, I welcome you all to the Q1 earnings call. Alongside, I have the leadership team of Welspun Enterprises, led by Mr. Sandeep Garg, Managing Director of Welspun Enterprises; followed by Mr. Saurin Patel, who is Managing Director of Welspun Michigan Engineers Limited; followed by Mr. Abhishek Chaudhary, who is the CEO of the Transportation vertical at Welspun Enterprises; followed by Mr. Lalit Jain, who's CFO of Welspun Enterprises; and Ms. Sangeeta Tripathi, who's Lead Investor Relations at Welspun Enterprises. I hope you've had the opportunity to review the investor presentation that we filed with the exchanges yesterday. The same is also uploaded on our company website. During the discussions today, we may be making references to this presentation. Therefore, I would request you to take a moment to review the safe harbor statement in our presentation. As usual, we'll start the forum with opening remarks by our leadership team, and then we will open the floor for your questions. Once the call gets over, should you have any further questions, please feel free to connect with any of us. With that, I hand over the floor to our Managing Director, Mr. Sandeep Garg. Over to you, sir. Sandeep Garg: Thank you, Harsh. Good afternoon, everyone, and thank you for joining us today. We are pleased to connect with you to discuss our performance for the quarter -- first quarter of FY27 and our outlook for the rest of the year. Before I get into the quarterly performance and business updates, let me briefly revisit the strategy and business model that we have consistently articulated over the past few years. Our approach is to selectively bid for and develop high-quality infrastructure assets, create value through efficient execution under our asset-light subcontracting model and monetize these assets at an appropriate stage. This enables us to unlock capital from the mature assets and redeploy it into new high-growth, high-return opportunities without stretching our balance sheet, effectively transforming a linear build cycle into a compounding growth model. You'll recall that in 2022, we successfully completed the monetization of a portfolio of 6 road assets at a combined enterprise value of approximately INR9,000 crores. I correct myself, Page 2 of 13 Welspun Enterprises Limited May 15, 2026 INR9,000 crores, validating this strategy in practice. Building on that track record, we are pleased to announce that we have signed a security subscription and purchase agreement for the divestment of our entire stake -- sorry, for a divestment of our entire stake in the recently completed Aunta-Simaria HAM project. The proposed transaction values the asset at an aggregate enterprise value of approximately INR1,000 crores, subject to customary adjustments, approvals from NHAI and lenders and the fulfillment of other conditions precedent. We expect to complete the transaction during Q2 FY27. Following which we will be in a position to share additional details, including the valuation multiple and the project IRR. These transactions reaffirm the strength of our disciplined capital recycling strategy by systematically unlocking the value from mature assets and reinvesting the proceeds into new growth opportunities. We continue to enhance capital efficiency, maintain a strong balance sheet and create sustainable long-term value for our stakeholders. Coming to our performance, the first quarter was relatively soft with execution impacted by a combination of several external factors. Firstly, we experienced supply chain disruptions arising from the ongoing geopolitical developments, resulting in a volatile and uncertain operating environment. Secondly, execution across a significant portion of our project portfolio was affected by the temporary construction stoppage in Mumbai, which lasted for several weeks. Finally, labor availability at project sites was impacted by migration related to elections in certain key areas. Despite these near-term execution challenges and resulting softer revenue performance, we maintained healthy profitability with EBITDA margins remaining resilient at 22.9% during the quarter. This is in line with our FY26 annual EBITDA margin of 22.8% and much above our guidance of 18% plus. This reflects the strength of our execution model and disciplined cost management. While the respective business heads will discuss project-specific details in greater detail, I would like to highlight 2 important milestones. The Dharavi-Ghatkopar Tunnel project received all requisite approvals by the end of June, removing a key execution bottleneck and paving way for accelerated progress. We have also executed the sub-concession agreement for the Pune-Shirur Road project. While the start of the year has been slower than anticipated due to factors I outlined earlier, with some of the key approvals and project milestones now behind us, we expect execution momentum to improve progressively over the coming quarters. At the same time, we remain mindful of the evolving external environment, including geopolitical developments, which could influence execution time lines. Our consolidated order book as on June 30, 2026, stands at over INR18,700 crores, providing healthy revenue [Showing first 8,000 characters — download PDF for full document]