WELSPUNLIV · Textiles
Welspun Living Ltd. reported revenue of ₹2,261 cr for April to June 2025, −10.8% on the year and −14.6% on the quarter. Over the last four quarters revenue comes to ₹10,270 cr, +2.4% on the four before.
Operating profit (EBITDA) was ₹225 cr, a margin of 10.0%, −353 bps on the year and −199 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 10.0% to 14.3%). Operating costs grew −7.2%, faster than revenue at −10.8%, so operating profit grew less than sales.
Net profit was ₹89.0 cr, −52.2% on the year and −33.1% on the quarter, with earnings per share of ₹0.91. Profit before other income, one-offs and tax fell 52.7%, so the profit growth came from the business itself. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹547 cr, −21.4% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹5.64 over the last four quarters, the stock at ₹219.69 trades at 39.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 10.0%, −353 bps on the year (−199 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,411 cr | ₹2,575 cr | ₹2,536 cr | ₹2,873 cr | ₹2,490 cr | ₹2,646 cr | ₹2,261 cr | ₹2,441 cr | ₹2,262 cr | ₹2,435 cr | ₹2,795 cr | ₹2,838 cr |
| YoY | — | — | +16% | +15% | +3% | +3% | −11% | −15% | −9% | −8% | +24% | +16% |
| EBITDA margin | 14.1% | 13.9% | 13.5% | 12.5% | 11.2% | 11.9% | 10.0% | 6.3% | 7.1% | 10.2% | 11.5% | 11.9% |
| Other income, % of PBT | 18% | 17% | 21% | 23% | 24% | 1% | 23% | 63% | −36% | 13% | 15% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 48% | 27% | 28% | 22% | 21% | 28% | 38% | — | 15% | 26% | 25% |
| Net profit | ₹179 cr | ₹131 cr | ₹186 cr | ₹202 cr | ₹123 cr | ₹133 cr | ₹89.0 cr | ₹15.0 cr | ₹3.0 cr | ₹106 cr | ₹163 cr | ₹170 cr |
| YoY | — | — | +14% | +1% | −31% | +2% | −52% | −93% | −98% | −20% | +83% | +1,033% |
| Core profit YoY | — | — | +9% | −4% | −39% | −21% | −53% | −96% | −84% | −34% | +96% | +2,133% |
| EPS | ₹1.82 | ₹1.50 | ₹1.91 | ₹2.10 | ₹1.26 | ₹1.37 | ₹0.91 | ₹0.14 | ₹0.00 | ₹1.08 | ₹1.70 | ₹1.79 |
| Flags | · | · | ✓ | 2 | 2 | 2 | 1 | 2 | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Welspun Living Ltd. reported revenue of ₹2,261 cr (−10.8% on the year) and net profit of ₹89.0 cr (−52.2% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −52.7% on the year, against −52.2% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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