CARE Ratings reaffirms Welspun Corp’s AA+/Stable and A1+ ratings and withdraws a long-term bank facility rating
- Credit rating
- Steel And Steel Products
Welspun Corp Limited has told the exchanges that CARE Ratings Limited, in a press release dated 15 Oct 2026, reaffirmed its ratings on bank facilities and debt instruments. The filing is dated 16 Oct 2026.
CARE reaffirmed CARE A1+ on short-term bank facilities of ₹5,984.00 crore and on commercial paper of ₹600.00 crore. It also reaffirmed CARE AA+ with a stable outlook on non-convertible debentures of ₹40.00 crore. The rating on the long-term bank facilities was withdrawn.
CARE says the ratings draw strength from the extensive experience of the promoters and management in the steel pipes business, and from the company’s long track record as one of the dominant players in welded pipe manufacturing in India and the USA, particularly large diameter line pipes. It also cites a healthy capital structure, strong liquidity, healthy operating cash flows, and strong brand recall that continues to bring new orders from domestic and overseas markets, including the USA.
For FY26, the year from 1 Apr 2025 to 31 Mar 2026, CARE reports that Welspun Corp had total operating income of ₹16,749 crore and PBILDT of ₹2,207 crore.
Inference
The reaffirmation of A1+ and AA+ with a stable outlook means CARE has reviewed Welspun Corp and left those ratings unchanged. These ratings relate to the company’s ability to meet its debt obligations, and they apply to bank facilities, commercial paper and debentures of different sizes.
The withdrawal of the rating on the long-term bank facilities is a separate point. The filing does not explain why it was withdrawn, and a rating withdrawal does not by itself say anything about the company’s finances. Shareholders may want to read CARE’s press release to see the reasons behind the ratings and the withdrawal.
Reference: Original filing (PDF)
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