Nitin Spinners Ltd - Stock Valuation and Financial Performance

BSE: 532698 | NSE: NITINSPIN | Textile - Spinning | Small Cap

Nitin Spinners Share Price

320.85 -8.70 -2.64%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Nitin Spinners

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Nitin Spinners stock performance -

mw4me loader
P/E Ratio (SA):
13.91
Market Cap:
1,821 Cr.
52-wk low:
215.1
52-wk high:
395

Is Nitin Spinners Ltd an attractive stock to invest in?

1. Is Nitin Spinners Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Nitin Spinners Ltd is a average quality company.

2. Is Nitin Spinners Ltd undervalued or overvalued?

The key valuation ratios of Nitin Spinners Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Nitin Spinners Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Nitin Spinners Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Nitin Spinners:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Nitin Spinners Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 15.3%13.5%12.2%10.5%8.6%7.7%4.4%7.3%23.8%10.7%-
Value Creation
Index
0.10.0-0.1-0.3-0.4-0.5-0.7-0.50.7-0.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 4886167679331,1451,2431,4381,6242,6922,4072,760
Sales YoY Gr.-26.2%24.4%21.7%22.7%8.5%15.7%13%65.7%-10.6%-
Adj EPS 7.69.19.612.59.411.44.212.258.629.223.3
YoY Gr.-19.3%6.1%30%-24.7%21.3%-63.2%189.6%380.3%-50.1%-
BVPS (₹) 28.736.444.957.77585.887.9100.2155.8183196.8
Adj Net
Profit
34.841.644.157.352.364.323.668.6329164131
Cash Flow from Ops. 86.644.510053.666.310498.2155431194-
Debt/CF from Ops. 28.53.510.66.88.310.66.21.65.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 19.4%16%18.7%-10.6%
Adj EPS 16.1%25.4%90.7%-50.1%
BVPS22.9%19.5%27.7%17.5%
Share Price 36.4% 28.8% 57.6% 44.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
3027.823.724.415.414.34.81345.817.212.3
Op. Profit
Mgn %
19.316.217.914.313.514.411.815.824.212.312
Net Profit
Mgn %
7.16.75.86.14.65.21.64.212.26.84.7
Debt to
Equity
1.32.31.72.21.11.82.11.70.81-
Working Cap
Days
10299102991001171201269712751
Cash Conv.
Cycle
7061636674848793689218

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 18.73%

Net Profit is growing at healthy rate in last 3 years 90.71%

Debt to equity has declined versus last 3 years average to 0.95

Sales growth is good in last 4 quarters at 14.42%

Return on Equity has declined versus last 3 years average to 12.30%

Latest Financials - Nitin Spinners Ltd.

Standalone Consolidated
TTM EPS (₹) 23.3 -
TTM Sales (₹ Cr.) 2,760 -
BVPS (₹.) 196.8 -
Reserves (₹ Cr.) 1,050 -
P/BV 1.65 -
PE 13.91 -
From the Market
52 Week Low / High (₹) 215.05 / 395.00
All Time Low / High (₹) 3.12 / 395.00
Market Cap (₹ Cr.) 1,821
Equity (₹ Cr.) 56.2
Face Value (₹) 10
Industry PE 29.1

Management X-Ray of Nitin Spinners:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Nitin Spinners

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales4886167679331,1451,2431,4381,6242,6922,407
Operating Expenses 3945176308009901,0641,2681,3672,0412,110
Manufacturing Costs557696126165159218251312296
Material Costs2983844635897287819149291,4491,599
Employee Cost 22344352616894112133133
Other Costs 192328333755427514681
Operating Profit 9499137133155178170257652297
Operating Profit Margin (%) 19.2%16.1%17.9%14.3%13.5%14.3%11.8%15.8%24.2%12.3%
Other Income 0511232223
Interest 17233322302956625538
Depreciation 25284042565581918787
Exceptional Items 00000000-50
Profit Before Tax 52546570719736107506176
Tax 171321131933123818011
Profit After Tax 3541445752642469326165
PAT Margin (%) 7.1%6.6%5.8%6.1%4.6%5.2%1.7%4.2%12.1%6.8%
Adjusted EPS (₹)7.68.99.612.59.411.44.212.358.029.3
Dividend Payout Ratio (%)10%11%10%10%13%11%14%12%7%9%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 1321672062644174834945638761,029
Share Capital 46464646565656565656
Reserves 86121160218361426438507820973
Minority Interest0000000000
Debt144348299502398804963847597874
Long Term Debt131294241389311619676564407561
Short Term Debt13535811288185287283190313
Trade Payables1191318263541558252
Others Liabilities 688611810188114147211269263
Total Liabilities 3546106358859291,4361,6451,6761,8242,218

Fixed Assets

Gross Block3796216256546666751,3711,3801,3951,480
Accumulated Depreciation1872042434197151231321383469
Net Fixed Assets1914173826135705241,1401,0601,0121,011
CWIP 2101704468020340
Investments 0000000000
Inventories7194115170205228265355406492
Trade Receivables2540394888121153166241223
Cash Equivalents 0111030110
Others Assets4658815261938894165151
Total Assets 3546106358859291,4361,6451,6761,8242,218

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 8745100546610498155431194
PBT 52546570719736107511176
Adjustment 425173648684136153146127
Changes in Working Capital 3-50-24-65-76-59-64-89-123-56
Tax Paid -11-11-13-16-15-19-10-16-102-53
Cash Flow From Investing Activity -39-219-36-241-20-483-217-11-86-433
Capex -3-254-5-273-13-9-697-11-44-86
Net Investments 0000000000
Others -3635-3132-8-4754800-42-348
Cash Flow From Financing Activity -48176-65188-47382116-144-345239
Net Proceeds from Shares 000011280000
Net Proceeds from Borrowing -27162-31162-9431379-75-180168
Interest Paid -17-23-33-22-30-29-56-62-55-38
Dividend Paid 0-3-5-5-6-7-7-3-17-14
Others -339354-3097100-3-93123
Net Cash Flow 0101-13-3000
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)29.9427.4423.724.4115.3814.264.8813.0345.3217.31
ROCE (%)22.5717.9117.8113.3211.8911.436.3410.9936.3511.95
Asset Turnover Ratio1.41.281.231.231.261.050.930.981.541.19
PAT to CFO Conversion(x)2.491.12.270.951.271.634.082.251.321.18
Working Capital Days
Receivable Days20191917223135362835
Inventory Days57495056606463705268
Payable Days1010910111415191715

Nitin Spinners Ltd Stock News

Nitin Spinners Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Nitin Spinners on 28-Mar-2024 16:01 is ₹320.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Nitin Spinners stood at ₹1,821.
The latest P/E ratio of Nitin Spinners as of 28-Mar-2024 16:01 is 13.91.
The latest P/B ratio of Nitin Spinners as of 28-Mar-2024 16:01 is 1.65.
The 52-week high of Nitin Spinners is ₹395.0 and the 52-week low is ₹215.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Nitin Spinners is ₹2,760 ( Cr.) .

About Nitin Spinners Ltd

Nitin Spinners Ltd was incorporated as a private limited company on October 15, 1992 under the Companies Act 1956 in the state of Rajasthan having the name ‘Nitin Spinners Private Limited’. Subsequently the company was converted into a public limited company on November 15, 1994 and the name was changed to Nitin Spinners Limited. The company was promoted by R. L. Nolkha Dinesh Nolkha and Nitin Nolakha.

Starting with one open-end facility, the company has grown into one of the largest producers of 100% cotton yarn and fabrics in India. It possesses one of the best pool of skilled workforce in the textile Industry.

Nitin at present has an installed capacity of 27216 spindles, 1872 rotors and 15 knitting machines. Nitin is situated on N.H.No.79, Hamirgarh, 16 KM away from Bhilwara the textile city of Rajasthan in India. Its products are meant for apparel & garment industry, terry towels, knitted fabrics, denims, woven fabrics, furnishings, carpets, industrial fabrics, medical fabric etc. The company has tied up for long term yarn supplies with denim, terry towel, knitting and other Industrial fabrics manufacturers in India & abroad.

Its diverse competencies enable it to address the most challenging business realities effectively. This rich people capital has been manifested in its unmatched reputation, its wide product variety, its export exposure and above-the-market realizations.

The company has been an innovator in textile field and conducted its business with the purpose of growing into a notable organization. Today, despite in the midst of highly fierce and competitive textile markets, Nitin Spinners Ltd. is still poised to serve both local and international markets with a pledge of providing great satisfaction to its  customers. In an effort to finalize this vertical plan, there are plans underway to enter the apparels sector to complete the production chain from yarn to ready-to-wear garments.

Today, with the combined installed capacity of nearly 80000 spindles & 4000 rotors, manufacturing 25000 tons of yarn and threads per annum, the company has carved a niche for itself on the textile map of the country.

Its Fabric Unit has also shown an upward growth trend since its inception. Today, with the production & supply of 4000 tons of fabric per annum, its top quality fabric is already making its presence felt in the global textile industry.

The company is exporting cotton yarns and knitted fabrics to countries like Australia, Bahrain, China, Colombia, Egypt, Israel, Italy, Korea, Mauritius, Russia, Poland, U.K., U.S.A. and others. It supply to customers, who are in fields like apparel and garment industry, industrial fabrics, furnishing fabrics, towels, denims etc. At present, its exports are restricted to around 18-20 countries only, which leaves more scope for the company to develop new markets and to increase its presence accordingly. Further, with the phasing out of quota restrictions, the company is expecting to achieve high growth rate in the global markets in the coming years.

Product range of the company includes:

Yarns

  • Open End yarns from Ne 5/1 to Ne 30/1 ( Nm 8/1 to Nm 50/1 ) 
  • Multifold Open End Yarns
  • Ring Spun Combed Yarns from Ne 20/1 to Ne 50/1 ( Nm 34/1 to Nm 85/1) 
  • Multifold Ring Spun Yarns
  • 'S' & 'Z' Twist Yarns
  • Dyeable cheese cones - Soft package
  • 100% Organic Cotton Yarns and Blends

Knitted Fabrics

  • Single Jersey 
  •  Pique structures 
  •  Interlock structures
  •  Rib structures
  •  Three Thread Fleece 

Woven Fabrics

Achievements/ recognition:

ISO 9001: 2000 accreted

Certificates from:

  • Organic Exchange
  • Export House
  • Bureau of Indian Standards
  • Oeko-Tex Standard
  • GOTS/Sustainable
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