Nitin Spinners Ltd(NITINSPIN)

NSE: NITINSPINBSE: 532698

₹ 602.3-3.44%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 3,386 crNext results: 31 Oct 2026Website: www.nitinspinners.comUpdated: 24 Oct 2026

About

Nitin Spinners Limited is a fully integrated textile manufacturer based in Rajasthan, India, producing cotton and blended yarns, knitted fabrics, and finished woven fabrics across two plants in Bhilwara and Chittorgarh. The company reported FY26 revenue of ₹3,213.87 Cr and is one of the leading integrated textile manufacturers in India, exporting to more than 55 countries with exports contributing 61.9% of revenue in FY26.^[1][2]

Products and portfolio

The company produces cotton and blended yarns (count range 6 to 100s), including ring spun combed/carded, compact, slub, core spun, multifold, gassed, open-end and recycled-fibre yarns, as well as Supima, Giza and organic cotton variants.^[1]
Knitted fabrics and finished woven fabrics are the other two product lines; woven fabric end-uses span fashion wear, uniforms, healthcare apparel, hotel apparel, industrial and protective wear, sportswear, babywear and comfort wear.^[1]
Raw materials include top-quality cotton, manmade fibres, polyester, dyes and chemicals; the company sources BCI-certified, organic and recycled fibres.^[1]

Plants and installed capacity

Bhilwara plant (established 1993): 3,17,904 spindles, 5,864 rotors, 77 knitting machines; annual capacity of 78,500 tonnes of yarn and 11,000 tonnes of knitted fabric.^[1]
Chittorgarh plant (established 2019): 1,16,928 spindles, 264 airjet spinning positions, 231 airjet weaving machines with dyeing and finishing; annual capacity of 31,500 tonnes of yarn and 36 Mn Mtr of finished woven fabric.^[1]
Combined installed capacity as of FY26: 1,10,000 tonnes of yarn, 11,000 tonnes of knitted fabric and 36 Mn Mtr of finished woven fabric per annum.^[1]
Renewable energy capacity stood at 41.4 MW as of Q1 FY27; a further ~100 MW total (including PPAs) is being built out, targeting ~50-55% of power requirements.^[3]

Capacity utilisation

Spinning utilisation: 98% in Q1 FY27 and >98% in Q4 FY26.^[3]
Woven fabric utilisation: 92% in Q1 FY27 and >90% in Q4 FY26.^[3]
Knitted fabric utilisation: 55-60% in Q1 FY27, below the pre-US-tariff level of 60-65%, due to uncertainty in the US market.^[3]

Key operating volumes and spreads

Yarn sales volume: 20,985 MT in Q1 FY27 vs 22,769 MT in Q1 FY26, due to higher in-house fabric consumption and logistics-driven inventory buildup; FY26 yarn production was 1,07,686 MT.^[3]
Woven fabric sales volume: 9.02 Mn Mtrs in Q1 FY27 vs 8.42 Mn Mtrs in Q1 FY26; FY26 woven fabric sales were 34.29 Mn Mtrs.^[3]
Yarn-cotton spread: ~₹130/kg in Q1 FY27, vs ~₹120-125/kg in Q4 FY26 and ~₹99/kg in Q3 FY26.^[3]
Fabric revenue share: 21.6% of revenue in Q1 FY27 vs 21.5% in Q1 FY26; in FY25 the mix was Yarn 72.66%, Fabrics 22.09%, Others 5.25%.^[3][4]

Customers and distribution

Serves all states of India and exports to more than 55 countries; exports were 65.2% of Q1 FY27 revenue (₹570 Cr), vs 62.0% in Q1 FY26 and 61.9% in FY26.^[3]
Bangladesh is the largest single yarn export market; the company is one of India's largest cotton yarn exporters to EU countries.^[5]
EU and UK fabric exports were 5-7% of fabric sales as of Q2 FY26; the company is in discussions with new EU/UK customers for additional woven fabric capacity.^[5]
Knitted fabric direct and indirect US-facing sales totalled ~10-14% of export sales before US tariff disruptions curtailed that exposure (as of Q3 FY26).^[6]

Expansion and capex

Main expansion (~Rs 1,120 crore, funded by internal accruals and term debt): 22,400 MTPA spinning and 35 Mn Mtrs/yr woven fabric; weaving from Oct 2026, processing by Diwali 2026, spinning by December 2026 (as of Q1 FY27).^[3][1]
Post expansion, spinning capacity rises to ~1,30,000 MTPA and woven fabric to ~75 Mn Mtrs/yr from 36 Mn Mtrs; ~60% of new spinning output is earmarked for in-house fabric use.^[7]
The FY26 annual report states a strategy of doubling fabric capacity to target higher-margin segments and moving into casualwear.^[1]
New weaving capacity includes yarn-dyeing, printing, finishing and coating; mix expected to shift from 65% bottom weight / 35% top weight to 50:50.^[6]
The expansion project is to benefit from Rajasthan Investment Promotion Scheme (RIPS) 2024 interest subsidy, capital subsidy and electricity duty benefits (FY26 annual report).^[1]
Captive solar capex of ₹230 Cr for 41.1 MW AC (33 MW open access at Jodhpur, 8.1 MW at Chittorgarh) plus a 10 MW hybrid PPA (₹9.5 Cr), targeted for Q3 FY27; green power share to reach ~50% via wind-solar hybrid SPVs.^[6][1]
Renewable power savings targeted at ~₹50 Cr/year at EBITDA level, full benefit expected from Q4 FY27; blended power cost to reach ~₹5.50/unit once ~60% of needs come from solar.^[3]

Recent developments

India-UK FTA was implemented ahead of Q1 FY27; the company cited new export opportunities, with an India-EU FTA also in the pipeline.^[3]
Net debt-to-equity was 0.76x as of 31 March 2026 vs 0.89x as of 31 March 2025.^[7]
Q1 FY27 revenue of ₹875 Cr was the second consecutive record quarter, after ₹859.8 Cr in Q4 FY26.^[3]
The FY26 annual report names tariffs and trade policy, cotton price volatility, forex, customer concentration and competition as key risks.^[1]

Market Cap

₹3,386 Cr

High / Low

₹666 / 300

Stock P/E

16.0

Price / Book

2.3

Book Value

₹262

EPS

₹31.6

No. of Shares

5.62 Cr

ROCE

12.2%

ROE

12.8%

OPM

9.6%

Debt / Equity

0.76

Sales

₹3,214 Cr

Net Profit

₹178 Cr

Promoter holding

56.7%

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