Welspun Corp Ltd Management Discussions

<dhhead>Management Discussion and Analysis</dhhead>

Welspun Corp stands at a pivotal moment, where our scale empowers us and our speed propels us forward. With a deep commitment to our core products and a strategic focus on our core geographies, we are executing a resilient and future-ready growth strategy. Strategic investments in advanced facilities and adjacencies are expanding our capabilities, while our emphasis on operational excellence continues to drive superior performance. As we continue to accelerate forward with an unstoppable momentum, I am confident that we are well-positioned to create value and shape a brighter, more inclusive future for all our stakeholders.

Vipul Mathur

MD & CEO, Welspun Corp Ltd

A comprehensive review of Welspun Corp Limited’s (‘Welspun’ or ‘WCL’ or ‘the Company’) performance for FY 2024-25 necessitates examining this Management Discussion and

Analysis (MD&A) alongside the Company’s

Audited Consolidated Financial Statements and accompanying Notes. This MD&A provides key insights into Welspun’s financial health for the year. Unless stated otherwise, all monetary values are in Indian rupees. The analysis is based on consolidated figures, with prior-year data regrouped and reclassified where necessary.

Forward-Looking Statement

This analysis contains forward-looking statements, identifiable by terms such as ‘plans,’ expects,’ ‘will,’ ‘anticipates,’ ‘beliefs,’ intends,’ ‘projects,’ ‘estimates,’ and similar expressions. Statements regarding the Company’s growth strategy, product development, market positioning, expenditures, and financial performance are inherently forward-looking. These statements are based on specific assumptions and expectations of future events. The Company assumes no obligation to update or revise forward-looking statements in response to subsequent developments, new information, or future events.

Company Overview

WCL, the flagship company of Welspun World, is a globally recognized leader in Pipe Solutions and Building Materials. WCL serves over 50 countries across six continents, offering customized solutions for critical sectors such as Oil & Gas, Water Transmission, and Infrastructure Development. The Company’s core portfolio includes large diameter welded line pipes—HSAW, LSAW, and ERW/HFW/HFIW—designed for both onshore and offshore applications, Bends, and specialized coatings. Its Ductile

Iron (DI) Pipes support water and sanitation infrastructure, while Stainless Steel Bars, Pipes & Tubes cater to a wide array of industrial needs. The Welspun Shield-branded TMT Rebars strengthen the Company’s presence in the building materials space.

In line with its diversification strategy, WCL has selectively expanded into high-growth verticals. The acquisition of

Sintex-BAPL in FY 2022-23 marked a significant step into the B2C segment, adding water storage tanks and plastic products to its portfolio. This was further complemented by the Company’s entry into the OPVC pipe segment, targeting infrastructure-led water distribution. The acquisition of Weetek Plastics in October 2024 added manufacturing capabilities in cPVC, uPVC, and SWR pipes and fittings, further enhancing WCL’s position in both B2C and B2B infrastructure markets, particularly in Eastern and Central India. WCL’s manufacturing infrastructure spans key locations in India—Anjar

(Gujarat), Jhagadia (Gujarat), Bhopal (Madhya Pradesh), and Mandya (Karnataka) alongside seven Sintex units strategically located across the country. Its international operations in Little

Rock, Arkansas (USA), and Dammam (KSA) ensure proximity to key global markets and enable efficient supply chain management. The integration of Sintex-BAPL and Weetek Plastics has unlocked operational synergies including enhanced distribution, reduced logistics costs, and stronger market access. WCL continues to consolidate its leadership across its core and adjacent product lines while advancing its sustainability agenda—underscored by its ranking among the Top 10 global steel companies in S&P Global’s 2024 Corporate Sustainability Assessment.

Pipe Solutions

WCL continues to strengthen its leadership in comprehensive pipe solutions, catering to the Oil & Gas and Water Infrastructure sectors. With about 2.2 MMTPA manufacturing capacity across

India, USA, and KSA (including the associate EPIC), WCL is among the world’s leading producers of large-diameter line pipes along with bends and specialized coatings. The Company’s focus on high-value, specialized pipe solution grades has enhanced its competitive edge, ensuring superior performance in critical applications such as deep offshore, extreme sour, hydrogen, carbon capture, and structural projects. A key pillar of WCL’s growth strategy is its expansion into the water infrastructure segment, particularly through DI Pipes, which are essential for water transmission and distribution. The Company is scaling up its DI Pipe production to cater to India’s growing demand, driven by initiatives such as Jal Jeevan Mission, AMRUT 2.0, and river-linking projects. With a strong domestic presence across West, Central, and North India, the Company is also exploring export opportunities to capitalize on rising global water infrastructure investments. By continuously enhancing its product portfolio and operational efficiencies, WCL remain committed to delivering high-quality, future-ready pipe solutions that support sustainable infrastructure development.

WSSL, a subsidiary of WCL, is India’s only integrated manufacturer of Stainless Steel seamless pipes & tubes, with end-to-end capabilities from steelmaking to finished products. WSSL serves high-end sectors such as Thermal Power and Energy, Petrochemicals, Defence, Oil & Gas, Space and Nuclear Power, among others. WSSL’s focus on innovation and quality has enabled it to develop critical grades like S30432, T91/P91, Super-13Cr, and Alloy 625. It is approved by marquee clients such as BHEL and is also certified with AS9100D for aerospace applications.

WSSL is expanding exports to markets such as South Africa and continues to improve sustainability through renewable energy use. Its focus remains on enhancing technical capabilities, developing new grades, and strengthening global partnerships.

Building Materials

WCL has strategically expanded into the Building Materials sector, positioning it as a key growth vertical alongside its core pipe business. The acquisition of Sintex-BAPL, a market leader in plastic water storage tanks, has allowed WCL to strengthen its B2C presence while diversifying beyond the traditional B2B model. Sintex’s strong brand equity, extensive distribution network, and deep market penetration have positioned WCL as a leader in water storage solutions and electrical enclosures. Leveraging this foundation, WCL is now expanding into Plastic Pipes and Fittings. This is a high-growth segment that aligns with the increasing demand for integrated water management solutions. This uniquely positions WCL as a Company with a presence across all three segments of water transportation Line pipes, DI pipes and Plastic pipes in India. In addition to our focus on water infrastructure, WCL has strengthened its construction materials portfolio through forward integration in TMT Rebars manufacturing at Anjar, Gujarat. WCL remains committed to operational excellence, sustainability, and long-term market expansion. Through lean manufacturing, advanced automation, and an optimized supply chain, the Company aims to enhance productivity, profitability, and its competitive edge. By leveraging Sintex’s strong brand recall and retail reach, WCL is well-positioned to expand its footprint in the Building Materials sector, driving long-term value creation.

Products Line Pipes

With over two decades of industry leadership, WCL’s line pipe business is a major contributor to its global recognition. The Company’s extensive capabilities span across the full range of LSAW, HSAW, and ERW/HFIW pipe manufacturing, supported by three strategically located ISO-certified facilities in

Anjar (Gujarat), Bhopal (Madhya Pradesh), and Mandya (Karnataka) in India. These units cater to diverse and complex needs across Exports, Oil & Gas and Water Infrastructure sectors. With consistent focus on capability upgradation and to address growing demand, we are also enhancing our Hot Induction Bends and Coating facilities respectively in Anjar and Bhopal. In the United States, the Little Rock facility continues to be a growth engine, with HFIW (175 KMTPA) and HSAW (350 KMTPA) lines booked for the next two years. The demand is primarily driven by rising investments in the Permian Basin, LNG export infrastructure, and hydrogen pipeline projects. In view of the strong outlook, the

Company is enhancing capability of its HFIW pipe facility by March, 2026 and also setting up a greenfield LSAW pipe plant at the same site.

In the KSA, our associate EPIC, is already leveraging the US$ 80 billion infrastructure investment opportunity presented in Vision 2030. To meet regional demand, WCL is also setting up a greenfield LSAW facility in Dammam, which is expected to be commissioned in April 2026. These strategic capacity additions across geographies are underpinned by a robust order book of 1,093 KMT valued at 16,527 Crore (India+USA), cementing WCL’s leadership in the global line pipe market.

Ductile Iron Pipes

India’s water infrastructure development agenda continues to fuel long-term demand for DI Pipes. WCL is well-poised to serve this demand with its Anjar facility, which is being expanded to a capacity of 600 KMTPA.

In a significant strategic move, the Company is also entering international markets through a greenfield 250 KMTPA DI Pipe facility in Dammam, KSA, under its wholly owned subsidiary. The plant will cater to the water infrastructure requirements within the country. The DI Pipe industry in India is expected to grow at a CAGR of 13 15% from 2025 to 2030. WCL’s capacity expansions and diversified market approach position it to capitalize on this sustained demand. As of FY 2024 25, the Company had an order book of 353 KMT valued at 2,661 Crore.

Source https://tataductura.com/ductile-iron-pipes-market-growth/

Stainless Steel Bars, Pipes & Tubes

Through its subsidiary Welspun

Specialty Steel Limited (WSSL),

WCL operates India’s only fully integrated manufacturing facility for Stainless Steel seamless pipes & tubes, with complete capabilities from steel melting to finished product delivery. With a steel-making capacity of

150 KMTPA and seamless pipe & tube capacity of 18 KMTPA,

WSSL serves mission-critical industries such as Thermal Power and Energy, Petrochemicals, Defence, Space, Oil & Gas and Nuclear Power, among others. WSSL continues to lead in product innovation and high-grade metallurgy, having developed critical grades like 904L, S304H, Alloy 625, T91/P91, Low Cobalt Steel, and Super-13Cr. Notably,

WSSL is the first Indian integrated facility to be qualified by BHEL for supplying supercritical boiler tube grade S304H.

Though major focus remains on the domestic markets, WSSL has been exploring new markets and it received its first order from South Africa during the year. The order book remained strong at 9,025 MT worth 365

Crore including its largest-ever order of 4,050 MT from BHEL.

Sustainability initiatives such as renewable energy adoption and low-carbon steelmaking are also being prioritized.

TMT Rebars

Forward integration into the TMT rebars segment with a modern manufacturing facility in Anjar, Gujarat enhances the Company’s infrastructure solutions portfolio, addressing the rising demand for quality construction steel in India. Demand for TMT rebars is being fuelled by government-led infrastructure initiatives, rapid urbanisation, and housing schemes like the Pradhan Mantri Awas Yojana. There is also a growing shift towards branded, high-performance rebars due to stricter construction standards. Marketed under the Welspun Shield brand, the Company’s TMT rebars are known for superior safety and performance. The business has seen strong growth, with annual sales of 211

KMT in FY 2024-25.

With strong traction across Gujarat and a marquee client base, the Company expects stable business in this segment.

Water Storage Tanks and Plastic Pipes

As part of its diversification strategy, WCL has significantly expanded into the building materials space through its wholly owned subsidiary Sintex BAPL, a market leader in water storage and plastic solutions. Sintex brings strong brand equity, a well-established nationwide distribution network, and seven state-of-the-art manufacturing units with a combined capacity of 70 KMTPA, leveraging technologies like roto-molding, blow molding, and SMC. Sintex’s product portfolio includes Water Storage Tanks, SMC Panel Tanks, industrial containers, uPVC doors, interior solutions, and electrical enclosures. It is further strengthening operational efficiency through digital transformation initiatives such as Distribution Management Systems and Salesforce CRM tools.

The acquisition of Weetek

Plastics—a Raipur-based company with a 19,000 MT annual capacity—marked Sintex-BAPL’s strategic foray into the Plastic Pipes and Fittings market. This move accelerates Sintex’s penetration into the competitive plumbing and infrastructure pipe segments, particularly cPVC, uPVC, SWR product lines. The acquisition also complements Sintex-BAPL’s existing product portfolio and supports planned capacity expansions in Bhopal & Raipur. With a calibrated capex of

1,300 Crore for next two years across multiple states, WCL is building a strong foundation in this high-growth vertical. A strategic partnership with Rollepaal to exclusively source OPVC pipe manufacturing lines further reinforces its focus on quality, durability, efficiency and sustainability.

B2B and B2C Focus

Sintex-BAPL is positioning itself as a B2B & B2C player in the plastic pipes and fittings segment, targeting both infrastructure

(B2B) and retail (B2C) markets:

B2C (Retail & Plumbing)

Strengthening its distribution channel-driven B2C business with products like cPVC, uPVC, and SWR pipes, using its strong distribution network and brand equity, supported by targeted marketing and influencer engagement programs.

B2B (Infrastructure Projects)

Focus on OPVC pipes for municipal water supply, irrigation, and housing infrastructure, leveraging Welspun Corp’s existing relationships with infrastructure clients, EPC contractors, and government agencies to accelerate penetration into the growing infrastructure segment.

This dual approach allows Sintex-BAPL to diversify revenues, optimize manufacturing capacities, and expand rapidly across both segments, with key production hubs like Bhopal for OPVC pipes and planned pipes & fittings for buildings launches in Raipur by Q1FY2025-26.

Fueling Unstoppable Momentum

At Welspun Corp Ltd. (WCL), a sharp strategic focus on core products and core geographies is the foundation of what the Company describes as its driving force for unstoppable momentum, the engine powering accelerated growth, market leadership, and value creation.

This momentum is a result of deliberate choices to scale rapidly, execute with discipline, and concentrate efforts where the Company holds a clear advantage. It is reflected in robust financial performance: a 2.2x growth in revenue, a 1.8x growth in EBITDA, a 4.4x growth in reported PAT between FY 2021-22 and FY 2024-25 and improved annualized ROCE above 20%.

Welspun Corp’s ability to harness scale and speed, while staying focused, is unlocking the next orbit of growth.

Focus on Core Geographies

WCL’s geographic strategy is rooted in deepening its presence in three core markets India, USA, and KSA aligning growth plans with region-specific opportunities.

INDIA

India’s economic landscape in

FY2024-25 was marked by resilient growth, macro-financial stability, and a continued emphasis on infrastructure-led development.

India’s economic landscape in FY2024-25 was marked by resilient growth, macro-financial stability, and a continued emphasis on infrastructure-led development. The Reserve Bank of India (RBI), in its March 2025

Bulletin, estimates GDP growth at

6.5% for FY 2024-25, supported by resilient private consumption, steady government expenditure, and healthy rural demand. A capital expenditure outlay of over 11.21 Lakh Crore in the

Union Budget

FY 2025-26 underscored the government’s commitment to building connectivity and urban infrastructure. Major initiatives such as the Gati Shakti Master Plan, Smart Cities Mission, and the expansion of highways, metro networks and freight corridors have accelerated urbanisation and improved logistics efficiency. These projects not only stimulate demand for construction materials and engineering

India is rapidly emerging as a global manufacturing hub, driven by strong government initiatives like the Make in India, Atmanirbhar Bharat, rising domestic demand, and strategic efforts to attract foreign investment.

solutions but also foster broader economic activity, job creation, and regional development. India’s macro-financial indicators reflected a stable environment. The Current Account Deficit remained stable at ~1.1% of GDP, aided by strong services exports and remittance inflows. This, alongside steady foreign investment, kept the rupee stable in the

82 84/US$ range, supporting trade flows and reducing currency volatility for businesses operating in global markets. India is rapidly emerging as a global manufacturing hub, driven by strong government initiatives like the Make in India, Atmanirbhar Bharat, rising domestic demand, and strategic efforts to attract foreign investment. With manufacturing contributing around 12% of GDP, the sector is expanding across key industries such as Electronics, Automotive, and Engineering. States like Tamil Nadu, Maharashtra, and Gujarat are becoming major manufacturing centers, benefiting from improved infrastructure and the "China Plus One" strategy.

Supported by over US$ 165

Billion in FDI over the past decade and ambitious export targets, India is increasingly positioned as a preferred destination in global supply chains, leveraging technological advancements and sustainability to strengthen its role in the global industrial landscape. The government’s focus on water management, urban redevelopment, and renewable energy has fostered demand for a wide spectrum of advanced materials and engineering solutions. Investments in crude pipeline infrastructure, city gas distribution, hydrogen blending, and renewable energy projects have further diversified the requirements for high-specification materials and technologies. India’s trade agreements and export-oriented policies have also opened new markets for specialized products, enhancing the competitiveness of domestic manufacturing.

Overall, the macroeconomic and policy environment in FY 2024-25 created a supportive backdrop for sectors linked to Infrastructure, Manufacturing, and Trade. The interplay of infrastructure expansion, industrial momentum, macro-financial stability, and credit growth is expected to continue driving opportunities across transportation, water, energy, and urban development, contributing to India’s long-term economic aspirations.

Source https://pib.gov.in/ PressReleaseIframePage. aspx?PRID=2120509 https://www.freepressjournal.in/ business/indias-current-account-deficit-to-remain-stable-at-13-of-gdp-in-2025-26-crisil-report https://eaindustry.nic.in/ pdf_files/cmonthly.pdf https://timesofindia.indiatimes. com/business/india-business/ indias-retail-inflation-logs-3-34-in-march-2025-nearly-6-year-low/ articleshow/120310136.cms https://pib.gov.in/PressReleasePage. aspx?PRID=2097921 https://www.thehindu.com/business/ india-aims-to-double-share-of-manufacturing-in-gdp-to-23-helped-by-sunrise-sectors-fm/article69479970.ece

The government’s focus on water management, urban redevelopment, and energy need has fostered demand for a wide spectrum of advanced materials and engineering solutions.

India Oil Market

India continues to be the fastest-growing oil consumer globally, with oil demand increasing by 200 kb/d

(3.6%) in 2024. This growth was primarily driven by strong industrial activity, rising transportation fuel consumption, and increasing household demand for LPG. Despite a temporary slowdown in Q3 2024 due to an unusually severe monsoon, demand rebounded strongly in Q4 2024, growing by 290 kb/d. India remains the world’s second-largest net importer of crude oil, with a notable shift in sourcing strategy to enhance energy security and price competitiveness. The share of OPEC crude in India’s imports dropped to 49.8% in FY 2023-24, compared to 61.0% in the previous fiscal year. Russia emerged as the top supplier, accounting for 33% of total imports, followed by Kindgom of Saudi Arabia (19%) and Iraq (17%). This strategic diversification underscores India’s efforts to secure more cost-effective energy sources and reduce dependence on traditional suppliers.

Source https://www.mordorintelligence.com/industry-reports/india-oil-and-gas-market https://www.iea.org/reports/oil-market-report-december-2024

The downstream sector saw steady growth, driven by rising refining capacity and an expanding fuel distribution network. Investments in pipeline expansion and refinery upgrades not only supported domestic fuel demand but also strengthened India’s position as a key exporter of refined products. Diesel, jet fuel, and petrochemicals remained key drivers of the refining sector’s growth.

Looking ahead, India’s oil demand is expected to show a rise of 220 kb/d in CY 2025, driven by higher transportation fuel consumption, increased industrial activity, and expanding petrochemical demand. As the country modernizes its refining sector and optimizes its crude sourcing, it is poised to play a critical role in shaping global oil demand dynamics in the years ahead.

India Natural Gas Market

India continues to be at the forefront of natural gas demand growth, with consumption projected to rise nearly 60% by 2030, reaching 103 Billion cubic meters (bcm) annually. This expansion marks a significant transformation in India’s Energy sector, fueled by rapid infrastructure development, domestic production recovery, and improved global LNG market conditions. India’s city gas distribution (CGD) sector is poised to lead this growth, driven by CNG network expansion and competitive pricing against liquid fuels. The Heavy Industry and Manufacturing sectors are expected to add approximately

15 bcm of demand, while oil refining will contribute an additional 4 bcm, reflecting a broad-based increase in gas utilization.

India’s domestic natural gas production, which accounted for

50% of total demand in 2023, is anticipated to increase modestly, reaching just under 38 bcm by

2030, an 8% rise from current levels. However, this limited domestic supply growth means that India’s LNG imports will need to more than double to 65 bcm per year by 2030 to meet rising consumption. The Government has undertaken significant steps to enhance natural gas infrastructure, including quadrupling CNG stations since 2019 and expanding the gas transmission network by

40%. By 2030, the number of CNG

stations and residential connections is expected to nearly double again, alongside a 50% expansion of the gas transmission grid.

Strategic LNG procurement and infrastructure development will be critical in sustaining this rapid expansion. With legacy LNG contracts expiring post-2028, India faces a growing supply gap, heightening its exposure to spot market price volatility. Securing long-term LNG agreements, enhancing storage capacity, and optimizing import terminals will be essential to mitigating risks. Additionally, faster adoption of LNG in heavy-duty transport, higher utilization of gas-fired power plants, and accelerated expansion of city gas infrastructure could push total demand beyond 120 bcm by 2030.

Supported by targeted policy measures, India could emerge as a global leader in gas consumption, reinforcing its role in energy security and economic growth .

Source https://www.iea.org/news/indias-natural-gas-demand-set-for-60-rise-by-2030-supported-by-upcoming-global-lng-supply-wave

India Gas Pipeline

Infrastructure

India is undertaking a massive expansion of its natural gas pipeline network, with plans to add

15,500 km (9,630 miles) under the

One Nation One Gas Grid initiative, bringing the total length to

33,000 km (20,505 miles) by 2027. With a US$ 67 Billion ( 5.73 Trillion) investment, the government aims to increase the share of natural gas in the energy mix from 6% to 15%, ensuring stable supply across all regions, including rural and underserved areas. Major infrastructure projects, such as the

1,900-km Jagdishpur-Haldia Phase II pipeline and the 1,834-km

Mehsana-Bhatinda pipeline, are set to enhance connectivity between key industrial hubs and residential markets. Additionally, a US$ 4.95 Billion ( 410 Billion) investment is planned for the northeastern states and union territories like Kashmir and Ladakh, further integrating these regions into the national gas grid.

By 2028, India is expected to lead Asia’s pipeline expansion, accounting for 43% of all new projects in the region. The strengthened pipeline network will enhance domestic gas availability, support industrial growth, and provide cleaner energy alternatives.

Source https://pgjonline.com/magazine/2024/ october-2024-vol-251-no-10/features/ india-sets-67-billion-goal-to-expand-gas-pipeline-network-by-9-630-miles

India’s Water Sector Overview

With 4% of the world’s freshwater resources, India continues to face growing water demand challenges. This can be attributed to rapid urbanization, population growth, and industrial expansion. While major river systems like the Ganga-Brahmaputra-Meghna contribute significantly to the country’s water supply, groundwater remains the primary source for agriculture, industry, and domestic use. However, declining water tables and seasonal shortages due to over-extraction and inefficient water management pose significant risks to long-term water security. To address these challenges, the Government of India has committed 1.1 Lakh Crore towards water supply and infrastructure development, focusing on improving water availability, conservation, and efficient distribution. Flagship programs such as Jal Jeevan

Mission and Atal Mission for Rejuvenation and Urban

Transformation (AMRUT) 2.0 aim to ensure universal access to clean drinking water, strengthen rural and urban water supply networks, and promote sustainable water resource management. These initiatives drive demand for high-quality pipeline solutions, with DI Pipes, High-Density Polyethylene

(HDPE) Pipes playing a key role in ensuring reliable and long-lasting water transmission infrastructure. A major boost to the sector comes from the Government’s ambitious river interlinking projects. According to recent reports, four river interlinking projects are expected to generate business worth 2.6 Lakh Crore.

These projects are designed to transfer surplus water from water-rich basins to water-deficit regions, thereby addressing both flood and drought challenges. The large-scale infrastructure required for these interlinking initiatives is anticipated to significantly increase demand for advanced pipeline solutions and related construction materials. The Indian water market, currently valued at US$ 14 Billion, is expected to grow at a CAGR of

6.1%, reaching US$ 19.8 Billion by 2030, driven by infrastructure investments, technological advancements, and stricter regulations. The DI Pipes segment, integral to large-scale water supply projects, is valued at US$ 8 Billion and is projected to register a CAGR of 13-15% from 2025 to 2030. This is further supported by increased spending on interlinking of rivers, irrigation projects, and municipal water supply systems. Additionally, industries such as Power Generation, Pharmaceuticals, and Food Processing are investing in advanced water transportation networks. This is further driving the demand for corrosion-resistant, high-performance pipelines. As India prioritizes water security, conservation, and sustainable infrastructure, the demand for high-quality pipeline solutions will continue to rise. This reinforces the critical role of advanced piping technologies in supporting the country’s long-term water management goals.

Source https://upstox.com/news/upstox-originals/investing/bubbling-opportunities-in-indias-water-sector/article-93235/

Key Announcements for the Water Sector

In the Union Budget 2025-26, the Government of India has reinforced its commitment to enhancing the nation’s water infrastructure through substantial financial allocations:

Department of Drinking Water and Sanitation

Allocated 74,226 Crore, a significant increase from the revised estimate of 29,916

Crore in the previous fiscal year. This underscores the Government’s focus on improving access to clean drinking water and sanitation facilities across the country.

Jal Jeevan Mission

Within the above allocation, 67,000 Crore is dedicated to the Jal Jeevan Mission, which aims to provide tap water connections to all rural households. This marks a substantial rise from the previous year’s revised estimate of 22,694 Crore, reflecting the mission’s accelerated implementation.

Department of Water Resources, River Development, and Ganga Rejuvenation

Allocated 25,276.83 Crore, up from the previous year’s revised estimate of 21,640.88 Crore.

This increase supports initiatives for river development and the rejuvenation of water bodies.

Namami Gange Mission-II

Earmarked 3,400 Crore for the ongoing efforts to clean and rejuvenate the Ganga River, an increase from 3,000 Crore in the previous fiscal year.

AMRUT 2.0

With a total outlay of 2,99,000 Crore (2021 2026), including 76,760 Crore from the Centre, the mission targets 100% tap water and sewage coverage in urban areas, revival of water bodies, and greener cities. Expected outcomes include 2.68 Crore tap connections and 2.64 Crore sewer connections.

River-Linking (National Perspective Plan)

For FY 2025-26 financial year, the Ministry of Jal Shakti has allocated 3,400 crore specifically for river interlinking projects. Key projects like Ken Betwa, Par Tapi Narmada, and ERCP aim to boost irrigation, drinking water access, and flood control in water-stressed regions.

These budgetary provisions highlight the Government’s strategic emphasis on ensuring sustainable water resources, improving sanitation, and enhancing the overall quality of life for its citizens.

Source https://economictimes.indiatimes.com/news/economy/policy/budget-allocates-rs-74226-crore-for-drinking-water-and-sanitation/ articleshow/117829507.cms?from=mdr

Stainless Steel Market

India’s stainless-steel consumption has witnessed a steady rise over the last five years, registering a compound annual growth rate

(CAGR) of 4.36%. In FY 2023 24, consumption stood at 3.75 million tons, up from 3.03 million tons in FY 2018-19. While there were temporary setbacks in

FY 2019-20 and FY 2020-21, the sector recovered strongly in subsequent years. The Government of India has introduced multiple policies to bolster the domestic steel industry. These include the Domestically Manufactured Iron and Steel

Products (DMI\&SP) Policy, aimed at promoting indigenous steel production and the Production

Linked Incentive (PLI) Scheme for specialty steel. Other notable initiatives comprise the ‘Make in India’ campaign, the PM Gati Shakti National Master Plan, and the Steel Scrap Recycling Policy, all

Water Storage Market

India’s water storage tank market is experiencing steady growth, driven by increasing concerns over water conservation, rapid urbanization, and government-led initiatives to enhance water infrastructure. In FY 2024, the market was estimated at 5,200

Crore and is projected to grow at a CAGR of 9% till 2030. The expansion of the municipal, industrial, and residential sectors has significantly contributed to the rising demand for water storage solutions. Increasing awareness around water scarcity, coupled with stringent regulations for wastewater management and rainwater harvesting, is further accelerating market growth. The demand for potable water directed towards enhancing domestic production and reducing dependence on imports. The outlook for India’s stainless-steel industry remains positive, supported by rising demand from sectors such as Thermal Power and Energy, Defence, Space, Oil & Gas, and Nuclear Energy. Government efforts like the ‘Make in India’ initiative and the Steel Scrap Recycling Policy are expected to boost domestic manufacturing, improve raw material availability, and reduce import reliance. These developments are expected to drive consistent growth in both production and consumption, reinforcing India’s journey towards economic self-reliance in the steel sector. Production of Stainless Steel seamless pipes and tubes in India grew at a CAGR of 10.7% between 2019 and 2023, reaching 0.12 million tons. This momentum is likely to continue, with the market projected to expand at a CAGR of 7.2% between 2023 and 2027, reaching an estimated 0.16 million tons.

storage has been on the rise, prompting innovations in storage solutions. This includes high-density polymer and that enhance durability, efficiency, and hygiene. The residential sector continues to dominate the market, owing to government-led housing schemes such as Pradhan Mantri Awas

Yojana (PMAY) and the Smart

Cities Mission, which emphasize the need for water storage and efficient distribution systems. Additionally, industrial demand is surging as companies adopt advanced water recycling and storage solutions to comply with stricter environmental regulations. The increasing adoption of smart storage technologies, including remote monitoring and automation in water management systems, is reshaping the industry landscape. India’s ambitious National Water

Policy and rising investment in modernized infrastructure projects are expected to sustain the momentum of the water storage tank market in the coming years. With a growing focus on sustainable water management, the sector is set to witness further expansion, with significant opportunities emerging in both urban and rural markets.

Source https://www.blueweaveconsulting.com/ report/india-water-storage-tank-market

Plastic Pipes Market

The Indian plastic pipes market is poised for significant expansion, driven by substantial infrastructure investments, urbanization, and rising demand for efficient water management solutions. According to EY study, the market was valued at around 55,000 Crore in FY2023 and is projected to reach 130,000 Crore in FY2030, exhibiting a CAGR of 12%.

India’s per capita plastic pipe consumption remains lower than the global average, indicating immense growth potential. The

Government’s ambitious initiatives, including Smart Cities Mission,

Housing for All, and Jal Jeevan

Mission, are fueling demand across water supply, sewage systems, irrigation, and industrial applications. The building and infrastructure sectors are key contributors to market growth, with plastic pipes playing an essential role in water distribution, drainage, and gas transportation. The resilience, lightweight nature, and ease of installation of plastic pipes make them a preferred alternative to conventional materials. In urban areas, infrastructure projects and increasing household connections are driving adoption. In rural regions, expanding irrigation networks and government-backed agricultural reforms are bolstering demand.

In FY2025, the Indian plastic pipes industry faced a challenging macroeconomic environment, with muted demand in key end-user segments. Persistent headwinds, including rising input costs, project delays, subdued government spending, and volatility in PVC resin prices, impacted margins across the sector. India’s plastic pipes industry continues to evolve, benefiting from a strong housing cycle and resurgence in capital expenditure (capex). The market’s trajectory remains robust despite challenges such as raw material price volatility and supply chain disruptions. Regionally, South India leads in demand, particularly in irrigation and infrastructure projects, followed by the North and West, where industrialization and urban expansion are key growth drivers. As the country advances toward enhanced water conservation, sanitation, and energy distribution, plastic pipes will remain integral to India’s long-term infrastructure and economic growth.

Source https://www.techsciresearch.com/ news/11502-india-plastic-pipes-market.html

PVC and OPVC Pipes

The Indian PVC pipes market is a mature yet steadily expanding sector. This growth is underpinned by increasing investments in infrastructure development, urbanization, and government-led water management initiatives. PVC pipes are widely used across Building, Infrastructure, Industrial, and Agriculture sectors, largely due to their durability, cost-effectiveness, corrosion resistance, and ease of installation. Government of India’s schemes such as the JJM, AMRUT, PMAY remain significant drivers for PVC pipes for their high-pressure tolerance and lightweight design. While the industry faces challenges such as raw material price volatility linked to PVC resin costs, advancements in polymer technology and expanding demand in Tier 2 and Tier 3 cities are expected to sustain growth. The conventional plastic pipes segment has been witnessing consolidation as the industry is getting more organised and share of top branded players has been also increasing as a result. By consistently investing in branding and BTL activities, organized players have increased plumber/ consumer awareness over importance of quality and adherence to BIS standards in pipes, particularly for residential real estate. Organized players have been gaining market share and better visibility based on multi- locational strategy, strong distribution channel and comprehensive product portfolio. Among several variants of plastic pipes, demand for uPVC and cPVC has been rising owing to affordability, high quality, durability and newer applications. Parallel to the conventional PVC pipes segment, the OPVC

(Oriented Polyvinyl Chloride) market represents a high-growth, technologically advanced niche within India’s piping industry. The superior mechanical properties of OPVC pipes make them especially suitable for demanding applications such as lift irrigation, urban and rural water supply, and sanitation. Moreover, beyond agriculture and water supply, OPVC is increasingly adopted in buildings and infrastructure projects. Its enhanced strength and durability make it well-suited for potable water distribution, drainage, and sewage systems in residential and commercial buildings, as well as large infrastructure developments. The pipe’s long service life and low maintenance requirements align with the needs of sustainable urban infrastructure, particularly under initiatives like the Smart Cities Mission. The OPVC market is currently dominated by government-led projects, particularly in water-related applications. Regionally, the Central Indian states, with strong agricultural bases and manufacturing hubs, lead consumption, while Maharashtra stands out due to its industrial infrastructure. Future growth is expected to come from market penetration in underdeveloped regions such as the North-East, supported by increased government funding and policy support.

Despite its strong prospects, the OPVC segment faces challenges, including the limited availability of specialized extrusion machinery critical for production. Key

European equipment suppliers are currently operating at full capacity, constraining domestic manufacturing scalability. Additionally, some state governments exhibit reluctance in adopting OPVC pipes, possibly due to administrative or economic considerations. The higher upfront cost of OPVC pipes compared to conventional PVC pipes also poses a barrier, although lifecycle cost advantages typically justify the investment. Looking ahead, the combined PVC and OPVC pipe markets in India are poised for sustained growth driven by infrastructural expansion, technological innovation, and an increasing focus on sustainable solutions. OPVC pipes, in particular, are expected to play a transformative role in India’s water infrastructure landscape by offering a durable, cost-effective, and environmentally responsible alternative that complements and gradually supersedes traditional PVC piping.

Source https://www.globenewswire.com/news-release/2025/01/23/3014431/28124/en/India-7-4-Bn-PVC-Pipes-Market-Analysis-Competitive-Landscape-Forecasts-Opportunities-2024-2030.html https://www.globenewswire.com/news-release/2024/12/31/3003067/28124/en/India-PVC-O-Orientated-Polyvinyl-

Chloride-Market-Outlook-to-2034-Featuring-Key-Players-Ashirvad-Pipes-Delta-Optiflux-Oriplast-and-APL-Apollo.html

Indian Steel and Rebars Industry

The Indian steel industry continues its upward trajectory, driven by robust domestic demand from Infrastructure, Construction, and Manufacturing sectors. In

FY 2023-24, India’s crude steel production reached 144 Million tons (MT), at a 4.8% CAGR over the past decade. This surge aligns with the Government’s infrastructure push, including investments in railways, urban development, and roadways. Finished steel production recorded a strong 9.1% y-o-y increase, reaching 138.8 MT, while consumption climbed 13.6% YoY to 136.3 MT. This underscores the growing appetite for steel across sectors. The National Steel

Policy 2017 remains a guiding framework, targeting

300 MT of capacity by FY 2030-31, ensuring the industry’s long-term expansion remains on track.

The demand for TMT rebars, essential for reinforced concrete structures, has been rising in tandem with India’s construction boom. The Government’s capital expenditure allocation of 11.11 Trillion for FY 2024-25 under the PM Gati Shakti National Master Plan is expected to fuel infrastructure projects, further boosting rebar consumption. With rapid urbanization and industrialization, the adoption of high-strength rebars—especially earthquake-resistant and corrosion-resistant variants—is growing. Additionally, the industry’s shift towards energy-efficient steelmaking, including increased use of electric arc furnaces and green hydrogen, is set to enhance production efficiency while supporting sustainability goals.

India - Key Growth Drivers

Massive Infrastructure

Expansion

The Indian Government’s record infrastructure investments continue to drive demand for steel and TMT rebars. With railway modernization, expressway expansions, urban metro networks, and industrial corridor development gaining momentum, the sector is poised for sustained growth. The PM Gati Shakti National Master Plan and large-scale housing initiatives like Pradhan Mantri Awas Yojana are further supporting steel consumption in construction.

Surge in High-Rise and Commercial Construction

The rising trend of high-rise buildings, commercial spaces, and large industrial parks is fueling demand for high strength rebars. With growing urbanization and increasing investments in real estate, warehousing, and data centers, steel-intensive construction is expanding rapidly. The increasing adoption of pre-engineered buildings

(PEBs) and structural steel solutions is further driving the demand for high-quality rebars.

Government Focus on Energy and Industrial

Manufacturing

The expansion of power transmission, renewable energy infrastructure, and industrial manufacturing hubs are bolstering steel demand. Large investments in electricity grid modernization, Oil & Gas pipelines, and industrial production facilities are creating sustained growth opportunities for steel producers. Additionally, the push for domestic steel manufacturing under Aatmanirbhar Bharat is strengthening local production capacity.

Increasing Demand from Defence and Railways

The Defence sector and Indian Railways are emerging as key steel consumers. With new metro rail corridors, bullet train projects, and railway infrastructure modernization, there is a surge in the demand for specialty steel and rebars. Additionally, increasing domestic Defence production—spanning warships, military vehicles, and aerospace structures—is driving higher steel consumption in advanced manufacturing.

Welspun Corp’s strategic focus on its core products is closely aligned with India’s robust macroeconomic fundamentals and key growth priorities, such as infrastructure development, energy sector expansion, and water resource management.

With the government accelerating investments in pipelines, city gas distribution, smart cities, and water supply projects, the demand for the Company’s advanced piping and engineering solutions is expected to grow significantly. This alignment between national development initiatives and the Company’s product capabilities positions it to effectively capitalize on emerging opportunities, drive sustainable growth, and contribute meaningfully to the country’s progress.

USA

The United States economy in

CY 2025 is navigating a multilayered environment shaped by domestic policy recalibrations, tariff interventions, and evolving geopolitical dynamics. Despite underlying economic fundamentals such as steady consumer demand and a healthy labor market, the IMF has downgraded GDP growth projections to 1.8%, reflecting concerns over the negative impacts of tariffs and policy uncertainty. Inflation is expected to rise to around 3% and the risk of recession has increased substantially, underscoring the fragility of the current economic outlook.

Amidst this backdrop, the US Oil & Gas sector continues to demonstrate robust traction, emerging as a critical pillar of economic activity. Domestic production growth, infrastructure expansion, and favorable regulatory frameworks have collectively accelerated investments in energy and pipeline infrastructure. With increasing demand for natural gas transmission, carbon capture, and regional connectivity, the industry’s growth trajectory remains firmly positive.

This industry momentum directly augurs well for Welspun Corp, given its long-standing presence and deep-rooted manufacturing capabilities in the United States. As one of the largest local manufacturers of large-diameter pipes, Welspun Corp’s operations are strategically positioned to benefit from this sectoral upcycle. The Company’s domestic manufacturing footprint enables it to align seamlessly with the ‘Buy America’ provisions, reducing exposure to import-based tariffs and positioning it as a preferred partner for critical infrastructure projects. Despite recent disruptions arising from tariff policies, Welspun Corp remains relatively insulated due to its localized operations. The Company’s US facility continues to operate at scale, catering to long-cycle, high-specification pipeline projects anchored in energy-intensive corridors. Furthermore, the Company has secured a strong order book in the US, reflecting customer trust, execution reliability, and technical excellence.

Sources: https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025, https://www.goldmansachs.com/pdfs/insights/goldman-sachs-research/2025-us-economic-outlook-new-policies-similar-path/2025USEconomicOutlook.pdf

USA Oil & Gas

The USA is set to consolidate its position as a dominant Oil & Gas player globally, supported by strong production fundamentals, expanding export infrastructure, and policy support. In CY 2025, oil demand in the US is projected to grow by 90 thousand barrels per day (kb/d), primarily due to a 140 kb/d increase in LPG and ethane consumption, offsetting a 100 kb/d decline in gasoil and a 10 kb/d drop in gasoline demand. This shift reflects structural changes in mobility and energy use. The Permian Basin continues to anchor US crude oil production, benefiting from sustained investments, high well productivity, and low breakeven costs. Its performance remains central to the country’s ability to maintain stable supply even as domestic demand patterns evolve.

Natural gas markets also remain robust. CY 2024 saw a 1.6% increase in US gas consumption, despite milder year-end weather. Residential and commercial demand grew over 14% year-on-year, while the power sector saw an 8% increase. Although CY 2025 gas consumption is expected to decline slightly by

0.3%, this reflects a correction following two years of strong growth. Dry gas production recovered by

December 2024 with a 0.6% rise, even as year-on-year output dipped due to earlier weather disruptions. The LNG expansion remains a key strategic driver.

After a 0.8% rise in CY 2024, gross LNG exports are expected to grow by 14.2% in CY 2025, enabled by new terminals. Henry Hub spot prices, which averaged US$ 2.19/MMBtu in CY 2024 (down 14% YoY), are projected to increase 35% in CY 2025 due to tightening supply and rising global demand.

In May 2025, the US administration announced measures to expedite Oil & Gas leasing approvals, reinforcing supply resilience and supporting long-term growth across both Oil & Gas segments.

Sources: https://www.aga.org/research-policy/resource-library/natural-gas-market-indicators-december-19-2024/ https://www.eia.gov/outlooks/steo/report/natgas.php reuters.com/business/energy/us-speed-up-oil-gas-land-parcel-reviews-federal-leasing-2025-05-13/

Welspun Corp’s strong local manufacturing presence in the US positions it well to benefit from the country’s stable economic growth and expanding energy infrastructure. Despite challenges like tariffs and inflation, robust demand in the Oil & Gas sector drives need for Welspun Corp’s large-diameter pipes and pipeline solutions. Aligning with ‘Buy America’ policies, the company is a preferred partner for critical projects, enabling it to capitalize on sectoral growth and contribute to the nation’s infrastructure development.