Nandani Creation Limited (JAIPURKURT)
₹29.83 +0.03% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nandani Creation's revenue was ₹33.9 Cr (+24.8% year on year, +12.0% on the previous quarter), and net profit ₹0.7 Cr (-6.2% year on year); the operating margin was 7.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹33.9 | +24.8% | +12.0% |
| Operating profit | ₹2.5 | +18.1% | -11.2% |
| Net profit | ₹0.7 | -6.2% | -9.9% |
| EPS (₹) | 0.35 | -7.9% | -10.3% |
| Operating margin | 7.4% | — | — |
JAIPURKURT delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.96% of the JAIPURKURT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.27%. That is close to its usual level. Turnover was only ₹5 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 2 bulk or block deals were reported in JAIPURKURT in the last 60 days: ₹0.43 Cr bought and ₹0.43 Cr sold.
Delivery in the last 5 sessions: 65.2% · 68.2% · 29.2% · 75.8% · 64.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 8 Oct | Buy | Amit Kumar Jain | ₹0.43 Cr | ₹34.15 | 126,641 | Bulk |
| 8 Oct | Sell | Amit Kumar Jain | ₹0.43 Cr | ₹34.13 | 126,641 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Nandani Creation Limited announced the opening of four new retail stores in a single day under its 'Jaipur Kurti' brand, located in Gurgaon, Jammu, Jaipur, and Delhi. This move accelerates 'Project 50', an expansion initiative launched in September 2026 to grow its retail footprint from 18 to 50 stores by March 31, 2027. The company currently generates ₹119 Cr in TTM revenue with an operating margin of 7.6%, and is using an omnichannel strategy to diversify away from third-party marketplace dependence. Capex details and financial investment figures for the new stores were not disclosed.
- Opened 4 stores in a single day across Gurgaon (DT Mega Mall), Jammu, Jaipur (Pacific Mall), and Delhi (Rajouri Garden)
- Accelerates 'Project 50' launched in September 2026 to scale retail network from 18 stores to 50 stores
- Target completion date for reaching 50 stores is set for March 31, 2027
- Stores will operate under a mix of exclusive brand outlet formats including COCO and FOFO models
Nandani Creation Limited's board has approved the conversion of 50,000 warrants into 50,000 equity shares of face value ₹10 each at an issue price of ₹44 per share. The allotment was made to non-promoter entity Chiragsala Sales Pvt Ltd upon receipt of the 75% balance payment (₹33 per share), aggregating to approximately ₹16.5 lakh. Consequently, the company's paid-up equity capital marginally increased from ₹20.39 crore to ₹20.44 crore across 2.04 crore shares. This conversion is part of a larger pool of 35,32,500 warrants originally issued on April 10, 2025.
- Conversion of 50,000 warrants into 50,000 equity shares of face value ₹10 each
- Issued at ₹44 per share, with balance receipt of ₹33 per share (75% of total consideration)
- Paid-up capital expands from ₹20,39,07,140 to ₹20,44,07,140 (2,04,40,714 equity shares)
- Allottee Chiragsala Sales Pvt Ltd increases stake from 0.24% (49,434 shares) to 0.49% (99,434 shares)
- Tranche drawn from total 35,32,500 warrants originally allotted on April 10, 2025
Nandani Creation's Board approved the allotment of 5,75,000 equity shares following the conversion of warrants by promoters Sunita Devi Mundhra and Anuj Mundhra. The conversion was executed at an issue price of ₹44 per share, fetching balance consideration of ₹33 per share (approx. ₹1.90 crore) into the company. Following this allotment, the company's paid-up equity capital increased from ₹19.82 crore to ₹20.39 crore. Notably, the exercise price of ₹44 stands at a significant premium to the current market price of ₹28.5.
- Conversion of 5,75,000 warrants into equity shares of face value ₹10 each
- Balance payment received at ₹33 per share against full issue price of ₹44 per share
- Paid-up share capital increased from ₹19,81,57,140 to ₹20,39,07,140
- Promoter Anuj Mundhra's shareholding increased to 24.29% and Sunita Devi Mundhra's to 9.57%
- Total preferential warrants originally allotted on April 10, 2025 stood at 35,32,500
Nandani Creation Limited (Jaipur Kurti) shared updates from its 14th AGM, reporting ~₹110 crore turnover in FY26, a ~50% growth over FY25. The company announced 'Project 50', aiming to expand its Exclusive Brand Outlet (EBO) count to 50 stores by March 2027 from its current footprint of 16 retail stores (8 COCO and 8 FOFO). It also operates across various formats including 80+ Reliance Trends and 70+ SIS stores, alongside major e-commerce platforms.
- Recorded FY26 turnover of approximately ₹110 crore, growing ~50% YoY
- Targets expanding EBO network to 50 stores by March 2027 under 'Project 50'
- Currently operates 16 exclusive stores (8 COCO and 8 FOFO) across North and West India
- Footprint includes 80+ Reliance Trends, 70+ SIS, 30+ Shoppers Stop, and 20+ Reliance Centro stores
Nandani Creation Limited submitted the Scrutinizer's Report for its 14th Annual General Meeting held on September 30, 2026. All six resolutions, including ordinary business and three special business resolutions approving Related Party Transactions under Section 188 of the Companies Act, were passed with a 99.99% majority. Out of 84,80,540 total votes polled across 30 members, 84,80,500 were in favour and only 40 votes were cast against. The meeting also ratified the remuneration of Cost Auditors for FY27.
- All 6 resolutions passed with 99.99% votes cast in favour (84,80,500 votes in favour vs 40 against)
- Three special resolutions relating to Related Party Transactions approved under Section 188 of the Companies Act
- Re-appointment of Director Mrs. Sunita Devi Mundhra approved upon retirement by rotation
- Remuneration of Cost Auditors ratified for the financial year ending March 31, 2027
- A total of 30 members voted across remote e-voting and e-voting during the AGM
Nandani Creation's Board approved the allotment of 2,25,000 equity shares following the conversion of warrants by promoter Anuj Mundhra. The conversion was executed at Rs 44 per share upon receipt of the 75% balance of Rs 33 per share, bringing in approximately Rs 74.25 lakh in cash. This increases the company's paid-up share capital from Rs 19.59 crore to Rs 19.82 crore. The promoter's individual holding in the company increases from 22.73% to 23.61%.
- Conversion of 2,25,000 warrants into 2,25,000 equity shares of face value Rs 10 each
- Issued at Rs 44 per share with Rs 33 per share received as 75% balance consideration
- Promoter Anuj Mundhra's shareholding increased from 22.73% (44,53,127 shares) to 23.61% (46,78,127 shares)
- Paid-up share capital expanded from Rs 19,59,07,140 to Rs 19,81,57,140
- Warrants originate from 35,32,500 warrants allotted on April 10, 2025, with an 18-month tenure ending October 2026
Nandani Creation approved the conversion of 1,50,000 warrants into equity shares of face value Rs 10 each to promoter Anuj Mundhra at an issue price of Rs 44 per share. The company received Rs 33 per share (75% balance consideration), bringing in approximately Rs 49.5 lakh in cash. Following this allotment, Anuj Mundhra's shareholding increased from 22.13% (43,03,127 shares) to 22.73% (44,53,127 shares). The company's total paid-up share capital expanded slightly from Rs 19.44 crore to Rs 19.59 crore.
- Conversion of 1,50,000 warrants into equity shares of face value Rs 10 each
- Issued at Rs 44 per share upon receipt of balance 75% payment (Rs 33 per share)
- Promoter Anuj Mundhra stake increased from 22.13% to 22.73%
- Paid-up capital increased from Rs 19,44,07,140 to Rs 19,59,07,140
- Conversion drawn from 35,32,500 warrants originally allotted on April 10, 2025
Nandani Creation Limited has launched 'Project 50' to scale its exclusive retail store footprint from 18 to 50 stores by March 31, 2027. The company plans to add 32 net new stores at an opening pace of 4 to 6 stores per month. This expansion aims to build an integrated omnichannel network alongside its current presence in over 80 Reliance Trends and 30 Shoppers Stop counters. For a micro-cap company with TTM revenue of ₹119 Cr and ₹32 Cr in debt, tripling physical stores is a major operational shift.
- Targeting expansion from 18 existing stores to 50 retail stores by March 31, 2027
- Adding 32 net new stores at a rollout pace of 4 to 6 stores per month
- Current physical presence includes 8 COCO and 8 FOFO stores, plus 70+ SIS and 80+ Reliance Trends stores
- Company reported ₹119 Cr in TTM revenue with an operating margin of 7.6%
Nandani Creation Limited (Jaipur Kurti) has submitted its Annual Report for FY 2025-26 along with the notice for its 14th Annual General Meeting scheduled on September 30, 2026, via video conferencing. The cut-off date for remote e-voting is September 23, 2026, with the voting window open from September 26 to September 29, 2026. The operational report outlines the brand's physical retail expansion, covering 18+ Exclusive Brand Outlets (EBOs), 80+ Shop-in-Shop (SIS) counters, and entries into quick commerce platforms contributing ~3% of sales.
- 14th AGM scheduled for Wednesday, September 30, 2026 at 3:30 PM IST via VC/OAVM
- Remote e-voting cut-off date set as September 23, 2026; voting open from September 26 to September 29, 2026
- Offline retail footprint reached 18+ EBOs, 80+ SIS counters, and 80+ Reliance Trends store counters
- Quick commerce channels accounted for approximately 3% of total sales in FY 2025-26
Nandani Creation Limited has scheduled its 14th Annual General Meeting (AGM) for September 30, 2026, via video conferencing. The cut-off date for e-voting entitlement is set for September 23, 2026, with share transfer books closed from September 24 to September 30, 2026. The Board approved the FY26 Annual Report and appointed M/s B.D. Gargieya & Co. as Internal Auditor and M/s Ratan Sharma & Associates as Cost Auditor for FY 2026-27.
- 14th AGM scheduled for September 30, 2026 at 3:30 PM IST via VC/OAVM
- Cut-off date for e-voting fixed as September 23, 2026
- Book closure period set from September 24, 2026 to September 30, 2026
- Appointed M/s B.D. Gargieya & Co. as Internal Auditor and M/s Ratan Sharma & Associates as Cost Auditor for FY 2026-27
Nandani Creation Limited submitted copies of newspaper advertisements containing extracts of its un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The notices were published on August 12, 2026, in the Financial Express (All India English Edition) and Nafa Nuksaan (Rajasthan Hindi Edition). This is a statutory regulatory filing under Regulations 30 and 47 of SEBI LODR. It does not contain any new financial or operational developments beyond standard compliance.
- Published extracts of un-audited standalone and consolidated financial results for the quarter ended June 30, 2026
- English national advertisement appeared in 'Financial Express' dated August 12, 2026
- Vernacular advertisement published in Hindi daily 'Nafa Nuksaan' (Rajasthan Edition) on August 12, 2026
- Filed under Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Shareholders of Nandani Creation have approved six key resolutions via postal ballot with near-unanimous support, with 100% of valid votes cast in favor of all items. The resolutions include the reappointment of the Managing Director, Mr. Anuj Mundhra, and two Whole Time Directors, ensuring leadership continuity for the Rs 54 Cr market cap company. Additionally, three new Independent Directors were appointed to the board. The voting process, which concluded on August 11, 2026, saw 8,467,247 votes cast in favor of each resolution.
- 6 resolutions passed via postal ballot with 100% of valid votes in favor
- Reappointment of Mr. Anuj Mundhra as Managing Director approved by 23 members
- Appointment of 3 Independent Directors (Nupur Khandelwal, Pranay Maheshwari, Megha Khandelwal) confirmed
- Voting period spanned 30 days from July 13, 2026, to August 11, 2026
- Only 12 votes were cast against the resolutions across all items
Nandani Creation Limited (Jaipur Kurti) has successfully passed six resolutions through a postal ballot concluded on August 11, 2026. Shareholders approved the appointment of three new Independent Directors and the reappointment of the core leadership team, including Managing Director Mr. Anuj Mundhra and two Whole Time Directors. All resolutions received nearly 100% approval from the voting members, ensuring leadership continuity for the micro-cap company (₹54 Cr market cap). This administrative step formalizes the governance structure as the company targets a 15% growth rate through its omnichannel strategy.
- 6 resolutions passed with 100% of valid votes cast in favor (8,467,247 votes)
- 3 new Independent Directors appointed: Mrs. Nupur Khandelwal, CA Pranay Maheshwari, and Mrs. Megha Khandelwal
- Reappointment of Mr. Anuj Mundhra as Managing Director and two other promoter-group directors confirmed
- Voting period concluded on August 11, 2026, with results declared on August 13, 2026
- Only 12 votes were cast against each resolution across the entire voting process
Nandani Creation (Jaipur Kurti) has approved its standalone and consolidated un-audited financial results for the quarter ended June 30, 2026. The board meeting was brief, lasting 30 minutes, and included the review of the statutory auditor's limited review report. As a small-cap company with a Rs 56 Cr market cap, these results are critical to assessing if the company can improve its TTM OPM of 7.7%. Investors should compare these results against the June 2025 quarter, which saw revenue of Rs 27.16 Cr and PAT of Rs 0.72 Cr.
- Board approved Un-Audited Financial Results for the quarter ended June 30, 2026
- Meeting commenced at 6:00 PM and concluded at 6:30 PM on August 10, 2026
- Company maintains a TTM revenue base of Rs 113 Cr as per latest financial context
- Promoter holding remains stable at 41.65% as of June 2026
- Statutory Auditors' Limited Review Report was taken on record without immediate qualification mentioned
Nandani Creation (Jaipur Kurti) has issued a postal ballot notice to appoint three new Independent Directors and re-appoint three Promoter Directors for five-year terms starting August 15, 2026. The proposed annual remuneration for the Managing Director, Anuj Mundhra, is ₹66 Lacs, with total promoter director remuneration totaling approximately ₹1.1 Cr. This total remuneration is significant, representing approximately 55% of the company's TTM PAT of ₹2 Cr. Shareholders can cast their votes electronically between July 13 and August 11, 2026.
- Re-appointment of 3 Promoter Directors for a third consecutive 5-year term until August 14, 2031
- Proposed annual remuneration of ₹66 Lacs for MD Anuj Mundhra and ₹24 Lacs for WTD Vandana Mundhra
- Total proposed promoter remuneration of ₹1.1 Cr represents ~55% of the TTM PAT of ₹2 Cr
- Appointment of 3 new Independent Directors for 5-year terms to ensure board compliance
- E-voting period scheduled from July 13, 2026, to August 11, 2026, with a cut-off date of July 10, 2026
Financial Performance
Revenue Growth by Segment
Total Net Sales grew 55.17% YoY from INR 45.11 Cr in FY24 to INR 70.00 Cr in FY25. Segment contribution is led by Composite Sets (48% of sales), followed by Top Wear (23%), Bottom Wear (16%), and Sarees (10%).
Geographic Revenue Split
The company operates 16+ retail stores across Rajasthan, Delhi NCR, Bangalore, Punjab, and Lucknow. While specific regional % splits are not disclosed, the offline presence is concentrated in North and South India, with a fully integrated dispatch facility in Jaipur, Rajasthan.
Profitability Margins
Net Profit Margin improved significantly from 1.12% in FY24 to 5.14% in FY25. Gross realization was bolstered by an 87% increase in Average Selling Price (ASP) from INR 855 to INR 1,600 due to brand premiumization.
EBITDA Margin
Operating EBITDA margin increased from 10.0% in FY24 to 13.10% in FY25. Absolute EBITDA rose 109.3% from INR 4.3 Cr to INR 9.00 Cr, driven by higher sales realization and better absorption of fixed costs.
Capital Expenditure
Historical depreciation of INR 2.00 Cr in FY25 (up from INR 1.95 Cr in FY24) indicates steady maintenance of its Jaipur manufacturing and dispatch infrastructure. Planned expansion includes 3 additional stores currently in 'fit-out' stage.
Credit Rating & Borrowing
Interest costs rose 18.5% to INR 3.00 Cr in FY25 from INR 2.53 Cr in FY24. The Debt-Equity ratio improved from 0.57 to 0.38, indicating a strengthening balance sheet and reduced leverage risk.
Operational Drivers
Raw Materials
Textile fabrics (cotton, silk, synthetics) and dyes represent the primary raw material costs, though specific % breakdowns per material are not disclosed.
Import Sources
Sourced primarily from domestic textile hubs in India, with a focus on Jaipur, Rajasthan for manufacturing and vendor relationships.
Key Suppliers
The company maintains a wide base of long-term fabric suppliers and manufacturing vendors to de-risk geographical and dependency factors.
Capacity Expansion
Current operations sold 8.14 lakh pieces in FY25 (up 22.5% from 6.64 lakh in FY24). Expansion is focused on the retail footprint, adding 12+ Reliance Centro stores and moving toward a FOFO (Franchise Owned Franchise Operated) model starting with Jalandhar.
Raw Material Costs
Raw material procurement is managed through long-term relationships; the company is shifting to Machine Learning (ML) led replenishment to optimize inventory cycles and reduce stock-outs.
Manufacturing Efficiency
Inventory Turnover Ratio improved from 1.05 times in FY24 to 1.28 times in FY25, reflecting better movement of stock and higher demand for the 'Jaipur Kurti' brand.
Logistics & Distribution
Distribution is omnichannel, with 62.78% of sales coming from online platforms and 38.8% from own-channel sales (INR 27 Cr), reducing reliance on third-party logistics costs over time.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be driven by an omnichannel strategy: expanding the offline footprint through 12+ Reliance Centro stores, scaling the D2C website (jaipurkurti.com), and increasing ASP through premiumization. The company is also leveraging a brand ambassador (Madhuri Dixit) to increase recall.
Products & Services
Women's Indian wear including Kurtis, Suit sets, Fusion wear, Lounge wear, Bottom wear (pants, palazzos), and Sarees.
Brand Portfolio
Jaipur Kurti, Amaiva-By Jaipur Kurti, and Desi Fusion.
New Products/Services
Expansion into high-end ethnic wear via the 'Amaiva' brand and B2B fashion destinations through 'Desi Fusion'.
Market Expansion
Targeting Tier I, II, and III cities through a mix of COCO (8 stores) and FOFO models, alongside 80+ Shop-in-Shop (SIS) counters.
Market Share & Ranking
Positioned as a leading 'Online First' Indian women's wear brand with a 12+ year track record.
Strategic Alliances
Partnerships with Reliance Centro, Reliance Trends (53+ stores), Shoppers Stop (6+ stores), and Avantara/Kalanikethan (35+ stores).
External Factors
Industry Trends
The Indian women's apparel market (US$ 44bn in 2023) is shifting from unorganized to organized branded segments. Online penetration is expected to reach 14% by 2028, favoring 'online-first' players like Jaipur Kurti.
Competitive Landscape
Competes with organized players like Biba and Reliance-owned brands, as well as a large unorganized sector in the ethnic wear space.
Competitive Moat
Moat is built on a 12-year 'online-first' legacy, a strong D2C proprietary platform (38.8% of sales), and a fully integrated manufacturing-to-retail supply chain in Jaipur.
Macro Economic Sensitivity
Highly sensitive to Indian consumer discretionary spending and the growth of the e-commerce sector, which is projected to reach US$ 345 billion by FY30.
Consumer Behavior
Increasing number of working women and a shift toward 'fusion wear' and branded ethnic wear are driving demand.
Geopolitical Risks
Minimal direct impact as manufacturing and sales are largely domestic, though global cotton price fluctuations can affect raw material costs.
Regulatory & Governance
Industry Regulations
Subject to textile manufacturing standards and GST regulations. Benefits from government schemes like MITRA and SITP for the textile sector.
Taxation Policy Impact
Effective tax rate was approximately 20% in FY25 (INR 1.00 Cr tax on INR 5.00 Cr PBT).
Legal Contingencies
The Scrutinizer's Report for the 13th AGM confirms all resolutions were passed with requisite majority; no major pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Fashion trend volatility and the ability to maintain the 87% ASP jump without losing volume (8.14 lakh pieces sold).
Geographic Concentration Risk
Manufacturing is 100% concentrated in Jaipur, Rajasthan, posing a localized operational risk.
Third Party Dependencies
61.2% of sales depend on third-party marketplaces (Myntra, Ajio, etc.), making the company vulnerable to their algorithm and commission changes.
Technology Obsolescence Risk
The company is mitigating this by investing in a proprietary mobile app (Android/iOS) and ML-led replenishment systems.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio was 1.96 times in FY25, slightly down from 2.10 in FY24, indicating a need for tighter credit control with MBO/LFRS partners.
