WELSPUNLIV
Large CapWelspun Living Limited
Consumer
Welspun Living Ltd (WLL) is a global leader in Home Textiles, part of the $3.6 bn Welspun Group. It operates world-class vertically-integrated manufacturing facilities in India and partners with top global retailers. The company focuses on Home Textile, Advanced Textile, and Flooring Solutions, differentiated by branding, innovation, and sustainability.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -8% YoY · PAT -20% YoY · margin compression · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,435 Cr | -8.0% | +7.7% |
| EBITDA | ₹249 Cr | -21.2% | +55.6% |
| Operating margin | 10.0% | -200 bps | +300 bps |
| PAT | ₹106 Cr | -20.3% | +3433.3% |
| PAT margin | 4.3% | -68 bps | +422 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 sees sequential recovery with Total Income up 7.7% QoQ and EBITDA margin strengthening to 10.8% (+313 bps QoQ). Net Debt reduced by 52% to ₹775 crores. However, FY26 total income declined 11.5% YoY, and PAT was down significantly compared to FY25.
While Q4 FY26 showed strong sequential improvement in revenue and margins, and significant debt reduction, the full-year FY26 performance was weak with double-digit declines in revenue and profitability. The thesis remains under stress until sustained recovery across all segments and a clear path to normalized margins (15%+) are demonstrated, especially given global trade uncertainties.
FY26 Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Domestic Consumer Business
INTACTDomestic Consumer business continues to scale strongly, delivering 29.2% YoY growth in Q4 FY26 and achieving EBITDA breakeven.
Branded Portfolio Expansion
INTACTBranded portfolio represents ~19% of revenue, with domestic brands like Spaces (+19% Q4 YoY) and Welspun (+44% Q4 YoY) showing strong growth.
Non-US Market Diversification
INTACTNon-US markets currently contribute ~41% of revenue, with an aspiration to reach 50%+ through product, geography, and brand expansion.
Emerging Businesses
INTACTEmerging Businesses (Advanced Textile, Flooring) contribute ~30% of revenue, with a strategic shift towards value addition in Advanced Textile.
Bath Linen Capacity Increase
INTACTBath Linen capacity increased by 6,400 MT from July’25, reaching a total capacity of 96,400 MT.
Favorable Global Trade Landscape
INTACTManagement states the global trade landscape is structurally turning in India’s favor, enhancing tariff competitiveness and reinforcing India as a preferred sourcing destination.
Expanding FTA Network
INTACTProgress on India–US bilateral trade framework, along with India–EU and India–UK FTAs, creates a multi-year growth opportunity across businesses.
Strong Free Cash Flow Generation
INTACTNet debt reduced to ₹775 crores, supported by strong free cash flow generation of ₹9,557 million in FY26 (vs ₹1,121 million in FY25).
External Headwinds Impacting FY26 Revenues
INTACTManagement states that FY26 revenues were impacted by external headwinds, leading to an 11.5% YoY decline in total income.
Decline in Global B2B Business
UNDER_STRESSFY26 Global B2B Innovation revenue declined 17% YoY, and Global B2B Others revenue declined 12% YoY, indicating pressure in core segments.
Low Capacity Utilization in Key Segments
UNDER_STRESSQ4 FY26 utilization rates for Wet Wipes (18%), Needle Punch (35%), and Pillow (Ohio, USA) (34%) remain significantly low, impacting efficiency.
Persistent Margin Pressure in Flooring
UNDER_STRESSFlooring segment EBITDA margin was 3.2% in Q4 FY26 and 3.9% for FY26, significantly lower than the company's overall and Home Textile margins.
Overall FY26 Revenue and Profitability Decline
UNDER_STRESSTotal Income for FY26 declined 11.5% YoY, EBITDA declined 39.6% YoY, and PAT declined 68% YoY, indicating a challenging operating environment.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess the 'improving momentum' and sequential recovery in revenues and margins, as highlighted by management. YoY comparison provides context for the overall annual performance and the impact of external headwinds on the business.
EBITDA Margin (Q4 FY26)
UNDER_STRESSOverall EBITDA Margin: 10.8% (+313 bps QoQ, -121 bps YoY). Home Textile EBITDA Margin: 10.5% (+318 bps QoQ, -95 bps YoY). Flooring EBITDA Margin: 3.2% (+149 bps QoQ, -390 bps YoY).
Domestic Business Growth (Q4 FY26)
INTACTDomestic Business grew +29.2% YoY in Q4 FY26, with Flooring growing +25.3% YoY. Domestic Consumer business achieved EBITDA breakeven.
Branded Share of Revenue (Q4 FY26)
INTACTBranded share was ~19.3% of revenue in Q4 FY26. Management aims to build a consumer-led growth engine through its multi-brand portfolio.
Cash Conversion Cycle (FY26)
INTACTCash Conversion Cycle improved to 82 days in FY26, from 94 days in FY25.
Medium-Term Aspiration for Revenue and Margins
INTACTManagement aspires for total revenue of ₹15,000 crores, EBITDA margins recovering to 15%+, and Net Debt/Equity below ₹1,000 crores.
Focus on Portfolio Diversification
INTACTStrategic priority to increase Non-US revenue to 50%+ and achieve double-digit growth in branded businesses through product, geography, and category expansion.
Commitment to Margin Recovery
INTACTAspiration for normalized EBITDA margins of 15%+ through premiumization, cost optimization, and utilization improvement.
Sustainability and Innovation Leadership
INTACTAspiration for Net Zero by 2040, 100% Sustainable Cotton, and to be the most innovative Home Textile company, leveraging current ESG leadership.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 10.8% (Q4 FY26) | Sustained recovery towards the 15%+ normalized target, especially in the Flooring segment. |
| Net Debt/Equity | 0.16x (Mar-26) | Maintenance of low debt levels and continued strong free cash flow generation. |
| Domestic Business Growth | +29.2% YoY (Q4 FY26) | Continued strong double-digit growth and sustained profitability in the domestic market. |
| Capacity Utilization | Varied, with some segments below 40% (Q4 FY26) | Improvement in utilization rates across all manufacturing segments, particularly in Advanced Textile and Flooring Pillow. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +7.8% / mo
Technical chart
WELSPUNLIVdaily · 6M+1.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 rising (~7.2% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.0%.
- Piotroski is strong at 8/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2292.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 42nd percentile within Consumer. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter holding is 66.2%. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 42nd pctile, median 67 · Large: 22nd pctile, median 74
148 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.1%.
- ▸11 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 6.3%.
- ▸ROE is low at 4.5%.
- ▸ROCE trend is -5.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 62.80
- P/B
- 2.77
- EV/EBITDA
- 13.47
- Market Cap
- 13679.00Cr
Profitability
- ROE
- 4.47%
- ROCE
- 6.25%
- ROA
- 2.04%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- -17.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.47
- Interest Coverage
- 4.93×
- Altman Z
- 3.45
- Book Value
- 51.30
Cash Flow
- FCF Yield
- 6.05%
- FCF Positive Y
- 11/5
- OCF
- 1175.00 Cr
- EPS TTM
- 2.13
Shareholding
- Promoter Hold
- 66.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.