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Welspun Living Ltd

WELSPUNLIV

NSE

₹217.32-0.90%19 Oct 2026

Reports

Textiles Home Textile

Welspun Living Ltd

WELSPUNLIV

NSE

₹217.32

-0.90%

19 Oct 2026

SOICxStockScans Reports

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Textiles Home Textile

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Welspun Living is fundamentally a home-textiles powerhouse that has spent four decades turning cotton into towels, sheets and rugs for the world’s biggest retailers, and it now uses that scale to build newer businesses in flooring, advanced materials and consumer brands. It began in 1985 as a small synthetic-yarn maker in India, grew into one of the largest integrated home-textile manufacturers on the planet, and in 2023 renamed itself from Welspun India to Welspun Living to signal a move beyond manufacturing into a full-spectrum home-solutions company. The recurring approach is vertical integration “from farm to shelf” - it controls the raw fibre, the spinning, the weaving, the design, the branding and the distribution - so it can promise retailers both scale and sustainability in a single relationship.

Business segments

Three engines at different stages - a home-textiles anchor that dominates US shelves, a flooring challenger built inside the same group, and an advanced-textiles unit finding its footing - all fed by a shared manufacturing and innovation backbone.

1. Home Textiles: the anchor that puts Welspun on every shelf

This is the business that makes one in every five towels sold in America, running some of the world’s largest textile mills on a farm-to-shelf model that locks in the retailers nobody else can serve at this scale.

Scale that sets the standard - annual capacity stands at 96,400 metric tonnes of bath linen, 108 million metres of bed linen and 12 million square metres of rugs and carpets, with overall utilisation expected above 86%. That output makes it the largest exporter of cotton terry towels and sheets from India to the US, holding a 45% share in towels and a 60% share in sheets exported on that route.
Farm-to-shelf control - the company runs composite mills in Anjar and Vapi, Gujarat, with on-site cotton storage, in-house R&D and design teams, and its own distribution centres in the US, UK, Europe and the Middle East, so it can offer retailers a “just-in-time” supply chain without middlemen.
Sustainability as a sales tool - the Anjar flagship plant runs on treated sewage instead of fresh water, uses a 30 MW solar plant for about 15% of its power, and is certified Zero Waste to Landfill, while the company is ranked number one globally in the textile apparel and luxury goods category in the S&P Global Corporate Sustainability Assessment. Global retailers increasingly pick suppliers on ESG scores, so that ranking is a direct competitive advantage.
Innovation that commands a premium - 22% of the business comes from patented products such as HygroCotton (a spinning technology that makes towels softer and sheets temperature-regulating) and Wel-Trak (a blockchain traceability platform that lets a shopper scan a label and see the cotton’s journey).
Brands built on the manufacturing base - branded sales contribute 19.3% of revenue, split between global brands like the 150-year-old Christy towel label (growing 15% in FY26) and domestic brands like Welspun, which is now in 20,000-plus stores across 600 Indian districts.

2. Flooring Solutions: the hard-and-soft bet on Indian floors

A single LEED-certified plant makes both carpet tiles and rigid SPC planks under one roof - a combination no other Indian player offers - and the business is now pushing through architects and contractors into homes, hotels and offices.

Built for domestic demand - the domestic flooring business grew 18% year-on-year in FY26, driven by housing, hospitality and institutional projects, and the company engages directly with architects, interior designers and contractors to specify its products into buildings.
Warranties that signal confidence - the business offers warranties of 5 to 15 years on its flooring, which is unusual in the category and acts as a differentiator when a developer or hotel chain is comparing options.
Innovation as the entry ticket - products include HealthyFloor (India’s first anti-viral flooring, using a silver-ion and titanium-oxide coating), ResilonX (carpet from recycled polyester yarn) and Welspun Ecolite (a lightweight PVC backing with a 40% smaller environmental footprint), all designed to give specifiers a reason to switch from imported alternatives.

3. Advanced Textiles: the non-woven engine being tuned

This unit makes the non-woven fabrics that go into baby wipes, surgical masks, car interiors and geotextiles, using three different technologies - and it is still running well below capacity while it searches for the right customer mix.

Three technologies under one roof - the Telangana plant runs Spunlace (27,729 metric tonnes annual capacity), Needlepunch (3,026 MT) and Wet Wipes (100 million packs) lines, giving it the ability to serve personal-hygiene, medical, industrial and homecare segments from a single site.
Capacity waiting for demand - utilisation in Q4 FY26 was 52% for Spunlace, 35% for Needlepunch and just 18% for Wet Wipes, which explains why revenue fell 20% year-on-year to ₹452 crores as export uptake slowed.
Pandemic pivot left a footprint - during COVID-19, the unit rapidly added masks, gowns, disposable sheets and wipes under the ‘Welspun Health’ brand, and it was among the few players to hold BIS certification for a three-ply surgical mask, capabilities that remain available for future health-sector demand.

Group structure and partners

The listed company sits inside a promoter-controlled group, with a web of subsidiaries and renewable-energy SPVs that feed cheap green power into the factories and keep the branded and US operations ring-fenced.

Pillow plants in America - the US subsidiary runs two pillow factories: a 4.7-million-piece line in Ohio and a new 4.5-million-piece line in Nevada that fully commenced production in June 2026, doubling the pillow business to USD 27.5 million in FY26.
Simplification through mergers - five wholly owned subsidiaries (including the flooring and textile-park entities) were amalgamated into the listed company in 2024, and non-operational entities in the US were dissolved, part of a deliberate drive to reduce the subsidiary count and clean up the structure.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

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Edit Ratios

Mkt Cap

Market Capitalization

₹20,531Cr

Close Price

₹217.32

Industry

Textiles Home Textile

Price To Earnings

71.25

Price To Sales

2.07

Revenue

₹9,934Cr

Rev Gr TTM

Revenue Growth TTM

-3.26%

PAT Gr TTM

PAT Growth TTM

-47.71%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,509	2,411	2,575	2,536	2,873	2,490	2,646	2,261	2,441	2,262	2,435	2,795
Growth YoY Revenue Growth YoY%	18.7	29.0	19.6	16.1	14.5	3.3	2.7	-10.9	-15.0	-9.1	-8.0	23.7
Expenses ExpensesCr	2,151	2,072	2,217	2,195	2,515	2,209	2,330	2,035	2,288	2,102	2,186	2,474
Operating Profit Operating ProfitCr	358	339	359	342	358	280	316	225	153	160	249	321
OPM OPM%	14.3	14.1	13.9	13.5	12.4	11.3	11.9	10.0	6.3	7.1	10.2	11.5
Other Income Other IncomeCr	33	43	42	52	63	38	2	29	15	-5	16	34
Interest Expense Interest ExpenseCr	34	42	52	43	55	62	57	42	43	39	37	34
Depreciation DepreciationCr	99	100	96	97	86	98	93	88	101	102	103	100
PBT PBTCr	259	240	252	253	280	158	168	124	24	14	125	220
Tax TaxCr	59	61	122	67	78	36	35	35	9	12	19	58
PAT PATCr	200	179	131	186	202	123	133	89	15	3	106	163
Growth YoY PAT Growth YoY%	2,305.9	308.5	1.2	14.3	1.0	-31.4	1.7	-52.0	-92.7	-97.9	-20.1	82.1
NPM NPM%	8.0	7.4	5.1	7.3	7.0	4.9	5.0	4.0	0.6	0.1	4.4	5.8
EPS EPS₹	2.0	1.8	1.5	1.9	2.1	1.3	1.4	0.9	0.1	0.1	1.1	1.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,509	2,411	2,575	2,536	2,873	2,490	2,646	2,261	2,441	2,262	2,435	2,795
Growth YoY Revenue Growth YoY%	18.7	29.0	19.6	16.1	14.5	3.3	2.7	-10.9	-15.0	-9.1	-8.0	23.7
Expenses ExpensesCr	2,151	2,072	2,217	2,195	2,515	2,209	2,330	2,035	2,288	2,102	2,186	2,474
Operating Profit Operating ProfitCr	358	339	359	342	358	280	316	225	153	160	249	321
OPM OPM%	14.3	14.1	13.9	13.5	12.4	11.3	11.9	10.0	6.3	7.1	10.2	11.5
Other Income Other IncomeCr	33	43	42	52	63	38	2	29	15	-5	16	34
Interest Expense Interest ExpenseCr	34	42	52	43	55	62	57	42	43	39	37	34
Depreciation DepreciationCr	99	100	96	97	86	98	93	88	101	102	103	100
PBT PBTCr	259	240	252	253	280	158	168	124	24	14	125	220
Tax TaxCr	59	61	122	67	78	36	35	35	9	12	19	58
PAT PATCr	200	179	131	186	202	123	133	89	15	3	106	163
Growth YoY PAT Growth YoY%	2,305.9	308.5	1.2	14.3	1.0	-31.4	1.7	-52.0	-92.7	-97.9	-20.1	82.1
NPM NPM%	8.0	7.4	5.1	7.3	7.0	4.9	5.0	4.0	0.6	0.1	4.4	5.8
EPS EPS₹	2.0	1.8	1.5	1.9	2.1	1.3	1.4	0.9	0.1	0.1	1.1	1.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	5,922	6,638	6,050	6,527	6,741	7,340	9,311	8,094	9,679	10,545	9,399	9,934
Growth Revenue Growth%	11.7	12.1	-8.9	7.9	3.3	8.9	26.9	-13.1	19.6	8.9	-10.9	-3.3
Expenses ExpensesCr	4,329	5,055	4,927	5,462	5,526	5,988	7,953	7,341	8,310	9,247	8,606	9,050
Operating Profit Operating ProfitCr	1,593	1,583	1,123	1,065	1,215	1,352	1,359	753	1,369	1,299	793	884
OPM OPM%	26.9	23.9	18.6	16.3	18.0	18.4	14.6	9.3	14.1	12.3	8.4	8.9
Other Income Other IncomeCr	90	-384	81	-183	139	68	66	121	146	153	50	60
Interest Expense Interest ExpenseCr	237	158	141	159	178	198	131	130	153	217	161	153
Depreciation DepreciationCr	372	505	504	436	481	454	420	442	394	373	394	407
PBT PBTCr	1,074	536	560	287	694	769	873	302	967	860	287	384
Tax TaxCr	325	173	161	61	170	218	266	99	294	216	75	98
PAT PATCr	749	362	398	226	524	551	607	203	673	644	213	286
Growth PAT Growth%	37.6	-51.6	9.9	-43.2	131.8	5.0	10.2	-66.6	232.2	-4.3	-66.9	-47.7
NPM NPM%	12.7	5.5	6.6	3.5	7.8	7.5	6.5	2.5	7.0	6.1	2.3	2.9
EPS EPS₹	7.3	3.6	3.8	2.1	5.0	5.4	6.1	2.0	7.1	6.7	2.1	3.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	5,922	6,638	6,050	6,527	6,741	7,340	9,311	8,094	9,679	10,545	9,399	9,934
Growth Revenue Growth%	11.7	12.1	-8.9	7.9	3.3	8.9	26.9	-13.1	19.6	8.9	-10.9	-3.3
Expenses ExpensesCr	4,329	5,055	4,927	5,462	5,526	5,988	7,953	7,341	8,310	9,247	8,606	9,050
Operating Profit Operating ProfitCr	1,593	1,583	1,123	1,065	1,215	1,352	1,359	753	1,369	1,299	793	884
OPM OPM%	26.9	23.9	18.6	16.3	18.0	18.4	14.6	9.3	14.1	12.3	8.4	8.9
Other Income Other IncomeCr	90	-384	81	-183	139	68	66	121	146	153	50	60
Interest Expense Interest ExpenseCr	237	158	141	159	178	198	131	130	153	217	161	153
Depreciation DepreciationCr	372	505	504	436	481	454	420	442	394	373	394	407
PBT PBTCr	1,074	536	560	287	694	769	873	302	967	860	287	384
Tax TaxCr	325	173	161	61	170	218	266	99	294	216	75	98
PAT PATCr	749	362	398	226	524	551	607	203	673	644	213	286
Growth PAT Growth%	37.6	-51.6	9.9	-43.2	131.8	5.0	10.2	-66.6	232.2	-4.3	-66.9	-47.7
NPM NPM%	12.7	5.5	6.6	3.5	7.8	7.5	6.5	2.5	7.0	6.1	2.3	2.9
EPS EPS₹	7.3	3.6	3.8	2.1	5.0	5.4	6.1	2.0	7.1	6.7	2.1	3.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	100	100	100	100	100	100	99	99	97	96	96
Reserves ReservesCr	1,870	2,297	2,505	2,679	2,872	3,544	3,873	3,989	4,419	4,725	4,821
Current Liabilities Current LiabilitiesCr	2,420	2,427	2,469	2,893	3,347	3,306	3,541	2,667	3,096	3,253	3,271
Non Current Liabilities Non Current LiabilitiesCr	2,118	2,468	2,104	1,999	1,907	1,628	1,819	1,787	1,841	2,134	2,206
Total Liabilities Total LiabilitiesCr	6,549	7,328	7,225	7,742	8,310	8,678	9,437	8,650	9,550	10,307	10,455
Current Assets Current AssetsCr	2,798	3,429	3,511	3,631	3,968	4,397	4,850	4,418	5,317	5,469	5,181
Non Current Assets Non Current AssetsCr	3,752	3,899	3,714	4,112	4,342	4,281	4,587	4,232	4,233	4,838	5,274
Total Assets Total AssetsCr	6,549	7,328	7,225	7,742	8,310	8,678	9,437	8,650	9,550	10,307	10,455

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	100	100	100	100	100	100	99	99	97	96	96
Reserves ReservesCr	1,870	2,297	2,505	2,679	2,872	3,544	3,873	3,989	4,419	4,725	4,821
Current Liabilities Current LiabilitiesCr	2,420	2,427	2,469	2,893	3,347	3,306	3,541	2,667	3,096	3,253	3,271
Non Current Liabilities Non Current LiabilitiesCr	2,118	2,468	2,104	1,999	1,907	1,628	1,819	1,787	1,841	2,134	2,206
Total Liabilities Total LiabilitiesCr	6,549	7,328	7,225	7,742	8,310	8,678	9,437	8,650	9,550	10,307	10,455
Current Assets Current AssetsCr	2,798	3,429	3,511	3,631	3,968	4,397	4,850	4,418	5,317	5,469	5,181
Non Current Assets Non Current AssetsCr	3,752	3,899	3,714	4,112	4,342	4,281	4,587	4,232	4,233	4,838	5,274
Total Assets Total AssetsCr	6,549	7,328	7,225	7,742	8,310	8,678	9,437	8,650	9,550	10,307	10,455

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,328	832	545	924	777	954	587	756	533	688	1,175
Investing Cash Flow Investing Cash FlowCr	-801	-712	-302	-657	-459	-98	-600	243	-209	57	-348
Financing Cash Flow Financing Cash FlowCr	-620	-99	-250	-232	-269	-762	-55	-1,086	-269	-663	-975
Net Cash Flow Net Cash FlowCr	-93	21	-6	35	49	93	-68	-87	55	82	-148
Free Cash Flow Free Cash FlowCr	273	135	214	191	287	533	81	511	274	-7	726
CFO To PAT CFO To PAT%	177.3	229.7	136.9	408.6	148.2	173.1	96.7	373.3	79.2	106.8	551.9
CFO To EBITDA CFO To EBITDA%	83.4	52.6	48.5	86.8	64.0	70.5	43.2	100.5	38.9	53.0	148.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,328	832	545	924	777	954	587	756	533	688	1,175
Investing Cash Flow Investing Cash FlowCr	-801	-712	-302	-657	-459	-98	-600	243	-209	57	-348
Financing Cash Flow Financing Cash FlowCr	-620	-99	-250	-232	-269	-762	-55	-1,086	-269	-663	-975
Net Cash Flow Net Cash FlowCr	-93	21	-6	35	49	93	-68	-87	55	82	-148
Free Cash Flow Free Cash FlowCr	273	135	214	191	287	533	81	511	274	-7	726
CFO To PAT CFO To PAT%	177.3	229.7	136.9	408.6	148.2	173.1	96.7	373.3	79.2	106.8	551.9
CFO To EBITDA CFO To EBITDA%	83.4	52.6	48.5	86.8	64.0	70.5	43.2	100.5	38.9	53.0	148.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	9,982	8,796	5,822	5,993	2,190	8,148	9,128	6,401	13,377	12,953	10,436	20,531
Price To Earnings Price To Earnings	14.1	24.6	15.1	28.5	4.3	15.1	14.9	31.7	19.6	20.3	51.1	71.3
Price To Sales Price To Sales	1.7	1.3	1.0	0.9	0.3	1.1	1.0	0.8	1.4	1.2	1.1	2.1
Price To Book Price To Book	5.1	3.7	2.2	2.2	0.7	2.2	2.3	1.5	3.0	2.7	2.1	4.2
EV To EBITDA EV To EBITDA	8.2	7.5	7.7	8.3	4.3	7.8	8.9	11.5	11.5	11.9	15.9	25.9
Profitability Ratios Profitability Ratios
GPM GPM%	43.4	41.7	38.3	36.1	39.3	38.8	34.7	32.1	34.7	34.1	32.9	32.9
OPM OPM%	26.9	23.9	18.6	16.3	18.0	18.4	14.6	9.3	14.1	12.3	8.4	8.9
NPM NPM%	12.7	5.5	6.6	3.5	7.8	7.5	6.5	2.5	7.0	6.1	2.3	2.9
ROCE ROCE%	25.6	12.4	12.6	7.8	14.0	15.0	13.8	6.6	15.7	14.2	6.2	6.2
ROE ROE%	38.0	15.1	15.3	8.1	17.6	15.1	15.3	5.0	14.9	13.4	4.3	4.3
ROA ROA%	11.4	4.9	5.5	2.9	6.3	6.3	6.4	2.3	7.0	6.3	2.0	2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	9,982	8,796	5,822	5,993	2,190	8,148	9,128	6,401	13,377	12,953	10,436	20,531
Price To Earnings Price To Earnings	14.1	24.6	15.1	28.5	4.3	15.1	14.9	31.7	19.6	20.3	51.1	71.3
Price To Sales Price To Sales	1.7	1.3	1.0	0.9	0.3	1.1	1.0	0.8	1.4	1.2	1.1	2.1
Price To Book Price To Book	5.1	3.7	2.2	2.2	0.7	2.2	2.3	1.5	3.0	2.7	2.1	4.2
EV To EBITDA EV To EBITDA	8.2	7.5	7.7	8.3	4.3	7.8	8.9	11.5	11.5	11.9	15.9	25.9
Profitability Ratios Profitability Ratios
GPM GPM%	43.4	41.7	38.3	36.1	39.3	38.8	34.7	32.1	34.7	34.1	32.9	32.9
OPM OPM%	26.9	23.9	18.6	16.3	18.0	18.4	14.6	9.3	14.1	12.3	8.4	8.9
NPM NPM%	12.7	5.5	6.6	3.5	7.8	7.5	6.5	2.5	7.0	6.1	2.3	2.9
ROCE ROCE%	25.6	12.4	12.6	7.8	14.0	15.0	13.8	6.6	15.7	14.2	6.2	6.2
ROE ROE%	38.0	15.1	15.3	8.1	17.6	15.1	15.3	5.0	14.9	13.4	4.3	4.3
ROA ROA%	11.4	4.9	5.5	2.9	6.3	6.3	6.4	2.3	7.0	6.3	2.0	2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	WELSPUNLIV	TRIDENT	ICIL	FAZE3Q	HIMATSEIDE
Market CapitalizationMkt CapCr	20,531	11,170	8,394	1,104	740
Close PriceClose₹	217.32	21.92	423.80	448.75	58.86
IndustryIndustry	Textiles Home Textile	Textiles Home Textile	Textiles Home Textile	Textiles Home Textile	Textiles Home Textile
Price To EarningsPE	71.25	28.10	55.62	35.84	13.20
Price To SalesPS	2.07	1.65	1.91	1.17	0.30
RevenueRevenueCr	9,934	6,781	4,390	940	2,479
Revenue Growth TTMRev Gr TTM%	-3.3%	-2.5%	5.3%	24.9%	-8.2%
PAT Growth TTMPAT Gr TTM%	-47.7%	-9.5%	-28.6%	-34.1%	-15.1%

	WELSPUNLIV	TRIDENT	ICIL	FAZE3Q	HIMATSEIDE
Market CapitalizationMkt CapCr	20,531	11,170	8,394	1,104	740
Close PriceClose₹	217.32	21.92	423.80	448.75	58.86
IndustryIndustry	Textiles Home Textile	Textiles Home Textile	Textiles Home Textile	Textiles Home Textile	Textiles Home Textile
Price To EarningsPE	71.25	28.10	55.62	35.84	13.20
Price To SalesPS	2.07	1.65	1.91	1.17	0.30
RevenueRevenueCr	9,934	6,781	4,390	940	2,479
Revenue Growth TTMRev Gr TTM%	-3.3%	-2.5%	5.3%	24.9%	-8.2%
PAT Growth TTMPAT Gr TTM%	-47.7%	-9.5%	-28.6%	-34.1%	-15.1%