Welspun Corp Ltd Management Discussions

From a strong foundation in Line Pipes, we have evolved into a diversified player in Pipe Solutions and Building Materials. At Welspun Corp Limited (WCL), the flagship company of Welspun World, we have global footprints spread across over 50 countries and six continents, delivering pipe solutions to Oil & Gas, Water Transmission, and Infrastructure Development sectors.

Our offerings span large diameter welded line pipes - HSAW, LSAW, and ERW/HFW/HFIW, supported by bends and specialised coatings for onshore and offshore applications.

We complement this with Ductile Iron (Dl) Pipes for water infrastructure, Water Storage Tanks, Plastic Pipes, Stainless Steel Bars, Pipes & Tubes for industrial use, and Welspun Shield branded TMT rebars for the construction segment.

Our manufacturing footprint spans Anjar and Jhagadia (Gujarat), Bhopal (Madhya Pradesh), and Mandya (Karnataka), along with nine Sintex units across India. Internationally, we operate in Little Rock (USA) and Dammam (KSA), enabling proximity to key markets and improving supply chain efficiencies.

The integration of Sintex-BAPL and Weetek Plastics, a Raipur based plastic pipes company that was acquired in 2025, has strengthened distribution, optimised logistics, and enhanced market access.

We continue to consolidate our position across core and adjacent segments, while advancing our sustainability agenda, reflected in our ranking among the Top 5 global steel companies in S&P Globals 2025 Corporate Sustainability Assessment.

Global Economic Environment

The global economy demonstrated resilience in CY 2025, recording growth of 3.4%, supported by historically strong labour markets in advanced economies and normalisation of global supply chains. However, persistent structural challenges - including elevated public debt levels, rising geopolitical fragmentation, and uneven regional recovery patterns - continued to create volatility across markets.

While economic activities remained stable overall, growth trajectories increasingly diverged between developed and emerging economies.

(Source: International Monetary Fund, April 2026)

Looking ahead, the global macroeconomic outlook points toward a moderate slowdown, with growth projected at 3.1% in CY 2026 as economies navigate geopolitical tensions, maritime trade disruptions, and inflationary pressures. Advanced economies are expected to witness softer growth of approximately 1.8%, while emerging markets and developing economies are projected to expand at 3.9%, though performance is likely to remain uneven across regions. Commodity-importing nations continue to face energy and

currency-related pressures, while export-led economies are expected to demonstrate relatively stronger resilience.

Persistently elevated inflation in key economies, coupled with deficit-financed spending and delayed productivity realisation from emerging technologies such as artificial intelligence, continues to create downside risks for the global economy. These trends are expected to influence monetary policy, capital flows, and investment decisions in the near to medium term.

Global Energy Outlook & Infrastructure

The global energy landscape is undergoing a structural transformation as countries increasingly balance energy security priorities with long-term decarbonisation objectives. Global primary energy demand growth moderated to 1.3% in CY 2025, reflecting softer consumption patterns and evolving energy efficiency trends.

Meanwhile, global oil markets remain volatile amid severe supply-side disruptions and geopolitical uncertainty. Supply contractions and production cuts have tightened market conditions, resulting in significant price volatility and demand pressures across sectors. In contrast, natural gas and LNG markets are entering a renewed growth cycle supported by capacity expansion, improving market liquidity, and rising consumption across Asian economies. Significant investments in LNG infrastructure and long-term policy shifts are also reshaping global energy trade patterns.

Hydrogen infrastructure is gradually transitioning from conceptual ambition to execution, supported by selective capital deployment and strategic initiatives focused on network expansion and repurposing of existing assets. Large-scale projects continue to progress through development stages, reinforcing hydrogens long-term role within future energy systems.

Global Water Sector Overview

The global water sector is facing increasing pressure from climate change, rapid urbanisation, and rising demand, intensifying water scarcity concerns across several regions. Approximately 4 Billion people currently experience water scarcity, while access gaps continue to pose significant economic and social challenges. Water infrastructure deficits increasingly threaten productivity, public health, and longterm economic resilience.

Recognising water security as a strategic priority, governments

and multilateral institutions are accelerating investments and introducing reform frameworks aimed at improving infrastructure access and long-term sustainability. Initiatives focused on improving water security, strengthening governance frameworks, and creating investment- ready projects are expected to drive greater capital deployment across the sector. Institutional reforms and public-private participation are also emerging as critical enablers for developing scalable and resilient water infrastructure systems globally.

The global environment continues to be shaped by a combination of economic moderation, geopolitical uncertainty, and long-term structural transitions. While near-term volatility across trade, inflation, and energy markets may create periodic disruptions, underlying investment themes remain intact. Expansion of energy infrastructure, growing focus on energy security, and increasing investments in water and sustainability-linked assets are expected to create substantial longterm infrastructure demand globally.

We take pride in being among the leading global producers of large-diameter line pipes, delivering solutions for some of the most complex onshore and offshore projects worldwide. With a strong manufacturing footprint across three strategic geographies - USA, KSA and India, we are well positioned to serve key energy and infrastructure markets globally. Our international presence, spanning 6 continents and over 50 countries, has established

us as a trusted partner for critical Oil & Gas and Water Transmission infrastructure projects.

Within India, our Line Pipe manufacturing network is supported by strategically located facilities that strengthen domestic reach while serving export markets efficiently. Combined with our operations in USA and KSA, our global manufacturing footprint comprises five facilities with a total installed capacity of approximately 2.3 MMTPA.

Backed by globally recognised accreditations, we continue to invest in advanced, next-generation capabilities to address emerging opportunities across Hydrogen Transportation, and Carbon Capture, while reinforcing our position as a reliable partner in the evolving global energy landscape.

Natural Gas & LNG

The USA is consolidating its position as the worlds leading gas supplier, with production expected at 120.8 Bcf/d in CY 2026 and LNG exports rising to ~17.0 Bcf/d.

(Source: Short-Term Energy Outlook (May 2026))

The commissioning of major terminals such as Golden Pass LNG and Plaquemines LNG is accelerating global market integration, while the next wave of capacity expansion is expected to take LNG exports beyond 25 Bcf/d, firmly establishing the USA as the anchor supplier to global gas markets.

This growth is underpinned by strong upstream fundamentals and expanding midstream connectivity. Production growth is increasingly concentrated in high-yield basins such as Haynesville, while pipeline infrastructure continues to expand to link inland production with Gulf Coast export hubs.

In parallel, Natural Gas Liquids (NGL) production has reached ~7 mmbpd, with the Permian Basin contributing over 55% of total output, reinforcing the need for integrated pipeline, fractionation, and export infrastructure.

Data Centre

The USA data centre sector is undergoing a significant infrastructure expansion cycle, driven by accelerating Al adoption and cloud investments. As of May 2026, the USA hosts approximately 4,280 active data centres out of 11,426 facilities globally, including nearly 610 hyperscale facilities with operational capacity of -61.8 GW.

The industry is simultaneously transitioning from Al model training toward large-scale inference deployment, increasing the need for distributed, high-density, always- on computing infrastructure. Key developments include:

The USA is expected to remain the primary growth engine for the Data Centres, with capacity projected to exceed 100 GW by the end of the decade, driven by sustained hyperscale investments and accelerating Al adoption. The shift toward inference-led computing is expected to further strengthen long-term infrastructure and energy demand.

Taken together, LNG expansion,

NGL growth, and data centre demand, the USA is expected to see the development of -8,000 to 9,000 miles of new pipeline infrastructure, significantly expanding the addressable market for line pipe manufacturers.

Outlook

The USA energy sector enters the remainder of CY 2026 with a robust project pipeline, anchored by the national priority of maintaining a global safe-haven status. The shift toward a security- first framework ensures that the demand for sophisticated midstream infrastructure remains decoupled from short-term market cycles. Despite systemic challenges, including global logistics constraints and evolving regulatory standards, the USA energy landscape remains the most resilient and strategically significant market for infrastructure development globally.

Kingdom of Saudi Arabia (KSA)

The Line Pipes industry in KSA is structurally driven by Vision 2030, which mandates large-scale investments across energy and water infrastructure, creating sustained visibility for pipeline demand across hydrocarbons, natural gas and water transmission networks.

Key drivers include Saudi Aramcos expansion of Maximum Sustainable Capacity (MSC) beyond 13 mbpd and the ongoing expansion of the Master Gas System (MGS). MGS Phase 3 is adding -4,153 km of pipelines to support gas-based power generation and industrial demand, while further network expansion through subsequent phases, including MGS Phase 4, is expected to sustain pipeline demand over the medium term. In parallel, KSA is repositioning oil for exports while prioritising natural gas for domestic consumption and advancing its hydrogen ambitions, collectively driving significant investments in transmission infrastructure. This is expected to translate into an opportunity of -4,000 km of Oil & Gas pipelines over the medium term.

The evolving geopolitical landscape is further reinforcing the strategic

importance of pipeline infrastructure within the region. Growing focus on energy security and export resilience has renewed interest in strategic pipeline corridors, including the East-West Pipeline connecting Saudi Arabias Eastern Province to the Red Sea coast. Potential capacity enhancements and additional crosscountry pipeline investments aimed at reducing dependence on maritime chokepoints could create incremental demand for large-diameter line pipes alongside KSAs domestic infrastructure programme.

At the same time, the rapid scale-up of desalination capacity is driving demand for water transmission infrastructure, with -2,000 km of large-diameter pipelines required for desalinated water evacuation. This reinforces KSAs position as the largest EISAW pipe market in the GCC, with demand structurally supported by IKTVA localisation mandates.

Beyond domestic infrastructure investments, KSA may also witness incremental demand arising from potential regional reconstruction activity across parts of the Middle East, including Syria, Gaza and

Lebanon, where prolonged geopolitical disruptions have resulted in significant damage to critical infrastructure. Future rehabilitation efforts across energy, water, utilities and urban infrastructure are expected to necessitate substantial investments in transmission and industrial networks, creating demand across pipe-intensive applications. Given KSAs strategic regional position and increasing role in infrastructure and development initiatives, such reconstruction activity could represent an additional medium- to long-term demand lever, complementing KSAs existing domestic project pipeline.

Overall, supported by Vision 2030, expansion of Oil & Gas transmission networks, desalination-led water infrastructure investments, localisation mandates and emerging regional opportunities, KSA is expected to remain one of the most attractive and structurally supported markets for line pipes in the GCC over the coming decade.

KSA Energy Landscape

The energy landscape of KSA is undergoing a structural shift, balancing its position as a global oil leader with a growing focus on gas and industrial diversification under Vision 2030. As of CY 2024, -85% of initiatives were on track or completed, with the non-oil economy growing at 3.9%.

(Source: Vision 2030 - Annual Report 2025)

Oil Market

Oil remains the backbone of KSA economy, with production stable at -9.05 mbpd in CY 2025. KSA is expanding its Maximum Sustainable Capacity (MSC) beyond 13 mbpd through large-scale developments including Marjan, Zuluf, Berri, Tanajib, and Safaniyah.

Saudi Aramcos US$ 52.2 Billion capital programme in CY 2025, alongside a projected CY 2026 investment guidance of US$ 50 to 55 Billion, underpins this expansion.

(Source: Saudi Aramco, 2025 results)

Field Development	Capacity Increment (bpd)	Target Completion
Marjan Field Expansion	300,000	CY 2025
Tanajib Oil Field	300,000	CY 2025
Berri Oil Field	250,000	CY 2025
Zuluf Offshore Expansion	600,000	CY 2026-CY 2027
Safaniyah	TBD	Ongoing

Outlook

KSA enters the second half of CY 2026 with a strong, integrated project pipeline across oil, gas and infrastructure. Capacity expansion, gas-led diversification and midstream connectivity continue to provide long-term visibility for industrial stakeholders. Additionally, evolving geopolitical dynamics and potential regional reconstruction activity could create incremental medium- to long-term demand. Reconstruction of damaged energy, water and utility infrastructure, coupled with a greater focus on energy security and alternate supply routes, may accelerate investments in transmission networks, cross-border pipelines and midstream infrastructure, further supporting demand for large-diameter line pipes.

KSA Water and Desalination

KSAs water sector is undergoing a structural transformation, driven by acute scarcity and the need to build a resilient, large-scale supply ecosystem. As one of the most water-stressed regions globally, KSA is accelerating investments across desalination, transmission, and wastewater infrastructure under Vision 2030. This is creating a sustained, infrastructure-led demand cycle, positioning water security as a national priority alongside energy.

(Source: Vision 2030 - Annual Report 2025)

Demand Pressure and

Resource Constraints

- KSA continues to face severe water scarcity due to its

arid climate, with -80% of agricultural demand reliant on non-renewable groundwater

- National water demand is expected to reach -18 million cubic metres per day (cbm/day) by CY 2030, necessitating significant capacity expansion

(Source: MEED Middle East Business

Intelligence (November 28, 2025))

Desalination and Infrastructure Scale-Up

- Desalination capacity has doubled over the past decade to over

12 million cbm/day and is targeted to reach -20 million cbm/day by CY 2030

- Over the years, SWPC has driven the development of independent water and sewage treatment plants through long-term PPP concessions, with over 30 projects worth more than SR 60 Billion (US$ 16 Billion) planned between CY 2024 and

CY 2030

(Source: Arab News Japan (Jun 08, 2025))

Implications for

Pipeline Demand

- Expansion of desalination capacity is driving the development of large-scale transmission networks to move water to consumption centres

- This underpins strong, longterm demand for large-diameter pipes across integrated water infrastructure projects

(Source: Asian Infrastructure Investment Bank;

Saudi Gazette (April 28, 2026); Saudi Vision

2030)

India

The Line Pipes industry in India is characterised by robust, sovereign capital-led demand, positioning the country as a high-growth market driven by key infrastructure super-cycles. This growth is primarily fueled by the accelerating expansion of the National Gas Grid (target: 33,000 km by CY 2027), massive capital commitments for the City Gas Distribution (CGD) network (Rs. 40,000 Crores planned till 2034), and the national pivot toward a 15% gas-based energy mix by CY 2030. Concurrently, the water sector is undergoing a generational transformation, with flagship programmes like the Jal Jeevan Mission (JJM) and mega river-interlinking projects (such as Ken-Betwa) are projected to generate demand for over 5 MMT of HSAW Pipe over the next five years, making water infrastructure modernisation a primary driver for large-diameter pipes. Furthermore, Indias role as the worlds fastest-growing oil consumer and its refining capacity expansion (targeting 310 MMTPA by CY 2028) mandates continuous investment in crude and product pipeline upgrades, ensuring sustained Line Pipe demand across all key end-user segments.

Oil Market

India continues to be the worlds fastest-growing oil consumer, solidifying its role as the leading driver of global oil demand growth as of April 2026.

Consumption & Demand Dynamics

Domestic petroleum product consumption reached 235 MMT in FY 2025-26, showing a consistent 3.2% year-on-year growth. This builds on the momentum of CY 2024, where oil demand increased by 200 kbpd (3.6%) driven by industrial activity and household LPG needs. Looking ahead, demand is expected to rise by an additional 220 kbpd in CY 2025.

Sourcing Strategy &

Energy Security

As the worlds second-largest net importer of crude oil, India continues to diversify its energy sourcing strategy to strengthen supply security and optimise procurement costs. Russia remained Indias largest crude oil supplier during FY 2025-26, with imports reaching approximately 1.95 mbpd in May 2026, helping offset disruptions in traditional supply routes. At the same time, India expanded sourcing from alternative suppliers, including Venezuela, as refiners sought greater flexibility amid geopolitical uncertainties. On the gas front, the USA emerged as Indias largest supplier of LPG, accounting for 55% of LPG imports in May 2026, highlighting a significant shift in energy trade flows following disruptions across the Gulf region. These developments underscore Indias increasing emphasis on diversified sourcing, supply resilience and energy security across both Oil & Gas value chains.

Downstream Expansion

The refining sector is scaling from -254 MMTPA toward a 310 MMTPA target by CY 2028. Major investments are mandating vast crude and product pipeline upgrades. Diesel, jet fuel, and petrochemicals remain the primary drivers of this refining surge.

Energy Security and Hydrocarbon Expansion

Indias broader energy security agenda is also supporting incremental infrastructure opportunities. Initiatives such as Mission Samudra Manthan are accelerating offshore and deepwater exploration to reduce import dependence and unlock domestic reserves. Simultaneously, expansion of refining capacity, strategic petroleum reserves, and crude sourcing diversification could create additional requirements across gathering systems, evacuation infrastructure, and hydrocarbon transportation pipelines over the medium term.

Hydrocarbon Pipeline Infrastructure Expansion

India continues to strengthen its hydrocarbon transportation network through several strategic pipeline projects aimed at improving energy logistics, reducing transportation costs and enhancing supply security Key projects under various stages of development include the GAIL Jamnagar-Loni LPG Pipeline, ONGCs Mumbai-Uran Pipeline, the Siliguri-Mughalsarai Crude Oil Pipeline, and IGGLs North East Gas Grid Phase IV. Together, these projects are expected to expand the countrys pipeline footprint across LPG, crude oil and natural gas transportation, supporting refining growth, regional energy access and long-term energy security objectives. These investments complement ongoing expansion in refining, storage and distribution infrastructure, creating sustained demand for Line Pipes across multiple hydrocarbon transportation applications.

India Natural Gas Market

The national pivot toward a gas-based economy is accelerating, with a target to increase the share of natural gas in the energy mix from current levels to 15% by CY 2030.

Consumption & Supply

Natural gas consumption is projected to rise -60% by CY 2030, reaching 103 bcm per annum. To meet this, LNG imports must more than double to 65 bcm p.a. by CY 2030. LNG capacity is set to grow from 52.7 MMTPA (8 terminals) to 86.9 MMTPA (13 terminals)

Infrastructure Pipeline

Under the One Nation One Gas Grid initiative, India has operationalised over 25,000 km of pipelines, with an aggressive target of 33,000 km by CY 2027. Currently, -10,459 km of

pipelines are under construction to handle -197.1 MMSCMD of gas (up 6.5% YoY).

CAPEX Commitments

Significant CAPEX by PSU Oil & Gas Companies is expected to accelerate pipeline infrastructure development, alongside a planned investment of approximately Rs. 40,000 Crores in the City Gas Distribution (CGD) sector through 2034.

New Energy Frontiers

Hydrogen transportation is expected to see a monumental Rs. 10 Lakh Crores investment by CY 2030.

Source: Business update by The Week (April 15, 2026)

Hydrogen Pipelines: India Perspective

Hydrogen pipelines are emerging as a critical enabler of Indias green hydrogen ambitions, supporting the National Green Hydrogen Missions target of ~5 MMTP production by CY 2030, backed by Rs. 19,700+ Crores policy outlay and an estimated 8 Lakh Crores total ecosystem investment. Total hydrogen demand is expected to reach 15-20 MMTPA by CY 2030, led by refining, fertilisers, and steel.

However, transport infrastructure remains a key gap, with pipelines identified as a missing link in scaling the hydrogen ecosystem. While India has an existing -25,000 km gas pipeline network (target: 33,000 km by CY 2027) that can support initial hydrogen blending, large-scale deployment will require dedicated hydrogen pipeline corridors connecting production hubs, industrial clusters, and export terminals.

Overall, hydrogen pipelines represent a high-value, long-term infrastructure opportunity, critical to transitioning India from a gas-based network to a multi-energy (gas + hydrogen) pipeline ecosystem.

Source: CRF Issue Brief (April 10, 2026)

India Water Sector

India is confronting a structural imbalance in water availability and demand. Despite accounting for nearly 18% of the global population, the country has access to only -4% of global freshwater resources, creating a systemic water deficit that threatens long-term food security and industrial expansion.

Rapid urbanisation and industrial growth have further intensified this stress, with groundwater supporting over 60% of irrigated agriculture, leading to unsustainable extraction levels.

(Source: Water: Driving Jobs and Prosperity, World Bank)

In response, the Government of India has initiated a structural shift toward surface water-based supply systems, supported by a planned capital outlay of 1.1 Trillion toward water infrastructure, aimed at building an integrated, large-scale bulk transmission network.

(Source: Ministry of Jal Shakti - Annual Report 2024-25)

FY 2026-27 Union Budgetary Support

The scale of policy commitment is reflected in sharply increased budgetary allocations:

Department of Drinking Water & Sanitation

Rs. 74,900 Crores (FY 2026-27 BE) vs Rs. 23,000 Crores (FY 2025-26 RE)

Jal Jeevan Mission (JJM 2.0)

The Union Cabinet has approved the restructuring of JJM from an infrastructure creation programme to a service-delivery model focused on sustainable rural piped water supply. The Mission outlay has been enhanced to Rs. 8.69 Lakh Crores, with Central assistance increasing to Rs. 3.59 Lakh Crores from Rs. 2.08 Lakh Crores earlier. With over 15-16 Crores rural households already connected, the programme is now shifting toward network functionality, reliability, and long-term sustainability, supporting continued water infrastructure demand.

AMRUT 2.0

Rs. 8,000 Crores allocation targeting water and sewage infrastructure across -4,700 Urban Local Bodies (ULBs)

Department of Water Resources, River Development &

Ganga Rejuvenation

Rs. 19,900 Crores allocation toward irrigation efficiency and river basin management

(Source: Ministry of Jal Shakti - Annual Report 2024-25, PIB (March 10, 2026))

Interlinking of Rivers (ILR):

Creating

Long-term

Demand for Water

Transmission Pipelines

The Interlinking of Rivers (ILR) programme, led by the Ministry of Jal Shakti through the National Water Development Agency (NWDA), aims to transfer water from surplus

river basins to water-deficit regions, strengthening water security, irrigation coverage, and drought mitigation across the country.

NWDA has identified 30 river-linking projects comprising:

- 16 Peninsular links

- 14 Himalayan links

As of February 2026:

- Pre-Feasibility Reports completed for all 30 projects

- Feasibility Reports completed for 26 projects

- Detailed Project Reports completed for 13 projects

The programme is expected to drive substantial investments in bulk water conveyance infrastructure, including canals, pumping stations, reservoirs, and large-diameter transmission pipelines required for transporting water across long distances and varied terrains.

Key Infrastructure Projects

Ken-Betwa River Link Project (KBLP)

The Ken-Betwa River Link Project, with an estimated investment of Rs. 44,605 Crores, entered the implementation stage in late 2024. The foundation stone was laid on 25 December 2024, with approximately Rs. 39,317 Crores of central assistance committed toward execution.

The project includes the construction of the Daudhan Dam along with an extensive 221 km water conveyance network comprising canals and associated transmission infrastructure. Designed to transfer approximately 2,800 MCM of water annually across water-scarce regions of Uttar Pradesh and Madhya Pradesh, the project is expected to generate significant demand for large-diameter line pipes and related water transmission systems.

(Source: PIB, February 2026)

Ramjal Setu Link Project (RSLP)/lntegrated ERCP

Previously known as the Eastern Rajasthan Canal Project (ERCP), the initiative has now been integrated with the Modified Parbati—Kalisindh- Chambal Link Project to enhance water security across 17-23 districts in Eastern Rajasthan.

The project involves the development of major water transfer infrastructure, including the Navnera Barrage, aqueducts, pumping systems, and long-distanc bulk water conveyance networks. Construction activities are expected to require extensive pipeline deployment for inter-basin water transfer and distribution, supporting water access for more than 3.45 Crores people.

The scale and complexity of the project are expected to create significant opportunities for line pipe manufacturers catering to large-scale water transportation anc irrigation infrastructure.

(Source: The Print, April 2026)

As India accelerates the development of inter-basin water transfer projects, the ILR programme is expected to emerge as a key structural demand driver for line pipes, supported by growing investments in water transmission, irrigation modernisation, and regione water security infrastructure.

Irrigation Modernisation and Demand for Large- Diameter Line Pipes

India is increasingly shifting toward piped irrigation systems, replacing traditional canal-based distribution networks to improve water-use efficiency, minimise transmission losses, and enhance agricultural productivity.

This transition is driving the development of extensive water

conveyance infrastructure, including bulk transmission and distribution networks, creating significant demand for large-diameter line pipes capable of transporting water over long distances. Compared to open canals, piped systems reduce seepage losses, optimise land utilisation, and support efficient water delivery across diverse terrains.

The Union Budget FY 2026-27 allocated:

Rs. 6,587 Crores under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY)

Rs. 3,320 Crores toward the Polavaram Irrigation Project

In parallel, the adoption of Hybrid Annuity Model (HAM) structures is reshaping irrigation infrastructure development, with greater emphasis on lifecycle performance, operational efficiency, and long-term asset

reliability. This is expected to support demand for high-quality line pipe solutions that offer durability, structural integrity, and lower maintenance requirements over extended operating periods.

Key project catalysts include:

Maharashtra Diversion Project

(Rs. 90,000 Crores)

The proposed 78 thousand million cubic feet (mcf) west-to-east water diversion project is expected to require extensive transmission infrastructure, supporting demand for large-diameter line pipes across pumping stations, conveyance corridors, and distribution networks.

Odisha Mega Lift Irrigation Projects

Projects such as Parbati Giri and Hadua involve large-scale water transfer and lift-irrigation systems that rely on robust transmission pipelines, reinforcing demand for line pipes used in bulk water transportation applications.

As discussed earlier, increasing investments in irrigation modernisation, inter-basin water transfer schemes, and performance- oriented infrastructure models are expected to create a sustained pipeline of opportunities for line pipe manufacturers, particularly in large-diameter water transmission applications.

We forayed into the Dl pipes segment in 2020 with a clear strategic objective of building an integrated manufacturing facility. This approach to vertical integration enhances our ability to drive cost efficiencies while maintaining superior control over product quality.

Following the commissioning of our Dl Pipe facility in 2022, we have steadily scaled our presence in this high-potential segment under the Welspun Flow brand. Our port-based facility in India, along with our upcoming expansion in KSA, strengthens our ability to

efficiently cater to both domestic and international markets with greater responsiveness and operational agility.

India

In India, demand for Dl pipes is being supported by an unprecedented convergence of rural water connectivity mandates, urban water resilience programmes, irrigation modernisation initiatives, and large-scale inter-basin transfer projects. Structural pressures including urbanisation, declining per-capita water availability, groundwater stress, and rising industrial and domestic consumption are accelerating investments across water transmission and distribution infrastructure. Dl pipes continue to remain a preferred solution owing to their durability, pressure-bearing capabilities, and lifecycle efficiency.

Structural Water Infrastructure Demand Drivers

Government programmes such as Jal Jeevan Mission (JJM 2.0), AMRUT 2.0, the Dam Rehabilitation & Improvement Project (DRIP), the National Mission for Clean Ganga (NMCG), irrigation modernisation initiatives, and river interlinking projects are expected to continue driving investments in water transmission and distribution infrastructure.

While industry overcapacity and funding constraints remain near-term challenges, demand for water pipelines is expected to revive as project execution accelerates and capital allocation improves.

Long-term water demand projections indicate sustained infrastructure requirements across sectors:

Water Application	CY 2025 (BCM)	CY 2050 (BCM)	Growth
Irrigation	611	807	32%
Domestic	62	111	79%
Industries	67	81	21%
Power	33	70	112%
Others	70	111	59%
Total	843	1,180	40%

Institutionalised Drivers

Jal Jeevan Mission (JJM) 2.0 (Extension to CY 2028)

The Union Cabinets extension of Jal Jeevan Mission (JJM) to December 2028 marks a strategic transition from asset creation toward utility-style water service delivery and long-term sustainability. The programme seeks to ensure the continued functionality and reliability of over 190 Million rural household tap-water connections, with specific focus on difficult geographies including hilly, arid, tribal, and

remote regions where high-pressure Dl pipes are essential for long-term network resilience.

The programme originally targeted provision of Functional Household Tap Connections (FHTCs) with service delivery of 55 litres per capita per day (Ipcd) and has already connected approximately 15 Crores households since CY 2019, from a baseline of 3.23 Crores households.

As of May 2026, rural tap-water coverage reached approximately 81.89% of households, compared with 81.60% in January 2026, while approximately 3.51 Crores rural households remain to be connected, providing substantial medium- term visibility for transmission and distribution pipelines.

The extension significantly enhances funding support:

- Total programme outlay increased to Rs. 8.69 Lakh Crores

- Central assistance increased to Rs. 3.59 Lakh Crores from

Rs. 2.08 Lakh Crores

- FY 2026-27 budget allocation:

Rs. 67,670 Crores

Further, JJM now incorporates digital infrastructure through "Sujalam Bharat", intended to create source- to-household digital mapping and monitoring capabilities. The Mission has already sanctioned approximately 11,393 MLD of water treatment capacity and nearly 1.26 Lakh km of water supply network, supporting long-term demand for durable Dl Pipe systems.

AMRUT 2.0 (Urban Water Resilience)

The Atal Mission for Rejuvenation and Urban Transformation (AMRUT 2.0) was launched with a total outlay of approximately Rs. 2.99 Lakh Crores to strengthen urban water infrastructure and promote circular water use.

The programme aims to:

- Provide approximately 2.68 Crores tap-water connections across 4,800 statutory towns

- Deliver 2.64 Crores sewerage and septage connections across 500 AMRUT cities

- Ensure 25% of urban water demand is met through recycled and treated used water

The Union Budget FY 2026-27 allocated approximately Rs. 8,000 Crores toward AMRUT implementation. The increasing use of treated water systems necessitates secondary transmission infrastructure capable of handling mildly corrosive and industrial-grade water. Dl pipes with high-alumina cement and polyurethane linings are therefore emerging as preferred solutions owing to their durability and lifecycle performance.

(Source: RIB (March 9, 2026))

Irrigation

Modernisation and HAM-led Infrastructure

As mentioned earlier, the ongoing transition toward piped irrigation networks and HAM-led project execution is expected to accelerate investments in large-scale water transmission infrastructure across India. The emphasis on efficient water management, lower lifecycle costs, and long-term operational accountability is driving preference for durable and reliable pipeline solutions. With several states prioritising irrigation modernisation, inter-basin water transfer projects, and lift-irrigation schemes, the demand outlook for Dl pipes remains favourable, supported by both greenfield developments and the upgrade of existing irrigation assets.

Wastewater Infrastructure and Reuse

India is also accelerating investments in wastewater collection, treatment and reuse infrastructure through

programmes such as AMRUT 2.0.

As of FY 2025-26, 583 sewerage and septage management projects worth approximately Rs.66,118 Crores have been approved, creating 6,650 MLD of sewage treatment capacity and 1,932 MLD of water recycling capacity.

Simultaneously, evolving regulatory frameworks are driving greater adoption of closed pipeline networks for industrial effluent management, while major urban centres such as Delhi and Bengaluru are expanding sewerage and treated water distribution networks. These developments are expected to create significant demand for wastewater transmission and reuse infrastructure, complementing opportunities arising from irrigation and water supply projects.

Incremental Volume Driver

As discussed earlier, the Interlinking of Rivers (ILR) programme is emerging as a key volume driver for the water infrastructure sector.

Led by the Ministry of Jal Shakti through the NWDA, the programme aims to improve water distribution across regions through 30 identified river-link projects, with project preparation significantly advanced as of February 2026.

Key Demand Drivers

Ken-Betwa River Link Project (7 44,605 Crores)

Includes the Daudhan Dam and a 221 km canal and pipeline network, creating substantial demand for large-diameter Dl pipes.

Integrated ERCP (Ramjal Setu Link Project): Expected to require nearly 800,000 MT of piping for barrage, aqueduct, and transmission

infrastructure, supporting water access across Eastern Rajasthan.

These projects are expected to generate sustained demand for large-diameter Dl pipes as India expands its water transfer and irrigation infrastructure.

NAINA-CIDCO

Development of the 334 sq. km Navi Mumbai Airport Influence Notified Area (NAINA) includes strategic infrastructure projects including Kondhane and

Balganga dams, with CIDCOs FY 2026-27 budget allocation of Rs. 16,250 Crores prioritising transmission infrastructure.

Given the areas proximity to Navi Mumbai International Airport and seismic considerations, Dl pipes are expected to remain important due to their structural resilience and durability.

(Source: The Indian Express (April 7, 2026))

Collectively, these initiatives indicate a structural shift in Indias water

infrastructure landscape, from isolated asset creation toward integrated, utility-led, and lifecycle- oriented systems. This evolution is expected to provide sustained demand visibility for Dl pipes across rural connectivity, urban water management, irrigation, and large- scale regional transmission projects.

(Source: RIB (February 05, 2026), The Print (April 1, 2026), The Indian Express (April 7, 2026))

Kingdom of Saudi Arabia

The Saudi Arabian Dl Pipe market is transitioning from an import-dependent model to a self-sustaining industrial hub, shielded by aggressive trade policies and localisation mandates.

Strategic Policy Drivers

Anti-Dumping Duty (ADD) Investigations

The General Authority for Foreign Trade (GAFT) recently concluded investigations resulting in the imposition of duties on Dl Pipe imports from India and China (specifically diameters 100 mm-1,000 mm). This serves as a demand shield, effectively rerouting the domestic requirement toward in-Kingdom manufacturers and encouraging the acceleration of Greenfield DIP projects.

(Source: CATTS Anti-dumping duty)

IKTVA and Local Content Targets

The In-Kingdom Total Value Add (IKTVA) programme has achieved its 70% local content

target as of February 2026, with a new target of 75% by CY 2030. For water sector players, this means that having a local

manufacturing footprint is a non- negotiable prerequisite for bidding on any Public Investment Fund (PIF) backed project.

(Source: In-Kingdom Total Value Add)

Vision 2030 Giga-Projects (Anchor Demand)

National Water Company (NWC) Strategic Plan

In April 2026, the NWC announced the completion of a SAR 81 Million project in southern Riyadh, involving over 48 km of main water lines. This is part of a broader SAR 100 Billion+ investment cycle to modernise Riyadhs water grid ahead of Expo 2030.

(Source: National Water Company (April 09, 2026))

NEOM (The Line & Trojena)

The vertical city development requires a utility spine unlike any other in the world. Dl pipes are being utilised for the primary desalinated water transmission lines from the

Duba desalination plants to the NEOM hubs, chosen for their ability to handle high-pressure loads and the extreme thermal expansion of the desert environment.

Treated Sewage Effluent (TSE) Networks

Under the Saudi Green Initiative,

KSA aims to achieve nearly 100% wastewater treatment and reuse by CY 2030. This has triggered a surge in demand for Dl pipes with specialised internal epoxy coatings to prevent corrosion in the pipelines used for landscaping and industrial cooling across Riyadh, Jeddah, and Dammam.

(Source: 3rdAnnual Wastewater Treatment and Reuse Conference))

At Welspun Corp, our entry into the Stainless-Steel Bars, Pipes & Tubes segment in 2021, through Welspun Specialty Solutions Limited (WSSL), marked a strategic move into high- performance, value-added products. WSSL stands out as Indias only fully integrated manufacturer in this space, with end-to-end capabilities across the stainless steel seamless pipes value chain.

WSSL operates with an annual steelmaking capacity of approximately 150 KMTPA and a seamless pipes and tubes capacity of around 18 KMTPA. Its future-ready facility integrates a steel melting shop, rolling mill, and a state-of-the-art seamless pipes plant under one roof, enabling seamless operational efficiency.

With the capability to produce special grades with tightly controlled chemistry, WSSL is driven by a strong focus on quality, advanced technology, and reliable delivery. This positions us with a distinct competitive advantage in serving critical industries that demand precision, consistency, and performance.

Global Stainless-steel Market

The global stainless-steel market, currently valued at approximately US$ 200.02 Billion, is projected to reach around US$ 212 Billion by CY 2032, supported by demand from infrastructure, aerospace, automotive, energy and industrial manufacturing sectors. The seamless stainless-steel pipes and tubes segment is also expected to witness steady growth, driven primarily by oil & gas, petrochemical and industrial applications.

CY 2025, however, remained a period of elevated uncertainty. Ongoing geopolitical developments, including the Russia-Ukraine conflict and tensions in the Middle East,

together with tariff-related actions and shifting global trade patterns, contributed to supply-chain disruptions, pricing volatility and cautious market sentiment. Against this backdrop, global stainless- steel melt shop production stood at approximately 64.2 MT during CY 2025, registering growth of around 2.1% over CY 2024, reflecting a phase of moderation in industry expansion. Asia- Pacific continued to dominate global demand, accounting for over 68% of global stainless- steel consumption, supported by rapid industrialisation and infrastructure investments.

Technology adoption through automation and digital inspection continues to improve manufacturing efficiency, while raw material volatility and evolving trade dynamics remain key industry considerations. The implementation of higher USA tariffs on steel imports during the year also reshaped global trade flows, resulting in increased pricing pressure across key export markets and a more competitive international operating environment.

The Indian Stainless-steel Market

The Indian stainless steel (SS) sector, specifically the high-precision seamless pipes and tubes segment, is undergoing a structural transformation. Driven by a domestic infrastructure super-cycle and a robust regulatory framework, the industry is transitioning from a commodity-centric model to a high-value engineering powerhouse.

Market Dynamics and Growth Projections

The domestic market for SS pipes and tubes reached a valuation of US$ 2.4 Billion in CY 2025, following a five-year CAGR of 8.9%. This upward trajectory is supported by significant production milestones and forward-looking estimates:

Production Velocity

Domestic output of seamless pipes and tubes grew at a CAGR of 10.7% (CY 2019-CY 2023), reaching

0.12 MMT.

Strategic Forecast

Production is anticipated to scale to 0.16 MMT by CY 2027, maintaining a steady CAGR of 7.2%.

Policy Framework and Import Substitution

Government-led initiatives such as Atmanirbhar Bharat, Make in India, and large-scale infrastructure development programmes continue to strengthen domestic manufacturing capabilities and create opportunities for import substitution. Increasing emphasis on localisation, supply chain resilience, and indigenous production of critical industrial inputs is expected to enhance long-term demand visibility for stainless-steel products.

Atmanirbhar Bharat

The push towards self-reliance is encouraging domestic sourcing and manufacturing across strategic sectors, creating opportunities for Indian stainless-steel producers.

Import Substitution

Growing preference for locally manufactured high-quality stainless-steel products is reducing dependence on imports and supporting domestic value creation.

Infrastructure-led Demand

Investments under initiatives such as PM Gati Shakti and other industrial development programmes are expected to drive sustained demand across engineering, infrastructure, energy, and manufacturing sectors.

Global Opportunity

Beyond domestic shores, Free Trade Agreements (FTAs) with the EU and other major economies are opening new export corridors.

As global supply chains seek diversification, Indian manufacturers are well-positioned to serve as a reliable, high-quality alternative to traditional hubs.

Geopolitical Resilience and Supply Chain Agility

The CY 2025-CY 2026 fiscal cycle has been characterised by

heightened geopolitical friction, including the ongoing Russia- Ukraine conflict and volatility in trade corridors. These factors have necessitated a shift in corporate strategy:

Input Cost Management

Global supply constraints in ferro-alloys and high-grade scrap have introduced pricing volatility. Forward-looking players are mitigating this through backward integration and diversified sourcing. Logistics Optimisation: heightened maritime freight rates and rerouting

requirements have increased lead times. Industry leaders are countering these pressures by optimising domestic supply chains and pivoting them toward higher-margin specialty products.

Strategic Market Shifts

In response to shifting trade policies and Western tariffs, the industry has demonstrated agility by rerouting exports to Southeast Asia and emerging Middle Eastern markets, while leveraging the domestic market as a primary growth stabiliser.

In a strategic move to strengthen our presence in the Building Materials sector, we acquired Sintex-BAPL in March 2023, a trusted leader with nearly 50 years of legacy in quality water storage tanks and plastic products. This acquisition brought us a strong pan-India distribution network, robust manufacturing infrastructure, and a well-established brand to capture the growing demand in this sector.

To further expand our footprint, we acquired Weetek Plastics Private Limited in October 2024, a leading plastic pipes manufacturer with a 19,000 KMTPA capacity based in Raipur, Chhattisgarh. This addition enhances our production capabilities and technical expertise in the plastic pipes market.

Building on these strengths, Sintex has introduced transformative water storage and distribution

solutions with value-added features such as anti-bacterial, anti-viral, anti-fungal, anti-algae, antirodent, and UV resistance. These innovations guide consumers toward smarter water management prioritising health and hygiene alongside durability while also addressing Indias growing concerns around water safety and scarcity.

The entry into the Thermo- Mechanically Treated (TMT)

Rebars business in 2021 marked an important step in strengthening our presence in the Infrastructure and Construction sectors. Guided by the vision of forward integration and supported by rising demand for reliable building materials, we set up a fully integrated greenfield manufacturing facility at Welspun City, Anjar, Gujarat. This facility provides end-to-end control, from steelmaking to finished rebars, ensuring consistency and quality at every stage.

The flagship product, Welspun Shield TMT Rebars, is designed to deliver strength, safety, and compliance, meeting the requirements of Indias evolving construction standards.

The growth strategy is anchored in Western India, particularly Gujarat, where Welspun enjoys strong brand trust. At the same time, the Company

is exploring export opportunities in compliance-ready international markets, extending its reach beyond India.

Indian Steel and Rebars Industry

The Indian steel industry is currently navigating a high-growth trajectory, characterised by a significant surge in production capacity and a shift toward specialised, high-value products.

As of late CY 2025 and moving into CY 2026, the sector is benefiting from a powerful synergy between government-led infrastructure initiatives and a revitalised private real estate market.

Production and

Consumption

Dynamics

Indias crude steel production reached approximately 164 MMT in CY 2025, marking a 10% YoY

increase. This growth reflects a steady 10% CAGR over the CY 2020-CY 2025 period, signaling Indias ascending role in the global market, particularly as international measures to curb Chinese production provide a strategic opening for Indian exporters.

Finished Steel

Production rose by 9.1% to reach 138.8 MMT.

Consumption

Domestic demand outperformed production growth, climbing 13.6% YoY to 136.3 MMT, driven by aggressive urban development and industrial expansion.

Key Demand Drivers

The momentum in the steel and rebar segment is underpinned by three primary pillars:

Infrastructure Push

In Gujarat, sustained investments in ports, logistics parks, industrial estates, dedicated freight infrastructure, urban development projects, and expressway networks are driving construction activity. Large-scale developments such as the Delhi-Mumbai Industrial Corridor (DMIC), Dholera Special Investment Region (SIR), port-led infrastructure expansion, and industrial growth across key manufacturing hubs are expected to support long-term demand for construction and engineering materials in the state.

Green Energy Transition

The industry is successfully pivoting to serve the renewable energy sector. Recent milestones include the successful booking and dispatch of specialised pile cage orders specifically designed for green energy infrastructure.

Specialised Variants

Adoption of high-strength, earthquake-resistant, and corrosion-resistant rebars is growing, particularly for high-rise developments and coastal infrastructure.

Sustainability Benchmarks

The industry is increasingly focused on Green Steel, highlight a sectorwide commitment to energy-efficient

steelmaking, utilising electric arc furnaces and exploring green hydrogen integration.

With production on a steady footing and domestic consumption consistently rising, the Indian steel industry is well-positioned to gain global market share. The transition from traditional commodity steel to specialised, certified, and prefabricated solutions is expected to enhance margins for major players while supporting the nations longterm infrastructure goals.

Financial Analysis & Financial Position (Consolidated)

(Rs. in Crores)

Particulars	FY 2025-26	FY 2025-26 (% to Revenue)	FY 2024-25	FY 2024-25 (% to Revenue)	FY 2023-24	FY 2023-24 (% to Revenue) A
Total Revenue from Operations	16,770	100%	13,978	100.0%	17,340	100.0%
Cost of Goods Sold	10,258	61.2%	8,870	63.5%	12,100	69.8%
Employee Benefit Expense	1,246	7.4%	1,003	7.2%	938	5.4%
Other Expenses	3,030	18.1%	2,436	17.4%	2,741	15.8%
Total Expenses	14,534	86.7%	12,309	88.1%	15,778	91.0%
Other Income	135	0.8%	190	1.4%	242	1.4%
EBITDA	2,371	14.1%	1,858	13.3%	1,804	10.4%
Depreciation and Amortisation	355	2.1%	351	2.5%	348	2.0%
Finance Cost	212	1.3%	320	2.3%	304	1.8%
Profit Before Tax and Share of JVs	1,804	10.8%	1,187	8.5%	1,152	6.6%
Share of Net Profit of JVs and Associates	342	2.0%	231	1.7%	157	0.9%
Profit on Sale of Shares of Associates	-	-	378	2.7%	105	0.6%
Tax Expense	526	3.1%	360	2.6%	277	1.6%
Non-Controlling Interest	7	0.0%	(6)	0.0%	26	0.2%
PAT after Minorities, Associates and JVs	1,613	9.6%	1,908	13.7%	1,110	6.4%

Financial Position (Consolidated)

Particulars	FY 2025-26	FY 2024-25
Total Equity	9,406	7,729
Borrowings (Current and Non-current)	2,163	924
Total	11,569	8,652
Tangible and Intangible Assets	7,404	5,121
Non-Current Investment	1.046	855
Cash and Bank Balances and Current Investments	3,790	1,802
Current Assets Other Than Cash and Bank Balances and Current Investments	7,313	6,635
Current Liabilities (Excl. Current Borrowing)	(7,785)	(5,862)
Other Non-Current Assets (Net of Other Non-Current Liabilities)	(199)	101
Total	11,569	8,652

Cash Flows

(Rs. in Crores)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
Net Cash Generated from Operating Activities	3,204	1,504	1,306
Net Cash Generated from Investing Activities	(3,723)	180	367
Net Cash Generated from Financing Activities	875	(1,369)	(1,877)
Net Change in Cash and Cash Equivalents	357	315	(204)

Financial Ratios

Ratio	FY 2025-26	FY 2024-25	Comments
Gross Debt Equity Ratio	0.23	0.12	Due to higher debt drawdown
Net Debt Equity Ratio	(0.17)	(0.14)	Due to increase in cash and bank balances
Interest Service Coverage Ratio	21.61	13.25	Due to lower interest cost and higher earnings
Current Ratio	1.33	1.33	Same due to similar proportionate change
Debtors Turnover (No. of Days)	38	47	Due to higher revenue
Inventory Turnover (No. of Days)	158	134	Due to rise in Inventory
Operating EBITDA Margin (%)	15.63%	14.08%	Due to higher contribution in line pipe business
Net Profit Margin (%)	9.66%	13.61%	Due to exceptional and one time gain in last year
Return on Capital Employed (ROCE) (%)	22%	21%	Due to higher earnings and better contribution from line pipe business
Debt Service Coverage Ratio	5.03	0.73	Due to higher operating income

Net Debt = Long-term + Short-term Debt - Cash and Bank Balances - Current Investments ROCE = EBIT - (Net Fixed Assets + Net Current Assets)

Key Figures of East Pipes Integrated Company for Industry (EPIC) (Million sar)

Particulars	FY 2025-26	FY 2024-25
Sales/Revenue	2,298	1,833
Gross Profit	647	460
Operating Profit	615	430
Net Profit after Zakat and Tax	573	382

CREATING A

RESOURCE-EFFICIENT FUTURE

We are also strengthening our capabilities in future- ready energy infrastructure through the development of pipes suitable for pure hydrogen transportation.

To support this capability, we ore establishing a hydrogen laboratory at Anjar for advanced testing and validation of hydrogen-ready pipes, positioning Welspun Corp to participate meaningfully in the emerging hydrogen economy.

Strengthening Water Stewardship and Circularity

As part of our long-term goal of achieving water neutrality by 2040, we continue to strengthen water stewardship through recycling infrastructure, wastewater reuse systems, rainwater harvesting, and operational efficiency initiatives across locations.

A key milestone in this journey is the 30 MLD Sewage Treatment Plant at our Anjar facility, which enables the use of recycled wastewater sourced from neighbouring towns for manufacturing operations. This initiative has enabled reduced dependency on freshwater intake for manufacturing processes at the location.

Additional initiatives include:

- Rainwater harvesting systems across Anjar, Bhopal, and Mandya

- Water recycling systems operational across manufacturing locations

- Continuous monitoring and reduction of operational water intensity

During FY 2025-26, we achieved a water intensity of 1.11 KL/MT, reflecting continued progress toward long-term water resilience and conservation goals.

We also continue to strengthen circular economy practices through enhanced waste segregation, recycling, co-processing, and material recovery initiatives aimed at minimising landfill dependency and improving resource efficiency across operations. We also recycled or co-processed waste generated during the year, reinforcing our commitment toward responsible resource management and circular operational practices.

Reforestation and Biodiversity

Through initiatives such as WelPrakruti, we continue to strengthen ecological restoration and biodiversity conservation efforts across operating regions. During FY 2025-26:

- Over 22827 trees were planted across locations.

- Community-led environmental awareness and green infrastructure initiatives were undertaken across operating regions.

These initiatives continue to support long-term ecological resilience while reinforcing our commitment to responsible environmental stewardship and sustainable growth.

With a strong focus on technology adoption, continuous learning, and leadership excellence, WCL continues to strengthen workforce agility and future readiness through structured capability-building and digital transformation initiatives.

Key initiatives during the year included:

- Al-driven learning modules and digital upskilling programmes

- Leadership coaching and managerial capability development

- Investments in cadre-building and technical capability enhancement

- Internal mobility and future- role readiness through Project Samarthya

- Campus-to-Corporate initiatives focused on attracting high-potential talent.

The Company further strengthened technical capabilities through the Technical Centre of Excellence (TCOE) and partnerships with CTTC and SDC aimed at building critical technical skill sets and strengthening internal talent pipelines. Through Project Samarthya, employees progressed from blue-collar to white-collar roles and from contract workforce positions to blue-collar employment opportunities, creating meaningful pathways for career progression and long-term employability.

Leadership Development and Learning

Leadership development and continuous learning remain central to WCLs human capital strategy. We follow a structured, assessment-led framework designed to strengthen leadership capability, succession readiness, and people excellence across the organisation.

The framework includes:

- Leadership assessments and development interventions

- Individual Development Plans (IDPs) and coaching sessions

- Tripartite development agreements involving employees, managers, and external assessors.

- Leadership accountability linked to people-development KPIs and KRAs

- Regular leadership connects focused on succession readiness and team capability enhancement.

We also continue to strengthen our culture of continuous learning through a comprehensive ecosystem spanning functional, behavioural, technical, and leadership development programmes aligned with business priorities and individual aspirations. Digital learning platforms such as WeWisdom and WeLearn democratise access to learning through micro-learning modules, curated insights, case studies, Leadercamps, self-paced learning journeys, and knowledge-sharing initiatives.

Safety and Operational Excellence

We continue to strengthen a proactive and prevention-led safety ecosystem through strong governance, employee participation, and technology-driven interventions. During the year, we achieved an LTIFRof O.OO, reflecting zero lost-time injuries, and maintained a Safe Work Index (SWI) of 100%, demonstrating full compliance with safe work practices across operations.

We also reinforced our proactive risk management approach through the Wel- SAFE platform, with over 7,800 hazards reported against an annual target of 4,100 and a 100% hazard closure rate, highlighting a strong culture of vigilance and effective corrective action.

During the year, the Company implemented 331 safety-focused Kaizen initiatives across India plants, rolled out 12 Safety Golden Rules to standardise safe behaviours, introduced VR-based safety training at Anjar, deployed the CHITTI Assistant for instant access to emergency information, and standardised reflective jacket uniforms across locations.

Employee

Well-being

and Engagement

Employee well-being and engagement remain central to WCLs people-first culture. Employees are supported through health insurance, accident coverage, retirement benefits, parental support, preventive healthcare programmes, fitness initiatives, medical checkups, and mental health awareness programmes. Employee engagement is strengthened through sports and cultural events, community-building initiatives, Employee Connect platforms, Reward & Recognition programmes, internal branding activities, and the WeListen platform, fostering collaboration, inclusivity, and transparency across the organisation.

During the year, we continued our initiatives such as Women of Welspun (WoW), SHE Catalyst, SHE Connect, Affinity Circles, UDAAN, and the Women Leaders Programme (WLP). Supported by inclusive policies covering maternity benefits, partner-inclusive mediclaim, IVF coverage, and equal opportunity practices.

Through the Welspun Foundation, we continue to drive structured interventions across education, healthcare, livelihoods, environmental sustainability, skill development, and community resilience. Our approach focuses on creating scalable and measurable impact through long-term programmes aligned with local community needs, national development priorities, and our broader ESG commitments.

As we continue to expand across businesses and geographies, our community development agenda remains centred on empowering individuals, strengthening local ecosystems, and enabling inclusive growth.

Enabling Access to Education and Future Opportunities

Education remains one of the most powerful enablers of long-term social transformation. Through WelShiksha, we continue to strengthen access to quality education, digital learning, and career readiness opportunities across underserved communities.

The programme brings together technology, creativity, and experiential learning to transform conventional classrooms into dynamic learning environments. Through smart learning infrastructure, interactive e-learning content, teacher capacity-building, activity-based pedagogy, and future-focused initiatives such as coding and vocational education, WelShiksha aims to make learning engaging, relevant, and inclusive.

The programme also aligns with the goals of the National Education Policy (NEP) 2020 and seeks to bridge digital learning gaps while reducing school dropouts.