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Welspun Group | Welspun Corp Ltd
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WCL - Investor Presentation
World’s 2 nd Largest Pipe Manufacturer
February 2013

Welspun Group | Welspun Corp Ltd
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On The Path of Global Leadership…
WELSPUN CITY, ANJAR

Welspun Group | Welspun Corp Ltd
WCL – An Introduction
• Flagship company of Welspun Group - one of the largest pipe
manufacturing companies in the world; declared 2 nd biggest large
diameter pipe company by FT in 2007
• International footprint with manufacturing and marketing facilities
worldwide offering a One-Stop-Solution for all line pipe requirements
• Partner of Choice for more than 50 Oil & Gas Giants across the globe;
geographically diverse client base including Chevron, Exxon Mobil, Saudi
Aramco, British Gas , Kinder Morgan etc
• Accredited with ISO 9001, ISO 14001 and OHSAS 18001 certifications
• Strong order book of 1.1 million MT ~ US$ 1.4 billion
Shareholding Pattern as on December 31, 2012
Consolidated Total Revenues
1,762 1,872
2,000
1,548
1,368
1,500
1,000
500
-
FY 10 FY 11 FY 12 9M FY13
Operational EBITDA
500
400
318
278
300
232
200
107
100
-
FY 10 FY 11 FY 12 9M FY13
Summary Market Statistics
(US$ million)
(US$ million)
Public, Banks,
Financial Institutions
and others
44.48%
Promoter
37.96%
As of February 15,
2013
INR Mn
US$ Mn
Share Price 90.45 1.68
Market Capitalization * 23,787 442
Exchange Rate
FII
17.31%
Mutual Funds
0.25%
FY 10 FY 11 FY 12 9M FY13 Feb 15th, 2013
INR/US$ 47.47 45.53 47.95 54.54 53.81
Enterprise Value ** 59,516 1,106
*Total # shares outstanding: 262.98 million including 35.04 million of CCD’s due for
conversion in February 2013
**Net Debt at INR 35,729 million as on December 31, 2012
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Welspun Group | Welspun Corp Ltd
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The Growth Story
Revenue
$ 1,368 mn.
$ 1,872 mn.
Growth
9M 2013
2012
- ERW Plant construction in US completed. Secured maiden
orders
- Mandya plant expansion completed
- 350,000 tons LSAW capacity in Anjar commissioned
- Initiated Mandya Plant Capacity Expansion to 150,000 MT
- Initiative of Setting up new ERW Plant 175,000 tons in US
$ 1,762 mn.
2011
Saudi Plant - capacity of 300,000 MTPA operational
100,000 MTPA HSAW Plant at Mandya operational
$ 1,548 mn. 2010
$ 1,250 mn. 2009
Anjar capacity expansion of 350,000 tons and HSAW capacity
of 100,000 tons in Mandya initiated
350,000 tons US Spiral Mill commissioned
150,000 tons Spiral Mill commissioned
$ 991 mn.
$ 593 mn.
2008
2007
Recognized 2 nd largest pipe producer in
the world by Financial Times, UK
Anjar Facility , A Key Contributor
$ 413 mn.
2006
Approvals from O&G majors for new facility
$ 231 mn.
2005
New Capacity at Anjar, Gujarat for HSAW & Coating
$ 180 mn.
2004
Merger of coating J.V. with WCL
$ 56 mn.
$ 14 mn.
$ 5 mn.
1998
2000
2001
Pipe Coating in JV with EUPEC, Germany
Dahej, Gujarat
LSAW, Dahej, Gujarat
HSAW, Dahej, Gujarat
Incorporated
1995
Embarked on a Growth Journey
* Annualized on basis of 9M FY13 Revenue

Welspun Group | Welspun Corp Ltd
WCL – An Introduction; Pipes & Plates
PIPES
PLATES
LSAW
HSAW
ERW
Coating
- Anjar (India)
- Dahej (India)
- Anjar (India)
- Dahej (India)
- Mandya (India)
- Anjar (India)
- Little Rock, Arkansas
(US)
- Anjar (India)
- Little Rock, AK (US)
- Dammam (Saudi Arabia)
- Anjar (India)
- Dammam (Saudi Arabia)
- Little Rock, Arkansas (US)
Manufacturing Capacities in K MT
3,000
2,500
2,425
2,000
1,500
1,350
1,500
1,000
500
700
375
0
LSAW HSAW ERW Total Pipes Plates
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Welspun Group | Welspun Corp Ltd
Global Manufacturing Capacities & Products
LSAW Pipes – Dahej & Anjar
ERW Pipes - Anjar
HSAW Pipes – Anjar,Dahej & Mandya
Pipe Coating – Anjar, US and Dammam
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Welspun Group | Welspun Corp Ltd
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Global Manufacturing Capacities
Plates - Anjar
HSAW pipes – Little Rock US
HSAW pipes – Dammam, Saudi
Skilled Workforce across all locations

Welspun Group | Welspun Corp Ltd
Robust Business Fundamentals
Strongly Positioned
• Strong presence in 2 of the bigger Oil & Gas markets – North America and Middle
Consistent Production & Sales
East; well positioned to take advantage of higher realization margins in Latin
American markets.
1000
800
814
816
958
909
819
835
656
‘000 MT
655
• WCL marquee clients - Exxon Mobil, Kinder Morgan, TCPL and GAIL
600
• Long term contract - TransCanada & Statoil, Framework Agreement - Chevron
*Current Order book (1,072K MT of pipes and 49K MT of external plates)
stands at US$ 1.1 billion
400
200
0
FY 10 FY 11 FY 12 9M FY13
Pipe Orders Booked Pipe Orders Executed Closing Pipe Orders
Total Pipe Production
Total Pipe Sales
Year MT (in '000 tons) MT (in '000 tons) MT (in '000 tons)
FY 2008-09 807 695 781
FY 2009-10 824 814 791
FY 2010-11 844 909 726
FY 2011-12 1,163 835 1,029
9M FY 2012-13 697 655 1,072
*Current Pipe Order Book – Geographical Distribution by Volume
India
18%
100%
80%
60%
40%
20%
0%
Consistent Export Revenue
29% 34% 30% 28%
71% 66% 70% 72%
FY10 FY11 FY12 9M FY13 *
ROW
India
ROW
82%
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Welspun Group | Welspun Corp Ltd
Global Expansion
Global Market Expansion
World’s largest diameter steel pipe producers (1)
2007 output (million tonnes)
Salzgitter/Europipe* (Germany) 1.3
Saudi Arabia
Iraq
Welspun (India) 1.0
Canada
Spain
Venezuela
Russia
JFE (Japan) 0.7
Sumitomo (Japan) 0.7
US (Trader Mkt.)
US (Projects)
Mexico
Peru
Bolivia
Algeria
Egypt
Columbia
Oman
Qatar
Kuwait Indonesia
Sudan
China
Bangladesh
Thailand
Malaysia
Evraz** (Russia) 0.6
Nippon Steel (Japan) 0.6
Riva (Italy) 0.6
PSL (India) 0.5
JSW (India) 0.3
ArcelorMittal (Luxembourg) 0.2
Stupp (US) 0.1
Tata/Corus (India/UK/Netherlands) 0.1
Others*** 7.3
What Sets WCL Apart From Competition
• Decade Long Experience
• One stop solution
• High Capacity Equipment to Meet Future Demand
• Proven execution and strong management experience
Framework Agreements
• Features
- Selected few companies considered for supplies that meet stringent process of qualification
- Typically customers with large requirement over a period of time
- Flexibility in pricing terms and continuous business
• Current Framework Agreements - Chevron
WCL was rated 2 nd largest Pipe Company in 2007 and has since reached capacity of 2.25 MTPA
Note
1. As reported by Financial Times on April 13, 2008
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Welspun Group | Welspun Corp Ltd
Welspun’s Worldwide Reach
AMERICAS
EUROPE & CIS
Canada
USA
Mexico
Bahamas
Trinidad & Tobago
Venezuela
Colombia
Peru
Bolivia
Spain
Czech Rep.
Algeria
Nigeria
Egypt
Sudan
Russia
Iraq
Qatar
UAE
Saudi Oman
India
DOMESTIC
China
Bangladesh
Thailand
Malaysia
SOUTH
EAST ASIA
AUSTRALIA
Indonesia
Plant Locations
Anjar, India
Dahej, India
Mandya, India
Little Rock, USA
Dammam, Saudi
Marketing Offices
Mumbai, India
Delhi , India
Houston, USA
Dammam, Saudi Arabia
Dubai, UAE
MENA
Plants
Mktg Office
Countries served
Source: Welspun Corp Ltd.
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Welspun Group | Welspun Corp Ltd
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Relationship with Oil & Gas Majors
AGIP, Jordan
NTPC, India
Al WASIT, UAE
ONGC, India
BECHTEL, US
PETRO CHINA
BRITISH GAS
PETRONAS, Malaysia
BRITISH PETROLEUM
PDO, Oman
CHINA NATIONAL PETROLEUM CORPORATION PGN, Indonesia
CPMEC, China
QATAR PETROLEUM
CHEVRON, US (Framework Agreement)
RELIANCE INDUSTRIES LIMITED, India
DOW, US
SAIPEM, Italy
ELPASO, US
SAUDI ARAMCO
EGYPTIAN GENERAL PETROLEUM CORPORATION SHELL, US
ENTERPRISE, US
STOLT OFFSHORE – Acergy, UK
EXXON-MOBIL (GOLDEN PASS PIPELINE), US SONATRACH, Algeria
GROUP FIVE , Saudi Arabia
TOTAL, France
GAIL, India
TECHNIP, France
GASCO, UAE
TRANSCANADA (Long Term Contract)
GASCO, Egypt
UNOCAL, US
GAZPROM, Russia (STROYTRANSGAZ)
PERU LNG, US (HUNT OIL)
KINDER MORGAN, US
VIETSOPETRO, Russia/Vietnam
N.A.O.C. - Nigeria
SWCC, India
NPCC, UAE
Accreditation Process
A significant entry barrier
Setting up plant
1-2 years
Seeking API
approval
1 year
3 - 5 years
Approval from
major domestic
/ international
oil and gas
companies
2 – 3 years

Welspun Group | Welspun Corp Ltd
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Consolidated Financial Snapshot
Balance Sheet Extract
INR million
Particulars FY11 FY12 9M FY13
NET WORTH 33,735 49,139 48,914
Gross Debt 38,067 53,407 60,374
Cash & Liquid Investments 21,875 29,686 24,644
NET DEBT 16,192 23,721 35,729
Net Fixed Assets 41,731 67,322 66,747
Net Current Assets 5,793 5,305 12,113
Profitability Extract
INR million
Particulars FY10 FY11 FY12 9M FY13
Revenue 73,637 80,221 89,766 74,622
Reported EBITDA 13,372 13,784 11,247 6,379
Operational EBITDA 13,186 14,461 11,120 5,855
Cash PAT 9,055 9,699 6,192 2,171
Note: 9M FY13 EBITDA is impacted by foreign exchange provision of Rs. 1,589 million
Ratios
Particulars FY11 FY12 9M FY13
Fixed Asset Coverage 1.24 1.48 1.20
Net Debt / EBITDA* 1.12 2.13 4.58
Net Debt / Net Worth 0.48 0.48 0.73
* 9M FY13 EBITDA Annualized

Welspun Group | Welspun Corp Ltd
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Consolidated Financial Snapshot
Balance Sheet Extract
Profitability Extract
Note: 9M FY13 EBITDA is impacted by foreign exchange provision of $29.13 million
US$ Million
Particulars FY11 FY12 9M FY13
Net Worth 756 966 890
Gross Debt 854 1,050 1,098
Cash & Cash Equivalents 490 584 448
Net Debt 363 466 650
Net Fixed Assets 936 1,323 1,214
Net Current Assets 130 104 220
US$ Million
Particulars FY10 FY11 FY12 9M FY13
Revenue 1,551 1,762 1,872 1,368
Reported EBITDA 282 303 235 117
Operational EBITDA 278 318 232 107
Cash PAT 191 213 129 40
Exchange Rates
Year FY10 FY11 FY12 9M FY13
Avg. INR/US$ 47.47 45.53 47.95 54.54
Period Ending INR/US$ 44.9 44.60 50.87 54.99

Welspun Group | Welspun Corp Ltd
Q3 FY13 Highlights
Key Snapshot
• Revenue Growth at 38% QoQ
• Adjusted Cash PAT up 73% QoQ
• 1.1 million MT outstanding pipe order book
• Sales volume at 295KT in Q3FY13 – highest
quarterly figure in Company history
Consolidated Highlights
In INR Mn
Particulars Q3 FY13 Q3 FY12 Q2 FY13
Sales 28,519 24,671 20,606
Reported EBITDA 1,840 1,585 2,171
EBITDA (Adjusted)# 2,518 3,408 1,432
Finance Cost 1,386 1,245 1,130
Depreciation/ Amortization 1,136 984 1,030
PAT (Adjusted)# (348) 531 (508)
Cash PAT (Adjusted)# 866 1,116 500
#Total foreign exchange provision of Rs. 678 million was booked in Q3 FY13 and
Rs. 1,589 million for 9M FY13
Status of Projects
• Construction of ERW Plant in US completed
• Trial runs in progress
• Received API certification
• Maiden orders booked
Production and Sales Volume
Volume (in KMT) Q3 FY13 Q3 FY12
Production
Pipes 258 207
Plates & Coils 98 154
Sales
Pipes 295 202
Plates & Coils* 105 139
*Includes internal Sales
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Welspun Group | Welspun Corp Ltd
Investment Rationale - Strong Industry Outlook
Relatively Few Major Players
• Highly capital intensive industry with high barriers to entry
• Niche markets effectively captured by Welspun
• Reliability and reputation for excellence are paramount
• Brighter Prospects for the industry with oil prices at
sustainable levels
Global Demand
• Business potential : US$ 489 bn (Source Simdex )
• Shale Gas in US: 13.6 trn cu ft by 2035 from 5.0 trn cu ft in
2010 (source : EIA Energy Outlook 2012)
• Replacement of the old pipelines in US
• US
• Low pipeline penetration provides huge potential
• PNGRB
- Awarded Rs. 8.5 bn J&K project to GSP consortium,
- Approved 1,104 km Kochi – Koottand – Bangalore- Mangalore
in 2012.
oil boom and Alaska Pipeline project expected to
significantly boost demand
Domestic Demand
• City Gas Distribution – 200 Cities by 2015
• Liquefied Natural Gas (LNG) terminals – 18.6 MTPA
• Water Infrastructure projects under the 12 th Plan and JNNURM
International Demand Outlook 2012 –
2017 (Future Pipeline Projects)
Region
Company
Projects
Source: www.simdex.com August 2012 data update
Domestic Market Size
Total
Length
(kms)
Total Length
(kms)
Quantity
(KMT) (1)
Business
Potential
(US$ Bn) (2)
GAIL* 6,642 1,328 1.6
RGTIL 2,628 526 0.6
IOCL 4,366 874 1.0
Total 13,636 2,728 3.2
Source: *GAIL India Ltd Presentation May 2012
Source: Basic Stats Report – www.petroleum.nic.in
Quantity
(MMT)
Business
Potential
(US$
Bn) (1)
North America 221 68,187 14 80
Latin America 55 33,500 7 52
Europe 187 60,915 12 116
Africa 59 24,349 5 31
Middle East 125 38,912 8 63
Asia 115 63,791 13 116
Australasia 75 17,978 3 31
Total 837 307,632 62 489
Share of Expected Demand 2012 - 2017
Source: www.simdex.com Aug 2012 data update
Proposed pipeline of GAIL
Phase I (Under Execution)
Name of Pipeline
Length
(Kms)
Cost
(Rs Cr)
Add. Cap
(MMSCMD)
DVPL Ph -II / Vijaypur Dadri 1,109 10,764 80
Dadri - Bawana - Nangal 594 2,358 31
Chainsa - Jhajjhar - Hissar 349 1,315 35
Sub Total 2,052 14,437 146
Phase II (Approved in 2009)
Name of Pipeline
Australasia
5%
Middle East
13%
Africa
8%
Asia
21%
North
America
23%
Europe
19%
Length
(Kms)
Cost
(Rs Cr)
Latin
America
11%
Add. Cap
(MMSCMD)
Jagdishpur - Haldia 2,050 7,596 32
Dabhol - Bangalore 1,414 4,994 16
Kochi - Mangalore - Bangalore 1,126 3,263 16
Sub Total 4,590 15,853 64
Grand Total 6,642 30,290 210
Welspun is well placed, with global clients and state-of-the-art technology, to capitalize
on this opportunity
Source GAIL India Investor Presentation , May 2012
Source: Simdex and Industry Sources 1. Conversion rate of 200 tons/ km 2. As illustrated in the adjoining tables
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Welspun Group | Welspun Corp Ltd
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Investment Rationale – Robust company fundamentals
• Outlook for the pipe business remains positive amidst challenges in the global economy.
• Continued new pipe orders both locally and internationally during such challenging times on the back of its strong customer
reach and proven execution track record.
• Key demand markets continue to be North America, Middle East and India; potential for other markets in Latin America,
Africa and Asia driven by strong growth in energy and oil demand.
• With tremendous development activities in US leading to it becoming self reliant on energy in the next few years, countries
like Canada which have been dominant supplier of Oil and Gas to US are exploring export of their products to the Asian
countries. This would lead to higher pipe demand
• Key differentiating factor going forward - Ability to offer a portfolio of high quality products to
customers.
• Confident of positive growth through higher utilization levels across manufacturing capacities.
• Saudi and US plants booked till November 2013.
• Strong customer relationship enables repeat orders from key customers.
• Offering complete solution for any Line Pipe requirements making WCL the One-Stop-Solution

Welspun Group | Welspun Corp Ltd
Proven and Experienced Management Team
Mr. B.K. Goenka is the Chairman, and the chief architect
of the Welspun Group. Today, with his entrepreneurial
ability and professionalism, he has built up one of the most
admired business conglomerates
Mr. R.R. Mandawewala is the Group Managing Director,
a key contributor in Welspun’s journey. A Chartered
Accountant by profession and with over 25 years of
experience, he has expertise varying from Textiles to SAW
pipes.
Mr. Braja K Mishra is the Managing Director of Welspun
Corp and is a prominent figure in the industry with long and
varied experience. Has over 25 years of experience and
posseses immense critical know-how about the pipe and
plate industry
Mr. Mintoo Bhandari, serves as Director on Board
(Nominee of a shareholder) in WCL. Mr. Bhandari also
serves on the board of directors of SOURCECORP, Dish TV
India Limited and Wire & Wireless (India) Ltd. Mr.
Bhandari graduated with an BS in Mechanical Engineering
from MIT and with an MBA from the Harvard Business
School.
Mr. David J. Delie serves as President Welspun Tubular
LLC. A graduate in Science (Electrical Engineering) and a
Masters Degree in Engineering Management from the
University of Pittsburgh, he has an extensive 33-year
background in the steel and pipe industry. Mr Delie has
served on the Board of Directors of Berg Steel Pipe Corp.,
EB Pipe Coating, Inc., the American Iron & Steel Institute
(AISI).
Mr. B.R. Jaju serves as Director & CFO. A Chartered
accountant by profession, member of Company Secretary (FCS),
as well as a Law Degree (LL.B). He has a rich experience over
30 years in finance and global M&A activities. Mr. Jaju has been
awarded 3 times as Best Performing CFO in the year 2003, 2005
and 2006, by the most credible nationally renowned jury.
Mr. Akhil Jindal serves as Director, Group Strategy &
Finance. He graduated with an Engineering Degree , MBA
from Indian Institute of Management, Bangalore. Mr. Jindal
is responsible for strategic inorganic/organic initiatives
within the Group and has spearheaded large fund raisings,
cross border acquisitions, private equity raisings and
financial closure of projects exceeding over US$ 1 bn.
Mr. Prashant Mukherjee serves as Director of Welded Pipes.
A Graduate in Science (Engineering, Mech) with over 24 years
experience mostly in the Oil & Gas Pipe Industry, Mr. Mukherjee
has been instrumental in implementing expansion projects in the
Company
Mr. Vipul Mathur is the Director Sales & Marketing (Pipes).
A Science Graduate and Masters in Business Administration
(MBA) in Marketing, he has a rich experience of over 16 years in
the Oil & Gas Pipe Industry
Mr. Akbar Umatiya is Vice President & Unit Head of
Welspun Middle East LLC (Saudi Plant) A technocrat
Professional having more than 26 years of versatile experience in
various fields like Operations, Project Executions and Marketing
in India and Overseas. He has proven capability to perform in
International environment studded with a mix of diverse cultures
and to develop Technical and professional abilities for team
building to enhance superior quality work.
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Welspun Group | Welspun Corp Ltd
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Journey to become the most respected Pipe Company in the World
How Welspun will sustain
How Welspun reached here
• Technology
• Product profile
• Approvals
• Accreditations
• Serving challenging orders
• People
• Zero Harm - Safety
• Niche markets -deep offshore/ sour
pipelines
• Stringent client specifications
• Local presence in key markets
• Highly trained workforce
• Zero Tolerance – Quality Standard
Humble beginnings
Today
The future

Welspun Group | Welspun Corp Ltd
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CSR and Environmental Leadership
When Industry Cares…. The Community Smiles
C
O
R
E
F
O
C
U
S
Education
CSR Initiatives
Empowerment &
Health
Implementation Mediums
Environment
O
U
T
R
E
A
C
H
Welspun Programs
Tie-ups with Non Governmental
Organizations / Developmental
Agencies/ Institutions
Facilitating
Government Initiatives

Welspun Group | Welspun Corp Ltd
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Disclaimer
Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking
statements,” including those relating to general business plans and strategy of Welspun Corp. Limited (“WCL"), its future outlook and
growth prospects, and future developments in its businesses and its competitive and regulatory environment. Actual results may differ
materially from these forward-looking statements due to a number of factors, inter alia including future changes or developments in
WCL's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological
changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering
circular or offering memorandum or an offer invitation, or a solicitation of any offer, to purchase or sell, any securities of WCL and
should not be considered or construed in any manner whatsoever as a recommendation that any person should subscribe for or
purchase any of WCL's securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered
or supplied under or in relation thereto shall be deemed to constitute an offer of or an invitation by or on behalf of WCL to subscribe
for or purchase any of its securities.
WCL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with
respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information
contained in this presentation, unless otherwise specified is only current as of the date of this presentation. WCL assumes no
responsibility to publicly amend, modify or revise any forward looking statements contained herein, on the basis of any subsequent
development, information or events, or otherwise. Unless otherwise stated in this presentation, the information contained herein is
based on management information and estimates. The information contained herein is subject to change without notice and past
performance is not indicative of future results. WCL may alter, modify or otherwise change in any manner the content of this
presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and
disseminated in any manner.
THE INFORMATION PRESENTED HERE IS NOT AN OFFER INVITATION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SELL ANY
SHARES OR ANY OTHER SECURITY OF WCL.
This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan.
These materials are not an offer or solicitation of any offer of securities for purchase or sale in or into the United States, Canada or
Japan.

Welspun Group | Welspun Corp Ltd
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Thank You
For further details, please contact:
Akhil Jindal
Director – Group Strategy and Finance
Email: akhil_jindal@welspun.com
Navin Agarwal
VP - Group Strategy and Finance
Email: navin_agarwal@welspun.com
Company Website: http://www.welspuncorp.com