Nitin Spinners Q2 Revenue Hits Record ₹985 Crore

Management Commentary

Mr. Dinesh Nolkha, Chairman and Managing Director, stated that Q2FY27 was a landmark quarter with highest-ever quarterly revenue, highest-ever quarterly exports, and highest-ever quarterly revenue from fabric business. EBITDA margin was sustained at 17.8% supported by higher yarn realizations, optimum capacity utilization, and cost saving measures. Exports contributed 68% to quarterly revenue. Trial production of griege woven fabric has commenced, and as new weaving and finishing capacities ramp up, a larger share of yarn will be consumed in-house, adding value and strengthening margin profile.

Financial Performance - Q2 FY27

Total Revenue: ₹985.15 Crores, +29.6% YoY (Q2 FY26: ₹760.1 Crores)
EBITDA: ₹175.47 Crores, +76.3% YoY (Q2 FY26: ₹99.6 Crores)
EBITDA Margin: 17.81% vs 13.10% in Q2 FY26 (471 bps improvement)
Depreciation: ₹38.2 Crores (Q2 FY26: ₹37.3 Crores)
Other Income: ₹1.6 Crores (Q2 FY26: ₹0.6 Crores)
Finance Cost: ₹19.9 Crores (Q2 FY26: ₹16.1 Crores)
Profit Before Tax: ₹119.0 Crores (Q2 FY26: ₹46.9 Crores)
Tax: ₹30.3 Crores (Q2 FY26: ₹12.1 Crores)
Profit After Tax: ₹88.66 Crores, +154.9% YoY (Q2 FY26: ₹34.8 Crores)
PAT Margin: 9.00% vs 4.58% in Q2 FY26 (442 bps improvement)
EPS: ₹15.77 (Q2 FY26: ₹6.19)
Cash EPS: ₹22.57 (Q2 FY26: ₹12.82)

Financial Performance - H1 FY27

Total Revenue: ₹1,860.18 Crores, +19.8% YoY (H1 FY26: ₹1,553.4 Crores)
EBITDA: ₹331.05 Crores, +57.0% YoY (H1 FY26: ₹210.8 Crores)
EBITDA Margin: 17.80% vs 13.57% in H1 FY26 (423 bps improvement)
Depreciation: ₹75.8 Crores (H1 FY26: ₹74.1 Crores)
Other Income: ₹4.1 Crores (H1 FY26: ₹2.4 Crores)
Finance Cost: ₹39.3 Crores (H1 FY26: ₹37.1 Crores)
Profit Before Tax: ₹220.0 Crores (H1 FY26: ₹102.0 Crores)
Tax: ₹56.0 Crores (H1 FY26: ₹26.2 Crores)
Profit After Tax: ₹163.93 Crores, +116.4% YoY (H1 FY26: ₹75.8 Crores)
PAT Margin: 8.81% vs 4.88% in H1 FY26 (393 bps improvement)
EPS: ₹29.16 (H1 FY26: ₹13.48)
Cash EPS: ₹42.65 (H1 FY26: ₹26.66)

Business Mix - Q2 FY27

Yarn: ₹728.8 Crores (74.0% of total)
Fabrics: ₹208.8 Crores (21.2% of total)
Others: ₹47.6 Crores (4.8% of total)

Geographical Split - Q2 FY27

Exports: ₹670.0 Crores (68.0% of total)
Domestic: ₹315.1 Crores (32.0% of total)

Production Volume - Q2 FY27

Yarn Production: 27,117 MT (Q2 FY26: 26,346 MT)
Knitted Fabric Production: 991 MT (Q2 FY26: 1,060 MT)
Griege Woven Fabric Production: 9.69 Mn Mtrs (Q2 FY26: 9.11 Mn Mtrs)
Finished Fabric Production: 7.92 Mn Mtrs (Q2 FY26: 8.01 Mn Mtrs)
Trial Production of Griege Woven Fabrics: 4.1 Mn Mtrs (part of ongoing brownfield expansion of 35 million metres p.a.)

Sales Volume - Q2 FY27

Yarn Sales: 21,861 MT (Q2 FY26: 21,371 MT)
Knitted Fabric Sales: 1,066 MT (Q2 FY26: 1,002 MT)
Woven Fabrics Sales: 11.80 Mn Mtrs (Q2 FY26: 8.34 Mn Mtrs)

Balance Sheet (as of September 2026)

Total Assets: ₹3,741.0 Crores (March 2026: ₹2,914.6 Crores)
Non-current Assets: ₹2,505.0 Crores (March 2026: ₹1,768.2 Crores)
Property, Plant and Equipment: ₹1,438.5 Crores (March 2026: ₹1,489.1 Crores)
Capital Work-in-Progress: ₹915.2 Crores (March 2026: ₹102.4 Crores)
Current Assets: ₹1,236.0 Crores (March 2026: ₹1,146.5 Crores)
Inventories: ₹493.1 Crores (March 2026: ₹607.7 Crores)
Trade Receivables: ₹603.7 Crores (March 2026: ₹431.9 Crores)
Equity: ₹1,621.5 Crores (March 2026: ₹1,470.7 Crores)
Non-Current Liabilities: ₹1,340.8 Crores (March 2026: ₹693.6 Crores)
Borrowings (Non-current): ₹1,183.3 Crores (March 2026: ₹545.2 Crores)
Current Liabilities: ₹778.7 Crores (March 2026: ₹750.3 Crores)
Borrowings (Current): ₹596.8 Crores (March 2026: ₹579.3 Crores)

Cash Flow Statement (H1 FY27)

Operating profit before working capital changes: ₹334.2 Crores (H1 FY26: ₹215.7 Crores)
Changes in working capital: (₹88.1) Crores (H1 FY26: ₹189.2 Crores)
Cash generated from operations: ₹246.0 Crores (H1 FY26: ₹404.9 Crores)
Direct taxes paid: (₹36.8) Crores (H1 FY26: ₹24.6 Crores)
Net Cash from Operating Activities: ₹209.3 Crores (H1 FY26: ₹380.3 Crores)
Net Cash from Investing Activities: (₹811.5) Crores (H1 FY26: ₹84.1 Crores)
Net Cash from Financing Activities: ₹599.4 Crores (H1 FY26: ₹303.3 Crores)
Net Change in Cash and Cash Equivalents: (₹2.9) Crores (H1 FY26: ₹7.04 Crores)

Capacity Expansion Update

The company is undergoing brownfield expansion of 35 million metres per annum of woven fabric capacity. Trial production has commenced with 4.1 million metres produced in Q2 FY27. Full commissioning is expected by the end of December 2026. The project is eligible for Interest Subsidy, Capital subsidy and Electricity Duty Benefits under Rajasthan Investment Promotion Scheme (RIPS) 2024.

Renewable Energy Initiatives

The company is expanding its renewable power footprint:

Existing Solar Power Capacity: 18.8 MW
Ongoing Capex (Bhilwara Unit): 4.6 MW (fully operational)
Chittorgarh Unit: 4.2 MW (expected Q3FY27)
Captive Solar Plant Under Open Access: 33.0 MW (expected Q3FY27)
Captive Solar Plant Within Premises (Chittorgarh): 7.8 MW (expected Q3FY27)
Hybrid Power PPA (Bhilwara & Chittorgarh): 18.0 MW (fully operational)
Additional Hybrid Power PPA (Chittorgarh): 9.0 MW (expected Q3FY27)
Total Renewable Capacity: 95.4 MW (68.4 MW Solar + 27 MW Hybrid)
This will cover ~50-55% of total annual power consumption

Business Overview

Nitin Spinners is India's leading manufacturer of high-quality Cotton & Blended Yarn, Knitted Fabrics, and Finished and Printed Woven Fabrics with:

Total Yarn Capacity: 110,000 Tons
Knitted Fabric Capacity: 11,000 Tons
Global presence in 55+ countries
Exports contributed 67% of H1 FY27 revenue

Awards and Certifications

Texprocil Gold Trophy for Highest Exports of Cotton Yarn (2022-2023)
Texprocil Gold Plaque for Highest Exports of Cotton Yarn (2022-2023)
Rajasthan Energy Conservation Award (2022, 2014-15, 2015-16)
State Award for Excellence in Exports by Government of Rajasthan (multiple years)
Safety Award under Rajasthan Factory Safety Award Scheme (2025, 2022)
Recent awards include Silver Trophy for Second Highest Exports of Grey Yarns (2023-24) and Gold Trophy for Highest Employment Generation (2023-24)