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Swing Capital

Nitin Spinners Ltd

NSE: NITINSPIN BSE: 532698Textile

Founded in 1992 in Bhilwara of Rajasthan, Nitin Spinners is India’s leading manufacturer of cotton yarn, knitted fabrics and finished woven fabrics.

₹495
52W: ₹300 — ₹545
PE 15.7 · Book ₹262 · +89% vs book
Market Cap₹2,781 Cr
Stock P/E15.7Price to Earnings
ROCE12.2%Return on Capital
ROE12.8%Return on Equity
Div. Yield0.61%Face Value ₹10

Weaknesses

  • −Company has a low return on equity of 13.1% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Dividend payout has been low at 9.93% of profits over last 3 years

Shareholding Pattern

Promoters56.71%
FIIs1.1%
DIIs14.28%
Public27.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.47%56.51%▲0.056.51%56.62%▲0.156.62%56.62%56.71%▲0.156.71%
FIIs0.61%0.74%▲0.11.5%▲0.80.99%▼0.50.82%▼0.20.89%▲0.10.93%▲0.01.1%▲0.2
DIIs14.99%14.85%▼0.115.48%▲0.615.42%▼0.115.69%▲0.315.69%14.34%▼1.314.28%▼0.1
Public27.93%27.9%▼0.026.5%▼1.426.96%▲0.526.87%▼0.126.8%▼0.128.03%▲1.227.93%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales750801803823839841793760801860
Expenses648684684707722721682661689729
Operating Profit103116119115117120111100112130
OPM %14%15%15%14%14%14%14%13%14%15%
Net Profit32394242454641354457
EPS ₹5.656.977.497.57.978.257.296.197.910.2

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,214Cr, down 2.6% YoY. OPM at 14%.

Debt Position

Borrowings at ₹1,124Cr. Debt-to-equity ratio: 0.79x. Moderate leverage.

Capex Cycle

CWIP at ₹102Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.28% (+5.81pp change). FIIs: 1.1% (-1.11pp change). Promoters hold 56.71%.

Margin & Efficiency

ROCE declining from 18% (Mar 2015) to 12% (Mar 2026). Working capital days: 44.

Valuation

PE 15.7x with 12.2% ROCE. Price is 89% above book value of ₹262. Dividend yield: 0.61%.

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