Jefferies upgrades Welspun to Buy, raises price target to Rs 260
Investment bank Jefferies has upgraded its rating on Welspun Living from Hold to Buy and set a new price target of Rs 260. The firm also initiated coverage on Raymond Lifestyle with a Buy rating and Rs 900 target, citing free-trade agreements and a China+1 sourcing shift as drivers for India's textile growth.
Jefferies has upgraded its rating on Welspun Living from Hold to Buy while raising its price target significantly. The firm adjusted the target up by 108%, moving it from Rs 125 to Rs 260, which implies roughly 25% upside potential for the company. Jefferies also began coverage on Raymond Lifestyle with a Buy rating and an estimated target of Rs 900, suggesting about 29% potential gains. The brokerage attributes these positive views to free-trade agreements and a global trend where companies shift sourcing away from China. India's textile exports totaled approximately $37 billion last year, representing only 4% of the global market value which exceeds $900 billion. A free-trade agreement with the UK took effect in July 2026, reducing tariffs on Indian textiles to near zero. Jefferies projected Welspun Living revenue would grow at a compound annual rate of 14% between fiscal year 2026 and 2029.
