Nandan Denim Limited (NDL)
₹2.60 +1.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nandan Denim's revenue was ₹622 Cr (-40.6% year on year, +15.3% on the previous quarter), and net profit ₹14.8 Cr (+32.1% year on year); the operating margin was 3.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹622 | -40.6% | +15.3% |
| Operating profit | ₹24.4 | -24.8% | +87.1% |
| Net profit | ₹14.8 | +32.1% | +55.6% |
| EPS (₹) | 0.10 | +25.0% | +42.9% |
| Operating margin | 3.9% | — | — |
NDL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 73.71% of the NDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.28%. That is close to its usual level. Turnover was only ₹22 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 63.5% · 71.2% · 76.2% · 74.1% · 73.7%
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
Nandan Denim Limited announced that shareholders approved a special resolution on September 24, 2026, to re-appoint Mr. Jyotiprasad Devkinandan Chiripal as Managing Director. The new term is for a period of 5 years, starting from June 1, 2027, to May 31, 2032. Mr. Chiripal brings over 40 years of industry experience and has led the company as MD since 2017. He is also the father of the company's CEO, Mr. Deepak Chiripal.
- Shareholder approval granted on September 24, 2026, via special resolution
- Re-appointed as Managing Director for a 5-year term from June 1, 2027, to May 31, 2032
- Candidate possesses more than 40 years of experience in fabric, yarn, and knitted apparel business
- First joined Nandan Denim as MD in 2017 and was previously re-appointed effective June 1, 2022
Nandan Denim Limited announced that all 5 resolutions presented at its 32nd Annual General Meeting held on September 24, 2026, were passed with requisite majority. Key approvals include the reappointment of Mr. Jyotiprasad Chiripal as Managing Director, which received 99.94% overall votes in favor. Additionally, a material Related Party Transaction with promoter group firm Chiripal Industries Limited was approved by public shareholders with 88.90% votes in favor and 11.10% against. Financial statements for FY26 and cost auditor remuneration ratification were also formally adopted.
- All 5 resolutions passed at the 32nd AGM held on September 24, 2026.
- Re-appointment of MD Jyotiprasad Chiripal approved with 99.9369% total votes in favor.
- Material Related Party Transaction with Chiripal Industries approved with 88.9044% votes in favor and 11.0956% against among public voters.
- Overall voter turnout stood at 50.3960% of outstanding shares (72,64,44,286 votes polled on 1,44,14,71,680 shares).
Nandan Denim Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI LODR Regulations. The filing reports annual turnover of Rs 2,871.87 Cr and net worth of Rs 651.18 Cr for the fiscal year. The company operated 2 manufacturing plants with 1,726 permanent personnel (501 employees and 1,225 workers). Exports contributed a modest 0.71% of total turnover, with operations serving 12 domestic states and 10 export countries.
- Annual turnover reported at Rs 2,871.87 Cr with net worth of Rs 651.18 Cr for FY 2025-26
- Total permanent workforce stood at 1,726 (501 permanent employees and 1,225 permanent workers)
- Exports accounted for 0.71% of total turnover across 10 international destinations
- Resolved 100% of the 168 customer quality complaints received during the year
Nandan Denim Limited has dispatched physical letters to shareholders whose email addresses are not registered, providing web access to the FY2025-26 Annual Report and AGM Notice pursuant to Regulation 36(1)(b) of SEBI LODR. The company's 32nd Annual General Meeting is scheduled to be held on September 24, 2026, at 3:00 PM IST via Video Conference / Other Audio-Visual Means. Shareholders holding shares in physical form have been requested to submit Form ISR-1 to update their email addresses.
- 32nd Annual General Meeting scheduled for September 24, 2026, at 3:00 PM IST
- Meeting to be conducted virtually through Video Conference (VC) / Other Audio-Visual Means (OAVM)
- Dispatched intimation under Regulation 36(1)(b) of SEBI LODR to shareholders with unregistered email IDs
- Physical shareholders directed to submit Form ISR-1 to RTA (Datamatics) to update contact details
Nandan Denim Limited has issued notice for its 32nd Annual General Meeting scheduled on September 24, 2026. Key special business items include shareholder approval for material related-party transactions with promoter group entity Chiripal Industries Limited up to ₹350 crore for FY 2026-27. Additionally, the company seeks approval to re-appoint Mr. Jyotiprasad Chiripal as Managing Director for a 5-year term from June 1, 2027, to May 31, 2032, at nil proposed remuneration.
- 32nd AGM scheduled for Thursday, September 24, 2026, at 3:00 PM IST via Video Conferencing
- Approval sought for material Related Party Transactions up to ₹350 crore with Chiripal Industries Limited for FY 2026-27
- Proposed re-appointment of Managing Director Mr. Jyotiprasad Chiripal for a 5-year tenure starting June 1, 2027
- Ratification of cost auditor remuneration of up to ₹3.00 lakhs for FY 2026-27
Nandan Denim Limited (NDL) reported a Q1 FY27 net profit of ₹14.80 cr, a 32% increase YoY from ₹11.20 cr, despite a sharp 40.6% decline in revenue from operations to ₹622.39 cr. The profit growth was primarily supported by lower tax expenses and a prior-period tax adjustment, as Profit Before Tax (PBT) actually declined 30% YoY to ₹10.32 cr. The board also approved the re-appointment of Mr. Jyotiprasad Chiripal as Managing Director for a five-year term starting June 2027 and confirmed a ₹4.00 cr investment for a 6.1% stake in a renewable energy SPV.
- Revenue from operations fell 40.6% YoY to ₹622.39 cr in Q1 FY27 from ₹1,047.68 cr.
- Net profit rose to ₹14.80 cr, aided by a ₹5.07 cr credit in tax provisions for earlier years.
- Investment of ₹4.00 cr made on July 13, 2026, for a 6.1% stake in Opera Vayu (Narmada) Private Limited for captive power.
- Re-appointment of Mr. Jyotiprasad Chiripal as MD for a 5-year term effective June 1, 2027.
- Finance costs reduced by 35% YoY to ₹4.86 cr from ₹7.52 cr.
Nandan Denim reported a mixed Q1 FY27 with revenue falling 40.6% YoY to ₹622.39 Cr, down from ₹1,047.68 Cr in the previous year's quarter. Despite the top-line contraction, Net Profit grew 32.1% YoY to ₹14.80 Cr, primarily driven by a sharp reduction in raw material costs which fell from ₹936.16 Cr to ₹519.44 Cr. The Board also approved the re-appointment of Mr. Jyotiprasad Chiripal as Managing Director for a five-year term starting June 2027. Additionally, the company invested ₹4.00 Cr for a 6.1% stake in a renewable energy SPV to secure power under the group captive route.
- Revenue from operations decreased by 40.6% YoY to ₹622.39 Cr in Q1 FY27.
- Net Profit increased by 32.1% YoY to ₹14.80 Cr, showing significant margin improvement.
- Cost of materials consumed dropped by 44.5% YoY to ₹519.44 Cr.
- Acquired 40,02,096 equity shares (6.1% stake) in Opera Vayu (Narmada) Private Limited for ₹4.00 Cr.
- Managing Director re-appointed for a further period of 5 years effective from June 1, 2027.
Nandan Denim Limited (NDL) reported a mixed Q1 FY27 performance with revenue falling 40.6% YoY to ₹622.39 Cr, although it showed a 15.3% sequential recovery from Q4 FY26. Despite the sharp top-line decline, net profit grew 32.1% YoY to ₹14.80 Cr, aided by a significant reduction in raw material costs and tax adjustments. The company also confirmed the re-appointment of Jyotiprasad Chiripal as Managing Director for a five-year term starting June 2027. Additionally, NDL invested ₹4.00 Cr in a renewable energy SPV to secure captive wind and solar power.
- Revenue from operations decreased 40.6% YoY to ₹622.39 Cr from ₹1,047.68 Cr in the previous year's quarter.
- Net profit increased 32.1% YoY to ₹14.80 Cr, up from ₹11.20 Cr in Q1 FY26.
- Cost of materials consumed fell sharply to ₹519.44 Cr compared to ₹936.16 Cr in the year-ago period.
- Invested ₹4.00 Cr on July 13, 2026, to acquire a 6.1% stake in Opera Vayu (Narmada) Private Limited for captive power.
- Managing Director re-appointed for a 5-year term effective from June 1, 2027, to May 31, 2032.
Nandan Denim Limited (NDL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), Datamatics Business Solutions Limited, confirmed that no requests for dematerialization of shares were received during the quarter ended June 30, 2026. This is a standard administrative filing required by all listed companies to confirm the status of their share registry. It has no impact on the company's financial health or operational performance.
- Reporting period covers the quarter ended June 30, 2026.
- Zero (0) requests for dematerialization of shares were received during the quarter.
- Compliance is maintained under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Certificate issued by RTA Datamatics Business Solutions Limited on July 14, 2026.
Nandan Denim Limited (NDL) has acquired a 6.1% equity stake in Opera Vayu (Narmada) Private Limited, a Special Purpose Vehicle (SPV), for a total consideration of ₹4.00 crore. This acquisition, completed on July 13, 2026, is part of a Share Transfer cum Shareholders’ Agreement involving Shivman Wind Energy Private Limited. The investment is strategically aimed at procuring wind and solar power under the captive power route to optimize energy costs. Given NDL's large-scale denim manufacturing operations (110 MMPA), this move helps in managing power expenses and improving ESG compliance.
- Acquired 40,02,096 equity shares representing a 6.1% stake in the SPV.
- Total cash consideration of ₹4,00,20,960 paid for the acquisition.
- The transaction was finalized on July 13, 2026, following an earlier intimation in April 2026.
- Investment facilitates the purchase of wind and solar power under the captive power route.
SEBI has issued a final order dated June 30, 2026, against Mr. Vedprakash Devkinandan Chiripal, a member of Nandan Denim's promoter group. The order imposes a monetary penalty of Rs 5,00,000 and restrains the individual from accessing or dealing in the securities market for a period of 4 years. The company maintains that this order will not have a material financial or operational impact on its business. The promoter group currently holds a 51.01% stake in the company, and the individual reserves the right to appeal the decision at the Securities Appellate Tribunal (SAT).
- SEBI final order issued against 226 entities including promoter group member Mr. Vedprakash Devkinandan Chiripal.
- Monetary penalty of Rs 5,00,000 (5 Lakhs) imposed on the promoter group member.
- 4-year prohibition from buying, selling, or being associated with the securities market in any manner.
- Company assessment indicates no material financial or operational impact on Nandan Denim Limited.
- Promoter group holding remains stable at 51.01% as of the latest filings.
Nandan Denim Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Prohibition of Insider Trading Regulations. This closure is in anticipation of the upcoming unaudited financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons, connected persons, and their immediate relatives. The trading window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges.
- Trading window closure effective from July 1, 2026, for the quarter ending June 30, 2026
- Applies to all Designated Persons, Connected Persons, and their immediate relatives
- Window to reopen 48 hours after the announcement of Unaudited Financial Results
- Board meeting date for result approval to be announced in due course
Nandan Denim reported a significant decline in annual revenue, falling from ₹3,546.68 crore in FY25 to ₹2,871.87 crore in FY26. Despite the top-line pressure, the company managed to keep its annual net profit relatively stable at ₹33.13 crore compared to ₹33.45 crore in the previous year. This was primarily supported by a sharp 52% reduction in finance costs, which fell to ₹17.66 crore. However, the Q4 FY26 performance showed a steep revenue contraction of nearly 48% year-on-year, signaling potential demand headwinds.
- Annual Revenue from operations decreased by 19% YoY to ₹2,871.87 crore from ₹3,546.68 crore.
- Net Profit for FY26 remained nearly flat at ₹33.13 crore versus ₹33.45 crore in FY25.
- Finance costs significantly improved, dropping 52% to ₹17.66 crore from ₹36.74 crore year-on-year.
- Q4 FY26 revenue saw a sharp decline to ₹539.98 crore compared to ₹1,048.65 crore in Q4 FY25.
- The Board approved the reappointment of Talati & Talati LLP as Internal Auditors for the financial year 2026-27.
Nandan Denim Limited reported a full-year net profit of ₹33.13 crore for FY26, remaining nearly flat compared to ₹33.45 crore in FY25. However, the company's annual revenue from operations saw a significant decline of approximately 19%, falling from ₹3,546.68 crore to ₹2,871.87 crore. For the fourth quarter ended March 31, 2026, revenue stood at ₹539.98 crore, a sharp drop from ₹1,048.65 crore in the same quarter last year. Despite the revenue contraction, the company managed to maintain its bottom line through reduced finance costs and lower material expenses.
- Annual revenue from operations decreased by 19% to ₹2,871.87 crore in FY26 from ₹3,546.68 crore in FY25
- Net profit for FY26 stood at ₹33.13 crore, slightly lower than the ₹33.45 crore reported in the previous fiscal year
- Finance costs for the full year were significantly reduced to ₹17.66 crore from ₹36.74 crore in FY25
- Q4 FY26 revenue saw a steep decline to ₹539.98 crore compared to ₹1,048.65 crore in Q4 FY25
- The Board approved the re-appointment of Talati & Talati LLP as Internal Auditors for FY 2026-27
Nandan Denim reported a flat net profit of ₹33.13 crore for the full year ended March 31, 2026, compared to ₹33.45 crore in the previous fiscal year. Annual revenue from operations saw a significant decline of 19%, falling to ₹2,871.87 crore from ₹3,546.68 crore in FY25. On a quarterly basis, Q4 FY26 revenue was ₹539.98 crore, representing a sharp 48.5% drop compared to the ₹1,048.65 crore reported in Q4 FY25. Despite the top-line pressure, the company maintained its bottom line through significant reductions in finance costs and material expenses.
- Annual revenue from operations decreased by 19% to ₹2,871.87 crore in FY26.
- Full-year Net Profit remained stable at ₹33.13 crore compared to ₹33.45 crore in FY25.
- Finance costs for the full year were reduced by 52% to ₹17.66 crore from ₹36.74 crore.
- Q4 FY26 revenue saw a steep year-on-year decline of 48.5% to ₹539.98 crore.
- Board approved the reappointment of Talati & Talati LLP as Internal Auditors for FY 2026-27.
Financial Performance
Revenue Growth by Segment
Total Operating Income was INR 2,026.76 Cr in FY23, representing a 6.8% decrease from INR 2,175.57 Cr in FY22. For 6M FY24, the company reported a top line of INR 975.08 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a well-established network of distributors in the domestic market and engages in exporting textile products.
Profitability Margins
PAT margin improved significantly to 2.20% in FY24 from 0.03% in FY23. PBT margin also rose to 3.18% in FY24 from 0.25% in FY23, driven by improved cost of production.
EBITDA Margin
EBITDA margin stood at 5.47% for 6M FY24, an improvement from 4.16% in FY23. EBITDA was INR 84.36 Cr in FY23 compared to INR 160.10 Cr in FY22.
Capital Expenditure
Historical capital expenditure for the purchase of property, plant, and equipment was INR 8.38 Cr in FY25, an 81% reduction from INR 44.41 Cr in FY24.
Credit Rating & Borrowing
The company holds a long-term rating of IVR BBB-/Stable and a short-term rating of IVR A3. Finance charges were INR 36.74 Cr in FY25, down 22% from INR 47.23 Cr in FY24.
Operational Drivers
Raw Materials
Cotton and Yarn are the primary raw materials. Margin improvements in 6M FY24 were specifically attributed to a correction in raw material prices.
Key Suppliers
Chiripal Group companies are primary suppliers, leveraging the group's long presence in the textile business.
Capacity Expansion
Current installed capacity is 110 million metres per annum (MMPA), which has been expanded over the years from an initial 20 MMPA.
Raw Material Costs
Improvement in FY24 profitability was primarily due to a reduction in the cost of production. Raw material price corrections led to EBITDA margin expansion to 5.47% in 6M FY24.
Manufacturing Efficiency
The company operates one of the largest denim manufacturing capacities in India at 110 MMPA. Manufacturing efficiency is supported by integrated production facilities.
Strategic Growth
Growth Strategy
Growth is driven by its position as one of India's largest denim manufacturers (110 MMPA) and its integrated manufacturing model (spinning to finishing). The company leverages the Chiripal Group's established market position and distributor network to maintain market share.
Products & Services
Denim fabric and various textile products for domestic and export markets.
Brand Portfolio
Nandan Denim, Nandan, Chiripal Group.
Market Expansion
The company maintains a strong domestic distributor network and relationships with clients established through the Chiripal Group's long-term presence.
Market Share & Ranking
NDL is one of the largest denim manufacturers in India with a 110 MMPA capacity.
Strategic Alliances
NDL is a part of the Chiripal Group, providing it with established market positioning and group-level synergies.
External Factors
Industry Trends
The denim industry is characterized by inherent cyclicality and periods of excess capacity. NDL is positioned as a leading player with 110 MMPA capacity to navigate these shifts.
Competitive Landscape
Operates in a highly competitive and fragmented textile industry with inherent cyclicality.
Competitive Moat
NDL's moat is built on its scale as one of India's largest denim producers and its fully integrated manufacturing process, which provides cost leadership and quality control.
Macro Economic Sensitivity
Highly sensitive to raw material price corrections; a correction in prices in 6M FY24 improved EBITDA margins to 5.47%.
Regulatory & Governance
Industry Regulations
The company expected to receive a Technology Upgradation Fund Subsidy (TUFS) of INR 35.00 Cr in H2 FY24 to boost liquidity.
Taxation Policy Impact
Current tax paid was INR 4.85 Cr in FY25. Deferred tax liabilities stood at INR 47.68 Cr as of March 31, 2025.
Legal Contingencies
The company reported no material foreseeable losses on long-term contracts as of March 31, 2025.
Risk Analysis
Key Uncertainties
Cyclicality in the denim industry and raw material price volatility are the primary business risks.
Geographic Concentration Risk
Strong domestic focus through a distributor network, though specific regional revenue percentages are not disclosed.
Third Party Dependencies
Dependency on the Chiripal Group for market positioning and established client relationships.
Credit & Counterparty Risk
Provision for doubtful debts was a reversal of INR 6.29 Cr in FY24, indicating improved receivable quality, though a small provision of INR 0.35 Cr was made in H1 FY26.
