Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹402Cr
Rev Gr TTM
Revenue Growth TTM
9.86%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

NDL
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -36.6 | -28.9 | -21.4 | 76.2 | 26.7 | 30.2 | 105.2 | 100.4 | 81.1 | 45.2 | -7.7 | -46.1 |
| 434 | 534 | 388 | 430 | 540 | 689 | 818 | 897 | 1,014 | 1,015 | 761 | 478 |
Operating Profit Operating ProfitCr |
| 5.1 | 3.7 | 6.4 | 7.0 | 6.7 | 4.5 | 3.8 | 3.1 | 3.3 | 3.1 | 3.0 | 4.2 |
Other Income Other IncomeCr | 6 | 3 | 4 | 1 | 26 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
Interest Expense Interest ExpenseCr | 17 | 12 | 10 | 10 | 15 | 10 | 9 | 9 | 9 | 8 | 7 | 7 |
Depreciation DepreciationCr | 8 | 10 | 10 | 10 | 11 | 14 | 14 | 14 | 12 | 12 | 10 | 12 |
| 3 | 2 | 11 | 13 | 39 | 11 | 11 | 9 | 15 | 15 | 8 | 4 |
| 1 | 1 | 2 | 6 | 12 | 4 | 3 | 2 | 4 | 4 | -1 | 1 |
|
Growth YoY PAT Growth YoY% | -82.1 | -83.8 | 1,289.8 | 159.5 | 882.3 | 338.0 | 7.1 | -17.3 | -60.9 | 49.5 | 7.6 | -54.9 |
| 0.6 | 0.3 | 2.0 | 1.7 | 4.7 | 1.0 | 1.0 | 0.7 | 1.0 | 1.1 | 1.2 | 0.6 |
| 0.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 22.7 | 5.5 | 5.5 | 30.2 | -8.4 | 4.7 | -28.5 | 99.5 | -6.8 | -0.8 | 76.4 | -4.7 |
| 931 | 966 | 1,034 | 1,363 | 1,307 | 1,425 | 1,024 | 2,015 | 1,943 | 1,892 | 3,418 | 3,269 |
Operating Profit Operating ProfitCr |
| 15.1 | 16.5 | 15.3 | 14.2 | 10.2 | 6.5 | 6.0 | 7.4 | 4.2 | 5.9 | 3.6 | 3.3 |
Other Income Other IncomeCr | 3 | 4 | 21 | 14 | 13 | 24 | 24 | 19 | 12 | 35 | 8 | 6 |
Interest Expense Interest ExpenseCr | 38 | 41 | 36 | 58 | 27 | 43 | 42 | 42 | 53 | 47 | 37 | 30 |
Depreciation DepreciationCr | 60 | 66 | 86 | 121 | 104 | 88 | 78 | 45 | 37 | 41 | 53 | 46 |
| 71 | 88 | 85 | 61 | 31 | -7 | -31 | 92 | 5 | 65 | 46 | 42 |
| 20 | 25 | 13 | 14 | 10 | -7 | -13 | 24 | 5 | 20 | 12 | 8 |
|
| 30.8 | 23.1 | 14.6 | -36.1 | -54.3 | -102.8 | -3,103.0 | 461.6 | -99.2 | 8,353.9 | -25.5 | 2.2 |
| 4.7 | 5.5 | 5.9 | 2.9 | 1.4 | 0.0 | -1.7 | 3.1 | 0.0 | 2.2 | 0.9 | 1.0 |
| 0.4 | 0.5 | 0.5 | 0.3 | 0.1 | 0.0 | -0.1 | 0.5 | 0.0 | 0.3 | 0.2 | 0.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 46 | 46 | 48 | 48 | 48 | 48 | 48 | 144 | 144 | 144 | 144 | 144 |
| 213 | 268 | 390 | 426 | 443 | 442 | 423 | 395 | 396 | 441 | 475 | 495 |
Current Liabilities Current LiabilitiesCr | 298 | 338 | 400 | 479 | 447 | 443 | 442 | 633 | 544 | 453 | 536 | 476 |
Non Current Liabilities Non Current LiabilitiesCr | 303 | 341 | 443 | 392 | 326 | 279 | 270 | 271 | 183 | 144 | 120 | 117 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 388 | 429 | 465 | 604 | 608 | 621 | 664 | 874 | 720 | 663 | 798 | 767 |
Non Current Assets Non Current AssetsCr | 472 | 589 | 815 | 742 | 656 | 592 | 519 | 569 | 548 | 520 | 476 | 465 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 133 | 147 | 169 | 66 | 79 | 155 | 35 | 101 | 141 | 230 | 95 |
Investing Cash Flow Investing Cash FlowCr | -94 | -180 | -286 | 0 | -26 | -18 | -24 | -55 | -21 | -50 | 10 |
Financing Cash Flow Financing Cash FlowCr | -26 | 32 | 116 | -65 | -68 | -124 | -9 | -34 | -145 | -169 | -117 |
|
Free Cash Flow Free Cash FlowCr | 54 | -35 | -115 | 21 | 60 | 130 | 11 | 52 | 124 | 194 | 87 |
| 258.7 | 231.5 | 233.1 | 141.5 | 374.5 | -26,469.5 | -186.7 | 149.8 | 26,516.7 | 512.7 | 284.0 |
CFO To EBITDA CFO To EBITDA% | 80.4 | 76.7 | 90.5 | 29.1 | 53.2 | 156.1 | 53.2 | 63.3 | 167.6 | 194.8 | 74.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 281 | 534 | 576 | 586 | 256 | 74 | 148 | 901 | 224 | 464 | 510 |
Price To Earnings Price To Earnings | 5.6 | 8.6 | 7.9 | 12.7 | 12.1 | 0.0 | 0.0 | 13.3 | 389.3 | 10.3 | 15.4 |
Price To Sales Price To Sales | 0.3 | 0.5 | 0.5 | 0.4 | 0.2 | 0.1 | 0.1 | 0.4 | 0.1 | 0.2 | 0.1 |
Price To Book Price To Book | 1.1 | 1.7 | 1.3 | 1.2 | 0.5 | 0.1 | 0.3 | 1.7 | 0.4 | 0.8 | 0.8 |
| 3.9 | 4.8 | 5.8 | 5.0 | 5.2 | 5.3 | 10.2 | 8.8 | 7.9 | 6.2 | 5.7 |
Profitability Ratios Profitability Ratios |
| 30.9 | 33.7 | 32.5 | 31.7 | 29.5 | 25.5 | 26.8 | 21.9 | 18.2 | 18.9 | 11.7 |
| 15.1 | 16.5 | 15.3 | 14.2 | 10.2 | 6.5 | 6.0 | 7.4 | 4.2 | 5.9 | 3.6 |
| 4.7 | 5.5 | 5.9 | 2.9 | 1.4 | 0.0 | -1.7 | 3.1 | 0.0 | 2.2 | 0.9 |
| 16.0 | 17.0 | 12.0 | 11.4 | 5.7 | 3.7 | 1.1 | 12.2 | 5.8 | 12.3 | 9.5 |
| 19.9 | 20.2 | 16.6 | 9.8 | 4.3 | -0.1 | -4.0 | 12.6 | 0.1 | 7.7 | 5.4 |
| 6.0 | 6.2 | 5.7 | 3.5 | 1.7 | -0.1 | -1.6 | 4.7 | 0.0 | 3.8 | 2.6 |
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.