Nuvama

Arvind reported Q2FY26 revenue/EBITDA/PAT growth of 8.4%/11.8%/73.1% YoY driven by a strong pickup in the AMD segment and steady growth in Textiles despite tariff headwinds. The Garmenting business, aided by capacity

Weak showing; clarity awaited

Welspun reported a contraction in Q1FY26 revenue of 10% YoY stemming from the uncertainties pertaining to US tariffs, which led to softer demand in both the Home Textiles and Flooring segments. The Online segment

Near-term margin pressure

Arvind’s Q1FY26 revenue grew 10% YoY off a favourable base to begin with and is backed by volumes. The company turned in strong growth in the garmenting segment, operating at full capacity. While the US tariff

Soft showing continues

Welspun continued to post softer growth in Q4FY25 as well driven by a higher base and uncertainties due to the US tariff scenario. FY25 revenue growth was 9% versus guidance of 10–12% growth by management. Margins too

AMD segment picks up; stable showing

After softness for the past three quarters in the AMD segment, Arvind reported a pickup in Q4FY25 due to inventory stack-up at key partners. While the US tariffs create uncertainty in the supply chain, demand outlook

Growth soft; margins under pressure

Welspun reported softer growth in Q3FY25 driven by a high base as well as persistent problems in its flooring business. The latter suffered from higher freight costs due to the Red Sea issues. Hence, margins came in soft

Volume-led growth; demand picks up

Arvind reported a volume-led growth in Q3FY25 in the textile business. However, realisations were softer YoY leading to dilution in overall top-line growth along with some softness in margins. The AMD business was slower

Strong results, bright outlook

Arvind reported a pickup in growth in Q2, with revenue up 14% YoY, but growth for H1FY25 has been slow at 6% due to a strike in a factory in May. Building in for a slow H1, we are tweaking FY25E/26E revenue downwards by

Strong growth; margins soften

Welspun continued its growth momentum and reported robust growth of 14.5% YoY. However, the growth came in at an additional freight cost as container availability for export was a challenge this quarter on account of

Weak quarter but a blip

Arvind reported a weak Q1FY25, after a strong showing in Q4FY24, driven by mainly the labour strike in Santej, which lasted 21 days. This impacted operation and the company could not fulfil some orders. Potential

Strong visibility; maintains guidance

Welspun reported in-line revenue growth in Q1FY25 at the consolidated level; however, growth in the flooring segment was soft (1% YoY) because of the Red Sea crisis due to which container availability has become a

Strong performance; guidance intact

Arvind’s Q4 EBITDA grew 27% YoY/12% QoQ to INR2.4bn (beat consensus by 6%) on high volumes in garment (+42%)/AMD (+17%).

Strong quarter; margin guidance intact

Welspun India (WLSI) reported Q4FY24 EBITDA of INR3.6bn (29% YoY/ -6% QoQ) beating our estimates by 9%. This was primarily driven by strong home textile partially offset by modest flooring segment.

Strong showing; margins guidance intact

Welspun India (WLSI) reported Q3FY24 EBITDA of INR3.3bn (+75% YoY/-5% QoQ) in line with our estimate. This was primarily driven by the strong home textile and flooring segments.

Modest quarter; guidance intact

Arvind’s Q3 EBITDA grew 16% YoY/5% QoQ to INR2bn (consensus miss 6%) on high volumes in woven/AMD partially offset by price deflation.

Steady quarter; momentum to continue

Arvind’s Q2FY24 EBITDA grew 2% YoY/14% QoQ to INR2bn (18% above consensus) led by strong AMD, partially offset by the textile segment.

Record quarterly sales; margins intact

Welspun India (WLSI) reported growth of 3x YoY/15% QoQ in Q2FY24 EBITDA to INR3.6bn (2% ahead of our estimate). This was primarily driven by the strong home textile and flooring segments.

Welspun India (WLSI) reported EBITDA grew 2x YoY and 12% QoQ to INR3bn (in-line with our estimate). This was primarily led by strong Home textile and Flooring segment.

Navigating uncertainties

Arvind reported an 18% YoY/ 6% QoQ dip in EBITDA to INR1.8bn (19% above consensus) on weak textiles partially offset by strong AMD.

Holding on amid weak environment

Arvind reported a second consecutive quarter of a dip in revenue –down 15% YoY in Q4FY23 – driven by the textile segment, which contracted 22% YoY. Volumes in the denim and garment segments plummeted while woven faced a

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