Financial Performance Highlights

Q2 FY27 Performance (Consolidated)

  • Total Income: ₹1,699 crores (57% YoY growth from ₹1,082 crores in Q2 FY26)
  • EBITDA: ₹259 crores (111% YoY growth from ₹123 crores)
  • EBITDA Margin: 15.3% (+380 bps from 11.4% in Q2 FY26)
  • Profit Before Tax (PBT): ₹176 crores (239% YoY growth from ₹52 crores)
  • Profit After Tax (PAT): ₹132 crores (238% YoY growth from ₹39 crores)
  • EPS: ₹6.66 (compared to ₹1.97 in Q2 FY26)

H1 FY27 Performance (Consolidated)

  • Total Income: ₹2,923 crores (43% YoY growth from ₹2,049 crores in H1 FY26)
  • EBITDA: ₹420 crores (73% YoY growth from ₹243 crores)
  • EBITDA Margin: 14.4% (+250 bps from 11.8% in H1 FY26)
  • PAT: ₹195 crores (150% YoY growth from ₹78 crores)
  • EPS: ₹9.85 (compared to ₹3.94 in H1 FY26)

Operational Highlights

Business Verticals Performance

  • Core Business Contribution: 70% of H1 FY27 revenue (down from 98% in FY23)
  • New Businesses Contribution: 30% of H1 FY27 revenue (up from 2% in FY23)
  • Total Brand Business: ~25% of total revenue across all three segments
  • Capacity Utilization: 65%+ achieved across all three Utility Bedding Facilities

Volume Growth

Q2 FY27 volume reached 28.1 million meters, showing sustained growth momentum from average of ~23 million meters in FY26 to average of ~26 million meters in FY27.

Capital Structure and Balance Sheet

September 2026 Position

  • Net Debt: ₹518 crores (lowest-ever level)
  • Net Debt-to-Equity: 0.2x
  • Total Equity: ₹2,549 crores (up from ₹2,355 crores in March 2026)
  • Cash and Cash Equivalents: ₹316 crores (up from ₹114 crores in March 2026)
  • Total Assets: ₹4,988 crores (up from ₹4,492 crores in March 2026)

Return Ratios

  • ROCE: 21.4% (annualized)
  • ROE: 15.3% (annualized)

Cash Flow Performance

  • Net Cash from Operating Activities: ₹382 crores (H1 FY27)
  • Net Cash from Investing Activities: -₹44 crores (H1 FY27)
  • Net Cash from Financing Activities: -₹135 crores (H1 FY27)
  • Net Change in cash: ₹202 crores (H1 FY27)

Capital Expenditure Guidance

FY27e Capex Plan: ₹250 crores

  • Effluent Treatment Plant at Bhilad Unit: ₹95 crores
  • Maintenance and Other Capex: ₹70 crores
  • Spinning Brownfield expansion: ₹85 crores (24,000 spindles + Modernization)

H1 FY27 Capex Actual: ₹40 crores

Business Strategy and Growth Initiatives

Core Business: Bed Linen

  • Integrated plant capacity: 153 million meters (108 mn meters in Kolhapur, Maharashtra + 45 mn meters in Bhilad, Gujarat)
  • Full in-house capability: Product Design, Spinning, Weaving, Processing & Cut-n-Sew
  • Product range includes sheet sets, fashion bedding and institutional bedding
  • Domestic brands: Boutique Living & Layers driving growth through omnichannel expansion

New Businesses

USA Utility Bedding Business:

  • Entered pillow & quilt manufacturing in USA via acquisition & greenfield
  • Greenfield facility started commercial production in January 2026
  • Multiple location facilities: Groveport, Ohio; Phoenix, Arizona; Kernersville, North Carolina
  • Licensed brands: Beautyrest & Tommy Hilfiger
  • Target: Aggregate revenue of approximately $175 million by 2028

USA Brand Business:

  • Includes brands: Wamsutta, Fieldcrest, Waverly, Gaiam
  • Expanding Wamsutta Brand Beyond D2C to unlock deeper penetration across U.S. Retail Markets
  • Target: $100 million revenue by 2028

Domestic Marketing Initiatives

  • Retail Presence: More than 3,000 counters across India
  • Brand Expansion: Introduced new offerings in Bath and Top of Bed segments
  • Digital Presence: Owned portals boutiquelivingindia.com and layersindia.com
  • Retail Partnerships: Strengthened presence in Shoppers Stop and @home

Guidance and Outlook

  • Company expects to exceed FY27 Total Income and EBITDA margin Guidance
  • Strong business momentum continuing for second half of FY27
  • Target to double revenue in 2028 over FY25 base

Sustainability and ESG Performance

  • S&P Global ESG Score: 78/100 for 2025 (global industry average: 31)
  • CDP Rating: 'B' (surpassing Asia average of 'C')
  • Higg Index vFEM Score: 92+
  • Project Gagan: 26,849 farmers across 115,082 acres in Maharashtra
  • Project Avani: 2,000 farmers across 9,404 acres in Yavatmal, Maharashtra
  • Total Farmers Supported: 75,000+ across 290,000 acres
  • UN Global Compact: Active member with Business Plan 2030 aligned with nine SDGs

Awards and Recognition

  • CII National Water Award 2026: Excellence in Water Management
  • CITI Awards: 3 awards including 1 winner and 2 runners-up
  • TEXPROCIL Export Award: Gold Trophy for Highest Exports of Bed Sheets/Bed Linen for 2023-2024 (6th consecutive year)

Management Commentary

Mr. Anil Kumar Jain, Executive Chairman stated: "The Company continued to scale new heights, delivering its highest-ever quarterly and half-yearly income. The growth was driven by market share gains; increased wallet share and growing contribution from our branded portfolio. Both core and new businesses recorded robust growth despite inflationary market conditions, underscoring the resilience of our business model."