Welspun Living financials and balance sheet

NSE: WELSPUNLIVBSE: 514162Textiles & ApparelsSmall Cap

Formerly Welspun India

₹209.92₹4.02 (1.88%)BSE ₹209.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹213.94.

52-week range of traded prices to 23 Oct 2026

₹107.10Low, 30 Mar 2026₹245.50High, 7 Oct 2026

Next results date: the board meets on 30 Oct 2026 to consider: financial results.

Market cap: ₹19,832 Cr486th largest listed
P/E: 71.4
P/B: 4.0
Dividend yield: 0.05%
ROE: 5.7%
ROCE: 7.0%
Debt to equity: 0.36
Volume, NSE: 21,98,65740.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Welspun Living annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.9% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹6,741 Cr, differs from its quarters added, ₹6,836 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,399
Materials and goods−5,053
Employee costs−1,145
Other expenses−2,408
Operating profit793
Depreciation−394
Other income+69
One-off items−19
Finance costs−161
Profit before tax287
Tax−75
Net profit213

What the company owns

Plant, investments and other assets₹5,948 Cr
Inventory₹2,171 Cr
Receivables₹1,312 Cr
Current investments₹877 Cr
Cash and bank₹147 Cr

What pays for it: net worth and liabilities

Net worth₹4,978 Cr
Other liabilities₹2,298 Cr
Borrowings₹1,802 Cr
Owed to suppliers₹1,377 Cr

Welspun Living business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Welspun Living segment results by quarter

Revenue by segment

₹9,675 CrTotal

Home Textiles₹8,940 Cr92.4% of total
Flooring₹736 Cr7.6% of total

Profit by segment

Home Textiles₹779 Cr96.4% of total
Flooring₹29 Cr3.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Home Textiles
Revenue, ₹ crore
6,663
7,128
8,791
7,638
9,063
9,834
8,940
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,469
1,486
1,411
798
1,383
1,290
779
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Flooring
Revenue, ₹ crore
87
319
661
706
927
889
736
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−142
−100
−14
18
77
74
29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	6,751	7,447	9,452	8,344	9,990	10,724	9,675
Company revenue, as in its results	6,527	6,741	7,340	9,311	8,094	9,679	10,545	9,399
Revenue	–	6,663	7,128	8,791	7,638	9,063	9,834	8,940
Revenue growth	–	–	7.0%	23.3%	−13.1%	18.7%	8.5%	−9.1%
Profit	–	1,469	1,486	1,411	798	1,383	1,290	779
Profit growth	–	–	1.2%	−5.1%	−43.4%	73.2%	−6.7%	−39.6%
Margin	–	22.0%	20.9%	16.1%	10.5%	15.3%	13.1%	8.7%
Return on capital	–	49.6%	42.8%	43.2%	23.1%	39.0%	32.9%	20.0%
Assets	–	6,753	6,931	6,896	6,232	6,644	7,612	7,839
Liabilities	–	3,791	3,457	3,632	2,777	3,103	3,691	3,946
Capital employed	–	2,962	3,474	3,264	3,456	3,541	3,920	3,893
Revenue	–	87	319	661	706	927	889	736
Revenue growth	–	–	265.4%	107.4%	6.7%	31.4%	−4.1%	−17.3%
Profit	–	−142	−100	−14	18	77	74	29
Profit growth	–	–	–	–	–	322.1%	−3.7%	−60.9%
Margin	–	−163.1%	−31.3%	−2.2%	2.6%	8.3%	8.3%	3.9%
Return on capital	–	–	−27.4%	−3.2%	3.8%	12.8%	8.2%	3.8%
Assets	–	1,083	1,362	1,592	1,556	1,704	1,842	1,569
Liabilities	–	1,113	998	1,141	1,082	1,107	943	814
Capital employed	–	−30	364	451	474	597	899	756

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Welspun Living quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 29 Jun	Mar 2021Filed 15 May	Mar 2022Filed 11 May	Mar 2023Filed 28 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 14 Oct
Revenue from operations	6,641	6,051	6,527	6,741	7,340	9,311	8,094	9,679	10,545	9,399
	5,057	4,927	5,462	5,526	5,988	7,953	7,341	8,310	9,247	8,606
Materials and goods bought	3,040	3,024	3,350	3,296	3,587	5,094	4,514	5,110	5,676	5,053
Employee costs	637	675	711	778	823	867	794	1,027	1,152	1,145
Other expenses	1,380	1,228	1,400	1,452	1,578	1,992	2,033	2,173	2,420	2,408
Operating profit before depreciation	1,583	1,123	1,065	1,215	1,352	1,359	753	1,369	1,299	793
Operating margin	23.8%	18.6%	16.3%	18.0%	18.4%	14.6%	9.3%	14.1%	12.3%	8.4%
Materials, % of revenue	45.8%	50.0%	51.3%	48.9%	48.9%	54.7%	55.8%	52.8%	53.8%	53.8%
Employee costs, % of revenue	9.6%	11.2%	10.9%	11.5%	11.2%	9.3%	9.8%	10.6%	10.9%	12.2%
Other expenses, % of revenue	20.8%	20.3%	21.5%	21.5%	21.5%	21.4%	25.1%	22.5%	22.9%	25.6%
Depreciation and amortisation	505	504	436	481	454	420	442	394	373	394
Operating profit after depreciation	1,078	619	629	734	898	938	310	974	925	399
Other income	81	81	82	95	68	66	121	146	152	69
Finance costs	158	141	159	178	198	131	130	153	217	161
Profit before one-off items and tax	1,000	560	552	651	769	873	302	967	860	306
One-off items	−465	0	−265	43	0	0	0	0	0	−19
Profit before tax	536	560	287	694	769	873	302	967	860	287
	173	161	61	170	218	266	99	294	216	75
Current tax	124	123	90	162	203	223	68	122	171	76
Deferred tax	49	39	−29	8	15	43	31	173	45	−2
Share of profit of joint ventures and associates	–	–	–	–	0	0	0	0	0	–
	362	398	226	524	551	607	203	673	644	213
Belonging to the company's shareholders	362	398	210	507	540	601	199	681	639	204
Belonging to outside owners of subsidiaries	–	–	16	17	11	6	4	−8	5	8
Other comprehensive income	–	–	50	−160	135	−16	5	−4	11	−32
Total comprehensive income	–	–	277	364	686	591	207	668	655	181
Net margin	5.5%	6.6%	3.5%	7.8%	7.5%	6.5%	2.5%	7.0%	6.1%	2.3%
Net margin without joint ventures and associates	–	–	–	–	7.5%	6.5%	2.5%	6.9%	6.1%	–

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 24 May	Mar 2020Filed 29 Jun	Mar 2021Filed 15 May	Mar 2022Filed 11 May	Mar 2023Filed 28 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 14 Oct
	2,850	3,057	3,743	4,076	4,196	4,613	4,921	4,978
	2,779	2,972	3,645	3,972	4,088	4,516	4,821	4,917
Share capital	100	100	100	99	99	97	96	96
Reserves	2,679	2,872	3,544	3,873	3,989	4,419	4,725	4,821
Belonging to outside owners of subsidiaries	71	85	99	105	108	97	100	61
	2,962	3,179	2,716	3,188	2,350	2,521	2,469	1,802
Repayable after a year	1,554	1,407	970	1,054	972	833	879	871
Repayable within a year	1,408	1,772	1,745	2,135	1,378	1,688	1,589	931
	2,893	3,347	3,306	3,541	2,667	3,096	3,253	3,271
Trade payables	704	898	1,092	931	870	937	1,123	1,377
Other financial liabilities	448	519	206	109	30	54	107	333
Other liabilities	154	154	259	154	338	228	359	363
Provisions	173	0	0	0	0	122	0	0
Tax owed	6	4	5	67	51	68	75	268
	1,999	1,907	1,628	1,819	1,787	1,841	2,134	2,206
Other financial liabilities	4	58	83	321	311	10	279	484
Other liabilities	105	247	323	144	180	255	521	405
Provisions	136	3	3	3	0	0	0	0
Deferred tax	201	193	249	298	324	435	454	445
Trade payables	–	0	0	–	0	83	0	0
Total assets	7,742	8,310	8,678	9,437	8,650	9,550	10,307	10,455
	4,112	4,342	4,281	4,587	4,232	4,233	4,838	5,274
Plant in use, after depreciation	3,072	3,633	3,512	3,696	3,611	3,512	3,533	3,760
Plant being built	486	56	171	162	46	47	375	258
Intangible assets	55	48	28	21	120	12	298	499
Goodwill	179	180	183	183	186	289	192	202
Intangible assets being developed	3	2	2	4	0	2	6	11
Investments	27	1	2	4	7	8	11	15
Loans given	0	0	0	2	0	0	1	0
Other financial assets	46	123	77	337	110	201	344	429
Deferred tax	60	116	112	125	123	65	40	63
Trade receivables	0	0	–	–	0	44	0	0
Other assets	184	183	193	52	29	53	41	38
	3,631	3,968	4,397	4,850	4,418	5,317	5,469	5,181
Inventories	1,334	1,529	1,773	1,978	1,970	2,072	2,183	2,171
Trade receivables	1,077	1,086	1,182	999	960	1,255	1,645	1,312
Cash and cash equivalents	154	205	299	232	146	201	284	138
Other bank balances	19	25	100	34	35	54	23	9
Current investments	100	244	109	694	635	909	559	877
Loans given	0	0	1	1	2	2	1	1
Other financial assets	564	322	442	233	319	430	457	253
Tax paid in advance	3	2	2	3	6	3	8	10
Other assets	379	555	489	677	345	391	309	410
Net debt	2,689	2,705	2,207	2,229	1,534	1,357	1,603	778

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 15 May	Mar 2022Filed 11 May	Mar 2023Filed 28 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 14 Oct
	954	587	756	533	688	1,175
	1,055	751	845	644	858	1,271
	−105	−388	341	−501	−247	662
Receivables	−98	173	40	−294	−384	366
Inventories	−244	−205	8	−102	−112	13
Payables	201	−163	−63	39	222	250
Other working capital	38	−194	357	−144	27	33
Tax paid	−101	−164	−89	−111	−170	−96
Capital spending	450	530	275	275	713	451
Free cash flow	504	57	481	257	−25	724
	−98	−600	243	−209	57	−348
Plant and property sold	29	24	30	16	17	2
Interest received	28	15	55	47	59	35
Dividends received	0	0	1	0	0	0
	−762	−55	−1,086	−269	−663	−975
Borrowings raised	88	473	88	332	53	158
Borrowings repaid	−674	−127	−939	−162	−111	−825
Interest paid	−128	−158	−167	−153	−219	−161
Lease payments	−25	−25	−28	−31	−28	−19
Dividends paid	0	15	15	12	12	208
Shares bought back	0	–	0	242	346	0
Shares issued	0	0	0	0	0	0
Net change in cash	93	−68	−87	55	82	−148

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares bought back is left blank for the year to Mar 2022: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Welspun Living dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 29 Jun	Mar 2021Filed 15 May	Mar 2022Filed 11 May	Mar 2023Filed 28 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 14 Oct
Earnings per share	₹3.56	₹3.83	₹2.09	₹5.05	₹5.37	₹6.06	₹2.02	₹7.06	₹6.70	₹2.29
Diluted earnings per share	₹3.56	₹3.83	₹2.09	₹5.05	₹5.37	₹6.06	₹2.02	₹7.06	₹6.68	₹2.29
Dividend per share	₹0.65	₹0.65	₹0.30	₹1.00	₹0.15	₹0.15	₹0.10	₹0.10	₹1.70	₹0.10
Book value per share	–	–	₹27.66	₹29.58	₹36.28	₹40.20	₹41.37	₹46.47	₹50.27	₹51.27
Dividend payout	18.0%	16.4%	14.4%	19.8%	2.8%	2.5%	5.0%	1.4%	25.5%	4.7%
Shareholder yield	–	–	–	–	0.0%	–	0.2%	1.9%	2.8%	2.0%
Market cap at the year end (₹ crore)	8,816	5,832	5,993	2,170	8,123	8,977	6,289	13,372	12,960	10,390

Shareholder yield is left blank for the year to Mar 2022: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.Welspun Living PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 29 Jun	Mar 2021Filed 15 May	Mar 2022Filed 11 May	Mar 2023Filed 28 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 14 Oct
Revenue growth	11.1%	−8.9%	7.9%	–	8.9%	26.9%	−13.1%	19.6%	8.9%	−10.9%
Operating profit growth	1.7%	−29.1%	−5.2%	–	11.3%	0.5%	−44.6%	81.9%	−5.1%	−38.9%
Net profit growth	−48.4%	9.9%	−43.2%	131.8%	5.0%	10.2%	−66.6%	232.2%	−4.3%	−66.9%
Earnings per share growth	−49.1%	7.6%	−45.4%	141.6%	6.3%	12.8%	−66.7%	249.5%	−5.1%	−65.8%
	–	–	7.5%	17.6%	16.3%	15.8%	4.9%	15.8%	13.7%	4.2%
	–	–	–	10.1 pts	−1.3 pts	−0.5 pts	−10.9 pts	10.9 pts	−2.1 pts	−9.5 pts
From the net margin	–	–	–	10.1 pts	−0.4 pts	−2.0 pts	−9.8 pts	9.2 pts	−2.2 pts	−8.8 pts
From asset turnover	–	–	–	−0.1 pts	0.5 pts	2.7 pts	−0.8 pts	2.7 pts	0.0 pts	−0.7 pts
From borrowing	–	–	–	0.0 pts	−1.4 pts	−1.3 pts	−0.3 pts	−1.0 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	10.8%	11.8%	13.9%	12.9%	4.7%	13.7%	12.5%	5.9%
Cash conversion	–	–	–	–	173.1%	96.7%	373.3%	79.2%	106.8%	551.9%
Interest cover	6.8	4.4	3.9	4.1	4.5	7.1	2.4	6.4	4.3	2.5
Debt to equity	–	–	1.04	1.04	0.73	0.78	0.56	0.55	0.50	0.36
Receivable days	–	–	60	59	59	39	43	47	57	51
Inventory days	–	–	145	169	180	142	159	148	140	157
Payable days	–	–	77	99	111	67	70	67	72	99
Cash conversion cycle, days	–	–	129	129	128	114	132	128	125	108
Working capital days	–	–	105	104	116	97	104	104	102	71
Asset turnover	–	–	0.84	0.84	0.86	1.03	0.90	1.06	1.06	0.91
Assets per rupee of net worth	–	–	2.79	2.79	2.57	2.38	2.24	2.12	2.13	2.13
Sales per rupee of plant	–	–	2.12	1.86	2.09	2.52	2.24	2.76	2.98	2.50
Capital spending to depreciation	–	–	–	–	0.99	1.26	0.62	0.70	1.91	1.14
Plant being built, % of plant in use	–	–	15.8%	1.6%	4.9%	4.4%	1.3%	1.3%	10.6%	6.9%

Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.0%
Cash from operations against operating profit: 148.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.6%	5.1%	5.1%
Profit growth, yearly rate	−11.6%	−17.6%	0.9%
Return on equity, average	–	10.9%	11.2%
Return on capital employed, average	–	9.9%	10.7%
Operating margin, average	15.4%	11.8%	11.6%
Net margin, average	5.5%	4.9%	5.1%
Asset turnover, average	–	0.99	1.01
Cash conversion cycle, days, average	–	122	121
Interest cover, average	4.6	4.5	4.4
Debt to equity, average	–	0.55	0.47

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,738	2,396	1,175
Cash from investing	−857	−500	−348
Cash from financing	−3,048	−1,907	−975
Capital spending	2,244	1,439	451
Dividends paid	263	233	208
Shares bought back	–	587	0
Shares issued for cash	0	0	0
Borrowings raised	1,104	543	158
Borrowings repaid	2,164	1,099	825

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	5	8	5	6
Altman Z-scorePublished threshold 1.81	–	–	2.37	1.98	2.92	3.08	2.84	3.95	3.71	3.04
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.56	−2.43	−2.86	−2.15	−1.93	−3.03
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.58	6.85	−8.80	3.84	−1.02	−5.92
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.69	1.27	1.30	1.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−2.42	−0.09	−42.29	9.19	11.05	22.16	−9.36
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	16.18	7.16	−30.45	10.98	−8.02	−5.68	10.39
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.00	0.74	−0.22	−3.00	1.61	−0.48	−1.08
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.51	0.27	0.13	0.16	0.95	0.41
Effective tax ratePublished threshold 17.16 per cent	32.33	28.85	21.18	24.49	28.35	30.51	32.93	30.43	25.14	25.94
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	11.72	3.32	18.90	5.34	−7.40

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
4 Sep 2026	CARE Ratings Limited (opens in a new tab)	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BG	CARE AA / CARE A1+Review, Re-affirm	Stable	1,196
4 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Long Term	CARE AAReview, Re-affirm	Stable	990
4 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AAReview, Re-affirm	Stable	644.43
4 Sep 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		300

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.