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1. At a Glance
Nitin Spinners reported revenue of ₹875.03 crore for the quarter ended 30 June 2026, up 10.3% year-on-year from ₹793.31 crore and 1.8% over the ₹859.79 crore of the March quarter. Operating profit came in at ₹155.58 crore against ₹111.25 crore a year earlier. PAT was ₹75.27 crore versus ₹40.99 crore. EPS: ₹13.39.
Management described it as the highest-ever quarterly revenue for the second consecutive quarter, which is the corporate way of saying the company broke its own record and then immediately did it again, presumably while someone in accounts updated a slide template.
Underneath the quarter sits a construction site. The company is spending roughly ₹1,120 crore adding 22,400 MTPA of spinning capacity and 35 million metres of weaving and finishing capacity, plus a separate ~₹230 crore renewable power expansion. As of 16 May 2026, ₹525 crore of that had been incurred, per CARE Ratings. On 30 June 2026, CARE upgraded the long-term rating to CARE A+; Stable from CARE A; Positive, and reaffirmed CARE A1 on short-term facilities.
Also in the quarter: on 19 August 2026, the company acquired 95,68,162 shares of CGE II Hybrid Energy, taking its stake there to 7.36% — a textile company buying into a power company, because electricity is the raw material nobody puts on the label.
The company’s installed base as of March 2026: 4,34,832 spindles, 5,864 rotors, 231 air-jet weaving machines, 264 air-jet spinning positions, and 77 circular knitting machines.
2. Introduction
Nitin Spinners was founded in 1992 in Bhilwara, Rajasthan, by the Nolkha family, and began life with 384 rotors and an investment of ₹3 crore. Thirty-four years later the rotor count is 5,864. Very few businesses can point to a single original unit of production and say “we now have fifteen times that, and also four hundred thousand of a completely different thing.”
The journey, as the company’s own timeline lays it out, is a long sequence of machines being bolted to floors. Ring spinning arrived in 1993 with 14,112 spindles and forward integration into knitted fabric with seven knitting machines. Capacity doubled to 27,216 spindles by 2002. The IPO came in 2006 and was over-subscribed 22 times. An integrated textiles complex followed at Begun district, Chittorgarh, with 76,992 spindles, 552 rotors, 168 air-jet weaving machines and dyeing, printing and finishing facilities. In 2022 the company announced roughly ₹955 crore of expansion; in 2024 it completed that capex, installing 1,27,488 spindles, 264 air-jet spinning positions, 3,312 rotors, 14 knitting machines, 54 weaving machines and 10 million metres a year of finishing capacity.
FY25 delivered what the company called its highest-ever revenue at that point. FY26 revenue was ₹3,213.87 crore. CARE attributes the FY26 flatness to global disruptions, uncertainty around US tariffs, and pressure on yarn spreads as international cotton prices ran below domestic prices for part of the year — with knitted fabric sales volumes down about 25%.
The company holds a Government of India export-house recognition, sells into 55+ countries, and per CARE derived about 62% of FY26 revenue from exports. It also holds a Gold Trophy from Texprocil for highest employment generation in 2023-24, a category that quietly rewards being large and labour-heavy in an industry where both are getting harder.
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3. Business Model: WTF Do They Even Do?
They turn cotton into string, then turn some of the string into cloth, then sell both. That is the honest one-line version. The complicated version is where it gets fun.
The yarn book runs from Ne 6 to Ne 100 — coarse open-end yarn for towels at one end, 100-count compact combed cotton at the other, which is roughly the spread between “industrial mop” and “shirt you would notice.” Inside that range: ring-spun combed and carded, compact, open-end, poly-cotton blends, multifold, core-spun, S and Z twist, zero-twist for towels, gassed yarn, slub yarn, and compact fancy slub yarn — which is fancy slub yarn that went to finishing school. There are organic GOTS and OCS yarns, BCI, Supima, Giza, RegenAgri, Fair Trade, and recycled-fibre yarns. A single company maintains certification paperwork for cotton grown on multiple continents under multiple ethical schemes, and then ships it as thread.
End uses listed for the yarn include woven apparel, knitted apparel, furnishing fabrics, terry towel, denims, medical fabrics — and tea bags. Somewhere in the world, a cup of tea is being strained through Bhilwara.
The fabric side has 40 million metres of woven finishing capacity and 11,000 tonnes of knitted capacity. Woven output covers twills, gabardines, ripstop, canvas, dobby, ottoman, and finishes including Teflon, wrinkle-free, water-repellent, nano-care, anti-bacterial, soil-release and bio-polish. End uses run from fashion wear to defence wear to hotel apparel, which means the same loom shed serves both a runway and a room-service uniform.
Revenue mix in Q1 FY27: yarn ₹633.5 crore (72.4%), fabrics ₹188.7 crore (21.6%), others ₹52.9 crore (6.0%). Geography: exports ₹570.3 crore (65.2%), domestic ₹304.8 crore (34.8%). Customers named by CARE include Raymond, Arvind, Donear, D’Decor, Siyaram’s and Welspun domestically, and Zara, United Colors of Benetton, H&M and Marco Polo abroad, with the top 10 customers at ~22% of FY26 total income.
The plants sit on national highways inside the cotton-growing belt, near ports. The company also runs 41.4 MW of renewable energy capacity, described
