Welspun Enterprises Ltd

Tax dispute update

• Show Cause Notice from Haryana State GST for FY 2022-23; proposed tax Rs 15.37 crore (Rs 153.75 million).
• Notice seeks payment of tax and penalty for alleged short payment and ITC irregularities.
• Company assessment: demand not maintainable; will file detailed reply; no material impact anticipated.
• Receipt date of SCN: September 30, 2026.
• Period covered in dispute: FY 2022-23.
• Annexure confirms Haryana Deputy Commissioner of State Tax; pertains to FY 2022-23.

Welspun Enterprises Limited — Trading Window Closed from October 01, 2026 till 48 hours after the declaration of Unaudited Consolidated and Standalone Financial Results of the Company for the quarter and half-year ended September 30, 2026

UP GST Show Cause Notice

• SCN proposes tax demand of ₹71.24 crore plus interest and penalties.
• SCN dated Sept 26, 2026; received Sept 28, 2026.
• Period covered: Tax FY 2022-23.
• Alleged short payment of tax and ITC availment on certain supplies.
• Company to file detailed reply; disputes demand as not maintainable.
• No material impact expected on financials or operations.

Rating actions

• Welspun Enterprises Ltd: Long-term rating Crisil AA/Stable upgraded from AA-/Positive on Rs 2,600 crore bank facilities.
• Welspun Enterprises Ltd: Short-term rating Crisil A1+, reaffirmed.
• Welspun Enterprises Ltd: CP rating Rs 200 crore Crisil A1+, reaffirmed.
• Welspun Michigan Engineers Ltd: Long-term rating Crisil AA-/Stable upgraded from A+/Positive.
• Welspun Michigan Engineers Ltd: Short-term rating Crisil A1+, upgraded from A1.
• Welspun EDAC JV Private Ltd: Long-term rating Crisil AA (CE)/Stable upgraded from AA- (CE)/Positive.
• Welspun EDAC JV Private Ltd: Short-term rating Crisil A1+ (CE), reaffirmed.

Award details

• AMC awarded two sewer rehabilitation LOAs to WMEL, Welspun's material subsidiary.
• Aggregate contract value ₹351.24 crore, including GST and excluding provisional sum.
• Western Ahmedabad project ₹229.48 crore; Eastern Ahmedabad project ₹121.76 crore.
• Execution to be completed within 24 months from commencement.
• Domestic awarding entity is Ahmedabad Municipal Corporation; World Bank funds the projects.
• Order book rose to ₹2,432.66 crore as of June 2026.
• Incremental order book addition due to LOAs: ₹297.66 crore.
• No promoter group interest and no related-party transactions.

Meeting Details

• Sep 21, 2026: Anand Rathi G-200 Summit 2026; physical meeting.
• Sep 23, 2026: The JM Financial Environment & Energy Conclave; physical meeting.
• Sep 29, 2026: Bharat Connect Conference; virtual meeting.

Participants

• Company officials (management) to participate.

Purpose

• Discuss investor relations and present Q1 FY27 investor presentation.

Additional Notes

• Q1 FY27 presentation uploaded on company and stock exchanges' websites.

Clarification on volume movement

• No price-sensitive events; volume movement due to ordinary-course activities; will disclose if any information arises.