Welspun Living Ltd Jefferies upgraded from Hold to Buy

Jefferies upgraded Welspun Living from Hold to Buy and more than doubled its price target from ₹125 to ₹260, citing a structural upcycle for Indian textiles driven by China+1 sourcing shifts and new free-trade agreements (notably the India–UK FTA effective July 2026). The broker expects revenue CAGR of 14% (FY26–29), EBITDA CAGR of 38% and profit CAGR of 71%, with EBITDA margins rising from 8.4% to ~15% and ROCE improving from 6% to ~19%. On the corporate front, Welspun Living’s 41st AGM is scheduled for September 24, 2026 via video conferencing, with e‑voting from September 19–23 and a record date of September 17 for dividend eligibility. The company also cancelled its proposed ₹7.6 crore acquisition of a 26% stake in CleanMax Dhyuthi from Welspun Corp, and filed its FY26 BRSR with reasonable assurance from BDO India. Shares were trading around ₹208–₹212 on September 9, with a market cap near ₹19,700–₹19,900 crore.