### **Overview** Nitin Spinners Limited is a leading **integrated textile manufacturer** headquartered in **Bhilwara, Rajasthan**, India. Founded in **1992**, the company has evolved from a spinning-focused enterprise into a vertically integrated player spanning the **entire textile value chain**—from fibre to finished fabrics. It serves customers in **over 55 countries across six continents**, with a strong presence in Europe, the UK, Africa, the U.S., and Southeast Asia. The company is listed on the **BSE and NSE**, having launched its public issue in 2013 (oversubscribed 22 times) and again in 2017. Nitin Spinners specializes in the production of **high-quality cotton and blended yarns**, **knitted fabrics**, and **finished woven fabrics**, catering to global fashion, apparel, industrial, and healthcare markets. --- ### **Core Business Segments & Product Portfolio** #### **1. Yarns (Dominant Revenue Driver)** - **Annual Capacity:** 110,000 tons (to expand to 132,000 TPA by 2026) - **Yarn Types:** - Ring-spun, open-end, compact, slub, core-spun, multifold, gassed, dyed - Specialty yarns: Supima, Giza, organic cotton, BCI cotton, recycled fibre-based - **Count Range:** 6–100s - **End-Use Applications:** - Knitted & woven apparel, denims, terry towels, medical fabrics, furnishing, tea bags - The yarn segment contributed **72.7% of FY25 revenue** and **73.2% in H1 FY26**. #### **2. Fabrics (Growing Strategic Focus)** - **Finished Woven Fabric Capacity:** 40 million meters (expanding to 75 million meters) - **Knitted Fabric Capacity:** 11,000 tons annually - **Fabric Types:** - Dyed, printed, yarn-dyed, technical, coated, water-repellent, antimicrobial - Weaves: Twills, ripstop, canvas; Blends: Cotton, poly-cotton, cotton-spandex - **Applications:** - Menswear, womenswear, kidswear, uniforms, industrial wear, defense, healthcare, furnishings - Fabric segment contributed **21.6–22.1% of revenue (FY25–H1 FY26)**. #### **3. Other Products (5.2% of Revenue)** - Includes technical textiles and specialty finished materials. --- ### **Financial & Operational Highlights (H1 FY26)** - **Total Revenue:** ₹1,553.4 crores (down from ₹1,625.5 crores in H1 FY25) - **Revenue Mix:** - Yarn: 73.2% - Fabric: 21.6% - Others: 5.2% - **Geographic Revenue Mix (FY25):** - **Exports:** 64% (across 55+ countries) - **Domestic:** 36% - **Key Export Destinations:** Bangladesh (largest), UK, EU, U.S., Africa - **Sales Volume (FY25):** - Yarn: 89,769 tons (from 107,417 tons produced) - Fabric: 33.82 million meters sold --- ### **Strategic Expansion (Capex Plan – 2025)** In May 2025, Nitin Spinners announced a **major capacity expansion** to strengthen margins and tap higher-value segments: | **Capacity Expansion** | **Current** | **Post-Expansion** | |------------------------|-----------|--------------------| | Spinning Capacity | 110,000 TPA | 132,000 TPA (+22,400 TPA) | | Woven Fabric Capacity | 40 million meters | 75 million meters (+35M meters) | | New Additions | ~66,000 spindles, 240 airjet/rapier looms | Integrated dyeing, finishing, yarn-dyeing units | - **Integration:** ~60% of new yarn output to be used **internally for fabric production**, boosting margins and reducing input cost volatility. - **New Product Focus:** - High-value **specialty and multi-fiber blended yarns** (cotton-linen, cotton-modal, viscose) - **Yarn-dyed and functional finished fabrics**, including fire-retardant and nano-treated textiles - **Financial Discipline:** - Target IRR of **≥15%** on new capex projects - Returns expected to align with current IRRs of **12–13%** - **Capital Projects Completed (2024):** - Added 127,488 spindles, 264 airjet spinning positions, 3,312 rotors, 54 looms, and 10 million meters/year finishing capacity at ₹955 crores capex --- ### **Manufacturing & Operational Advantage** #### **Facilities** - **Two Integrated Plants:** Bhilwara and **Begun, Chittorgarh** (established 2020) - **Total Assets:** - 434,832 spindles - 5,864 rotors - 264 airjet spinning positions - 222 airjet weaving machines - 264 circular knitting machines #### **Integrated Operations** - **“Fibre to Fabric” model** covering spinning, weaving, knitting, dyeing, printing, and finishing - Enables **cost control**, **quality assurance**, and **quick turnaround** for global brands #### **Cost & Efficiency Drivers** - **Proximity to Raw Material:** Plants within **250 km** of cotton-producing regions (yielding ~1 million bales/year); cost-efficient domestic sourcing - **Advanced Technology:** ISO 9001:2008, OEKO-TEX, DataColor, Mathis pilot plant, automated lines - **Waste Reprocessing:** Circular manufacturing; waste reused as input to reduce raw material costs - **Logistical Edge:** Fast road (≤2 weeks) and sea (≤3 weeks) delivery to global markets --- ### **Sustainability & ESG Initiatives** - **Zero Liquid Discharge (ZLD)** across all plants - **Zero Coal Usage**; full reliance on renewable and clean energy - **18.8 MW Captive Solar Power Capacity** (expanding with 13–14 MW new plant) - Reduces electricity cost and carbon footprint - **Sustainable Fibres:** - ~43% of product line uses **organic cotton, BCI cotton, recycled fibres, regenerative cotton** - Certified under **ISO 14001 (environment), ISO 50001 (energy)**, and **OHSAS 18001** - Attracts ESG-conscious global fashion and retail brands --- ### **R&D, Innovation & Customer Focus** - **State-of-the-art Design Studio:** Equipped for color matching, digital printing, and trend-aligned sampling - **Pilot Plants & R&D Units:** Support rapid prototyping and co-development with global brands - **Customization Capabilities:** Offers tailored blends, textures, and finishes - Focus on **high-value, niche segments**: fashion apparel, medical textiles, technical and defense textiles --- ### **Growth Strategy & Market Focus** - **Diversification into Finished Woven Fabrics:** Target **higher-margin segments**; currently, fabric segment is established with ₹572 crores revenue in FY24 - **Product Expansion:** - Entering **casual and fashion wear, uniforms, military textiles, furnishings** - Adding **lightweight, coated, and technical fabrics** - **Geographic Growth:** - Exploring **UK, EU, Japan, and African markets** - Currently limited exposure to U.S. market; insulated from new 25% tariffs - Stable demand from **Bangladesh**; anticipates U.S. demand rebound as inventory levels normalize - **Shift in Sales Mix:** - Aiming for **50:50 domestic-export split** in yarn sales; currently 64% export-reliant - Expanding domestic footprint via institutional, school uniforms, and formalwear demand --- ### **Historical Evolution** - **1993:** Started with open-end spinning (384 rotors, ₹3 crore investment) - **2002–2017:** Expanded into ring spinning and knitted fabrics; reached 223,056 spindles and 63 knitting machines - **2020:** Launched integrated complex in **Chittorgarh** with full weaving, dyeing, and finishing - **2022:** Added spindles and announced ₹955 crore capex plan - **2024:** Completed major capacity additions - **2025:** Entered phase of high-value product diversification and integration --- ### **Key Strengths** 1. **Vertically Integrated Value Chain** with high in-house control 2. **Global Export Reach** with diversified risk across 6 continents 3. **Leadership in Value-Added Yarns & Speciality Fabrics** 4. **Strong ESG Compliance and Sustainability Edge** 5. **Cost Efficiency via Technology, Proximity, and Waste Reuse** 6. **Strategic Focus on High-Margin, Fashion-Oriented Product Segments** 7. **Proven Execution of Large-Scale Capex Projects**