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Nitin Spinners Ltd share Price

Company details

6M Return 34.30%
1Y Return 23.03%
Mkt Cap.(Cr) 1,599.18
Volume 13,217
Div Yield 0.89%
OI Chg %
Volume 13,217

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Technical Outlook
    Textile companies have been out of limelight over past fifteen months and undergone decent price/time wise correction after sharp rally in CY20-21, while discounting many headwinds in the process. Share price of Nitin spinners has given a breakout from Bullish flag formation on Monday, indicating continuation of uptrend backed by above average volumes  
    Structurally, share price had undergone strong base in the ₹190-240 range in the vicinity of long term support of 52-week EMA. In the process it retraced CY21 rally by just 60% over 15 month period, a sign of inherent strength in long term trend
    We expect share price to head towards ₹ 300 which is 80% retracement of Feb – June 2022 correction (₹ 345-181) over next few months
    Weey MACD is seen sustaining in positive zone while diverging from its 9-period average indicating momentum from medium term perspective
Fundamental Outlook
    NSL  has invested in capacity building over the last decade, more than quadrupled its spinning capacities and forward integrated with the addition of fabric capacities. NSL currently has an installed capacity of 3,07,344 spindles and 3,488 rotors, producing 75,000 tons of yarn per annum. It also has an installed capacity of 63 knitting machines, producing 9000 tons of knitted fabrics per annum and 168 looms and dyeing, printing and finishing capacities to make ~300 lakh meter of fabrics per annum. The company has been able to sweat its assets effectively and has maintained average utilization of 85%+. In a bid to capture long term growth opportunities and further strengthen the product range, NSL has embarked on a brownfield expansion and outlined capex worth ₹ 900 crore to enhance capacities across segments. It is enhancing yarn capacity by 47% (from 75000 to 110000 tonnes), knitted fabric by 22% (from 9000 to 11000 tonnes) and woven fabric by 33% (from 30 to 40 million meters).
    Nitin Spinners reported an improvement in operational performance on a sequential basis in Q4FY23. Revenue grew 22% QoQ to ₹ 654.8 crore, while PAT grew 22% QoQ to ₹ 38.5 crore. Nitin Spinners’ cotton yarn utilisation has improved to 93% in Q4FY23 vs. 80% in Q3FY23. The company expects FY24 to be better than FY23 owing to improved demand and higher focus on value added products. Cotton yarn spreads have improved from ₹ 94 per kg in Q3FY23 to ₹ 104 in Q4FY23. Considering the gradual improvement in overall scenario, the spreads could improve from these levels,. which should provide positive momentum to margins in the ensuing quarters
    Capacity expansion across segments to drive revenue growth. NSL’s planned capex of ₹ 900+ crore can generate incremental revenue of ~₹ 1100 crore (peak revenue of ₹ 3500 crore) . We expect NSL to generate superior RoCE of ~15% in FY25E (vs. average RoCE: 10-12%). We model revenue, earnings CAGR of 15%, 21%, respectively, in FY23-25E. 

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Investment recommendation
Call Date
16 May 2023
Entry Price 254.00
Target Price 295.00
3 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Nitin Spinners Ltd Stocks COMPARISION


Equity Capital: 1,028.90 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 19,117.66 -3,609.01
LAST 3M 37,244.98 8,192.34
LAST 6M 47,342.46 155,367.92
LAST 12M 134,407.88 155,858.29

Nitin Spinners Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Nitin Spinners Ltd is an ISO 9001:2008 company and a Government of India recognized Export House, manufacturing 100% Cotton Yarns and Fabrics. The company engaged in the textiles business. They manufacture the range of yarn which include open end yarns, multifold open end yarns, ring spun combed yarns, multifold ring spun yarns, S and Z twist yarns, dyeable cheese cones and organic cotton yarns and blends. The company offers fabrics in greige form in tubular and open width. The range includes single jersey, pique structures, interlock structures, rib structures and three thread fleece. The company`s range of products are used to manufacture products, such as apparel and garments, under garments, terry towels, woven fabrics, home furnishings, carpets, denim, industrial textiles, medical textiles and socks. Nitin Spinners Ltd was incorporated on 15th October, 1992 as a private limited Company with the name Nitin Spinners Pvt Ltd. In the year 1993, the company set up their first unit at Hamirgarh, Bhilwara (Rajasthan) for manufacturing coarse cotton yarns. They installed two open-end spinning machines with 192 Rotors each aggregating 384 Rotors which were acquired from Elitex, Czechoslovakia under EPCG scheme. In November 1993, they commenced commercial production. In the year 1994, the company undertook first expansion project involving installation of one Autoconer Machine of 216 Rotors from Schlafhorst AG & Co., Germany and increased the number of Rotors to 600. In November 15, 1994, the company was converted into public limited company and the name was changed to Nitin Spinners Ltd. During the year 1996-97, the company undertook their second expansion project involving acquisition of two Autoconer open-end spinning machines of 240 Rotors each from Schlafhorst AG & Co., Germany and thus increased their capacity to 1080 Rotors. In October 1997, the company commenced commercial production. In September 1998, the company installed two open end spinning machines of 384 Rotors from Elitex, Czechoslovakia with total capital outlay of Rs190 lakh. In January 1999, the company was converted into 100% Export Oriented Unit (EOU), which was awarded by Government of India. In April 2002, the company completed their fourth expansion project which involved installation of 14,112 spindles to produce combed and carded cotton yarns of 20s to 40s count. They also installed 7 knitting machines as a forward integration programme. In November 2004, the company completed their fifth expansion project of adding 13,104 spindles and 6 knitting machines. In February 2005, the company undertook their sixth expansion project which involved addition of 408 Rotors and 2 knitting machines. During the year 2005-06, the company came out with initial public issue to part finance their expansion project. The shares of the company were listed with the Bombay Stock Exchange Ltd and National Stock Exchange Ltd with effect from February 2, 2006. During the year 2006-07, the company implemented expansion project for installation of 50400 spindles, Knitting Machines and F.O. based Power Plant of 7.66 MW. The plant became operational with effect from September 29, 2006. In May 1, 2007, the company commenced the commercial production for expansion of Spinning & Knitting capacity. During the year 2007-08, the company implemented expansion project of Rotor Spinning capacity by addition of 2000 Rotors and in January 31, 2008, they commenced commercial production on expanded capacity. During the year 2008-09, the company commenced commercial production on the coal/ lignite based thermal power project with the installed capacity of 10.50 MW.

Registered Address

16-17 KM Stone, Chittor Highway Hamirgarh, Bhilwara, Rajasthan, 311025

Tel : 91-1482-286110-113
Email : nsl:nitinspinners.com
Website : http://www.nitinspinners.com

Big Share Services Pvt Ltd

AGM Date (Month) : Sep
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 532698
Book Closure Date (Month) :
BSE Group : B
ISIN : INE229H01012

FAQ’s on Nitin Spinners Ltd Shares

You can buy Nitin Spinners Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Nitin Spinners Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Sep 22, 2023 09:44 AM the closing price of Nitin Spinners Ltd was ₹ 284.45.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Sep 22, 2023 09:44 AM, the market cap of Nitin Spinners Ltd stood at ₹ 1,599.18.

The latest PE ratio of Nitin Spinners Ltd as of Sep 22, 2023 09:44 AM is 12.39

The latest PB ratio of Nitin Spinners Ltd as of Sep 22, 2023 09:44 AM is 0.65

The 52-week high of Nitin Spinners Ltd is ₹ 335.00 while the 52-week low is ₹ 182.00

According to analyst recommendations, Nitin Spinners Ltd has a “Buy” rating for the long term.

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