Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,455.80 last close on 15 Oct 2026 +0.27%
Research updated
Welspun Living Ltd.
NSE: WELSPUNLIVConsumer CyclicalTextile Manufacturing
- Last close
- ₹216.80
- Day change
- −₹12.78 (−5.57%)vs
- Market cap
- ₹20,646 crIndian rupees
- Research updated
- 1 report
About Welspun Living
Welspun Living Ltd. is a prominent player in the textile industry, known for manufacturing and exporting a wide range of home textile products. The company specializes in producing high-quality home furnishings, including bed linens, towels, and rugs that cater to a diverse clientele spanning from everyday consumers to luxury market segments. Welspun Living Ltd. is part of the larger Welspun Group, which has a significant presence in the global textile sector. The company's products are recognized for their superior quality, innovative designs, and sustainability initiatives, impacting industries such as hospitality, retail, and e-commerce. As a leader in the textile market, Welspun Living Ltd. plays a crucial role in supplying essential home textiles across various geographical markets, emphasizing its commitment to excellence and customer satisfaction. The company's large-scale operations and strategic partnerships enhance its market significance, solidifying its reputation as a reliable provider of quality home textile solutions.
- Sector
- Consumer Cyclical
- Industry
- Textile Manufacturing
- Listing
- NSE: WELSPUNLIV
- Chief executive
- Ms. Dipali Balkrishan Goenka
- Employees
- 35,000
- Headquarters
- Mumbai, India
- ISIN
- INE192B01031
- Website
- welspunliving.com
Public research · Report of
Business model & financial foundation
Welspun Living (NSE: WELSPUNLIV), Home textiles and flooring manufacturing: revenue of ₹9,399 crore in FY26 (-10.9% on FY25), an EBITDA margin of 8.4%, net profit of ₹204.4 crore and net debt of ₹775.4 crore.
- Revenue, FY26 (₹ crore)
- 9,399
- consolidated
- Revenue growth, FY26
- -10.9%
- on FY25
- EBITDA margin, FY26
- 8.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 204.4
- to owners
- Return on equity, FY26
- 4.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 775.4
- Company-reported net debt
- Market capitalisation (₹ crore)
- 19,229
- at the close of 16 Oct 2026
Company profile
Welspun Living manufactures bed and bath linen, rugs, advanced textiles and flooring, selling to global retailers and through owned brands including Christy, SPACES and Welhome. Integrated Indian plants and US pillow operations support a combination of export B2B and branded distribution. Cotton costs, customer inventory cycles, tariffs, product mix and utilisation determine earnings; the US remains the largest geographic exposure.
| Item | Value |
|---|---|
| Legal name | Welspun Living Limited (formerly Welspun India Limited) |
| Exchange and ticker | NSE: WELSPUNLIV; BSE: 514162 |
| ISIN | INE192B01031 |
| CIN | L17110GJ1985PLC033271 |
| Sector | Consumer Cyclical |
| Industry | Home textiles and flooring manufacturing |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & CO LLP (since 2022 second term) |
| Market capitalisation | ₹19,229 crore (16 Oct 2026) |
| Shares outstanding | 95.53 crore shares (FY26) |
| Price | ₹216.8 (close, 16 Oct 2026) |
| 52-week range | ₹107.1 - ₹245.5 (to 16 Oct 2026) |
| Website | https://www.welspunliving.com/ |
Corporate structure and shareholding
Parent: Welspun Group Master Trust (promoter).
| Entity | Holding | Business |
|---|---|---|
| Welspun Global Brands Limited | 98.03% | Global distribution and brands |
| Welspun USA Inc | 98.68% | US home-textile distribution |
| Welspun Anjar SEZ Limited | 100% | Manufacturing infrastructure |
| Welspun Home Solutions Limited | 100% | Home products |
| Welspun Nexgen Inc | 100% | US onshore pillow manufacturing |
| Welspun Captive Power Generation Limited | 26% | Captive energy; associate after July 2026 stake disposal |
Material selected entities; WCPGL stake reduced from 77% to 26% after sale to Welspun Corp. Full legal-entity list remains in annual report.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 66.24% | 66.24% | 66.24% | 66.36% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.97% | 5.03% | 4.99% | 5.21% |
| Domestic institutions | 8.58% | 10.43% | 11.18% | 11.38% |
| of which mutual funds | 2.59% | 4.42% | 4.84% | 5.26% |
| Retail | 19.84% | 17.93% | 17.22% | 16.69% |
| Other | 0.40% | 0.40% | 0.40% | 0.40% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Welspun Living manufactures bath/bed linen, rugs, advanced textiles and flooring, distributing through global retailers and owned brands. Consolidation captures manufacturing, global brands and US pillows. Non-US revenue mix about41% in Q1FY27 implies approximately59% US; it is an issuer mix statement, not an independent customs share. Material subsidiaries are in identity. WCPGL became associate after July sale51% for67.66cr to Welspun Corp.
| Segment | pbidt, FY26 (₹ crore) | Share | revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Home Textiles | 779.2 | 96.4% | ||
| Flooring | 28.9 | 3.6% | 735.5 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Indo Count Industries (ICIL) | Export cotton bed-linen and US onshore bedding |
| Trident (TRIDENT) | Integrated towels and bed linen; paper creates mix difference |
| Himatsingka Seide (HIMATSEIDE) | Export bed linen and branded US distribution |
| Vardhman Textiles (VTL) | |
| Arvind (ARVIND) | Integrated fabric and advanced-textile mix |
| Gokaldas Exports (GOKEX) | Export retailer sourcing and tariff exposure; apparel mix differs |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,347 | 7,146 | 9,679 | 10,545 | 9,399 |
| Cost of revenue (vendor classification) * | 5,604 | 4,937 | 5,654 | 6,234 | 5,574 |
| Other operating costs (vendor classification) * | 1,359 | 1,455 | 1,475 | 1,659 | 1,686 |
| EBITDA (vendor classification) * | 1,387 | 831.6 | 1,475 | 1,407 | 809.3 |
| EBIT * | 964.5 | 405.0 | 1,093 | 1,049 | 419.8 |
| Finance costs | 91.6 | 103.1 | 153.4 | 217.5 | 161.5 |
| Profit before tax after exceptional items | 873.0 | 301.9 | 967.0 | 860.2 | 287.5 |
| Total income tax expense | 266.3 | 99.4 | 294.2 | 216.2 | 74.6 |
| PAT including NCI | 606.7 | 202.5 | 672.7 | 644.0 | 212.9 |
| Diluted EPS after exceptional items (₹) | 6.06 | 2.02 | 7.06 | 6.68 | 2.14 |
| Materials plus purchases plus inventory change | 5,110 | 5,676 | 5,053 | ||
| Employee benefits expense | 1,027 | 1,152 | 1,145 | ||
| Other expenses | 2,173 | 2,420 | 2,408 | ||
| Operating EBITDA excluding other income | 1,369 | 1,299 | 793.2 | ||
| Other income | 145.8 | 152.2 | 68.8 | ||
| Depreciation and amortisation | 394.5 | 373.4 | 394.1 | ||
| Exceptional items signed profit impact | 0.00 | 0.00 | -19.0 | ||
| NCI share of profit/(loss) | -8.36 | 4.86 | 8.45 | ||
| Share of associates profit/(loss) | 0.11 | 0.39 | 0.00 | ||
| PAT attributable to owners | 681.1 | 639.2 | 204.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 4,076 | 4,196 | 4,613 | 4,921 | 4,978 |
| Non-current plus current borrowings excluding leases | 3,304 | 2,462 | 2,521 | 2,469 | 1,802 |
| Cash equivalents plus other bank balances | 231.8 | 146.1 | 254.8 | 306.3 | 147.1 |
| Trade receivables | 999.3 | 960.5 | 1,255 | 1,645 | 1,312 |
| Inventories | 1,978 | 1,970 | 2,072 | 2,183 | 2,171 |
| Trade payables total | 930.5 | 869.7 | 908.8 | 1,123 | 1,377 |
| Net property, plant and equipment * | 2.06 | 0.62 | 0.25 | 0.09 | 0.09 |
| Capital work in progress * | 161.7 | 45.7 | 46.8 | 374.7 | 292.8 |
| Total assets * | 9,437 | 8,649 | 9,550 | 10,307 | 10,455 |
| Current investments | 908.8 | 559.3 | 877.5 | ||
| Company-reported net debt | 1,354 | 1,603 | 775.4 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 451.8 | 457.2 | 532.8 | 688.0 | n.r. |
| Free cash flow (vendor definition) * | 57.0 | 480.9 | 257.4 | -24.7 | 723.9 |
| Dividends paid (the provider's sign: an outflow is negative) * | -15.1 | -14.8 | -9.62 | -9.62 | -162.5 |
| Cash purchase PPE CWIP and intangibles | -506.0 | -244.7 | -275.4 | -712.7 | -451.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Implied diluted weighted average shares (not spot shares) | 99.28 | 98.42 | 96.47 | 95.68 | 95.53 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,873 | 2,490 | 2,646 | 2,261 | 2,441 | 2,262 | 2,435 | 2,795 |
| Cost of revenue (vendor classification) * | 1,593 | 1,321 | 1,959 | 1,183 | 1,367 | 1,226 | 1,277 | 1,532 |
| EBITDA (vendor classification) * | 420.7 | 318.9 | 289.5 | 254.3 | 168.1 | 174.8 | 264.9 | 355.1 |
| EBIT * | 335.2 | 220.7 | 196.7 | 166.4 | 67.2 | 53.6 | 161.8 | 254.7 |
| Finance costs | 54.9 | 62.3 | 56.9 | 42.5 | 43.4 | 39.1 | 36.6 | 34.0 |
| Profit before tax after exceptional items | 280.3 | 158.4 | 168.1 | 124.0 | 23.8 | 14.5 | 125.2 | 219.0 |
| Total income tax expense | 77.9 | 35.5 | 35.3 | 34.7 | 8.96 | 11.9 | 19.0 | n.r. |
| Profit after tax including NCI | 202.4 | 122.9 | 132.8 | 89.3 | 14.9 | 2.57 | 106.2 | 162.6 |
| Diluted EPS after exceptional items (₹) | 2.09 | 1.27 | 1.39 | 0.92 | 0.13 | 0.01 | 1.08 | 1.68 |
| Other operating costs (vendor classification) * | 629.8 | 562.0 | 634.0 | |||||
| Materials plus purchases plus inventory change | 1,593 | 1,321 | 1,401 | 1,183 | 1,367 | 1,226 | 1,277 | n.r. |
| Employee benefits expense | 292.5 | 285.3 | 291.9 | 290.0 | 299.0 | 283.0 | 273.0 | n.r. |
| Other expenses | 629.8 | 602.5 | 637.0 | 562.0 | 621.6 | 592.9 | 636.3 | n.r. |
| Operating EBITDA excluding other income | 357.6 | 280.5 | 315.8 | 225.4 | 153.3 | 160.3 | 249.1 | n.r. |
| Other income | 62.9 | 38.1 | 2.26 | 28.9 | 14.8 | 14.4 | 15.8 | n.r. |
| Depreciation and amortisation | 85.6 | 98.2 | 92.8 | 87.9 | 100.9 | 102.2 | 103.1 | 100.0 |
| Exceptional items signed profit impact | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -19.0 | 0.00 | n.r. |
| NCI share of profit/(loss) | 1.40 | 2.04 | 0.98 | 1.75 | 1.88 | 2.36 | 2.46 | n.r. |
| Share of associates profit/(loss) | 0.17 | 0.41 | -0.24 | 0.00 | 0.00 | 0.00 | 0.00 | n.r. |
| PAT attributable to owners | 201.0 | 120.8 | 131.8 | 87.6 | 13.0 | 0.21 | 103.7 | 161.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 26.6% | -14.4% | 35.5% | 8.9% | -10.9% |
| EBITDA margin | 14.1% | 12.3% | 8.4% | ||
| Net margin | 7.0% | 6.1% | 2.2% | ||
| Return on equity | 15.5% | 13.4% | 4.1% | ||
| Return on capital employed | 13.7% | 5.8% | 15.9% | 14.5% | 5.9% |
| Return on assets | 7.5% | 6.4% | 2.0% | ||
| Net debt (₹ crore) | 1,354 | 1,603 | 775.4 | ||
| Net debt / EBITDA | 0.99x | 1.23x | 0.98x | ||
| Interest cover | 10.5x | 3.93x | 7.13x | 4.83x | 2.60x |
| Asset turnover | 0.92x | 0.79x | 1.06x | 1.06x | 0.91x |
| Receivable days | 44 | 49 | 47 | 57 | 51 |
| Inventory days (on revenue) | 86 | 101 | 78 | 76 | 84 |
| Payable days (on revenue) | 41 | 44 | 34 | 39 | 53 |
| Cash conversion | 0.78x | 1.08x | |||
| Capex intensity | 6.1% | 3.4% | 2.8% | 6.8% | 4.8% |
| Free cash flow (₹ crore) | -54.2 | 212.4 | 257.4 | -24.7 | |
| Dividend payout | 1.4% | 1.5% | 79.5% | ||
| EPS, diluted (₹) | 6.06 | 2.02 | 7.06 | 6.68 | 2.14 |
| Book value per share (₹) | 41.06 | 42.63 | 47.82 | 51.43 | 52.11 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-reported net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after exceptional items).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- The 12-month rating and target
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Welspun Living
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Prices are the last close on the NSE, 15 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 16 Oct 2026.
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