WELSPUN ENTERPRISES LIMITED

Shareholders of Welspun Enterprises Limited

Welspun Enterprises Limited is a listed company and therefore does not publish a full shareholder register. Indian listed issuers file a shareholding pattern each quarter under Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which sets out holdings by category and names every holder of more than one per cent. The figures below are from the pattern for the quarter ended 30 June 2026. Total issued and paid-up capital at that date was 138,413,810 equity shares of INR 10 each, held by 51,191 holders.

Promoter and promoter group — 77,694,215 shares, 56.13 per cent, across six holders:

• Balkrishan Goenka, Trustee of Welspun Group Master Trust (promoter) — 69,178,571 shares, 49.98 per cent
• Welspun Investments and Commercials Limited (promoter group) — 4,752,027 shares, 3.43 per cent
• Aryabhat Vyapar Private Limited (promoter group) — 3,762,813 shares, 2.72 per cent
• Sitadevi Rameshkumar Mandawewala — 600 shares; Rajesh R. Mandawewala — 120 shares; Balkrishan Gopiram Goenka — 84 shares (each rounded to 0.00 per cent)

Public — 57,919,595 shares, 41.85 per cent, across 51,184 holders. Domestic institutions held 12,800,934 shares (9.25 per cent), of which mutual funds held 6,851,896 shares (4.95 per cent, including Quant Mutual Fund – Quant Small Cap Fund with 6,712,318 shares, 4.85 per cent), NBFCs registered with the Reserve Bank of India held 4,970,503 shares (3.59 per cent, of which Authum Investment and Infrastructure Limited held 4,970,203 shares, 3.59 per cent), insurance companies 954,860 shares (0.69 per cent) and alternate investment funds 23,651 shares. Foreign institutions held 5,416,777 shares (3.91 per cent): 86 Foreign Portfolio Investors Category I with 4,896,521 shares (3.54 per cent) and ten Category II investors with 520,256 shares (0.38 per cent). Among non-institutions, resident individuals holding nominal capital up to INR 2 lakh held 10,700,474 shares (7.73 per cent, 48,169 holders) and those above INR 2 lakh held 16,270,023 shares (11.75 per cent, 91 holders), the latter including Dilipkumar Lakhi with 4,291,847 shares (3.10 per cent) and Chirag Dilipkumar Lakhi with 2,953,368 shares (2.13 per cent). Bodies corporate held 6,114,826 shares (4.42 per cent), non-resident Indians 1,577,624 shares (1.14 per cent), directors and their relatives 2,739,309 shares (1.98 per cent, including Sandeep Garg with 2,598,965 shares, 1.88 per cent) and the Investor Education and Protection Fund 183,578 shares (0.13 per cent).

Non-promoter, non-public — 2,800,000 shares, 2.02 per cent, held by the employee benefit trust under the company’s ESOP scheme.

Pledge and encumbrance. In the declaration accompanying the 30 June 2026 filing the company answered “No” to each of the three encumbrance questions: no shares held by promoters are encumbered by way of pledge, no shares are under a non-disposal undertaking, and no shares are encumbered other than by pledge or NDU. The filing reports 68,278,571 promoter shares as locked in (98.70 per cent of the Welspun Group Master Trust holding), which is a transfer restriction arising from the preferential allotment and is not an encumbrance. Separately, 7,123,809 of the 19,047,619 convertible warrants outstanding at that date were held by the promoter. Foreign ownership limits were reported as 100 per cent approved and 5.18 per cent utilised.

Ultimate beneficial ownership

The same filing contains a declaration of significant beneficial owners under Section 90 of the Companies Act, 2013. It names Balkrishan Goenka and Dipali Goenka, nationality recorded in the filing as India, as the significant beneficial owners behind all three material promoter vehicles: Balkrishan Goenka, Trustee of Welspun Group Master Trust (49.98 per cent of shares and voting rights, interest created 26 February 2018), Welspun Investments and Commercials Limited (3.43 per cent, 24 January 2014) and Aryabhat Vyapar Private Limited (2.72 per cent, 25 July 2019). In each case the filing records the interest as arising from shares and voting rights and answers “No” to exercise of control and to exercise of significant influence as separate grounds. No holder outside the promoter group reaches 25 per cent, and no natural person other than those named is identified as a beneficial owner in the company’s filings. The chain has not been followed beyond the point supported by official filings.

Data availability

The record behind this page listed ten passive foreign funds as the company’s shareholders — DFA Emerging Markets Value at 25.87 per cent, DFA Emerging Markets Small Cap Series at 14.10 per cent, Avantis Emerging Markets Equity ETF at 9.71 per cent, Optimum Funds Trust International at 1.44 per cent and DFA World ex-U.S. Core Equity at 1.20 per cent among them. That attribution is irreconcilable with the company’s capital: the share counts behind those percentages are in the tens of thousands, against 138,413,810 shares in issue, and the Regulation 31 filing shows all foreign portfolio investors together holding 3.91 per cent. Those rows are shares held within a fund sample, not shares of the company, and none of them was used here.

The group record also stores 27AABCM4107C2Z0 as the company’s registration number. That is a Goods and Services Tax Identification Number for the state of Maharashtra (state code 27), not a company identifier; the company identifier is the CIN L45201GJ1994PLC023920 shown on every annual report and exchange filing. The same substitution runs through the rest of the group record, where most “registration numbers” are GSTINs or PAN-derived strings rather than CINs. These gd_ fields have not been altered.

A quarterly pattern is a snapshot by category and does not identify holders below one per cent, nominee arrangements, or the beneficiaries of the Welspun Group Master Trust beyond the significant beneficial owner declaration.

Directors and officers of Welspun Enterprises Limited

The board as certified by the practising company secretary for the financial year ended 31 March 2026 comprised eight directors. Directorships are legal offices held under the Companies Act, 2013; the executive titles listed further below are not board positions unless stated.

The key managerial personnel under Section 203 of the Companies Act, 2013 are Balkrishan Goenka (Chairman and Whole-time Director), Sandeep Garg (Managing Director), Lalit Jain (Chief Financial Officer) and Nidhi Tanna (Company Secretary, ACS 30465).

Board committees are chaired by independent directors: S Madhavan chairs the Audit Committee and the Nomination and Remuneration Committee, Aruna Sharma chairs the ESG and CSR Committee, and Anoop Kumar Mittal chairs the Project Review Committee.

Senior management outside the board, as listed in the corporate information section of the annual report for FY 2025–26, comprises Abhishek Chaudhary (Chief Executive Officer – Transportation Vertical), Asim Chakraborty (Executive Director, expressly noted as not a member of the board), Saurin Patel (Head – Integrated Water Vertical and Managing Director of Welspun Michigan Engineers Limited), Yogen Lal (Chief Executive Officer – Business Development and Strategy), Lekha Raghavan (Chief Human Resource Officer), Arunav Baruah (Head – Supply Chain Management) and Hardik Dhebar (Head – Finance and Investor Relations).

Recent officer changes

• 6 August 2025 — Deepak Chauhan (DIN 01694550) appointed to the board as Director – Legal and Ethics for a term of five years.
• 11 November 2025 — Abhishek Chaudhary moved from Chief Executive Officer to Chief Executive Officer – Transportation Vertical; Asim Chakraborty’s role changed to Executive Director (not a board position); Hardik Dhebar appointed Head – Finance and Investor Relations.
• 14 May 2026 — the board re-appointed Sandeep Garg (DIN 00036419) as Managing Director for three years from 1 June 2026 to 31 May 2029, subject to approval by the members.

Data availability

The officer list held on file for this page mixed board members with divisional management across sixteen rows, carried no appointment dates, and omitted every independent director — S Madhavan, Aruna Sharma, Raghav Chandra and Anoop Kumar Mittal — as well as the Section 203 key managerial personnel other than the chairman. It also showed Deepak Chauhan only as a group legal executive; he has been a director of this company since 6 August 2025. Those rows were not used. Directors of Indian companies are identified by Director Identification Number, which is a public identifier; the record also carried birth years for two individuals, and dates and years of birth are not published here. Nationality is stated only where an official filing records it: the shareholding pattern records India for the two significant beneficial owners, and no filing used here states the nationality of the other directors and officers, so it is not disclosed. The record used prior-year descriptions for two executives whose roles changed on 11 November 2025; the gd_ fields have not been altered.

Group structure of Welspun Enterprises Limited

No company holds Welspun Enterprises Limited. It is controlled by the promoter group of the wider Welspun group, headed by the Welspun Group Master Trust, which holds directly rather than through an intermediate holding company. Below the company, the relationships in the table are taken from Form AOC-1 in the annual report for FY 2025–26 and from the list of entities consolidated in the consolidated financial statements at 31 March 2026. All entities are incorporated in India. Corporate identity numbers for the subsidiaries and associates are not stated in the annual report and have not been established from the sources used here.

Form AOC-1 for FY 2025–26 lists twelve subsidiaries, including the Welspun-Kaveri Infraprojects JV as a controlled structured entity, plus one step-down subsidiary of Welspun Michigan Engineers Limited, and three associates. Welspun Michigan Engineers Limited is in turn a party to a number of unincorporated joint operations for individual works packages — among them Patel Michigan Joint Venture, MEPL MCPL Joint Venture, MEPL-GYAN JV, J Kumar-MEPL JV, several Reliance Michigan joint ventures, Relcon Michigan (JV), MEPL-Speco (JV), APS-Michigan JV, Onsite Michigan JV and Michigan Savitar Consortium — which are accounted for line by line and are not separate group members with a share capital.

Data availability

Of the entities in the group tree held on file, the following were confirmed against Form AOC-1 for FY 2025–26: DME Infra Private Limited, Welspun Michigan Engineers Limited, Dewas Waterprojects Works Private Limited, Welspun Sattanathapuram Nagapattinam Road Private Limited, Welspun Projects (Himmatnagar Bypass) Private Limited, ARSS Bus Terminal Private Limited, Welspun Aunta-Simaria Project Private Limited and NXT-Infra MCP Highways Private Limited. Two further entries — Kim Mandvi Corridor Private Limited and Buildtech Projects & Infra Private Limited — are confirmed as former subsidiaries that were sold or liquidated during FY 2024–25 and are no longer held. Three entries could not be confirmed in any filing used here: DM Expressway, Super Infrastructure and Toll Bridge, and Welspun Natural Resources. Welspun Natural Resources Private Limited was a subsidiary of the company as recently as the annual report for FY 2014–15, but does not appear in the FY 2024–25 or FY 2025–26 consolidation; the other two appear in no filing reviewed. The on-file tree also omitted Welspun EDAC JV Private Limited, Welsteel Enterprises Private Limited, Grenoble Infrastructure Private Limited, Welspun-Kaveri Infraprojects JV, Welspun Smartops Limited, Adani Welspun Exploration Limited and Welspun Corporate Services Limited, and gave no ownership percentages or subsidiary, associate and joint-venture classifications.

The wider Welspun group contains other separately listed issuers, including Welspun Corp Limited, Welspun Living Limited (formerly Welspun India Limited) and Welspun Specialty Solutions Limited. They share the promoter group but are not subsidiaries or associates of Welspun Enterprises Limited, and their filings and figures do not apply to this entity. Registration numbers stored in the group record are largely GSTINs or PAN-derived strings rather than CINs; none of the gd_ fields has been altered.