News ArticleWelspun Corp Reports Q2 FY2027 Financials and Approves $115M US Capacity Expansion and $125M Jordan JV
Company also reappoints two Independent Directors and sets up Indian IFBE coating plant through strategic JV
Welspun Corp announced its unaudited financial results for the quarter and half year ended September 30, 2026, approved a $115 million investment to expand US spiral pipe capacity by 225 KMTPA with expected operation by March 2028, and sanctioned a $125 million joint venture with Perma-Pipe to establish pipe manufacturing and coating facilities in Jordan, enhancing regional infrastructure capabilities.
Welspun Corp Limited
Financial Results
Welspun Corp Limited announced its unaudited financial results for the quarter and half year ended September 30, 2026, approved a $115 million capital expenditure to expand its US HSAW spiral pipe facility by 225 KMTPA, and sanctioned a $125 million joint venture with Perma-Pipe to establish spiral pipe manufacturing and coating facilities in Jordan.
The company's Board of Directors approved the unaudited standalone and consolidated financial results reviewed by the Audit Committee.
Welspun's existing US HSAW pipe capacity of 350 KMTPA at Little Rock, Arkansas will be augmented with an additional 225 KMTPA through a facility expected to be operational by March 2028, funded through internal accruals with a $115 million investment.
In Jordan, Welspun and Perma-Pipe will each invest approximately $62.5 million to establish spiral pipe manufacturing and coating facilities, focusing on pipes ranging from 24 to 120 inches, targeting water, oil and gas, energy, and infrastructure projects in the region.
The companies signed a Memorandum of Understanding with Jordan's National Water Carrier Project developers and government, intending to create a regional manufacturing hub enhancing supply chains and infrastructure development across surrounding markets.
Welspun also agreed to acquire 49% stake in Welspun Special Coating Private Limited (WSCPL), with Perma-Pipe Qatar acquiring the remaining 51%, forming a joint venture to undertake IFBE coating activities in India, with a total investment expected up to Rs. 110 crores, enhancing Welspun's position to win domestic and export contracts.
Highlights
- Unaudited financial results approved for Q2 and H1 FY2027 ending September 30, 2026.
- $115 million capex approved to expand US HSAW spiral pipe capacity by 225 KMTPA, operational by March 2028.
- Joint venture with Perma-Pipe to invest ~$125 million to establish pipe manufacturing and coating facilities in Jordan.
- Welspun to hold 49% equity in India-based WSCPL IFBE coating joint venture with Perma-Pipe Qatar.
- Reappointment of Manish Chokhani and Anjani Kumar Agrawal as Independent Directors for second terms starting February and April 2027 respectively.
Key Data Snapshot
What happened
- Welspun Corp approved its unaudited financial results for Q2 and H1 FY2027 ending September 30, 2026.
- The Board authorized $115 million investment to augment US spiral pipe manufacturing capacity by 225 KMTPA at its Arkansas facility.
- Approved a joint venture with Perma-Pipe to invest approximately $125 million to establish spiral pipe manufacturing and coating plants in Jordan.
- Welspun acquired 49% stake in Welspun Special Coating Private Limited, partnering with Perma-Pipe Qatar for IFBE coating operations in India.
- Reappointed two Independent Directors for second terms commencing in early 2027.
Key details
- US HSAW Pipe facility existing capacity: 350 KMTPA; proposed expansion: 225 KMTPA.
- The $115 million US expansion will be funded through internal accruals with expected operations by March 2028.
- Jordan JV aims to serve water, oil & gas, energy, and infrastructure projects regionally with spiral pipes sized 24" to 120".
- Indian IFBE coating JV total investment estimated at Rs. 110 Crores with Welspun holding 49%.
- Manish Chokhani and Anjani Kumar Agrawal to serve additional 4-year terms as Independent Directors.
Transaction details
- Welspun's acquisition of 49% equity in WSCPL from Welspun DI Pipes Limited for Rs. 49,000.
- Perma-Pipe Qatar to acquire 51% equity in WSCPL from Welspun DI Pipes Limited for Rs. 51,000.
- Shareholders’ Agreement to be executed between Welspun Corp and Perma-Pipe Qatar governing WSCPL operations.
- Total investment in WSCPL to be shared proportionally with JV partner.
- These transactions reposition WSCPL as a direct associate company of Welspun Corp.
Strategic context
- US facility expansion aligned with strong order book and long-term demand in Oil & Gas pipeline projects.
- Jordan JV aims to create a regional hub strengthening supply chains and local technical capabilities for infrastructure.
- IFBE coating capabilities through Indian JV expected to help Welspun compete effectively for domestic and export projects.
- Partnership leverages Welspun’s steel pipe manufacturing with Perma-Pipe’s expertise in anti-corrosion coatings and engineered solutions.
- The Jordan JV may support reconstruction and infrastructure programs in neighboring countries in the future.
Highlights
- Unaudited financial results approved for Q2 and H1 FY2027 ending September 30, 2026.
- $115 million capex approved to expand US HSAW spiral pipe capacity by 225 KMTPA, operational by March 2028.
- Joint venture with Perma-Pipe to invest ~$125 million to establish pipe manufacturing and coating facilities in Jordan.
- Welspun to hold 49% equity in India-based WSCPL IFBE coating joint venture with Perma-Pipe Qatar.
- Reappointment of Manish Chokhani and Anjani Kumar Agrawal as Independent Directors for second terms starting February and April 2027 respectively.
Disclosures
- SEBI Listing Regulations 2015 (Regulation 30, 33, 52)
- SEBI Master Circular No. SEBI/HO/49/14/14(7)2025 -CFD-POD2/I/3762/2026 dated 30 January 2026
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