Welspun Enterprises Limited has officially received the Letter of Award dated April 29, 2026, for a major highway infrastructure project worth ₹7,300 crore from Maharashtra State Infrastructure Development Corporation Limited. The project involves construction of a 6-lane partially elevated highway corridor on the Pune-Shirur section of NH-753F, significantly boosting the company's order book to ₹18,755 crore.

Project Specifications and Award Details

The infrastructure project covers construction of a 6-lane partially elevated highway corridor along with improvement of existing road from Km. 10+600 to Km. 64+000, spanning a minimum design length of 53.40 km in Maharashtra. The project will be executed under the DBFOT (Design, Build, Finance, Operate and Transfer) model on a toll basis with a sub-concession period of 29 years including a construction period of 4 years.

The Government of India through the Ministry of Road, Transport and Highway has entrusted the Government of Maharashtra through Public Works Department for development, maintenance and management of the project. MSIDC is acting as the implementing agency and tendering entity carrying out the bidding process for selection of private entity to award sub-concession of the project.

Enhanced Order Book Portfolio

With the addition of this significant project, Welspun Enterprises' outstanding order book has increased to ₹18,755 crore from the previous ₹13,341 crore as of December 31, 2025. The diversified order book spans across multiple infrastructure verticals, providing improved revenue visibility and supporting sustainable growth strategy.

The project is strategically located in one of Maharashtra's fastest-growing economic corridors and is expected to improve connectivity across key nodes including Wagholi, Kharadi, Lonikand, Ranjangaon and Shikrapur. The corridor will reduce congestion, shorten travel time between Pune and Shirur, improve freight efficiency, and support industrial growth while generating employment across construction and operations.

Leadership Commentary

Commenting on the achievement, Mr. Sandeep Garg, Managing Director, stated that the receipt of the Letter of Acceptance for the Pune–Shirur Highway Project represents a significant milestone in Welspun Enterprises Limited's growth journey and reinforces their strategic expansion in the transportation sector. He emphasized the company's commitment to maintaining the highest standards of execution, governance, and financial prudence while leveraging capabilities to deliver high-quality infrastructure assets.

Mr. B.K. Goenka, Chairman, Welspun World, highlighted that projects like Pune–Shirur are critical to unlocking regional economic potential and strengthening growth corridors while creating long-term value for communities and industry. He noted that WEL's consistent execution track record of delivering complex infrastructure projects is being recognized by clients and the company is moving in the right direction of creating sustainable value.

Regulatory Compliance and Trading Window

The company has disclosed this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The trading window for dealing in the securities of the company by Designated Persons involved in the project has been closed since April 01, 2026, and will re-open 48 hours after the declaration of audited financial results for the quarter and year ended March 31, 2026.

Welspun Enterprises Limited has informed stock exchanges about an income tax demand notice received by its subsidiary company, marking a significant regulatory development that requires investor attention.

Tax Demand Details

Welspun Aunta-Simaria Project Private Limited, a subsidiary of Welspun Enterprises, received a Notice of Demand under Section 156 of the Income Tax Act, 1961. The notice was issued pursuant to an Assessment Order passed by the Assessment Unit, National Faceless Assessment Centre of the Income-tax Department.

Nature of Dispute

The tax litigation centers around a dispute raised by the Assessing Officer regarding the computation of income under ICDS III read with Section 43CB of the Income Tax Act, 1961. The specific contention involves the application of the percentage completion method for accounting purposes.

The company has maintained that it followed an accounting approach appropriate to Hybrid Annuity Model (HAM) projects, consistent with industry practices adopted by infrastructure companies engaged in similar project development. The management believes the accounting treatment adopted is appropriate and complies with the applicable framework for such projects.

Company's Response Strategy

Based on the company's assessment, the demand is considered non-maintainable. Welspun Enterprises is taking appropriate steps to file an appeal before the Commissioner of Income-tax (Appeals) Tribunal against the Order issued by the Assessing Officer.

The company has stated that it does not foresee any material impact on its financial, operational, or other activities due to this tax demand. This assessment reflects the management's confidence in their accounting practices and the strength of their position for the upcoming appeal process.

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided comprehensive details as required under Part A of Schedule III, ensuring full transparency with stakeholders regarding this regulatory development.

This development highlights the ongoing scrutiny faced by infrastructure companies regarding their accounting methods for complex project structures, particularly in the context of HAM projects that involve specific revenue recognition principles.