NSE: NITINSPIN · BSE: 532698
NITIN SPINNERS LIMITED
Spins cotton yarn and weaves it into woven fabric for sale to global apparel brands and yarn buyers, running a vertically integrated chain where 60% of incremental spinning output is consumed in-house for fabric manufacturing. FY26 revenue was INR 3,213.9 crores, with Q4 FY26 touching a record INR 859.8 crores on improved yarn realizations and downstream restocking after US tariff removal. Q4 FY26 capacity utilization ran above 98% in spinning and above 90% in woven fabric, with yarn spreads of INR 120-125 per kg at 33-34 count. A capex programme of more than INR 1,000 crores will lift spinning capacity to 130,000 tons and woven fabric capacity to 75 million metres, with commissioning from Q3 FY27 for fabric and Q4 FY27 for spinning. Renewable power is being scaled to around 100 MW, expected to cover 50-55% of power needs and deliver INR 50 crores of annual savings once fully operational. Materials — chiefly raw cotton — form the dominant cost at 62.2% of revenue. Management cites pending India-UK and India-EU FTAs as driving European brand inquiries to shift fabric and garment sourcing from Bangladesh, Vietnam, and China to India. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Spinning (yarn), Woven fabric. Vertically integrated, asset-heavy cotton textile manufacturer exposed to cotton and yarn price cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,692 | 2,407 | 2,906 | 3,306 | 3,214 |
| EBITDA (ex other income) | 647 | 297 | 377 | 471 | 453 |
| margin % | 24.0 | 12.3 | 13.0 | 14.3 | 14.1 |
| Owners' profit | 326 | 165 | 132 | 175 | 178 |
| EPS, as reported (₹) | 58.01 | 29.32 | 23.39 | 31.20 | 31.58 |
| ROE % · ROCE % | 37.2 · 39.7 | 16.0 · 12.7 | 11.5 · 12.6 | 13.4 · 15.8 | 12.1 · 14.3 |
| Debt / equity (x) | 0.79 | 0.95 | 1.17 | 0.89 | 0.76 |
| Cash from operations | 431 | 194 | 163 | 307 | 411 |
| Capex | (50) | (87) | (817) | (16) | (60) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 823 | 839 | 841 | 793 | 760 | 801 | 860 | 875 |
| Profit before tax | 57 | 60 | 63 | 55 | 47 | 58 | 78 | 101 |
| Net profit | 42 | 45 | 46 | 41 | 35 | 44 | 57 | 75 |
| EPS (₹) | 7.50 | 7.96 | 8.25 | 7.29 | 6.19 | 7.90 | 10.20 | 13.39 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.9 | 16.8 | 91 of 179 | 49% |
| P/B | 2.4 | 1.1 | 146 of 185 | 21% |
| ROCE | 11.0 | 4.3 | 49 of 215 | 78% |
| ROE | 12.1 | 4.7 | 36 of 188 | 81% |
| Debt / Equity | 0.8 | 0.4 | 132 of 188 | 30% |
| EBITDA margin | 18.1 | 9.8 | 41 of 198 | 80% |
| Revenue growth | 10.3 | 6.9 | 77 of 192 | 60% |
| Profit growth | 83.6 | 20.0 | 63 of 203 | 69% |
| Market cap | 3582 | 61 | 11 of 223 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Investor conference call for Q2 FY27 results on 2 November 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 31 to consider Q2 FY27 results | results | low | — | — |
| 29 Sept 2026 · INTIMATION OF CLOSURE OF TRADING WINDOW | compliance | minimal | — | — |
| 22 Sept 2026 · All 5 AGM resolutions passed; Rs 3 final dividend approved | compliance | minimal | — | — |
| 21 Sept 2026 · 34th AGM held; 5 resolutions passed including Rs 1.00 dividend | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Nitin Spinners gets CRISIL ESG rating of 59, placed in Adequate category | business updates | medium | — | — |
| 17 Sept 2026 · Nitin Spinners Receives ESG Rating Score of 50 in Adequate Category | general | medium | — | — |
| 28 Aug 2026 · Annual Report 2025-26 web link sent to shareholders; 34th AGM on 21 Sep 2026 | compliance | low | — | — |
| 28 Aug 2026 · Nitin Spinners publishes 34th AGM notice in newspapers | compliance | minimal | — | — |
| 25 Aug 2026 · BRSR filed as part of Annual Report FY 2025-26 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.