WTI and WAI Performance Update Highlights Mixed Trends in H1 FY26
The latest update of the Wazir Textile Index (WTI) and Wazir Apparel Index (WAI) reflects contrasting performance trends across India’s textile and apparel sectors during the first half of FY26, compared to the corresponding period last year.
WTI (Wazir Textile Index) Update
H1 FY26 vs H1 FY25
The textile sector witnessed moderation in performance during the first half of FY26.
- The WTI sales index declined by 4%, reflecting subdued revenue traction among leading textile companies.
- The WTI EBITDA index fell by 2%, indicating pressure on operating profitability.
- Consolidated sales of select top textile companies also decreased by 4%, while
- Consolidated EBITDA margin declined by 1 percentage point, highlighting margin compression amid cost and demand challenges.
Q2 FY26 vs Q2 FY25
The slowdown was more pronounced on a quarterly basis:
- Consolidated sales declined by 5%, and
- EBITDA margins dropped by 1 percentage point year-on-year.
WAI (Wazir Apparel Index) Update
H1 FY26 vs H1 FY25
In contrast, the apparel segment delivered stronger topline growth despite profitability pressures.
- The WAI sales index rose by 9%, supported by improved demand and order flow.
- However, the WAI EBITDA index declined sharply by 17%, reflecting elevated costs and pricing pressures.
- Consolidated sales of select top apparel companies increased by 9%, while
- EBITDA margins fell by 1 percentage point as a percentage of sales.
Q2 FY26 vs Q2 FY25
- Consolidated apparel sales grew by 4%, and
- EBITDA margins again declined by 1 percentage point on a year-on-year basis.
Overall Sector Performance
Overall, the combined consolidated sales of all listed textile and apparel companies increased by 11% in H1 FY26, compared to H1 FY25. Despite this growth, consolidated EBITDA remained broadly unchanged, indicating ongoing margin pressure across the value chain.
As companies reassess their medium- to long-term growth strategies, particularly in MMF-based textiles and apparel, the Production Linked Incentive (PLI) scheme continues to remain a key consideration. For organisations evaluating PLI applicability, Wazir Advisors offers end-to-end support including eligibility assessment, application preparation, and implementation planning.