Welspun Specialty Solutions Ltd

Meeting Details

• Date: October 21, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited financial results for Q2 and H1 ended September 30, 2026.

Other Notes

• Trading window closed from October 1, 2026 until 48 hours after results declaration.

Dematerialisation status

• Securities received for dematerialisation were confirmed to the depositories.
• The securities in these certificates are listed on the same exchange as the earlier securities.
• Physical certificates received for dematerialisation were mutilated and cancelled after due verification.
• The depository's name was substituted as registered owner within 15 days of receipt.

Rating action details

• Long Term/Short Term Bank Facilities ₹235 crore: CARE AA-; Stable / CARE A1+.
• Long Term Bank Facilities ₹65 crore: CARE AA-; Stable.
• Commercial Paper ₹50 crore: CARE A1+; Reaffirmed.
• Ratings previously: CARE AA+ (CE) / CARE A1+ (CE) withdrawn.
• New ratings: CARE AA-; Stable / CARE A1+ backed by unconditional guarantee from Welspun Corp Ltd.
• Outlook: Stable.

Rationale and drivers

• Strategic importance to WCL with 55.17% stake.
• Liquidity strong: cash and investments ~₹155 crore; low working-capital utilisation.
• No term debt; net worth ₹456 crore; gearing 0.41x; PBILDT 2.19x.
• TOI ₹895 crore FY26; PBILDT ₹56 crore; PBILDT margin 6.30%.
• Order book ~₹200 crore end FY26; pipe coverage ~3 months, steel ~2 months.
• Guarantor: unconditional corporate guarantee from Welspun Corp Limited.
• Analytical approach: Standalone with parent notching framework.

Credit profile risks

• Key risks: steel industry cyclicality; raw-material and FX price volatility.
• Profitability remains moderate with scope for margin variability.

Welspun Specialty Solutions Limited: Trading window closed from October 1, 2026 till 48 hours after the declaration of the unaudited financial results of the Company for the half year ending September 30, 2026.

Resolution details

• Purpose: appoint Anil Kumar Jha as Independent Director for four-year term beginning Aug 28, 2026.
• Resolution: Special; appointment not liable to retire by rotation.
• Term: four consecutive years from Aug 28, 2026 to Aug 27, 2030.
• Candidate profile: 48 years in power sector; ex-NTPC Chairman & MD; governance expertise.
• Independence: meets independence criteria per Section 149(6) and Listing Regulations.
• Remuneration: sitting fees to be paid as decided by the Board.
• Committee: Member of the Risk Management Committee.
• Voting window: Sept 28, 2026 to Oct 27, 2026 via NSDL.
• Cut-off date: eligibility as on Sep 18, 2026.
• Result status: Voting results to be announced by Oct 28, 2026.

Resignation of Chief Operating Officer

• Resignation of Mr. Gouri Shankar Roy from Chief Operating Officer and SMP role, effective 5 September 2026.
• Reason: health issue and family commitments.

Director Appointment

• Appointment of Mr. Anil Kumar Jha as Additional Director (Non-executive Independent) for four-year term.
• Term starts August 28, 2026 and ends August 27, 2030 (first term).
• Independent status confirmed; not debarred by SEBI or any regulator.
• Profile: 48-year power sector veteran; ex-NTPC CMD; renewable energy and regulatory expertise.
• Not related to any director or promoter group.
• Appoints subject to members' approval.
• Independence meets Companies Act 2013 and SEBI Listing Regulations.

Independent Director retirement

• Name and designation: Myneni Narayana Rao, Independent Director.
• Reason for cessation: completion of second consecutive term as Independent Director.
• Effective date: 27 August 2026.