Nitin Spinners financials and balance sheet

NSE: NITINSPINBSE: 532698Textiles & ApparelsSmall Cap

₹601.75₹21.20 (3.40%)BSE ₹602.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹622.95.

52-week range of traded prices to 23 Oct 2026

₹302.20Low, 21 Jan 2026₹667.00High, 16 Oct 2026

Next results date: the board meets on 31 Oct 2026 to consider: financial results.

Market cap: ₹3,383 Cr1,099th largest listed
P/E: 16.0
P/B: 2.3
Dividend yield: 0.50%
ROE: 15.2%
ROCE: 13.4%
Debt to equity: 0.76
Volume, NSE: 1,37,27954.2% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Nitin Spinners annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,306 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.7% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue3,214
Materials and goods−2,015
Employee costs−209
Other expenses−537
Operating profit453
Depreciation−148
Other income+5.0
One-off items0.0
Finance costs−71
Profit before tax239
Tax−61
Net profit178

What the company owns

Plant, investments and other assets₹1,866 Cr
Inventory₹608 Cr
Receivables₹432 Cr
Cash and bank₹9 Cr

What pays for it: net worth and liabilities

Net worth₹1,471 Cr
Borrowings₹1,124 Cr
Other liabilities₹218 Cr
Owed to suppliers₹102 Cr

Profit and loss

Standalone, ₹ crore, years to March.Nitin Spinners quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 15 May	Mar 2024Filed 10 May	Mar 2025Filed 23 Jun	Mar 2026Filed 8 May
Revenue from operations	934	1,145	1,243	1,438	1,624	2,692	2,407	2,906	3,306	3,214
	–	990	1,064	1,268	1,367	2,041	2,110	2,529	2,834	2,761
Materials and goods bought	589	728	781	914	946	1,476	1,631	1,909	2,102	2,015
Employee costs	–	–	68	94	112	133	133	177	201	209
Other expenses	–	–	215	260	309	432	345	442	531	537
Operating profit before depreciation	–	155	178	170	257	652	297	377	471	453
Operating margin	–	13.5%	14.3%	11.8%	15.8%	24.2%	12.3%	13.0%	14.3%	14.1%
Materials, % of revenue	–	–	62.9%	63.6%	58.3%	54.8%	67.8%	65.7%	63.6%	62.7%
Employee costs, % of revenue	–	–	5.5%	6.6%	6.9%	4.9%	5.5%	6.1%	6.1%	6.5%
Other expenses, % of revenue	–	–	17.3%	18.1%	19.0%	16.0%	14.4%	15.2%	16.1%	16.7%
Depreciation and amortisation	42	56	55	81	91	87	87	118	148	148
Operating profit after depreciation	–	99	123	89	166	564	210	259	324	305
Other income	0	2	3	2	2	2	3	2	4	5
Finance costs	–	30	29	56	62	55	38	83	90	71
Profit before one-off items and tax	70	71	97	36	107	511	176	178	237	239
One-off items	–	–	0	0	0	−5	0	0	0	0
Profit before tax	70	71	97	36	107	506	176	178	237	239
	13	19	33	12	38	180	11	46	62	61
Current tax	–	–	35	0	0	168	43	27	55	59
Deferred tax	–	–	−2	12	38	12	−32	19	7	2
Net profit	57	52	64	24	69	326	165	132	175	178
Other comprehensive income	–	–	2	−4	4	3	2	0	4	−1
Total comprehensive income	–	–	66	20	73	329	167	131	179	176
Net margin	6.1%	4.6%	5.2%	1.7%	4.2%	12.1%	6.8%	4.5%	5.3%	5.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	201	262	302	411	428	446	489	617	768
	168	236	268	335	383	358	–	516	630
Materials and goods bought	113	169	186	260	297	264	298	384	463
Operating profit before depreciation	33	26	34	76	45	88	–	100	138
Operating margin	16.5%	9.9%	11.3%	18.5%	10.5%	19.7%	–	16.3%	17.9%
Depreciation and amortisation	21	17	19	24	24	24	–	28	40
Operating profit after depreciation	12	9	16	52	21	64	–	72	98
Other income	0	1	0	0	0	−1	0	4	0
Finance costs	14	24	15	21	21	27	17	23	33
Profit before one-off items and tax	–	−14	1	31	0	36	52	54	65
One-off items	–	−29	–	−21	–	−15	–	–	–
Profit before tax	−2	−43	1	10	0	21	52	54	65
	2	−16	0	3	0	7	17	13	21
Current tax	–	–	–	–	–	–	–	–	12
Deferred tax	–	–	–	–	–	–	–	–	9
Net profit	−4	−14	1	7	0	14	35	41	44
Net margin	−2.1%	−5.4%	0.2%	1.6%	0.1%	3.2%	7.1%	6.6%	5.8%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 15 May	Mar 2024Filed 10 May	Mar 2025Filed 23 Jun	Mar 2026Filed 8 May
	483	494	563	876	1,029	1,146	1,311	1,471
Share capital	56	56	56	56	56	56	56	56
Reserves	426	438	507	820	973	1,090	1,255	1,415
	804	963	847	689	980	1,339	1,165	1,124
Repayable after a year	619	676	564	407	561	811	637	545
Repayable within a year	185	287	283	281	419	528	528	579
	293	425	476	411	530	642	657	750
Trade payables	35	41	55	82	52	74	89	102
Other financial liabilities	66	91	126	18	48	25	22	40
Other liabilities	3	4	7	18	9	9	7	14
Provisions	1	2	2	1	1	3	6	9
Tax owed	3	0	4	12	2	3	4	5
	660	726	637	537	659	928	765	694
Other financial liabilities	0	0	0	0	0	–	–	–
Provisions	12	17	20	5	5	6	8	7
Deferred tax	30	33	54	125	93	111	120	123
Total assets	1,436	1,645	1,676	1,824	2,218	2,717	2,732	2,915
	1,015	1,156	1,073	1,070	1,422	1,730	1,607	1,768
Plant in use, after depreciation	523	1,138	1,059	1,011	1,010	1,708	1,577	1,489
Plant being built	468	0	2	0	340	2	7	102
Intangible assets	0	2	1	1	1	1	0	0
Stakes in joint ventures and associates	0	0	0	0	0	–	–	17
Other financial assets	0	0	12	0	0	–	–	–
Other assets	23	16	0	58	71	19	23	159
	421	489	603	754	796	987	1,125	1,146
Inventories	228	265	355	406	492	564	607	608
Trade receivables	121	153	166	241	223	321	430	432
Cash and cash equivalents	3	0	0	0	0	0	7	3
Other bank balances	0	0	1	0	0	0	2	6
Loans given	3	0	0	0	0	0	0	0
Other financial assets	67	0	1	2	1	0	3	0
Tax paid in advance	0	1	0	0	0	–	–	–
Other assets	0	70	81	104	80	101	76	98
Net debt	801	963	846	688	979	1,339	1,155	1,116

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 15 May	Mar 2024Filed 10 May	Mar 2025Filed 23 Jun	Mar 2026Filed 8 May
	155	431	194	163	307	411
	171	533	247	189	360	468
	−89	−123	−56	−192	−117	5
Receivables	−13	−75	18	−99	−108	−2
Inventories	−90	−52	−86	−72	−43	0
Payables	13	27	−30	22	15	12
Other working capital	1	−24	42	−43	19	−4
Tax paid	−16	−102	−53	−25	−53	−57
Capital spending	12	50	87	817	16	60
Free cash flow	143	381	107	−653	291	350
	−11	−86	−433	−426	−22	−287
Plant and property sold	1	6	1	1	0	0
	−144	−345	239	262	−279	−128
Borrowings raised	2	0	383	465	0	134
Borrowings repaid	−81	−273	−92	−106	−174	−174
Interest paid	−62	−55	0	−83	−90	−71
Lease payments	0	0	−14	0	0	0
Dividends paid	3	17	38	14	14	17
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	0	0	0	0	7	−4

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Nitin Spinners dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 15 May	Mar 2024Filed 10 May	Mar 2025Filed 23 Jun	Mar 2026Filed 8 May
Earnings per share	₹12.47	₹10.56	₹11.43	₹4.24	₹12.25	₹58.01	₹29.32	₹23.39	₹31.20	₹31.58
Diluted earnings per share	₹12.47	₹10.56	₹11.43	₹4.24	₹12.25	₹58.01	₹29.32	₹23.39	₹31.20	₹31.58
Dividend per share	₹1.20	₹1.20	₹1.25	₹0.60	₹1.50	₹4.00	₹2.50	₹2.50	₹3.00	₹3.00
Book value per share	–	–	₹85.83	₹87.88	₹100.20	₹155.78	₹183.01	₹203.90	₹233.23	₹261.60
Dividend payout	9.6%	12.7%	11.0%	14.2%	12.2%	6.9%	8.5%	10.7%	9.6%	9.5%
Shareholder yield	–	–	–	–	0.7%	1.3%	3.0%	0.8%	0.8%	0.9%
Market cap at the year end (₹ crore)	551	542	516	158	454	1,273	1,266	1,826	1,793	1,931

Ratios

Standalone, years to March.Nitin Spinners PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 19 Jun	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 15 May	Mar 2024Filed 10 May	Mar 2025Filed 23 Jun	Mar 2026Filed 8 May
Revenue growth	21.7%	22.6%	8.5%	15.7%	13.0%	65.7%	−10.6%	20.7%	13.8%	−2.8%
Operating profit growth	–	–	14.9%	−4.7%	51.5%	153.3%	−54.4%	26.9%	25.0%	−4.0%
Net profit growth	29.4%	−8.3%	22.4%	−62.8%	189.2%	373.5%	−49.5%	−20.2%	33.4%	1.2%
Earnings per share growth	–	−15.3%	8.2%	−62.9%	188.9%	373.6%	−49.5%	−20.2%	33.4%	1.2%
	–	–	13.3%	4.9%	13.0%	45.3%	17.3%	12.1%	14.3%	12.8%
	–	–	–	−8.4 pts	8.1 pts	32.3 pts	−28.0 pts	−5.2 pts	2.2 pts	−1.5 pts
From the net margin	–	–	–	−9.0 pts	7.6 pts	24.2 pts	−19.7 pts	−5.9 pts	2.1 pts	0.6 pts
From asset turnover	–	–	–	0.3 pts	0.6 pts	21.3 pts	−5.8 pts	−0.1 pts	0.4 pts	−0.9 pts
From borrowing	–	–	–	0.3 pts	−0.1 pts	−13.2 pts	−2.5 pts	0.8 pts	−0.3 pts	−1.2 pts
Return on capital employed	–	–	9.6%	6.1%	11.8%	36.1%	10.5%	10.4%	13.1%	11.7%
Cash conversion	–	–	–	–	224.9%	132.3%	117.6%	124.3%	175.2%	231.2%
Interest cover	–	3.3	4.3	1.6	2.7	10.2	5.6	3.1	3.6	4.3
Debt to equity	–	–	1.67	1.95	1.50	0.79	0.95	1.17	0.89	0.76
Receivable days	–	–	35	39	37	33	34	40	47	49
Inventory days	–	–	106	106	137	100	110	108	105	110
Payable days	–	–	17	17	21	20	12	14	15	18
Cash conversion cycle, days	–	–	125	128	153	113	132	134	137	141
Working capital days	–	–	91	89	92	85	104	110	109	110
Asset turnover	–	–	0.87	0.93	0.98	1.54	1.19	1.18	1.21	1.14
Assets per rupee of net worth	–	–	2.98	3.16	3.14	2.43	2.12	2.27	2.22	2.03
Sales per rupee of plant	–	–	2.37	1.26	1.53	2.66	2.38	1.70	2.10	2.16
Capital spending to depreciation	–	–	–	–	0.13	0.58	1.00	6.90	0.11	0.41
Plant being built, % of plant in use	–	–	89.5%	0.0%	0.1%	0.0%	33.7%	0.1%	0.4%	6.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.3%
Cash from operations against operating profit: 90.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	15.4%	14.6%	10.1%
Profit growth, yearly rate	14.9%	20.9%	2.5%
Return on equity, average	–	20.4%	13.0%
Return on capital employed, average	–	16.4%	11.7%
Operating margin, average	14.8%	15.6%	13.8%
Net margin, average	5.6%	6.9%	5.1%
Asset turnover, average	–	1.25	1.18
Cash conversion cycle, days, average	–	131	137
Interest cover, average	4.3	5.4	3.7
Debt to equity, average	–	0.91	0.94

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,507	881	411
Cash from investing	−1,253	−734	−287
Cash from financing	−251	−145	−128
Capital spending	1,031	894	60
Dividends paid	100	45	17
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	982	599	134
Borrowings repaid	819	454	174

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	9	4	6	8	7
Altman Z-scorePublished threshold 1.81	–	–	2.00	1.56	2.06	4.15	2.80	2.80	3.21	3.10
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.80	−1.09	−0.53	−2.60	−2.30	0.23
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.50	−1.11	20.01	15.95	−4.05	1.90
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.39	1.27	1.41	1.82
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	10.82	−4.41	−20.62	3.12	23.61	19.91	3.31
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.77	30.46	−41.45	10.62	−2.45	−2.41	4.21
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.30	0.66	0.92	−1.07	0.69	−0.67	0.61
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.14	0.00	3.95	0.00	0.41	1.70
Effective tax ratePublished threshold 17.16 per cent	18.38	26.67	34.11	33.18	35.34	35.57	6.29	25.92	25.96	25.64
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	15.44	−23.94	11.56	3.72	1.77

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Working capital facilities	CARE A+Review, Upgrade	Stable	750
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE A+Review, Upgrade	Stable	1,621.71
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-Short Term	CARE A1Review, Re-affirm		66.70

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.