WELSPUNLIV Q3 FY26 Guidance vs Delivery (WELSPUNLIV Management Mirror)

Financial Outlook & Margins

Reaffirmed (Margins): Management continues to expect a gradual recovery in margins, anticipating continuous quarter-on-quarter upside starting Q1 (Jun'26). This is consistent with the Sep'25 Qtr view that margins would recover to "normal" (15-16% EBITDA for Home Textiles) once tariffs stabilize, and the Jun'25 Qtr expectation of recovery after a "momentary blip."

Modified (Near-Term Revenue Pressure): In the Dec'25 Qtr, management acknowledged that Q4 (Mar'26) will remain under pressure similar to Q3. This extends the caution from the Sep'25 Qtr, where near-term pressures were expected to persist into the second half, and the Jun'25 Qtr, which flagged sustained pressure due to trade uncertainty.

Reaffirmed (Domestic Growth): The target for domestic business growth remains robust at over 20-25% for the next fiscal year (Dec'25 Qtr), aligning with the Sep'25 Qtr target of reaching INR1,000 crores over two years with 20% growth.