Nitin Spinners Q2 FY27 results: net profit up 154.8% to ₹88.66 crore, revenue up 29.6%

How did Nitin Spinners perform in Q2 FY27?

Nitin Spinners reported standalone revenue of ₹985.15 crore for Q2 FY27, up ₹225.07 crore or 29.6% from ₹760.08 crore in Q2 FY26 and ₹110.12 crore or 12.6% from ₹875.03 crore in Q1 FY27. Total income was ₹986.79 crore, up 29.7% from a year earlier. These are standalone figures, and the company has no subsidiary, associate or joint venture as on 30 September 2026, so no consolidated basis was reported.

EBITDA for the quarter was ₹175.48 crore, up ₹75.92 crore or 76.3% from ₹99.56 crore in Q2 FY26 and ₹19.90 crore or 12.8% from ₹155.58 crore in Q1 FY27. The EBITDA margin was 17.8%, up 4.7 percentage points from 13.1% a year earlier and unchanged from Q1 FY27. The PAT margin was 9.0%, up 4.4 percentage points from 4.6%.

Profit before tax was ₹118.97 crore, up 153.9% from ₹46.85 crore a year earlier and 17.8% from ₹100.98 crore in the previous quarter. Tax was ₹30.31 crore against ₹12.07 crore a year earlier. Net profit for the quarter was ₹88.66 crore, against ₹34.79 crore in Q2 FY26 and ₹75.27 crore in Q1 FY27. Basic EPS was ₹15.77, against ₹6.19 and ₹13.39 respectively.

What changed in Nitin Spinners' costs and profit?

Total expenses rose ₹153.94 crore or 21.6% from ₹713.87 crore in Q2 FY26 to ₹867.81 crore, which was slower than the 29.6% rise in revenue. Cost of materials was ₹609.73 crore, up ₹108.05 crore or 21.5%, while employee cost was ₹64.17 crore, up ₹9.73 crore or 17.9%. Other expenses were ₹158.61 crore, up ₹30.06 crore or 23.4%.

Finance costs were ₹19.93 crore against ₹16.08 crore a year earlier, a rise of ₹3.85 crore or 23.9%, and depreciation was ₹38.21 crore against ₹37.27 crore, up ₹0.94 crore or 2.5%. Other income was ₹1.64 crore against ₹0.64 crore, up ₹1 crore or 156.2%. There was no exceptional item in either quarter.

Against the previous quarter, total expenses rose ₹91.31 crore or 11.8%, with cost of materials up ₹62.35 crore and other expenses up ₹17.40 crore. Finance costs were ₹19.93 crore against ₹19.41 crore, depreciation ₹38.21 crore against ₹37.63 crore, and other income fell to ₹1.64 crore from ₹2.44 crore. Tax was ₹30.31 crore against ₹25.71 crore.

The investor presentation records higher yarn realisations, optimum capacity utilisation and ongoing cost saving measures as supports for the 17.8% EBITDA margin. Management also said exports contributed 68% to the quarterly revenue, driven by better demand, and that trial production of griege woven fabric had commenced.

How did the first half of FY27 go?

For the first half of FY27, standalone revenue was ₹1,860.18 crore against ₹1,553.4 crore in H1 FY26, a rise of ₹306.78 crore or 19.7%. Total income was ₹1,864.26 crore against ₹1,555.82 crore, up ₹308.44 crore or 19.8%.

Profit before tax for the half year was ₹219.95 crore, up ₹117.97 crore or 115.7% from ₹101.98 crore, and net profit was ₹163.93 crore against ₹75.77 crore, a rise of ₹88.16 crore or 116.4%. EPS for the period was ₹29.16 against ₹13.48, up ₹15.68 or 116.3%. The investor presentation reported H1 EBITDA of ₹331.05 crore, up 57.0%, at a margin of 17.80% against 13.57%.

What do the balance sheet and cash flow show?

Total assets rose to ₹3,740.96 crore as on 30 September 2026 from ₹2,914.61 crore as on 31 March 2026, and total equity was ₹1,621.51 crore against ₹1,470.73 crore. Borrowings were ₹1,780.11 crore against ₹1,124.5 crore, while cash and cash equivalents fell to ₹0.08 crore from ₹2.95 crore. Inventories were ₹493.09 crore against ₹607.65 crore, trade receivables ₹603.7 crore against ₹431.87 crore, and trade payables ₹113.16 crore against ₹101.59 crore.

For H1 FY27, net cash from operating activities was ₹209.26 crore, against ₹380.26 crore in H1 FY26. Investing activities used ₹811.53 crore against ₹84.05 crore a year earlier, while financing activities provided ₹599.4 crore against an outflow of ₹303.26 crore. Capital expenditure was ₹26.09 crore against ₹3.13 crore.

The presentation showed capital work-in-progress of ₹915.2 crore at September 2026 against ₹102.4 crore at March 2026, and non-current borrowings of ₹1,183.3 crore against ₹545.2 crore, with current borrowings of ₹596.8 crore against ₹579.3 crore. H1 FY27 working-capital changes consumed ₹88.1 crore, according to the cash flow statement in the presentation.

How has Nitin Spinners done over the last 8 quarters?

Revenue for Nitin Spinners over the last eight quarters fell to ₹760.08 crore in Q2 FY26 from ₹841.29 crore in Q4 FY25, then rose in each of the last three quarters, reaching ₹985.15 crore in Q2 FY27, the highest in the series. Net profit followed the same shape, bottoming at ₹34.79 crore in Q2 FY26 and rising to ₹88.66 crore in Q2 FY27, above the ₹57.36 crore reported in Q4 FY26.

The EBITDA margin bottomed at 13.1% in Q2 FY26, recovered to 15.2% in Q4 FY26 and reached 17.8% in both Q1 FY27 and Q2 FY27. Revenue and profit have each risen year on year in each of the last three quarters, with the latest quarter also higher than the ₹875.03 crore revenue and ₹75.27 crore profit of Q1 FY27.

What else did the company announce?

The company's filings around the result covered the board meeting and the investor presentation. A BSE filing dated 19 October 2026 informed that a meeting of the board of directors was scheduled for 31 October 2026 to consider and approve the unaudited financial results for the quarter and half year ended 30 September 2026, and that the trading window for securities would remain closed for directors, designated persons, connected persons and their immediate relatives until 2 November 2026, 48 hours after the results were made public.

In an NSE filing dated 31 October 2026, the company said the board approved the unaudited financial results for the quarter and half year ended 30 September 2026 and took on record the limited review report from the statutory auditors. The trading window for trading in the shares was to open from 3 November 2026 for the directors, designated and connected persons of the company and their immediate relatives.

The same-day investor presentation filed on 31 October 2026 was titled The Integrated Advantage: Fibre to Finished Fabric and covered performance highlights, the growth roadmap, the integrated advantage, multi-fold growth over the decade and the way forward. No dividend, fund raise or appointment was announced in the same-day filings.

The results were reviewed by the audit committee and approved by the board at its meeting held on 31 October 2026, according to the notes to the financial results, and the statutory auditors issued a limited review report on the standalone results for the quarter and half year ended 30 September 2026.

What did Nitin Spinners' management say?

Dinesh Nolkha, Chairman and Managing Director, described the quarter as a landmark one with highest-ever quarterly revenue, highest-ever quarterly exports and highest-ever quarterly revenue from the fabric business. He said EBITDA margin was sustained at 17.8%, supported by higher yarn realisations, optimum capacity utilisation and ongoing cost saving measures, and that exports contributed 68% to the quarterly revenue, driven by better demand.

Management said full commissioning of the expansion projects is expected by the end of December 2026. The roadmap includes new spinning capacity of 22,400 MTPA, of which ~60% is intended to feed in-house fabric, and a brownfield woven-fabric expansion of 35 million metres p.a. that has not commenced commercial production, though trial production of 4.1 million metres was completed.

The company expects fabric to rise to ~30% of revenue by FY28 and said doubling fabric capacity is aimed at higher-margin segments. Management said fabric mix adds 100-150 bps to margins, and that the renewable energy build-out of 95.4 MW, comprising 68.4 MW solar and 27 MW hybrid, is expected to save ~Rs.50 Crore annually.

On risks, the presentation noted that the 35 million metres p.a. brownfield project has completed only 4.1 million metres of trial production and has not commenced commercial production, and that capital work-in-progress rose to Rs. 915.2 Crs at September 2026 from Rs. 102.4 Crs at March 2026. It also flagged higher borrowings, higher trade receivables and lower operating cash flow. Management said favourable trade policies, an expanding presence in value-added fabrics, a diversified export footprint and a rising share of renewable energy position it to sustain momentum.

How did Nitin Spinners shares react?

The filing appeared after market hours. From the price when the filing was published, the stock fell 3.2% after five minutes, 2.4% after 15 minutes and 3.1% after 30 minutes, against a prior close of ₹658.0. On the reaction day, the stock closed 0.2% higher from that pre-results close, and by the next day's close it was up 0.3% from the same close.

Earlier results days saw mostly negative reaction-day moves, including 4.1% on 8 August 2026, 2.6% on 8 May 2026, 1.4% on 31 January 2026, 3.8% on 4 November 2025, 4.7% on 5 August 2025 and 5.2% on 27 January 2025. The move on 13 May 2025 was positive at 1.2%.

How did other Other Textile Products companies do?

Among the 61 Other Textile Products companies compared for this quarter, the median revenue growth was 22.4%, against revenue growth of 29.6% for Nitin Spinners. Of the peers for which revenue growth was computed, 38 grew slower than the company and 23 grew faster than the company.

Of the 64 peers compared on profit, 43 reported higher profit. These peer figures are as on 4 November 2026, when the industry comparison was drawn.