# Textiles - Home Textile — company-by-company sector analysis

> Textiles - Home Textile: Welspun Living Ltd owns the largest revenue base; Faze Three Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Textiles - Home Textile has underperformed NIFTY 500 by 9% over 52 weeks and 15% over 13 weeks. 3 of 5 covered companies beat NIFTY on Mansfield relative strength, while 3 of 5 beat the sector itself. Welspun Living Ltd leads with revenue of ₹9,399 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Textiles - Home Textile sector outperforming NIFTY 500?

Textiles - Home Textile has underperformed NIFTY 500 by 9% over 52 weeks and 15% over 13 weeks. 3 of 5 covered companies beat NIFTY on Mansfield relative strength, while 3 of 5 beat the sector itself.

### Which Textiles - Home Textile company is largest by revenue?

Welspun Living Ltd leads with revenue of ₹9,399 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Textiles - Home Textile company is growing fastest?

Faze Three Ltd has the fastest current revenue growth at 33.8%, across 5 of 5 comparable companies.

### Which Textiles - Home Textile company has the strongest 4-Factor Sector Score?

Trident Ltd ranks first at 64.4/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Textiles - Home Textile company has the least gross debt?

Faze Three Ltd has the lowest comparable gross debt at ₹275 crore. Himatsingka Seide Ltd has the highest at ₹2,636 crore.

### Which Textiles - Home Textile company has the lowest comparable PEG?

Trident Ltd has the lowest comparable Guarded PEG at 0.81, among 2 of 5 companies that pass the metric’s comparability rules.

### How much history does this Textiles - Home Textile comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Textiles - Home Textile has underperformed NIFTY 500 by 9% over the last 52 weeks. Over 13 weeks the gap is a lead of 15%. 3 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Welspun Living Ltd is the strongest against the sector itself at +13.1%.

13-week sector return versus NIFTY 500: 15%
52-week sector return versus NIFTY 500: -9.0%
Stocks leading NIFTY: 3/5
Stocks leading sector: 3/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹38.7K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Trident Ltd (TRIDENT): 64/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 22.4/35 | Capital efficiency 16.9/25 | Valuation 15.9/20 | Relative strength 9.2/20
   - Exact sum: 22.4 + 16.9 + 15.9 + 9.2 = 64.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Faze Three Ltd (FAZE3Q): 50/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 20.9/35 | Capital efficiency 11.6/25 | Valuation 8.9/20 | Relative strength 8.3/20
   - Exact sum: 20.9 + 11.6 + 8.9 + 8.3 = 49.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Indo Count Industries Ltd (ICIL): 48/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 12.4/35 | Capital efficiency 9.3/25 | Valuation 10.5/20 | Relative strength 15.5/20
   - Exact sum: 12.4 + 9.3 + 10.5 + 15.5 = 47.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 40.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Welspun Living Ltd (WELSPUNLIV): 40/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 6.0/35 | Capital efficiency 10.5/25 | Valuation 5.6/20 | Relative strength 17.8/20
   - Exact sum: 6 + 10.5 + 5.6 + 17.8 = 39.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 23.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Himatsingka Seide Ltd (HIMATSEIDE): 35/100 — Adverse evidence; evidence 77%
   - Growth & earnings 9.9/35 | Capital efficiency 8.6/25 | Valuation 13.1/20 | Relative strength 3.0/20
   - Exact sum: 9.9 + 8.6 + 13.1 + 3 = 34.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Revenue Scale & Growth Durability

What the numbers say: Welspun Living Ltd is the scale leader at ₹9,399 crore, 38.6% ahead of Trident Ltd. Faze Three Ltd's growth is 33.8% from a ₹923 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Welspun Living Ltd is the scale benchmark; Faze Three Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Welspun Living Ltd's growth falls below Faze Three Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Welspun Living Ltd · ₹9,399 crore | 38.6% versus #2 · Trident Ltd | 4/8 recent comparable periods | 5/5 companies · 83 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Welspun Living Ltd (WELSPUNLIV): ₹9.4K Cr
2. Trident Ltd (TRIDENT): ₹6.8K Cr
3. Indo Count Industries Ltd (ICIL): ₹4.1K Cr
4. Himatsingka Seide Ltd (HIMATSEIDE): ₹2.5K Cr
5. Faze Three Ltd (FAZE3Q): ₹923 Cr

### Revenue growth — fastest growers
1. Faze Three Ltd (FAZE3Q): 34%
2. Indo Count Industries Ltd (ICIL): -0.2%
3. Trident Ltd (TRIDENT): -2.5%
4. Himatsingka Seide Ltd (HIMATSEIDE): -9.5%
5. Welspun Living Ltd (WELSPUNLIV): -11%

### 20-quarter Revenue history
- WELSPUNLIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- TRIDENT: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.8K Cr
- ICIL: Sep 2021 ₹739 Cr | Dec 2021 ₹756 Cr | Mar 2022 ₹654 Cr | Jun 2022 ₹703 Cr | Sep 2022 ₹849 Cr | Dec 2022 ₹657 Cr | Mar 2023 ₹807 Cr | Jun 2023 ₹741 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹713 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹941 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹959 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- FAZE3Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹132 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹212 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹227 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- HIMATSEIDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹442 Cr | Dec 2022 ₹737 Cr | Mar 2023 ₹690 Cr | Jun 2023 ₹682 Cr | Sep 2023 ₹739 Cr | Dec 2023 ₹723 Cr | Mar 2024 ₹697 Cr | Jun 2024 ₹735 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹692 Cr | Mar 2025 ₹657 Cr | Jun 2025 ₹657 Cr | Sep 2025 ₹630 Cr | Dec 2025 ₹611 Cr | Mar 2026 ₹617 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- WELSPUNLIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 29% | Mar 2024 20% | Jun 2024 16% | Sep 2024 15% | Dec 2024 3.3% | Mar 2025 2.8% | Jun 2025 -11% | Sep 2025 -15% | Dec 2025 -9.2% | Mar 2026 -8.0% | Jun 2026 —
- TRIDENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -15% | Dec 2022 -17% | Mar 2023 -16% | Jun 2023 -11% | Sep 2023 25% | Dec 2023 12% | Mar 2024 6.9% | Jun 2024 17% | Sep 2024 -4.7% | Dec 2024 -9.2% | Mar 2025 11% | Jun 2025 -2.1% | Sep 2025 4.3% | Dec 2025 -5.6% | Mar 2026 -12% | Jun 2026 4.7%
- ICIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.5% | Sep 2022 15% | Dec 2022 -13% | Mar 2023 23% | Jun 2023 5.4% | Sep 2023 19% | Dec 2023 8.5% | Mar 2024 35% | Jun 2024 27% | Sep 2024 2.7% | Dec 2024 62% | Mar 2025 -6.4% | Jun 2025 1.9% | Sep 2025 2.5% | Dec 2025 -7.7% | Mar 2026 3.4% | Jun 2026 —
- FAZE3Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.4% | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 29% | Mar 2025 29% | Jun 2025 42% | Sep 2025 36% | Dec 2025 28% | Mar 2026 31% | Jun 2026 —
- HIMATSEIDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 67% | Dec 2023 -1.8% | Mar 2024 1.1% | Jun 2024 7.8% | Sep 2024 -6.1% | Dec 2024 -4.4% | Mar 2025 -5.7% | Jun 2025 -11% | Sep 2025 -9.3% | Dec 2025 -12% | Mar 2026 -6.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Trident Ltd leads opm at 17%; Faze Three Ltd leads margin change at 0 percentage points.

Investor read: Trident Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Trident Ltd · 17% | 41.7% versus #2 · Faze Three Ltd | 3/8 recent comparable periods | 5/5 companies · 96 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Trident Ltd (TRIDENT): 17%
2. Faze Three Ltd (FAZE3Q): 12%
3. Welspun Living Ltd (WELSPUNLIV): 10%
4. Himatsingka Seide Ltd (HIMATSEIDE): 8.1%
5. Indo Count Industries Ltd (ICIL): 8.0%

### Margin change — fastest expanders
1. Faze Three Ltd (FAZE3Q): 0.0 pp
2. Trident Ltd (TRIDENT): 0.0 pp
3. Indo Count Industries Ltd (ICIL): −1.0 pp
4. Welspun Living Ltd (WELSPUNLIV): −2.0 pp
5. Himatsingka Seide Ltd (HIMATSEIDE): −9.9 pp

### 20-quarter OPM history
- WELSPUNLIV: Sep 2021 16% | Dec 2021 13% | Mar 2022 10% | Jun 2022 7.8% | Sep 2022 6.0% | Dec 2022 10% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 14% | Mar 2024 14% | Jun 2024 13% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 10% | Sep 2025 6.0% | Dec 2025 7.0% | Mar 2026 10% | Jun 2026 —
- TRIDENT: Sep 2021 24% | Dec 2021 21% | Mar 2022 18% | Jun 2022 16% | Sep 2022 9.8% | Dec 2022 17% | Mar 2023 17% | Jun 2023 15% | Sep 2023 13% | Dec 2023 14% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 13% | Jun 2025 17% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 14% | Jun 2026 17%
- ICIL: Sep 2021 18% | Dec 2021 19% | Mar 2022 19% | Jun 2022 20% | Sep 2022 14% | Dec 2022 11% | Mar 2023 18% | Jun 2023 17% | Sep 2023 16% | Dec 2023 15% | Mar 2024 15% | Jun 2024 15% | Sep 2024 15% | Dec 2024 13% | Mar 2025 9.0% | Jun 2025 12% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 8.0% | Jun 2026 —
- FAZE3Q: Sep 2021 18% | Dec 2021 17% | Mar 2022 15% | Jun 2022 16% | Sep 2022 17% | Dec 2022 17% | Mar 2023 17% | Jun 2023 15% | Sep 2023 17% | Dec 2023 17% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 3.0% | Dec 2025 8.0% | Mar 2026 12% | Jun 2026 —
- HIMATSEIDE: Sep 2021 17% | Dec 2021 16% | Mar 2022 13% | Jun 2022 1.7% | Sep 2022 2.0% | Dec 2022 14% | Mar 2023 18% | Jun 2023 22% | Sep 2023 20% | Dec 2023 22% | Mar 2024 21% | Jun 2024 20% | Sep 2024 20% | Dec 2024 16% | Mar 2025 18% | Jun 2025 18% | Sep 2025 16% | Dec 2025 16% | Mar 2026 8.1% | Jun 2026 —

### 20-quarter Margin change history
- WELSPUNLIV: Sep 2021 −3.1 pp | Dec 2021 −6.8 pp | Mar 2022 −4.8 pp | Jun 2022 −12.4 pp | Sep 2022 −10.5 pp | Dec 2022 −2.5 pp | Mar 2023 +2.8 pp | Jun 2023 +6.2 pp | Sep 2023 +8.0 pp | Dec 2023 +3.6 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −6.0 pp | Dec 2025 −4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- TRIDENT: Sep 2021 +4.6 pp | Dec 2021 +2.0 pp | Mar 2022 +0.4 pp | Jun 2022 −10.3 pp | Sep 2022 −14.5 pp | Dec 2022 −3.5 pp | Mar 2023 −1.1 pp | Jun 2023 −0.6 pp | Sep 2023 +3.2 pp | Dec 2023 −3.0 pp | Mar 2024 −5.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +4.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp
- ICIL: Sep 2021 +0.6 pp | Dec 2021 +0.5 pp | Mar 2022 +4.1 pp | Jun 2022 −3.9 pp | Sep 2022 −4.2 pp | Dec 2022 −7.6 pp | Mar 2023 −1.1 pp | Jun 2023 −2.5 pp | Sep 2023 +2.0 pp | Dec 2023 +4.0 pp | Mar 2024 −3.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −6.0 pp | Jun 2025 −3.0 pp | Sep 2025 −5.0 pp | Dec 2025 −4.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- FAZE3Q: Sep 2021 +3.7 pp | Dec 2021 +2.1 pp | Mar 2022 +0.6 pp | Jun 2022 +2.7 pp | Sep 2022 −0.4 pp | Dec 2022 −0.0 pp | Mar 2023 +2.4 pp | Jun 2023 −0.9 pp | Sep 2023 −0.4 pp | Dec 2023 −0.3 pp | Mar 2024 −6.0 pp | Jun 2024 −4.0 pp | Sep 2024 −5.0 pp | Dec 2024 −5.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −9.0 pp | Dec 2025 −4.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- HIMATSEIDE: Sep 2021 +3.5 pp | Dec 2021 −6.4 pp | Mar 2022 −4.0 pp | Jun 2022 −17.8 pp | Sep 2022 −15.4 pp | Dec 2022 −2.3 pp | Mar 2023 +4.6 pp | Jun 2023 +20.0 pp | Sep 2023 +17.9 pp | Dec 2023 +7.6 pp | Mar 2024 +3.1 pp | Jun 2024 −1.8 pp | Sep 2024 +0.0 pp | Dec 2024 −5.5 pp | Mar 2025 −2.8 pp | Jun 2025 −1.5 pp | Sep 2025 −4.2 pp | Dec 2025 −0.6 pp | Mar 2026 −9.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Trident Ltd leads with ₹395 crore of TTM profit, 85.4% above Welspun Living Ltd. Trident Ltd shows -9.4% growth from a ₹395 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Trident Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Trident Ltd · ₹395 crore | 85.4% versus #2 · Welspun Living Ltd | 4/8 recent comparable periods | 5/5 companies · 83 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Trident Ltd (TRIDENT): ₹395 Cr
2. Welspun Living Ltd (WELSPUNLIV): ₹213 Cr
3. Indo Count Industries Ltd (ICIL): ₹126 Cr
4. Himatsingka Seide Ltd (HIMATSEIDE): ₹62 Cr
5. Faze Three Ltd (FAZE3Q): ₹34 Cr

### Profit growth — fastest growers
1. Trident Ltd (TRIDENT): -9.4%
2. Faze Three Ltd (FAZE3Q): -15%
3. Himatsingka Seide Ltd (HIMATSEIDE): -19%
4. Indo Count Industries Ltd (ICIL): -50%
5. Welspun Living Ltd (WELSPUNLIV): -67%

### 20-quarter Net profit history
- WELSPUNLIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- TRIDENT: Sep 2021 ₹235 Cr | Dec 2021 ₹211 Cr | Mar 2022 ₹181 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹102 Cr | Jun 2026 ₹158 Cr
- ICIL: Sep 2021 ₹85 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- FAZE3Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- HIMATSEIDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-31 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- WELSPUNLIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2,400% | Dec 2023 308% | Mar 2024 1.6% | Jun 2024 14% | Sep 2024 1.0% | Dec 2024 -31% | Mar 2025 1.5% | Jun 2025 -52% | Sep 2025 -93% | Dec 2025 -98% | Mar 2026 -20% | Jun 2026 —
- TRIDENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -84% | Dec 2022 -32% | Mar 2023 -28% | Jun 2023 -29% | Sep 2023 143% | Dec 2023 -24% | Mar 2024 -55% | Jun 2024 -19% | Sep 2024 -7.8% | Dec 2024 -27% | Mar 2025 125% | Jun 2025 89% | Sep 2025 9.6% | Dec 2025 -45% | Mar 2026 -23% | Jun 2026 13%
- ICIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -34% | Sep 2022 -21% | Dec 2022 -46% | Mar 2023 12% | Jun 2023 -3.9% | Sep 2023 70% | Dec 2023 53% | Mar 2024 -3.2% | Jun 2024 5.4% | Sep 2024 -30% | Dec 2024 22% | Mar 2025 -77% | Jun 2025 -50% | Sep 2025 -51% | Dec 2025 -66% | Mar 2026 14% | Jun 2026 —
- FAZE3Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -10% | Mar 2024 -40% | Jun 2024 -42% | Sep 2024 -46% | Dec 2024 -31% | Mar 2025 89% | Jun 2025 86% | Sep 2025 -171% | Dec 2025 -33% | Mar 2026 18% | Jun 2026 —
- HIMATSEIDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,316% | Mar 2024 6.2% | Jun 2024 -29% | Sep 2024 -25% | Dec 2024 -30% | Mar 2025 -50% | Jun 2025 -47% | Sep 2025 94% | Dec 2025 -65% | Mar 2026 -88% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Faze Three Ltd has the clearest covered balance-sheet capacity with ₹244 crore and gross debt of ₹275 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Faze Three Ltd · ₹275 crore | 79.5% versus #2 · Indo Count Industries Ltd | 0/8 recent comparable periods | 5/5 companies · 83 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Faze Three Ltd (FAZE3Q): ₹275 Cr
2. Indo Count Industries Ltd (ICIL): ₹1.3K Cr
3. Trident Ltd (TRIDENT): ₹1.8K Cr
4. Welspun Living Ltd (WELSPUNLIV): ₹2.3K Cr
5. Himatsingka Seide Ltd (HIMATSEIDE): ₹2.6K Cr

### Net debt — lowest net debt
1. Faze Three Ltd (FAZE3Q): ₹244 Cr
2. Indo Count Industries Ltd (ICIL): ₹1.0K Cr
3. Trident Ltd (TRIDENT): ₹1.4K Cr
4. Himatsingka Seide Ltd (HIMATSEIDE): ₹2.6K Cr

### 20-quarter Gross debt history
- WELSPUNLIV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.8K Cr | Jun 2025 — | Sep 2025 ₹2.7K Cr | Dec 2025 — | Mar 2026 ₹2.3K Cr | Jun 2026 —
- TRIDENT: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- ICIL: Sep 2021 ₹746 Cr | Dec 2021 ₹746 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹876 Cr | Jun 2023 ₹876 Cr | Sep 2023 ₹850 Cr | Dec 2023 ₹850 Cr | Mar 2024 ₹956 Cr | Jun 2024 ₹956 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- FAZE3Q: Sep 2021 ₹131 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹182 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹174 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹234 Cr | Dec 2025 ₹234 Cr | Mar 2026 ₹275 Cr | Jun 2026 —
- HIMATSEIDE: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —

### 20-quarter Net debt history
- TRIDENT: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹770 Cr | Dec 2022 ₹770 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹954 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.4K Cr
- ICIL: Sep 2021 ₹450 Cr | Dec 2021 ₹450 Cr | Mar 2022 ₹931 Cr | Jun 2022 ₹923 Cr | Sep 2022 ₹780 Cr | Dec 2022 ₹780 Cr | Mar 2023 ₹638 Cr | Jun 2023 ₹638 Cr | Sep 2023 ₹677 Cr | Dec 2023 ₹677 Cr | Mar 2024 ₹731 Cr | Jun 2024 ₹728 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- FAZE3Q: Sep 2021 ₹74 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹244 Cr | Jun 2026 —
- HIMATSEIDE: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Trident Ltd leads ROCE at 9.8%, 0.6 percentage points above Faze Three Ltd. Trident Ltd has the strongest latest improvement at -0.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Trident Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Trident Ltd · 9.8% | 6.6% versus #2 · Faze Three Ltd | 4/8 recent comparable periods | 5/5 companies · 63 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Trident Ltd (TRIDENT): 9.8%
2. Faze Three Ltd (FAZE3Q): 9.2%
3. Himatsingka Seide Ltd (HIMATSEIDE): 8.8%
4. Indo Count Industries Ltd (ICIL): 8.1%
5. Welspun Living Ltd (WELSPUNLIV): 6.3%

### ROCE change — fastest improvers
1. Trident Ltd (TRIDENT): −0.3 pp
2. Faze Three Ltd (FAZE3Q): −3.4 pp
3. Himatsingka Seide Ltd (HIMATSEIDE): −4.8 pp
4. Indo Count Industries Ltd (ICIL): −6.7 pp
5. Welspun Living Ltd (WELSPUNLIV): −8.0 pp

### 20-quarter ROCE history
- TRIDENT: Sep 2021 22% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 12% | Dec 2023 14% | Mar 2024 9.6% | Jun 2024 11% | Sep 2024 9.4% | Dec 2024 9.9% | Mar 2025 9.0% | Jun 2025 12% | Sep 2025 10% | Dec 2025 11% | Mar 2026 9.6% | Jun 2026 11%
- ICIL: Sep 2021 27% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 19% | Jun 2023 21% | Sep 2023 20% | Dec 2023 25% | Mar 2024 20% | Jun 2024 24% | Sep 2024 18% | Dec 2024 22% | Mar 2025 14% | Jun 2025 16% | Sep 2025 10% | Dec 2025 11% | Mar 2026 7.5% | Jun 2026 —
- FAZE3Q: Sep 2021 21% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 20% | Dec 2023 24% | Mar 2024 18% | Jun 2024 18% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 18% | Sep 2025 12% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- HIMATSEIDE: Sep 2021 13% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 3.3% | Dec 2022 — | Mar 2023 3.2% | Jun 2023 7.9% | Sep 2023 10% | Dec 2023 13% | Mar 2024 12% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 10% | Jun 2025 8.7% | Sep 2025 8.4% | Dec 2025 9.1% | Mar 2026 5.6% | Jun 2026 —

### 20-quarter ROCE change history
- TRIDENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 — | Mar 2023 −15.0 pp | Jun 2023 — | Sep 2023 −6.5 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 −3.8 pp | Mar 2025 −0.6 pp | Jun 2025 +0.3 pp | Sep 2025 +1.0 pp | Dec 2025 +1.1 pp | Mar 2026 +0.6 pp | Jun 2026 −0.3 pp
- ICIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 −5.2 pp | Jun 2023 — | Sep 2023 −2.3 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 +2.9 pp | Sep 2024 −1.3 pp | Dec 2024 −2.7 pp | Mar 2025 −5.9 pp | Jun 2025 −8.4 pp | Sep 2025 −7.8 pp | Dec 2025 −11.7 pp | Mar 2026 −6.7 pp | Jun 2026 —
- FAZE3Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 −1.7 pp | Jun 2023 — | Sep 2023 −6.0 pp | Dec 2023 — | Mar 2024 −5.9 pp | Jun 2024 — | Sep 2024 −5.4 pp | Dec 2024 −9.1 pp | Mar 2025 −3.8 pp | Jun 2025 −0.1 pp | Sep 2025 −2.4 pp | Dec 2025 −1.0 pp | Mar 2026 −3.4 pp | Jun 2026 —
- HIMATSEIDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.0 pp | Dec 2022 — | Mar 2023 −7.3 pp | Jun 2023 — | Sep 2023 +7.0 pp | Dec 2023 — | Mar 2024 +9.2 pp | Jun 2024 +5.3 pp | Sep 2024 +2.1 pp | Dec 2024 −0.4 pp | Mar 2025 −2.0 pp | Jun 2025 −4.5 pp | Sep 2025 −4.0 pp | Dec 2025 −3.2 pp | Mar 2026 −4.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Trident Ltd has the lowest comparable Guarded PEG at 0.81×, 10% below Indo Count Industries Ltd. Only 2 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Trident Ltd · 0.81× | 10% versus #2 · Indo Count Industries Ltd | 0/8 recent comparable periods | 2/5 companies · 7 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Trident Ltd (TRIDENT): 0.8
2. Indo Count Industries Ltd (ICIL): 0.9

### P/E — lowest P/E
1. Himatsingka Seide Ltd (HIMATSEIDE): 16.3
2. Trident Ltd (TRIDENT): 32.4
3. Faze Three Ltd (FAZE3Q): 39.6
4. Indo Count Industries Ltd (ICIL): 63.1
5. Welspun Living Ltd (WELSPUNLIV): 71.3

### 20-quarter Guarded PEG history
- TRIDENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 — | Jun 2026 —
- ICIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- WELSPUNLIV: Sep 2021 22.1 | Dec 2021 20.1 | Mar 2022 13.7 | Jun 2022 11.8 | Sep 2022 17.1 | Dec 2022 31.7 | Mar 2023 50.9 | Jun 2023 46.7 | Sep 2023 35.5 | Dec 2023 26.9 | Mar 2024 20.4 | Jun 2024 21.9 | Sep 2024 22.8 | Dec 2024 21.3 | Mar 2025 20.0 | Jun 2025 21.7 | Sep 2025 20.6 | Dec 2025 36.0 | Mar 2026 47.9 | Jun 2026 —
- TRIDENT: Sep 2021 23.5 | Dec 2021 41.7 | Mar 2022 34.6 | Jun 2022 22.3 | Sep 2022 24.0 | Dec 2022 30.3 | Mar 2023 28.8 | Jun 2023 38.6 | Sep 2023 47.7 | Dec 2023 40.3 | Mar 2024 44.0 | Jun 2024 55.2 | Sep 2024 54.9 | Dec 2024 52.6 | Mar 2025 41.8 | Jun 2025 43.2 | Sep 2025 33.4 | Dec 2025 30.9 | Mar 2026 29.7 | Jun 2026 35.7
- ICIL: Sep 2021 15.3 | Dec 2021 14.0 | Mar 2022 9.3 | Jun 2022 7.3 | Sep 2022 8.1 | Dec 2022 8.4 | Mar 2023 8.3 | Jun 2023 14.8 | Sep 2023 16.2 | Dec 2023 19.0 | Mar 2024 20.6 | Jun 2024 22.8 | Sep 2024 22.5 | Dec 2024 20.9 | Mar 2025 15.7 | Jun 2025 23.4 | Sep 2025 25.2 | Dec 2025 30.8 | Mar 2026 41.0 | Jun 2026 —
- FAZE3Q: Sep 2021 23.1 | Dec 2021 17.6 | Mar 2022 19.2 | Jun 2022 15.6 | Sep 2022 14.0 | Dec 2022 12.1 | Mar 2023 13.0 | Jun 2023 16.8 | Sep 2023 15.9 | Dec 2023 19.9 | Mar 2024 16.5 | Jun 2024 22.0 | Sep 2024 27.2 | Dec 2024 29.6 | Mar 2025 26.2 | Jun 2025 34.9 | Sep 2025 24.0 | Dec 2025 31.4 | Mar 2026 30.8 | Jun 2026 —
- HIMATSEIDE: Sep 2021 18.2 | Dec 2021 13.1 | Mar 2022 8.7 | Jun 2022 6.9 | Sep 2022 32.6 | Dec 2022 34.1 | Mar 2023 -10.6 | Jun 2023 57.2 | Sep 2023 68.1 | Dec 2023 20.0 | Mar 2024 10.8 | Jun 2024 12.1 | Sep 2024 14.4 | Dec 2024 19.1 | Mar 2025 16.7 | Jun 2025 10.8 | Sep 2025 9.5 | Dec 2025 8.5 | Mar 2026 6.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Himatsingka Seide Ltd leads both ev/ebitda at 6× and p/bv at 0.47×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Himatsingka Seide Ltd · 6× | 56.2% versus #2 · Faze Three Ltd | 0/8 recent comparable periods | 5/5 companies · 96 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Himatsingka Seide Ltd (HIMATSEIDE): 6.0
2. Faze Three Ltd (FAZE3Q): 13.7
3. Indo Count Industries Ltd (ICIL): 14.2
4. Welspun Living Ltd (WELSPUNLIV): 14.9
5. Trident Ltd (TRIDENT): 15.2

### P/BV — lowest P/BV
1. Himatsingka Seide Ltd (HIMATSEIDE): 0.5
2. Trident Ltd (TRIDENT): 2.7
3. Faze Three Ltd (FAZE3Q): 2.9
4. Welspun Living Ltd (WELSPUNLIV): 3.2
5. Indo Count Industries Ltd (ICIL): 3.4

### 20-quarter EV/EBITDA history
- WELSPUNLIV: Sep 2021 11.1 | Dec 2021 10.6 | Mar 2022 8.1 | Jun 2022 6.8 | Sep 2022 8.7 | Dec 2022 11.7 | Mar 2023 11.8 | Jun 2023 13.8 | Sep 2023 13.5 | Dec 2023 12.7 | Mar 2024 10.9 | Jun 2024 11.4 | Sep 2024 11.7 | Dec 2024 11.2 | Mar 2025 10.4 | Jun 2025 11.2 | Sep 2025 10.4 | Dec 2025 14.3 | Mar 2026 14.9 | Jun 2026 —
- TRIDENT: Sep 2021 12.4 | Dec 2021 21.8 | Mar 2022 19.0 | Jun 2022 13.1 | Sep 2022 13.4 | Dec 2022 15.6 | Mar 2023 14.9 | Jun 2023 18.8 | Sep 2023 21.4 | Dec 2023 18.7 | Mar 2024 18.9 | Jun 2024 20.5 | Sep 2024 19.9 | Dec 2024 18.5 | Mar 2025 14.6 | Jun 2025 18.2 | Sep 2025 14.9 | Dec 2025 14.2 | Mar 2026 13.6 | Jun 2026 15.2
- ICIL: Sep 2021 10.7 | Dec 2021 9.9 | Mar 2022 6.9 | Jun 2022 5.5 | Sep 2022 6.4 | Dec 2022 6.6 | Mar 2023 6.7 | Jun 2023 10.3 | Sep 2023 10.9 | Dec 2023 12.7 | Mar 2024 13.4 | Jun 2024 14.1 | Sep 2024 13.7 | Dec 2024 12.7 | Mar 2025 9.7 | Jun 2025 11.6 | Sep 2025 12.3 | Dec 2025 12.8 | Mar 2026 14.2 | Jun 2026 —
- FAZE3Q: Sep 2021 13.4 | Dec 2021 11.0 | Mar 2022 11.7 | Jun 2022 9.9 | Sep 2022 9.2 | Dec 2022 8.0 | Mar 2023 8.9 | Jun 2023 10.9 | Sep 2023 9.6 | Dec 2023 11.6 | Mar 2024 9.4 | Jun 2024 11.6 | Sep 2024 13.8 | Dec 2024 14.4 | Mar 2025 12.2 | Jun 2025 16.5 | Sep 2025 12.7 | Dec 2025 14.6 | Mar 2026 13.7 | Jun 2026 —
- HIMATSEIDE: Sep 2021 9.3 | Dec 2021 8.6 | Mar 2022 7.3 | Jun 2022 6.3 | Sep 2022 8.7 | Dec 2022 10.7 | Mar 2023 10.3 | Jun 2023 11.2 | Sep 2023 9.1 | Dec 2023 7.9 | Mar 2024 6.6 | Jun 2024 6.6 | Sep 2024 6.9 | Dec 2024 8.5 | Mar 2025 7.8 | Jun 2025 7.9 | Sep 2025 7.1 | Dec 2025 6.7 | Mar 2026 6.0 | Jun 2026 —

### 20-quarter P/BV history
- WELSPUNLIV: Sep 2021 4.3 | Dec 2021 3.9 | Mar 2022 2.6 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 1.6 | Jun 2023 2.3 | Sep 2023 3.0 | Dec 2023 3.3 | Mar 2024 3.2 | Jun 2024 3.8 | Sep 2024 3.6 | Dec 2024 3.3 | Mar 2025 2.8 | Jun 2025 3.1 | Sep 2025 2.3 | Dec 2025 2.6 | Mar 2026 2.3 | Jun 2026 —
- TRIDENT: Sep 2021 3.7 | Dec 2021 7.6 | Mar 2022 7.4 | Jun 2022 5.7 | Sep 2022 4.9 | Dec 2022 4.6 | Mar 2023 3.7 | Jun 2023 4.4 | Sep 2023 4.6 | Dec 2023 4.5 | Mar 2024 4.5 | Jun 2024 4.6 | Sep 2024 4.2 | Dec 2024 3.9 | Mar 2025 2.9 | Jun 2025 3.7 | Sep 2025 3.2 | Dec 2025 3.0 | Mar 2026 2.6 | Jun 2026 2.9
- ICIL: Sep 2021 4.2 | Dec 2021 3.4 | Mar 2022 2.2 | Jun 2022 2.1 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 2.6 | Sep 2023 2.5 | Dec 2023 3.1 | Mar 2024 3.6 | Jun 2024 4.3 | Sep 2024 3.7 | Dec 2024 2.9 | Mar 2025 2.3 | Jun 2025 2.8 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 2.2 | Jun 2026 —
- FAZE3Q: Sep 2021 3.2 | Dec 2021 2.8 | Mar 2022 3.4 | Jun 2022 3.5 | Sep 2022 2.6 | Dec 2022 2.3 | Mar 2023 2.8 | Jun 2023 3.5 | Sep 2023 2.7 | Dec 2023 3.0 | Mar 2024 2.4 | Jun 2024 3.1 | Sep 2024 3.0 | Dec 2024 2.7 | Mar 2025 2.1 | Jun 2025 3.7 | Sep 2025 2.6 | Dec 2025 2.5 | Mar 2026 2.3 | Jun 2026 —
- HIMATSEIDE: Sep 2021 2.0 | Dec 2021 1.7 | Mar 2022 1.1 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 —

## Market action

Indo Count Industries Ltd has the strongest one-year price move in Textiles - Home Textile at +35.4%. It also leads on Mansfield relative strength against NIFTY at +40.2%. 3 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Indo Count Industries Ltd (ICIL): 35%
2. Welspun Living Ltd (WELSPUNLIV): 13%
3. Faze Three Ltd (FAZE3Q): -20%
4. Trident Ltd (TRIDENT): -20%
5. Himatsingka Seide Ltd (HIMATSEIDE): -48%

### Strongest relative strength versus NIFTY 500
1. Indo Count Industries Ltd (ICIL): 40%
2. Welspun Living Ltd (WELSPUNLIV): 24%
3. Faze Three Ltd (FAZE3Q): 13%
4. Trident Ltd (TRIDENT): -4.7%
5. Himatsingka Seide Ltd (HIMATSEIDE): -22%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Welspun Living Ltd (WELSPUNLIV) — market value ₹15.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Trident Ltd (TRIDENT) — market value ₹12.8K Cr; latest fundamentals Jun 2026
- Indo Count Industries Ltd (ICIL) — market value ₹8.0K Cr; latest fundamentals Mar 2026
- Faze Three Ltd (FAZE3Q) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Himatsingka Seide Ltd (HIMATSEIDE) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 2. Withheld: 1. Graded companies: 5.

2 of 5 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Welspun Living Ltd (WELSPUNLIV) — its two data sources disagree by up to 76% on reported income across 15 comparable periods, so its derived ratios are withheld.

- WITHHELD | WELSPUNLIV | Welspun Living Ltd | diff_gt_2pct | disagreement up to 76.33% over 15 comparable periods

- UNVERIFIED | FAZE3Q | Faze Three Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HIMATSEIDE | Himatsingka Seide Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Textiles - Home Textile index?

The Nifty Textiles - Home Textile index tracks India's listed Textiles - Home Textile companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Textiles - Home Textile sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Textiles - Home Textile stocks in India?

Ranked by this page's four-factor score, Trident Ltd places first among 5 listed Textiles - Home Textile companies, followed by Faze Three Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Textiles - Home Textile stocks are listed in India?

This comparison covers 5 listed Textiles - Home Textile companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Textiles - Home Textile company is the biggest?

Welspun Living Ltd is the largest, with trailing-twelve-month revenue of ₹9,399 crore, ahead of Trident Ltd at ₹6,781 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Textiles - Home Textile company is growing fastest?

Faze Three Ltd has the fastest revenue growth at 33.8% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Textiles - Home Textile company has the best profit margins?

Trident Ltd has the highest operating margin at 17%, from 5 of 5 comparable companies. Faze Three Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Textiles - Home Textile company makes the most profit?

Trident Ltd earns the most, at ₹395 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Trident Ltd has the fastest profit growth at -9.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Textiles - Home Textile company earns the highest return on capital?

Trident Ltd leads on return on capital employed at 9.8%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Textiles - Home Textile stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Trident Ltd screens cheapest at 0.81×. Only 2 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Textiles - Home Textile company has the strongest balance sheet?

Faze Three Ltd carries the lowest comparable gross debt at ₹275 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Textiles - Home Textile sector beating the market?

Textiles - Home Textile has underperformed NIFTY 500 by 9% over the last 52 weeks and 15% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Textiles - Home Textile stock has the strongest price momentum?

Indo Count Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Textiles - Home Textile company scores highest for research priority?

Trident Ltd scores 64.4 out of 100 with 91% evidence confidence, from 22.4 points on growth and earnings, 16.9 on capital efficiency, 15.9 on valuation and 9.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Textiles - Home Textile companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Textiles - Home Textile sector?

The 5 Textiles - Home Textile companies on this page carry ₹38,671 crore of combined market value. Welspun Living Ltd is the largest at ₹15,538 crore, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Textiles - Home Textile sector's P/E ratio?

The median price-to-earnings ratio across the 5 Textiles - Home Textile companies on this page is 39.6×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Textiles - Home Textile sector performing?

3 of the 5 covered Textiles - Home Textile companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/textiles-home-textile