Welspun Corp (WCL) is a leading global manufacturer of large diameter pipes with an installed capacity of 2.4 Mn tonnes. Given its presence in USA, Saudi Arabia and India, we believe that, the company is better placed compared to its peers in terms of tapping the global market opportunity of over US$400 bn. At the end of Feb'19, WCL's order book stood at Rs145 bn, to be executed over the next 15-18 months, thereby providing strong revenue visibility. We expect Welspun Corp to register growth of ~11% CAGR in revenue during the FY18FY21E period, while PAT is expected to grow at 31% CAGR during the same period, on back of improvement in operating performance and decline in interest...