Welspun Living LimitedQ2 FY27 Results & Financial Update
Welspun Living Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,838.12 Cr, PAT ₹169.66 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Welspun Living Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Welspun Living reported consolidated total income of INR 2,869.90 crore for the quarter ended September 30, 2026, marking a 1.5% sequential increase over INR 2,828.16 crore recorded in the preceding quarter (Q1 FY27).
Consolidated net profit (PAT) for Q2 FY27 stood at INR 169.66 crore, representing a 4.3% increase compared to INR 162.61 crore reported in the first quarter of fiscal 2027, alongside basic earnings per share of INR 1.86.
According to company earnings presentation disclosures, total revenues expanded 16.9% year-on-year to INR 2,870 crore, while EBITDA surged 120% year-on-year to INR 370 crore, driving EBITDA margins up by 604 basis points to 12.9%.
Growth across business segments remained broad-based, with Home Textile exports growing 18.3% year-on-year and the domestic business delivering robust year-on-year growth of 28.2%, supported by gains in both home textiles and flooring lines.
The Flooring segment continued to strengthen its operational profile, delivering revenues of INR 216 crore (up 19.3% year-on-year) and expanding segment EBITDA margins to 10.8% through strategic realignment and productivity enhancements.
Balance sheet strength improved notably during the period, with the company achieving a net-cash position of negative INR 2 crore as of September 30, 2026, compared to a net debt of INR 775 crore at the end of March 2026.
Operating efficiencies and rigorous working capital discipline helped reduce the cash conversion cycle to 44 days at the end of September 2026 from 82 days as of March 2026, while return on equity (ROE) and return on capital employed (ROCE) advanced to 13.4% and 12.7% respectively on an annualized H1 basis.
01 · Business model
What does Welspun Living do?
Welspun Living Limited is a global leader in home textiles as part of the USD 9 billion-plus Welspun Group, operating vertically integrated manufacturing facilities in India alongside strategic partnerships with major international retailers.
The company's core operations span four main segments: Bath Solutions (bath towels, robes, and rugs), Sleep Solutions (flat and fitted sheets, pillows, and utility bedding), Flooring Solutions (wall-to-wall carpets, carpet tiles, area rugs, and click-and-lock flooring), and Advanced Textiles (spunlace, needle punch, and wet wipes).
Welspun holds top global and regional market positions, including ranking first in towels and bath rugs in the United States and holding top-two standing in sheet products, backed by extensive global export reach and an expanding domestic presence.
02 · Historical context
What shaped the business before this quarter
Net debt progressively declined from INR 2,229 crore in FY22 down to INR 775 crore by March 2026 before turning into a net cash position of negative INR 2 crore in September 2026.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹2,838.12 Cr | ₹2,795.45 Cr |
| Total income | ₹2,869.90 Cr | ₹2,828.16 Cr |
| Profit before tax | ₹369.77 Cr | ₹220.36 Cr |
| Profit after tax | ₹169.66 Cr | ₹162.61 Cr |
| EPS | ₹1.86 | ₹1.69 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Home textile revenues reached INR 2,689 crore for Q2 FY27, growing 15.8% year-on-year from INR 2,322 crore, accounting for 93% of total revenue.
Flooring revenues grew 19.3% year-on-year to INR 216 crore in Q2 FY27 compared to INR 181 crore in Q2 FY26, contributing 7% of total quarterly sales.
The domestic business registered strong year-on-year growth of 28.2%, driven by a 26.3% increase in domestic home textiles and a 33.4% increase in domestic flooring.
Overall branded businesses expanded 32% year-on-year to account for approximately 22% of total revenue, while innovation-led revenues grew 46% year-on-year to represent 25% of sales.
What drove margins
Consolidated EBITDA margin expanded by 604 basis points year-on-year to 12.9% in Q2 FY27, driven by cost optimization, operational efficiencies, and favorable product mix.
Flooring segment EBITDA margin rose significantly to 10.8% in Q2 FY27, an 876 basis point improvement year-on-year, aided by operational improvements and a sharper focus on profitable growth.
Home textile EBITDA margin improved by 546 basis points year-on-year to 12.0% in Q2 FY27, contributing INR 323 crore in segment EBITDA.
05 · Demand, customers & order book
Where demand is coming from
Maintains long-standing supplier relationships with top global retailers across the US, UK, and European Union.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated revenue of INR 2,689 crore and EBITDA of INR 323 crore (12.0% margin) in Q2 FY27, compared to INR 2,680 crore in Q1 FY27.
Generated revenue of INR 216 crore and EBITDA of INR 23 crore (10.8% margin) in Q2 FY27, up from INR 188 crore in Q1 FY27.
Geography and market mix
Home textiles exports grew 18.3% year-on-year, supported by strong standing in US and European markets and expanding trade agreement frameworks.
The pillow manufacturing facility in Nevada, USA, fully commenced commercial production on June 15, 2026, operating at 67% utilization on an effective capacity of 10.1 million pieces.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Bath linen capacity stood at 96,400 MT with 83% utilization (20,063 MT produced); bed linen capacity at 108 million meters with 77% utilization (20.7 million meters produced); rugs and carpets capacity at 12 million square meters with 74% utilization (2.2 million square meters produced).
Spunlace utilization was 45% on a capacity of 27,729 MT; needle punch utilization at 35% on 3,026 MT capacity; wet wipes at 18% on 100 million packs capacity; flooring at 51% utilization on an effective capacity of 18 million square meters.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The pillow business scaled rapidly, recording a 2.4x year-on-year revenue increase while tracking towards double-digit annual revenue growth.
Portfolio expanded to 50 global patents, with innovation revenues contributing approximately 25% to overall sales.
09 · Reported developments
What changed operationally
Achieved a net-cash milestone of negative INR 2 crore, substantially enhancing financial flexibility and capital deployment capacity.
Maintained top global ranking in S&P Global Corporate Sustainability Assessment (CSA) for Textile, Apparel & Luxury Goods with a score of 90 out of 100.
10 · Pressure points & risks
What is not going smoothly
Ongoing geopolitical tensions in West Asia keep Brent crude prices volatile, presenting potential swing factors for fibre and freight costs.
11 · Items worth noticing
The line items that can distort a quick read
Financial results for Q2 FY27 include an exceptional item of INR 7.20 crore.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash conversion cycle compressed sharply to 44 days as of September 30, 2026, compared to 82 days at the end of March 2026, reflecting rigorous inventory and receivable management.
Capital allocation & funding
Gross debt stood at INR 1,905 crore (comprising INR 902 crore short-term and INR 1,003 crore long-term debt) against cash and cash equivalents of INR 1,906 crore, resulting in a net debt of negative INR 2 crore and net debt-to-equity of 0.00x.
13 · Management guidance & targets
What management is targeting from here
Management's stated priorities for FY27 include sustaining double-digit revenue growth, maintaining EBITDA margins in the low teens, improving capital returns, and generating strong cash flows.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Industry Accolades
Awarded Platinum Trophy for Highest Global Exports in the Industry and Gold Trophies for Innovation Leaders and Excellence in ESG at the TEXPROCIL 2026 awards.
15 · Previous-quarter changes
What changed since the previous quarter
Total income rose 1.5% quarter-on-quarter from INR 2,828.16 crore in Q1 FY27 to INR 2,869.90 crore in Q2 FY27, while quarterly PAT rose 4.3% from INR 162.61 crore to INR 169.66 crore.
16 · Key Q&A
The quarter, answered directly
What does Welspun Living do?
Welspun Living Limited is a global leader in home textiles as part of the USD 9 billion-plus Welspun Group, operating vertically integrated manufacturing facilities in India alongside strategic partnerships with major international retailers.
What is the clearest takeaway from Q2 FY27?
Welspun Living reported consolidated total income of INR 2,869.90 crore for the quarter ended September 30, 2026, marking a 1.5% sequential increase over INR 2,828.16 crore recorded in the preceding quarter (Q1 FY27).
What drove revenue or demand?
Home textile revenues reached INR 2,689 crore for Q2 FY27, growing 15.8% year-on-year from INR 2,322 crore, accounting for 93% of total revenue.
What mattered most for margins or profitability?
Consolidated EBITDA margin expanded by 604 basis points year-on-year to 12.9% in Q2 FY27, driven by cost optimization, operational efficiencies, and favorable product mix.
What changed operationally beyond the headline numbers?
Bath linen capacity stood at 96,400 MT with 83% utilization (20,063 MT produced); bed linen capacity at 108 million meters with 77% utilization (20.7 million meters produced); rugs and carpets capacity at 12 million square meters with 74% utilization (2.2 million square meters produced).
What is management guiding or targeting from here?
Management's stated priorities for FY27 include sustaining double-digit revenue growth, maintaining EBITDA margins in the low teens, improving capital returns, and generating strong cash flows.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Margin Sustainability: Monitor the persistence of low-teens EBITDA margins against potential volatility in global freight rates and raw material input costs.
- 02
Flooring Segment Scaling: Track capacity utilization ramp-up in the flooring segment from its current 51% level toward higher operational leverage.
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