Welspun Living
Welspun Living
TextilesKey Fundamentals
SmallcapTextile ProductsTextilesTapetide Score
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Key Insights
Weaknesses
5- Stock is trading at 4.67 times its book value
- The company has delivered a poor sales growth of 5.07% over past five years.
- Company has a low return on equity of 11.1% over last 3 years.
- Dividend payout has been low at 2.89% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -4.14%
Growth Rate
AI Analysis — Bull vs Bear
Welspun Living Ltd has a market capitalisation of about ₹21,322 Cr and trades at a P/E of 73.6x and a P/B of 4.28x, even though TTM profit fell 49% and TTM sales fell 3%. Last year's ROE was 4%, against a 3-year average of 11% and a 10-year average of 13%. The stock has risen 93% over the past year, while 5-year profit CAGR is -17% and sales CAGR is about 5%.
- The 10-year average ROE of 13% is well above last year's 4%, so the business has earned higher returns before. If margins go back toward historical levels, profitability could improve meaningfully from the current depressed base.
- TTM profit fell 49%, which leaves a low base. Any recovery in earnings could show strong year-on-year growth figures in coming periods.
- The stock has delivered a 10-year CAGR of 15% and a 3-year CAGR of 22%, showing it has compounded value for shareholders over long periods.
- The stock is up 93% over the past year, which shows strong recent market interest and momentum in the name.
- Profit grew at a 4% CAGR over 3 years and sales at a 5% CAGR, so the medium-term trend is positive despite the weak TTM period.
- With a dividend payout of only 2.89% of profits over the last 3 years, the company keeps about 97% of its earnings to reinvest in capacity, brands or reducing debt.
- A market capitalisation of about ₹21,322 Cr makes it a sizeable, liquid company in the Consumer Discretionary / textiles space. That gives it scale advantages in sourcing and serving customers.
- The P/E of 73.6x means an earnings yield of only about 1.4%. That is a steep multiple for a company whose TTM profit fell 49%, and it assumes a strong earnings recovery.
- The P/B of 4.28x looks hard to justify against last year's ROE of 4% and a 3-year average ROE of 11.1%. Returns on book value are modest compared with the premium the market is paying for it.
- Long-term profit trends are negative: profit CAGR is -17% over 5 years and -11% over 10 years. Earnings have shrunk over a decade despite sales growth.
- Sales growth has been slow, at about 5% CAGR over 3, 5 and 10 years (5.07% over 5 years), and TTM sales fell 3%. This points to limited top-line momentum.
- The stock's 93% one-year gain has come alongside a 49% fall in TTM profit. Valuation has moved away from fundamentals, which raises the risk of a de-rating if earnings do not recover.
- Promoter holding fell by 4.14% over the last 3 years. This may be read as a negative signal about insider conviction.
- The dividend yield is only 0.04% and payout has averaged 2.89% of profits over 3 years, so shareholders get almost no income return.
- The 5-year stock CAGR of just 7% trails the 10-year CAGR of 15%, a sign of stretches of weak returns and volatility.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Promoter trust sells 2.59% stake Sep 24
Welspun Group Master Trust sold 2,44,71,102 shares in a block deal on Sep 23, 2026, which cut total promoter group holding from 66.36% to 63.77%. A promoter sale this large can create near-term supply overhang and may weigh on sentiment unless the buyers are strong institutions.
- AGM held, FY26 dividend approved Sep 24
Welspun Living held its 41st AGM virtually on Sep 24, 2026, after announcing the date on Sep 2. Shareholders adopted the FY26 financial statements and approved a dividend of Re 0.10 per share, which is a small payout.
- Investor conferences on Sep 28-29 Sep 23
The company will take part in two investor conferences, virtual and physical, on Sep 28 and 29, 2026. It confirmed that no unpublished price sensitive information will be shared.
- FY26 BRSR filed, BDO assured Sep 2
Welspun Living filed its FY26 Business Responsibility and Sustainability Report covering ESG metrics. BDO India gave it reasonable assurance, which supports disclosure credibility with ESG-focused investors.
TL;DR: This set of news is mostly routine corporate updates, with no operating or earnings news to judge business momentum. The one material item is the promoter trust selling 2.59% via a block deal on Sep 23, which lowers promoter holding to 63.77% and may raise overhang concerns, though promoter control is still strong. Governance and disclosure look sound, with an assured BRSR and active investor engagement. Watch the Sep 28-29 investor conferences for management's explanation of the stake sale, and watch for any further promoter selling.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,184 | 2,509 | 2,411 | 2,575 | 2,536 | 2,873 | 2,490 | 2,646 | 2,261 | 2,441 | 2,262 | 2,435 | 2,795 |
| Expenses | 1,874 | 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 | 310 | 358 | 339 | 359 | 342 | 358 | 280 | 316 | 225 | 153 | 160 | 249 | 321 |
| OPM % | 14% | 14% | 14% | 14% | 13% | 12% | 11% | 12% | 10% | 6% | 7% | 10% | 11% |
| Other Income | 31 | 33 | 43 | 42 | 52 | 63 | 38 | 2 | 29 | 15 | -5 | 16 | 34 |
| Interest | 26 | 34 | 42 | 52 | 43 | 55 | 62 | 57 | 42 | 43 | 39 | 37 | 34 |
| Depreciation | 99 | 98 | 100 | 96 | 97 | 86 | 98 | 93 | 88 | 101 | 102 | 103 | 100 |
| PBT | 216 | 259 | 240 | 252 | 253 | 280 | 158 | 168 | 124 | 24 | 14 | 125 | 220 |
| Tax % | 25% | 23% | 25% | 48% | 27% | 28% | 22% | 21% | 28% | 38% | 82% | 15% | 26% |
| Net Profit | 163 | 200 | 179 | 131 | 186 | 202 | 123 | 133 | 89 | 15 | 3 | 106 | 163 |
| EPS in Rs | 1.66 | 2.02 | 1.82 | 1.5 | 1.91 | 2.1 | 1.26 | 1.37 | 0.91 | 0.14 | 0 | 1.08 | 1.7 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,264 | 5,924 | 6,638 | 6,050 | 6,527 | 6,741 | 7,340 | 9,311 | 8,094 | 9,679 | 10,545 | 9,399 | 9,934 |
| Expenses | 3,987 | 4,325 | 5,054 | 4,926 | 5,458 | 5,526 | 5,988 | 7,950 | 7,341 | 8,310 | 9,246 | 8,605 | 9,050 |
| Operating Profit | 1,278 | 1,599 | 1,584 | 1,124 | 1,068 | 1,215 | 1,352 | 1,362 | 753 | 1,369 | 1,299 | 794 | 884 |
| OPM % | 24% | 27% | 24% | 19% | 16% | 18% | 18% | 15% | 9% | 14% | 12% | 8% | 9% |
| Other Income | 91 | 84 | -384 | 81 | -187 | 139 | 68 | 63 | 121 | 146 | 152 | 49 | 60 |
| Interest | 283 | 237 | 158 | 141 | 159 | 178 | 198 | 131 | 130 | 153 | 217 | 161 | 153 |
| Depreciation | 333 | 372 | 505 | 504 | 436 | 481 | 454 | 420 | 442 | 394 | 373 | 394 | 407 |
| PBT | 753 | 1,074 | 536 | 560 | 287 | 694 | 769 | 873 | 302 | 967 | 860 | 287 | 384 |
| Tax % | 28% | 30% | 32% | 29% | 21% | 24% | 28% | 30% | 33% | 30% | 25% | 26% | — |
| Net Profit | 544 | 749 | 362 | 398 | 226 | 524 | 551 | 607 | 203 | 673 | 644 | 213 | 286 |
| EPS in Rs | 5.37 | 7.33 | 3.56 | 3.83 | 2.09 | 5.05 | 5.37 | 5.98 | 1.98 | 7.01 | 6.66 | 2.13 | 2.92 |
| Div. Payout % | 20% | 18% | 18% | 17% | 14% | 20% | 3% | 2% | 5% | 1% | 3% | 5% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 99 | 99 | 97 | 96 | 96 |
| Reserves | 1,331 | 1,870 | 2,297 | 2,505 | 2,679 | 2,872 | 3,544 | 3,873 | 3,989 | 4,419 | 4,725 | 4,821 |
| Borrowings | 3,085 | 3,248 | 3,311 | 3,281 | 3,310 | 3,521 | 2,940 | 3,304 | 2,462 | 2,632 | 2,762 | 2,315 |
| Other Liabilities | 1,178 | 1,258 | 1,550 | 1,301 | 1,593 | 1,701 | 1,981 | 2,036 | 1,978 | 2,337 | 2,684 | 3,160 |
| Total Liabilities | 5,695 | 6,476 | 7,258 | 7,187 | 7,682 | 8,194 | 8,566 | 9,312 | 8,527 | 9,485 | 10,267 | 10,392 |
| Fixed Assets | 2,627 | 3,348 | 3,689 | 3,460 | 3,306 | 3,933 | 3,814 | 4,005 | 3,918 | 3,813 | 4,022 | 4,460 |
| CWIP | 156 | 183 | 56 | 83 | 489 | 58 | 173 | 166 | 46 | 49 | 380 | 269 |
| Investments | 142 | 29 | 126 | 128 | 127 | 244 | 111 | 698 | 642 | 916 | 570 | 892 |
| Other Assets | 2,770 | 2,916 | 3,387 | 3,516 | 3,761 | 3,959 | 4,467 | 4,443 | 3,922 | 4,707 | 5,295 | 4,771 |
| Total Assets | 5,695 | 6,476 | 7,258 | 7,187 | 7,682 | 8,194 | 8,566 | 9,312 | 8,527 | 9,485 | 10,267 | 10,392 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 939 | 1,328 | 832 | 545 | 807 | 777 | 954 | 587 | 756 | 533 | 688 | 1,175 |
| Investing | -606 | -801 | -715 | -300 | -540 | -458 | -97 | -600 | 244 | -210 | 58 | -345 |
| Financing | -325 | -620 | -99 | -250 | -232 | -269 | -762 | -55 | -1,086 | -269 | -663 | -975 |
| Net Cash Flow | 8 | -93 | 18 | -5 | 35 | 51 | 94 | -68 | -86 | 55 | 83 | -146 |
| Free Cash Flow | 362 | 273 | 135 | 214 | 74 | 287 | 533 | 81 | 511 | 274 | -7 | 726 |
| CFO/OP | 87 | 98 | 59 | 60 | 87 | 77 | 78 | 55 | 112 | 47 | 66 | 160 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 52 | 53 | 56 | 60 | 59 | 59 | 39 | 43 | 47 | 57 | 51 |
| Inventory Days | 158 | 152 | 168 | 172 | 158 | 184 | 180 | 151 | 168 | 158 | 150 | 168 |
| Days Payable | 99 | 91 | 98 | 85 | 83 | 108 | 111 | 71 | 74 | 69 | 77 | 107 |
| Cash Conversion Cycle | 90 | 113 | 122 | 143 | 135 | 135 | 128 | 119 | 137 | 136 | 130 | 113 |
| Working Capital Days | -12 | 14 | 39 | 47 | 26 | 8 | 29 | 14 | 42 | 40 | 47 | 34 |
| ROCE % | 24% | 27% | 21% | 12% | 11% | 13% | 15% | 14% | 6% | 16% | 14% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Welspun Living Limited, part of the US$ 2.7 billion Welspun Group, is one of the largest home textile manufacturers in the world. The Company offers a wide spectrum of Home & Technical textile products and Flooring solutions. The Company has established itself as a thought leader within the home textile industry over the years and continue to focus on the enablers viz. Innovation, Branding and Sustainability to consolidate its leadership position. [1] It manufactures a wide range of home textile products ranging from towels, bath robes to sheets, tob and basic& fashion bedding. It also entered into the business of carpets flooring solutions recently. [2]
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