Welspun Living Q1: consolidated PAT surges 82% YoY to ₹163 Cr as margins hit 12.5%

Welspun Living's consolidated (primary basis) revenue from operations rose 23.7% YoY and 14.8% QoQ to ₹2,795 Cr (total income ₹2,828 Cr, +23.5% YoY per the company's own calc), while net profit for the period jumped 82% YoY and 53% QoQ to ₹163 Cr — owners' share ₹161 Cr, matching management's own '1.8x YoY' framing. Neither this quarter nor the year-ago quarter carried exceptional items, so the growth is clean and comparable; no raw-vs-adjusted split is needed. Growth was broad-based: home-textile exports +28.1% YoY (one of the strongest export quarters in years), domestic brands +21.3% YoY, and the US pillow business grew 2.3x YoY. By segment, Home Textiles PBIDT rose 40.8% YoY to ₹314.3 Cr on revenue of ₹2,680 Cr (+26.2% YoY), while Flooring PBIDT grew 20.5% YoY to ₹19.5 Cr even as Flooring revenue slipped 3.1% YoY to ₹187.5 Cr — margin discipline (management cites 10.4% flooring margin) offset softer export volumes there. Margins expanded for a third straight quarter: consolidated EBITDA (management's metric, profit before interest/depreciation/associate-share/tax) was ₹354 Cr at a 12.5% margin, up 170 bps sequentially and 140 bps YoY from 10.8%/11.1%. On a net basis, consolidated PAT margin (PAT/total income) rose to 5.75% from 4.33% in Q4FY26 and 3.90% a year ago. The margin bridge: material and other-expense lines grew slower than revenue even as Other Expenses absorbed a ₹16.07 Cr exchange loss this quarter versus a ₹5.06 Cr exchange gain in the year-ago quarter — a modest headwind the company still grew through. Finance costs fell YoY (₹34.4 Cr vs ₹42.5 Cr) on lower debt. On guidance, management's Q4FY26 concall had called for 'double-digit revenue growth' and margins 'advancing into the teens' in FY27; this quarter's 23.5-23.7% YoY revenue growth comfortably clears that bar, and the 12.5% EBITDA margin — up for a third consecutive quarter — is progressing toward, though not yet inside, the guided teens. We found no analyst consensus estimates specific to Welspun Living's Q1FY27 print (the closest matches surfaced were for Welspun Corp, a separate group entity, and a stale Simply Wall St piece covering Welspun Living's FY26 annual results from May 2026), so vsStreet is marked unknown rather than inferred. During the quarter the company completed a ₹252 Cr tender-offer buyback (1.44 Cr shares at ₹175/share, settled June 11), which reduced paid-up capital by ₹1.44 Cr and contributed to basic EPS climbing to ₹1.69 from ₹0.92 YoY alongside the profit growth. Two events fall just after the quarter close and do not affect these numbers: the Board approved selling a 51% stake in Welspun Captive Power Generation Ltd for ₹67.66 Cr (completed July 31, moving WCPGL from subsidiary to associate from Q2FY27), and the Vapi, Gujarat plant has been flood-disrupted since July 23 (assets insured, impact still being assessed). Chairman B.K. Goenka framed the quarter as evidence that investments in 'innovation, manufacturing excellence, brands, sustainability and people' are translating into 'broad-based growth and improved profitability,' citing the India-UK FTA and improving US tariff visibility as tailwinds — consistent with the numbers, which show growth spread across exports, domestic and US pillow rather than concentrated in one line. Going into Q2FY27, the print sets up two things to track: whether the WCPGL deconsolidation and the Vapi flood create a visible dent in segment revenue/assets, and whether the EBITDA margin continues its three-quarter climb toward management's 'teens' target.