Key Metrics of Welspun Living
About Welspun Living
Sectors
Company details
- Website
- welspunliving.com
- Registered office
- Welspun City Village Versamedi, Anjar, In-gj, 370110
- Listed
- NSE: WELSPUNLIV · ₹219.08
Operational Areas of Welspun Living
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 04 Sep 2026 | CARE | Reaffirmed | AA | A1+ | Stable | ₹3,130 Cr | View |
| 05 Sep 2025 | CARE | Reaffirmed | AA | A1+ | Stable | ₹3,130 Cr | View |
| 24 Oct 2024 | CARE | Reaffirmed | AA | A1+ | Positive | ₹3,631 Cr | View |
| 13 Nov 2023 | CARE | Reaffirmed | AA | A1+ | Stable | ₹2,612 Cr | View |
| 27 Dec 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹2,314 Cr | View |
| 06 Apr 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹300 Cr | View |
| 24 Aug 2021 | CARE | Reaffirmed | AA | A1+ | Stable | ₹2,341 Cr | View |
| 07 Jan 2021 | CARE | Reaffirmed | AA | A1+ | Stable | ₹5,114 Cr | View |
| 11 Dec 2020 | CARE | Reaffirmed | — | A1+ | — | ₹300 Cr | View |
| 02 Jan 2020 | CARE | Reaffirmed | AA | A1+ | Stable | ₹5,442 Cr | View |
| 07 Oct 2019 | CARE | Reaffirmed | AA | A1+ | Stable | ₹6,534 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Resourceful promoters, experienced management
Part of the Welspun Group, WLL benefits from the group’s diversified presence across line pipes, home textiles, infrastructure, warehousing, flooring solutions and advanced textiles. The company is promoted by BK Goenka, Chairman, Welspun Group, and RR Mandawewala, Executive Vice Chairman, Welspun Group, and supported by Dipali Goenka, Managing Director and Chief Executive Officer, WLL. Their extensive experience and support strengthen WLL’s operational capabilities, customer relationships
+ Strong global position supported by established customer relationships and diversified business mix
WLL is a major exporter of home textile products from India, operating across over 60 countries and supplying leading global retailers. It has established positions in towels, bath rugs and bed linen. Its diversified portfolio comprises bath and bed linen, rugs and carpets, flooring, pillows and advanced textiles, including spunlace, needle punch and wet wipes. The company has developed long-standing relationships with major global retailers. It supplies products through annual programmes, inclu
+ Integrated operations and ongoing capacity expansion
WLL is vertically integrated across spinning, weaving, processing, printing, washing, cutting and sewing. Backward integration covers ~70% of its yarn and fabric requirements, providing greater control over input availability, quality and production timelines. In the near term, the company plans consolidated capital expenditure of ~₹500 crore, primarily towards capacity expansion, modernisation & automation of plant, and routine maintenance. This includes a ₹121-crore brownfield modernisation an
+ Strong recovery expected following FY26 moderation
WLL’s operating performance moderated in FY26. Total income from operations declined to ₹9,382 crore from ₹10,532 crore in the previous year. PBILDT declined to ₹777 crore from ₹1,286 crore. Consequently, the PBILDT margin moderated to 8.28% from 12.21%. Moderation was primarily due to subdued export demand amid the US tariff-related uncertainty, cautious retailer ordering, lower operating leverage, an unfavourable product mix and continued cost pressures. These factors led to under-
+ Comfortable financial risk profile
WLL’s financial risk profile remained comfortable in FY26, supported by lower debt, strong operating cash generation and a decline in working-capital borrowings. Total debt reduced to ₹2,318 crore from ₹2,790 crore in the previous year. Net debt declined to ₹1,299 crore from ₹1,971 crore, while overall gearing improved to 0.49x from 0.59x. Deleveraging provided greater balance- sheet flexibility and reduced refinancing risk and the interest burden. WLL’s net debt/PBILDT moderated to 1.67x as on
+ Liquidity: Strong
The company’s liquidity position remains strong, supported by cash and liquid investments of ₹1,019 crore. Of this, ₹838 crore was invested in liquid bonds compared to ₹474 crore in the previous year, while ₹39 crore was invested in mutual funds compared to ₹85 crore in the previous year. The bond portfolio is primarily invested in high-credit-quality issuers and government securities. A significant portion comprises AAA-rated bonds, providing a relatively low credit risk investment cushion. Fun
Credit challenges
− Susceptibility to fluctuation in raw material prices and forex rates
Cotton and cotton yarn remain key raw materials for WLL, making its profitability sensitive to fluctuations in cotton prices.While most B2B contracts have price-escalation clauses, revising prices typically requires 1-2 quarters. This creates a lag in passing on higher raw-material costs to customers. Accordingly, sustained increases in cotton prices can temporarily pressure operating margins. WLL is exposed to foreign-exchange movements given its predominantly export-oriented revenue profile. H
− Intense competition in global home textiles
WLL operates in a competitive global home-textile market. The US remains its key demand market, while sourcing competition arises from China, India, Turkey, Pakistan, Vietnam and other Asian suppliers. Indian home-textile exporters benefit from an established manufacturing ecosystem, product variety and quality. However, WLL competes with other large organised Indian players for business from global retail customers. The company’s export-oriented business remains exposed to global demand
− High exposure to global demand, and working-capital requirements
WLL remains exposed to global demand conditions, with a significant share of its revenue derived from exports. The US is its largest market, making it vulnerable to changes in US tariffs, trade policies, consumer demand and sourcing preferences that can affect order inflows, sales volumes and margins. The recent tariff-related disruptions highlighted sensitivity of operating performance to changes in the US trade environment, with tariff uncertainty contributing to lower order inflows, subdued r
Could lead to an upgrade
• Improved contribution from emerging business-like flooring, advanced textile, branded and domestic business leading to improved operating profitability and business risk profile of the company. • Improvement in its Net debt/PBILDT to below unity on a sustained basis.
Could lead to a downgrade
• Deterioration in net debt/PBILDT above 2.00x on a sustained basis. • Significant decline in sales volumes or realisations, resulting in PBILDT margins falling below 8% on a sustained basis.
Agency-reported financials (CARE, 24 Oct 2024)
| Metric | March 31, 2023 | March 31, 2024 | Q1FY25 |
|---|---|---|---|
| Total operating income | ₹8,094 Cr | ₹9,685 Cr | ₹2,536 Cr |
| PBILDT | ₹753 Cr | ₹1,375 Cr | ₹341 Cr |
| PAT | ₹203 Cr | ₹673 Cr | ₹186 Cr |
| Overall gearing (times) | 0.62× | 0.60× | — |
| Interest coverage (times) | 5.79× | 8.96× | 7.87× |
| Revenue growth (YoY) | — | 19.7% | — |
| EBITDA margin | 9.3% | 14.2% | 13.4% |
| Implied interest cost (EBITDA ÷ coverage) | ₹130 Cr | ₹153 Cr | ₹43.33 Cr |
| PAT margin | 2.5% | 6.9% | 7.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Action Long-term/Short-term bank | Working capital & bank lines | — | ₹1,196 Cr | — | AA / A1+ (Stable) | Reaffirmed | CARE |
| facilities Long-term bank facilities | Working capital & bank lines | — | ₹1,634 Cr | — | AA (Stable) | Reaffirmed | CARE |
| Commercial Paper | Commercial paper | — | ₹300 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE192B14760 | Commercial Paper Aug Oct + | Commercial paper | — | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192B14745 | Commercial Paper Jul Sep + | Commercial paper | — | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192B14752 | Commercial Paper Aug Sep + | Commercial paper | — | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192B14737 | Commercial Paper Jul Sep + | Commercial paper | — | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192B14539 | Commercial Paper Commercial | Commercial paper | — | — | — | — | A1+ | Not stated |
| INE192B14547 | Paper Standalone | Commercial paper | — | — | — | — | A1+ | Not stated |
| INE192B14646 | Commercial paper | Commercial paper | 7.35% | 10 Sep 2024 | 09 Dec 2024 | ₹45.0 Cr | A1+ | Matured |
| INE192B14638 | Commercial paper | Commercial paper | 7.35% | 12 Aug 2024 | 08 Nov 2024 | ₹100 Cr | A1+ | Matured |
| INE192B14620 | Commercial paper + | Commercial paper | 7.35% | 30 Jul 2024 | 28 Oct 2024 | ₹50.0 Cr | A1+ | Matured |
| INE192B14596 | — | Commercial paper | — | 15 Sep 2022 | 14 Mar 2023 | ₹300 Cr | A1+ | Matured |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| CC/WCDL/OD/LC/BG | — | Withdrawn |
| CC/WCDL/OD/LC/BG | ₹1,196 Cr | CARE AA; Stable / CARE A1+ |
| Commercial Paper (Standalone) | ₹300 Cr | CARE A1+ |
| Long Term | ₹990 Cr | CARE AA; Stable |
| Term Loan | ₹644 Cr | CARE AA; Stable |
Lenders
| Fund-based | Long Term | Bank of Baroda |
| Fund-based | Long Term | State Bank of India |
| Fund-based | Long Term | Union Bank of India |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | Export Import Bank of India |
| Fund-based - LT | Term Loan | IndusInd Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Axis Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Bank of Baroda |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | ICICI Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Kotak Mahindra Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | State Bank of India |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Union Bank of India |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Yes Bank Ltd. |
Credit assessment · Cotton textile
Rating Methodology – Cotton Textile (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 68% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 68% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Working-capital limits 59% utilised on average
Rated limits by facility
Timeline
From the report
Liquidity: Strong The company’s liquidity position remains strong, supported by cash and liquid investments of ₹1,019 crore.
From the report
On a combined basis, average utilisation was ~59% for 12 months ended July 2026.
From the report
Liquidity: Strong WLL has strong liquidity profile marked by expected cash accruals of ~₹650 crore for FY26 against scheduled debt repayment of ₹160 crore and capex of ₹577 crore funded through a mix of debt and equity.
From the report
CARE Ratings also draws comfort from the cash and liquid investments to the tune of ₹959 crore as on June 30, 2025.
From the report
Liquidity remained robust with cash and liquid investments at ₹1,192 crore as on June 30, 2024 (₹1,119 crore as on March 31, 2024).
From the report
Apart from this brown field project, the company is also setting up a pillow manufacturing facility in Ohio, USA, at a cost of ₹104 crore.
From the report
Liquidity: Strong WLL has strong liquidity profile marked by expected cash accruals of more than ₹1,000 crore for FY25 against scheduled debt repayment of ₹150 crore and capex of ₹860 crore funded through a mix of debt and equity .
From the report
CARE Ratings also draws comfort from the cash and liquid investments to the tune of ₹1,119 crore as on March 31, 2024 and ₹1,192 crore as on June 30, 2024.
From the report
The total operating income (TOI) grew 15.5% YoY to ₹4,754 crore with a healthy operating margin at 15.4% growing 751 bps YoY, with cash accruals reaching ₹561 crore.
From the report
CARE Ratings also draws comfort from the liquid cash and investments to the tune of ₹791 crore as on March 31, 2023, and ₹769 crore as on September 30, 2023.
From the report
Liquidity: Strong CARE Ratings draws comfort from the liquid cash and investments to the tune of ₹995 crore as on September 30, 2022.
From the report
WIL has long-term debt repayment obligations of ₹162 crore for FY23.
From the report
The reaffirmation of the ratings also factors in the improvement in leverage indicators on account of steady cash accruals and prepayment of loans.
From the report
Long-term debt to equity ratio of the company has improved from 0.58x as on March 31, 2020, to 0.32x as on March 31, 2021, on the back of prepayment of loans aggregating Rs.417crore in FY21 apart from scheduled repayments.
From the report
Press Release Liquidity: Strong WIL has strong liquidity marked by expected strong accruals of around Rs. 1220 crore in FY22 against scheduled long-term debt repayment obligations of Rs. 146.93 crore.
From the report
Unencumbered cash and bank balance to the tune of Rs.716 crore as on December 31, 2021 provide further support to its liquidity profile.
From the report
The reaffirmation of the ratings also factors in the improvement in leverage indicators on account of steady cash accruals and prepayment of loans.
From the report
Long-term debt to equity ratio of the company has improved from 0.58x as on March 31, 2020, to 0.32x as on March 31, 2021, on the back of prepayment of loans aggregating Rs.417crore in FY21 apart from scheduled repayments.
From the report
Liquidity: Strong – WIL has strong liquidity marked by expected strong accruals of around Rs. 1220 crore in FY22 against scheduled long-term debt repayment obligations of Rs. 146.93 crore.
From the report
Unencumbered cash and bank balance to the tune of Rs.358.62 crore as on March 31, 2021 provide further support to its liquidity profile.
From the report
Against this the company has scheduled term debt repayment obligations of Rs.263.14 crore ( of which Rs. 151 crore has been repaid till November 30, 2020) and short term loan repayments of Rs.70.0 crore.
From the report
Against this the company has scheduled term debt repayment obligations of Rs.263.14 crore ( of which Rs. 151 crore has been repaid till November 30, 2020) , CP repayments of Rs.5 0 crore and sh ort term loan repayments of Rs. 70.0 crore.
From the report
This is largely on account of prepayment of term loans of ~Rs.284.17 crore.
From the report
Liquidity: Adequate – WIL has scheduled repayment obligations of Rs.348.71 crore in FY 20(of which Rs. 160 crore has been repaid by August 2019) and liquid investments to the tune of Rs.168 crore as of September 30, 2019 on a consolidated basis.
From the report
Liquidity: Adequate – WIL has scheduled repayment obligations of Rs.348.71 crore in FY 20(of which Rs. 160 crore has been repaid by August 2019) and liquid investments to the tune of Rs.168 crore as of September 30, 2019 on a consolidated basis.
From the report
The company has also prepaid term loans of around Rs.284 crore in September 19.
From the report
The company’s average working capital utilisation has been around 80% for 12 months ended November 2019.The Company has no significant capex planned in next two years.
From the report
Liquidity: Adequate – WIL has scheduled repayment obligations of Rs.348.71 crore in FY 20(of which Rs. 160 crore has been repaid by August 2019) and liquid investments to the tune of Rs.254 (as of 19th September 2019) on a consolidated basis.
From the report
The company’s average working capital utilisation has been around 81% for 12 months ended August 2019.The company has no significant capex planned in next two years.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Welspun Living
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Grasim Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | grasim.com | 1948 | Ujjain, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
| Formal & Premium Menswear · Apparel, Textiles & Footwear | raymond.in | — | Ratnagiri, India | |
 Alok Industries |
Discovered Companies · Other Industries | alokind.com | 1986 | Silvassa, India |
 Trident |
Part of Mondelez International. | tridentindia.com | — | India |
| Raymond Lifestyle Limited | Discovered Companies · Other Industries | — | — | Aurangabad, Maharashtra, India |
 KPR Mill |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | kprmilllimited.com | — | India |
 Page Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | pageind.com | 1995 | Bengaluru, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | indocount.com | — | Kolhapur, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | owmnahar.com | — | Ludhiana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Home textiles
Filings
No filings on record yet.