Leather · Founded 1992 · www.welterman.com · BSE 526431 · · ISIN INE662D01013
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Business
Welterman International Ltd. is an Indian company operating in the Leather sector. Based on its industry classification, the company likely manufactures, processes, and/or trades leather and leather products. Its core business model would involve sourcing raw hides and skins, processing them into finished leather, and then manufacturing various leather goods such as footwear, garments, bags, wallets, or other accessories. Alternatively, it might specialize in supplying finished leather to other manufacturers. The company makes money through the sale of these leather products or finished leather, serving both domestic and potentially international markets.
Revenue Mix
Specific segment information or revenue mix details for Welterman International Ltd. are not publicly available in the provided data. Generally, companies in the leather industry often segment their operations and revenue by:
Product Categories: Such as finished leather, leather footwear, leather garments, leather accessories (e.g., bags, belts, wallets).
Geographic Markets: Distinguishing between domestic sales and exports to regions like Europe, North America, or Asia.
Customer Type: Differentiating between B2B (supplying to other brands/manufacturers) and B2C (own-brand retail).
Industry
The Indian leather industry is a significant global player, characterized by its labor-intensive nature, diverse product offerings, and strong export orientation. It encompasses tanning, manufacturing of leather goods, and supporting industries. Welterman International operates within this competitive landscape, facing numerous domestic and international competitors. Its positioning would depend on factors such as its product specialization (e.g., focus on specific types of leather or premium goods), its target market (e.g., mass-market, mid-range, luxury), its quality certifications, and the strength of its export network. Competition stems from both organized and unorganized players within India, as well as global manufacturers in countries like China, Italy, and Vietnam.
MOAT
Without specific company details, identifying a definitive moat for Welterman International Ltd. is challenging. However, potential competitive advantages often found in the Indian leather industry that Welterman might possess include:
Cost Efficiency: Leveraging India's competitive labor costs and established infrastructure for leather processing and manufacturing.
Specialized Craftsmanship/Expertise: Developing unique skills or reputation in specific types of leather processing or product manufacturing.
Established Supply Chain & Buyer Relationships: Long-standing relationships with raw material suppliers and/or international buyers, leading to stable demand and efficient operations.
Scale of Operations: If the company operates at a significant scale, it could benefit from economies of scale in procurement and production.
Vertical Integration: If the company controls multiple stages from raw material processing to finished product, it could ensure quality control and cost efficiency.
Brand Reputation: If it has built a strong reputation for quality or reliability as an OEM/ODM supplier or with its own brand in specific niches.
Growth Drivers
Increasing Global Demand: Rising disposable incomes globally, particularly in emerging markets, driving demand for leather products.
Export Market Expansion: India's position as a major leather exporter, potentially benefiting from trade agreements and global supply chain shifts.
Product Diversification & Value Addition: Expansion into higher-value segments, new product categories, or specialized leather types.
Fashion & Design Innovation: Adapting to evolving fashion trends and consumer preferences with new designs and materials.
Government Support: Initiatives aimed at boosting manufacturing, exports, and technological upgrades in the Indian leather sector.
E-commerce Growth: Leveraging online platforms to reach a wider domestic and international customer base.
Risks
Raw Material Price Volatility: Fluctuations in the prices of hides and skins due to global supply/demand dynamics, animal husbandry, and environmental factors.
Fashion and Trend Changes: Rapid shifts in consumer preferences and fashion trends can lead to inventory obsolescence and reduced demand.
Environmental Regulations: Increasingly stringent environmental regulations regarding tanning processes, waste disposal, and chemical usage, leading to higher compliance costs.
Intense Competition: From both domestic and international players, as well as from synthetic alternatives to leather.
Currency Fluctuations: For an export-oriented company, adverse movements in foreign exchange rates can negatively impact profitability.
Labor Costs & Relations: The labor-intensive nature of the industry makes it susceptible to rising labor costs and potential labor disputes.
Supply Chain Disruptions: Geopolitical events, logistical challenges, or health crises can disrupt the sourcing of raw materials or timely delivery of finished goods.
Management & Ownership
Assuming a typical structure for an Indian company, Welterman International Ltd. is likely promoter-led, with significant ownership concentrated within the founding family or a core group. The quality of management would depend on their experience within the leather industry, their strategic vision, operational efficiency, and ability to navigate market dynamics and regulatory changes. Specific details regarding the promoters, key management personnel, or detailed ownership structure are not available in the provided information.
Outlook
The outlook for Welterman International Ltd. presents a balanced view. On the positive side, the company can benefit from India's strong position in the global leather industry, growing global demand for finished leather products, and potential export opportunities fueled by favorable trade conditions and an expanding middle class worldwide. Should the company possess strong operational efficiencies, a robust supply chain, and the ability to adapt to fashion trends, it could achieve sustainable growth.
However, the company faces significant challenges. These include the inherent volatility of raw material prices, intense competition from both domestic and international players (including synthetic alternatives), and increasing pressure from environmental regulations which could raise operational costs. Furthermore, adverse currency fluctuations for an export-focused entity and shifts in global consumer preferences or trade policies could pose risks to profitability and market access. Its success will largely depend on its ability to manage these risks while capitalizing on market opportunities through strategic product development and efficient operations.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | -0.1 | -0 | -0 | -0.2 | -0 | -0 | -0.4 | -0.2 | -0.6 | -0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 18 | 3 | 0 | 1 | 6 | 2 | 2 | 2 | 1 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 19 | 3 | 0 | 1 | 7 | 2 | 2 | 4 | 1 | 0 | 0 | 0 |
| Total Expenditure | 19 | 3 | 1 | 2 | 6 | 2 | 2 | 2 | 1 | 0 | 0 | 0 |
| Operating Profit | -1 | -0 | -1 | -1 | 1 | 0 | 0 | 2 | -0 | -0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -2 | -0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -3 | -1 | -0 | -1 | 1 | 0 | -0 | 1 | -0 | -0 | -0 | 0 |
| Provision for Tax | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -3 | -2 | -0 | -1 | 1 | 0 | -0 | 1 | -0 | -0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -3 | -2 | -0 | -1 | 1 | 0 | -0 | 1 | -0 | -0 | -0 | 0 |
| Adjusted Earnings Per Share | -5.9 | -5.6 | -0.7 | -2.9 | 2.7 | 0 | -0.4 | 3.2 | -0.7 | -0.3 | -0.3 | -1.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -100% | -100% | -100% |
| Operating Profit CAGR | 0% | -100% | 0% | 0% |
| PAT CAGR | 0% | -100% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -31% | 27% | 47% | 17% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | -2% | -9% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -10 | -12 | -13 | -14 | -13 | -13 | -13 | -12 | -12 | -12 | -12 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 12 | 11 | 11 | 16 | 16 | 17 | 13 | 9 | 5 | 5 | 6 |
| Other Non-Current Liabilities | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 4 | 3 |
| Total Current Liabilities | 7 | 7 | 7 | 3 | 3 | 4 | 4 | 5 | 5 | 5 | 5 |
| Total Liabilities | 7 | 5 | 5 | 5 | 6 | 7 | 4 | 2 | 2 | 1 | 1 |
| Fixed Assets | 1 | 1 | 1 | 2 | 3 | 3 | 2 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 6 | 4 | 3 | 2 | 3 | 5 | 1 | 1 | 1 | 1 | 1 |
| Total Assets | 7 | 5 | 5 | 5 | 6 | 7 | 4 | 2 | 2 | 1 | 1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | -1 | -2 | 3 | -5 | -1 | -1 | 4 | 1 | -0 | -1 | -0 |
| Cash Flow from Investing Activities | 0 | 2 | -1 | -1 | 1 | -0 | -0 | 3 | 1 | 0 | 0 |
| Cash Flow from Financing Activities | 1 | 0 | -2 | 5 | -0 | 1 | -4 | -4 | 0 | -1 | -0 |
| Net Cash Inflow / Outflow | 1 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 1 | -1 | 0 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -5.86 | -5.63 | -0.7 | -2.9 | 2.71 | 0.01 | -0.41 | 3.24 | -0.68 | -0.3 | -0.35 |
| CEPS(Rs) | -5.78 | -5.53 | -0.59 | -2.6 | 3.07 | 0.38 | 0.04 | 3.71 | -0.53 | -0.25 | -0.3 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -22.63 | -27.94 | -30.64 | -32.09 | -29.39 | -29.38 | -29.79 | -26.55 | -27.22 | -27.52 | -27.87 |
| Core EBITDA Margin(%) | -3.57 | -12.93 | -2310.25 | -136.88 | 2.03 | 3.14 | 0.84 | 13.66 | -78.84 | 0 | 0 |
| EBIT Margin(%) | -13.95 | -21.5 | -505.07 | -51.21 | 20.24 | 0.25 | -9.7 | 57.9 | -49.23 | 0 | 0 |
| Pre Tax Margin(%) | -13.96 | -21.54 | -507.8 | -147.12 | 20.24 | 0.24 | -9.76 | 57.87 | -49.68 | 0 | 0 |
| PAT Margin (%) | -13.96 | -93.49 | -507.8 | -147.12 | 20.24 | 0.24 | -9.76 | 57.87 | -49.68 | 0 | 0 |
| Cash Profit Margin (%) | -13.77 | -91.88 | -427.58 | -132.09 | 22.98 | 8.13 | 0.92 | 66.19 | -39.35 | 0 | 0 |
| ROA(%) | -29.2 | -39.38 | -6.09 | -27.45 | 23.08 | 0.08 | -3.32 | 50.21 | -15.16 | -8.36 | -12.13 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -89 | -50.57 | 0 | 0 | 53.13 | 0.17 | -10.34 | 0 | 0 | 0 | 0 |
| Receivable days | 12.55 | 166.68 | 0 | 0 | 0 | 373.78 | 0 | 2.54 | 0 | 0 | 0 |
| Inventory Days | 54.39 | 136.29 | 3691.38 | 86.89 | 21.97 | 31.36 | 0.25 | 0.72 | 0 | 0 | 0 |
| Payable days | 115.47 | 474.87 | 1332.79 | 3431.91 | 198.14 | 876.27 | 1062.82 | 878.48 | 2439.56 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 1.52 | 0 | 0 | 1.82 | 0 | 0 | 0 |
| Price/Book(x) | -0.19 | -0.16 | 0 | 0 | -0.14 | 0 | -0.09 | -0.22 | -0.32 | -0.48 | -0.58 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.72 | 5.17 | 243.27 | 23.36 | 2.93 | 10.09 | 7.64 | 4.69 | 12.56 | 0 | 0 |
| EV/Core EBITDA(x) | -22.47 | -263.14 | -10.58 | -21.59 | 12.77 | 123.8 | 782.68 | 7.08 | -32.27 | -96.57 | -96.52 |
| Net Sales Growth(%) | -45.98 | -85.53 | -97.72 | 1336.96 | 578.51 | -64.8 | -10.35 | 32.71 | -75.73 | -100 | 0 |
| EBIT Growth(%) | -410.16 | 77.71 | 46.47 | -45.7 | 368.18 | -99.56 | -3529.99 | 891.8 | -120.63 | 55.23 | -15.86 |
| PAT Growth(%) | -411.64 | 3.13 | 87.62 | -316.3 | 193.35 | -99.58 | -3736.55 | 887.17 | -120.83 | 55.34 | -15.09 |
| EPS Growth(%) | -411.63 | 4.07 | 87.62 | -316.29 | 193.35 | -99.58 | -3736.55 | 887.17 | -120.83 | 55.33 | -15.09 |
| Debt/Equity(x) | -1.23 | -1 | -0.79 | -1.13 | -1.2 | -1.28 | -0.99 | -0.77 | -0.4 | -0.41 | -0.47 |
| Current Ratio(x) | 0.85 | 0.62 | 0.39 | 0.75 | 1.02 | 1.29 | 0.33 | 0.28 | 0.27 | 0.14 | 0.13 |
| Quick Ratio(x) | 0.73 | 0.45 | 0.38 | 0.61 | 0.91 | 1.29 | 0.33 | 0.28 | 0.27 | 0.14 | 0.13 |
| Interest Cover(x) | -2606.93 | -588.48 | -184.75 | -0.53 | 0 | 19.31 | -187.67 | 1799.88 | -110.04 | -147.78 | 0 |
| Total Debt/Mcap(x) | 6.35 | 6.41 | 0 | 0 | 8.56 | 0 | 10.95 | 3.47 | 1.24 | 0.85 | 0.81 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Public | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | -100% | -100% | -100% |
| Operating Profit CAGR | — | -100% | — | — |
| PAT CAGR | — | -100% | — | — |
| Share Price CAGR | -31% | +27% | +47% | +17% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | -2% | -9% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 | 45.34 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Public | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 | 53.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
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