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Nandan Denim Ltd

NDL
NSE
2.79
2.45%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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Nandan Denim Ltd

NDL
NSE
2.79
2.45%
30 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
402Cr
Close
Close Price
2.79
Industry
Industry
Textiles - Denim Fabric
PE
Price To Earnings
11.63
PS
Price To Sales
0.12
Revenue
Revenue
3,381Cr
Rev Gr TTM
Revenue Growth TTM
9.86%
PAT Gr TTM
PAT Growth TTM
-31.49%
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Quarterly Results

Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
4575544144625797228509261,0491,048785500
Growth YoY
Revenue Growth YoY%
-36.6-28.9-21.476.226.730.2105.2100.481.145.2-7.7-46.1
Expenses
ExpensesCr
4345343884305406898188971,0141,015761478
Operating Profit
Operating ProfitCr
232027323932332934322321
OPM
OPM%
5.13.76.47.06.74.53.83.13.33.13.04.2
Other Income
Other IncomeCr
6341262222221
Interest Expense
Interest ExpenseCr
171210101510999877
Depreciation
DepreciationCr
81010101114141412121012
PBT
PBTCr
3211133911119151584
Tax
TaxCr
11261243244-11
PAT
PATCr
328827797111193
Growth YoY
PAT Growth YoY%
-82.1-83.81,289.8159.5882.3338.07.1-17.3-60.949.57.6-54.9
NPM
NPM%
0.60.32.01.74.71.01.00.71.01.11.20.6
EPS
EPS
0.00.00.10.10.20.10.10.10.10.10.10.0

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
1,0971,1571,2201,5891,4561,5241,0902,1762,0272,0103,5473,381
Growth
Revenue Growth%
22.75.55.530.2-8.44.7-28.599.5-6.8-0.876.4-4.7
Expenses
ExpensesCr
9319661,0341,3631,3071,4251,0242,0151,9431,8923,4183,269
Operating Profit
Operating ProfitCr
165191187226149996616084118128111
OPM
OPM%
15.116.515.314.210.26.56.07.44.25.93.63.3
Other Income
Other IncomeCr
34211413242419123586
Interest Expense
Interest ExpenseCr
384136582743424253473730
Depreciation
DepreciationCr
60668612110488784537415346
PBT
PBTCr
7188856131-7-31925654642
Tax
TaxCr
2025131410-7-1324520128
PAT
PATCr
5163734621-1-19681453334
Growth
PAT Growth%
30.823.114.6-36.1-54.3-102.8-3,103.0461.6-99.28,353.9-25.52.2
NPM
NPM%
4.75.55.92.91.40.0-1.73.10.02.20.91.0
EPS
EPS
0.40.50.50.30.10.0-0.10.50.00.30.20.2

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
46464848484848144144144144144
Reserves
ReservesCr
213268390426443442423395396441475495
Current Liabilities
Current LiabilitiesCr
298338400479447443442633544453536476
Non Current Liabilities
Non Current LiabilitiesCr
303341443392326279270271183144120117
Total Liabilities
Total LiabilitiesCr
8601,0181,2801,3451,2641,2131,1831,4431,2671,1821,2741,232
Current Assets
Current AssetsCr
388429465604608621664874720663798767
Non Current Assets
Non Current AssetsCr
472589815742656592519569548520476465
Total Assets
Total AssetsCr
8601,0181,2801,3451,2641,2131,1831,4431,2671,1821,2741,232

Cash Flow

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
13314716966791553510114123095
Investing Cash Flow
Investing Cash FlowCr
-94-180-2860-26-18-24-55-21-5010
Financing Cash Flow
Financing Cash FlowCr
-2632116-65-68-124-9-34-145-169-117
Net Cash Flow
Net Cash FlowCr
13-2-11-1513112-2512-13
Free Cash Flow
Free Cash FlowCr
54-35-1152160130115212419487
CFO To PAT
CFO To PAT%
258.7231.5233.1141.5374.5-26,469.5-186.7149.826,516.7512.7284.0
CFO To EBITDA
CFO To EBITDA%
80.476.790.529.153.2156.153.263.3167.6194.874.2

Ratios

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
28153457658625674148901224464510
Price To Earnings
Price To Earnings
5.68.67.912.712.10.00.013.3389.310.315.4
Price To Sales
Price To Sales
0.30.50.50.40.20.10.10.40.10.20.1
Price To Book
Price To Book
1.11.71.31.20.50.10.31.70.40.80.8
EV To EBITDA
EV To EBITDA
3.94.85.85.05.25.310.28.87.96.25.7
Profitability Ratios
Profitability Ratios
GPM
GPM%
30.933.732.531.729.525.526.821.918.218.911.7
OPM
OPM%
15.116.515.314.210.26.56.07.44.25.93.6
NPM
NPM%
4.75.55.92.91.40.0-1.73.10.02.20.9
ROCE
ROCE%
16.017.012.011.45.73.71.112.25.812.39.5
ROE
ROE%
19.920.216.69.84.3-0.1-4.012.60.17.75.4
ROA
ROA%
6.06.25.73.51.7-0.1-1.64.70.03.82.6
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Nandan Denim Limited (NDL), established in 1994 and headquartered in Ahmedabad, Gujarat, is a flagship textile enterprise of the Chiripal Group. Recognized as **Asia’s largest integrated denim manufacturer** and among the **world’s top denim producers**, NDL has evolved from a textile trader into a global fashion enabler. The company operates one of the most comprehensive vertically integrated facilities in the world, producing denim, shirting fabrics, and high-quality dyed yarns under one roof. As of 2025, Nandan Denim continues to strengthen its position as a leader in sustainable, innovative, and high-performance denim, serving over **10–15 international markets** with operations spread across two major manufacturing plants in Piplej and Bareja, Ahmedabad. --- ### **Ownership & Group Affiliation** - **Parent Group**: Chiripal Group, founded in 1972, is a diversified Indian conglomerate with over **53 years of legacy** and operations spanning textiles, petrochemicals, BOPP films, renewable energy, infrastructure, and education. - The group is one of India’s largest exporters of polyester yarn and a leader in vertically integrated textile manufacturing. - Employing over **20,000 people** across its entities, the Chiripal Group brings decades of industry experience and strong supply chain integration to support Nandan Denim’s growth. --- ### **Core Business & Product Portfolio** Nandan Denim’s business centers on **denim fabric**, which remains its primary revenue driver. However, the company has significantly diversified into adjacent textile segments: #### **Denim** - Full range of denim products: classical twill, basic denim, dobby, knit denim, lightweight denim, stretch denims (including **super-stretch and two-way stretch**), overdyed, coated, prewash, and specialty weaves. - Emphasis on **value-added, innovative denim** with enhanced comfort, durability, and style. - Key collections: - **Craft Core Collection**: Sustainable designs targeting eco-conscious youth. - **Cradle Collection**: Eco-friendly denims using natural dyes and **recycled/regenerated fibers** (e.g., Re Flow with Basic Nature line). - **New Me Collection**: 1990s-inspired styles such as cargo pants, high-waist fits, and baggy silhouettes. - **Eco Roots**: Denims made with natural dyes for sustainable appeal. #### **Shirting & Other Fabrics** - Offers premium yarn-dyed shirting in plain, twill, dobby, chambray, herringbone, oxford, and fil-a-fil weaves. - Advanced finishes: Easy to Iron, carbon peaching, brushing, calendaring, and coating. - Blends with **tencel, modal, viscose, linen, and organic cotton** for enhanced aesthetics and performance. #### **Yarn Division** - Produces 100% cotton, open-end, core-spun, mélange, slub, space-dyed, and specialty yarns. - High-speed color matching and **custom shade delivery within 48–72 hours** using X-rite Colori-7 and Spectra Light QC (III) systems. - Supplies to hosiery and weaving industries globally. --- ### **Manufacturing & Capabilities (as of 2025)** - **Vertical Integration**: Fully integrated operations from **cotton fiber to finished fabric**, reducing lead times, ensuring quality control, and improving cost efficiency. - **Production Capacities (FY2024–25)**: - **Denim Fabric**: 80 million meters per annum (MMPA) *(Note: previously reported 110 MMPA – potential capacity rationalization or shift in focus)* - **Yarn Spinning**: 124 tonnes per day (TPD) - **Shirting Fabric**: 10 MMPA - **Yarn Dyeing Plant**: 20 TPD capacity, capable of handling small batches (6 kg) to large-scale production. - **Weaving Infrastructure**: High-speed air-jet and rapier looms; capacity of 10 MMPA for shirting. - **Captive Power**: 15 MW power plant (with 2 MW wind + 1 MW solar), reducing energy costs and ensuring uninterrupted production. - **Water Management**: ETP and RO plants in place for sustainable wastewater treatment. --- ### **Market Presence & Sales Model** - **Global Reach**: Exports to **more than 10–15 countries**, including markets in Central & South America (Colombia, Peru, Chile), Africa (South Africa, Kenya, Egypt), the Middle East, South Asia (Bangladesh, Sri Lanka), Southeast Asia (Thailand), and East Asia (South Korea). - **Key Clients**: Supplies to major global brands such as **H&M, Target, Walmart, Mango, Ann Taylor, and Wrangler**. - **B2B Model**: Direct-to-client sales without reliance on dealers or distributors, ensuring **closer customer relationships** and faster response. - **Domestic Sales**: Stable presence in India with no immediate plans for capacity expansion locally. --- ### **Innovation & Sustainability** - **R&D Focus**: Central to Nandan Denim’s strategy. The company invests in: - Product reengineering - Digital tools for trend forecasting - Development of **water-conserving fabric technologies** - Sustainable fiber blends and **eco-friendly chemical finishes** - **Design Studio**: In-house team anticipates fashion trends and supports rapid product development. - **Sustainability Certifications**: - **OEKO-TEX® Standard 100** (yarn dyeing and finished fabrics) - **GOTS, GRS, OCS, RCS, BCI** - ISO 17025 certified laboratories - **Sustainable Product Lines**: Cradle Collection (eco roots), Re Flow line (regenerated fibers), and water-saving denims. - **Solar Energy Initiatives**: Part of India’s youngest and fastest-growing solar manufacturers within textiles. --- ### **Strategic Direction (2025 Outlook)** - **Shift from Manufacturer to Fashion Enabler**: Moving beyond fabric supply to becoming a **trendsetter and innovation partner** for global brands. - **Brand-Led & Innovation-Driven Model**: Focused on higher-margin, value-added products to improve **gross margins and realizations**. - **Export Expansion**: Actively increasing market reach in emerging economies with youthful demographics. - **Leveraging Geopolitical Shifts**: Benefiting from **US-China trade tensions** and the **"China Plus One" strategy**, positioning India as a preferred sourcing destination. - **Government Support**: Utilizing incentives under the **Production Linked Incentive (PLI) scheme** and state-level export programs. --- ### **Challenges** - **Intense Global Competition**: From low-cost producers in **China, Bangladesh, and Vietnam**. - **Environmental Regulations**: Compliance with sustainability norms and managing water/chemical usage remain critical. - **Volatility in Raw Material Prices**, especially cotton. - **Domestic Overcapacity** in denim segment impacting pricing power. --- ### **Financial & Operational Highlights** - **Turnover**: ₹10,000 crore (as of recent report, up from ₹6,000 crore in 2020). - **Workforce**: Employing over **2,000 people** directly at the NDL level; part of a larger group workforce of 20,000+. - **Leadership**: - **Chairman**: Mr. Vedprakash Chiripal - **Managing Director**: Mr. Jyotiprasad Chiripal Together, they bring over **four decades of industry experience**, instrumental in scaling operations and building global client relationships.