Nandan Denim Q4 FY19 Share Price & Earnings Call Analysis
- Market cap
- ₹356 Cr
- P/E
- 9.69
- ROE
- 5.22%
- PEG
- 0.02
- Price to sales
- 0.14
- Debt to equity
- 0.18
- 52W high / low
- ₹3.32 / ₹1.84
- Sales growth (5Y)
- 21.38%
- EBITDA margin
- 3.35%
- Net profit margin
- 1.15%
- Promoter holding
- 51.01%
- Sales (last year)
- ₹2,447 Cr
Incorporated in 1994, Nandan Denim Ltd manufactures Denim, Shirting materials, Yarn and various types of fabrics[1]
Guidance scorecard · Q4 FY19 call
What Nandan Denim Ltd's management guided
and where it ranks in Textiles & Apparels
RevenueQ4 FY19 call
0–10%- Current capacity utilization is around 60-65%, with expectations to improve gradually by 5-10% per quarter.
- Management expects demand to recover post liquidity easing and elections, leading to higher capacity utilization.
- Company aims to improve from present ~65% utilization towards previous higher levels (~85%), indicating significant growth potential.
- Sales realizations are expected to improve; FY2020 realizations should not fall below current levels.
- Temporary oversupply and past disruptions (demonetization, GST) have suppressed demand; these factors are expected to normalize, supporting growth.
- Long-term outlook positive due to growing Indian population and market fundamentals.
2 more points from Nandan Denim Ltd's call on revenue
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MarginsQ4 FY19 call
FlatSee what Nandan Denim Ltd said on margins — free account, 30 seconds.
CapexQ4 FY19 call
None planned- Discussion centered more on capacity utilization, demand, debt repayment, and subsidies rather than new investments.
- Expansion completed in December 2016; no new capacity additions expected in the near future.
- The company focuses on improving capacity utilization (currently around 60-65%) rather than expanding capacity.
- Demand is expected to improve gradually, which may lead to better utilization rather than new capital expenditure.
FundraisingQ4 FY19 call
See what Nandan Denim Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY19 call
- The company operated at about 60%-65% capacity utilization during Q3 FY2019.
- Demand is suppressed due to temporary factors such as liquidity tightness post demonetization and GST implementation.
- No new capacities have come up recently, and no substantial capacity expansions are expected in the near future.
- Management is hopeful of gradual improvement in demand and capacity utilization (expected to improve from the current ~65% towards previous 85% levels).
2 more points from Nandan Denim Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Textiles & Apparels
on management's own guidance
- Strong growth2
- Strong growth1
- Sumeet IndustrieGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Textiles & Apparels companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹560 Cr | 90.6 | |
| 2 | 40%+ | Flat | ₹421 Cr | 27.7 | |
| 3 | Sumeet Industrie | 20–40% | Up 2%+ | ₹751 Cr | 30.3 |
| 4 | 20–40% | Up 2%+ | ₹305 Cr | 20.4 | |
| 5 | 20–40% | Up 0–2% | ₹2,823 Cr | 17.5 | |
| 6 | 20–40% | Up 0–2% | ₹1,067 Cr | 60.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Textiles & Apparels rankingFinancials of Nandan Denim Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Nandan Denim Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 262.24 | 457.16 | 554.37 | 414.42 | 462.18 | 579.12 | 721.62 | 850.25 | 926.15 | 1,048.65 | 1,047.68 | 784.69 | 499.53 |
| Expenses + | 262.27 | 434.04 | 534.03 | 387.75 | 429.85 | 540.13 | 689.38 | 817.70 | 897.13 | 1,014.27 | 1,015.27 | 761.26 | 478.49 |
| Operating Profit | -0.03 | 23.12 | 20.34 | 26.67 | 32.33 | 38.99 | 32.24 | 32.55 | 29.02 | 34.38 | 32.41 | 23.43 | 21.04 |
| OPM % | -0.01% | 5.06% | 3.67% | 6.44% | 7.00% | 6.73% | 4.47% | 3.83% | 3.13% | 3.28% | 3.09% | 2.99% | 4.21% |
| Other Income + | 1.72 | 5.83 | 3.39 | 4.01 | 1.39 | 25.79 | 2.24 | 1.92 | 1.85 | 1.62 | 1.54 | 1.83 | 1.45 |
| Interest | 11.31 | 17.37 | 11.81 | 10.33 | 10.46 | 14.63 | 9.59 | 9.46 | 8.62 | 9.07 | 7.52 | 6.90 | 6.74 |
| Depreciation | 8.11 | 8.13 | 9.68 | 9.72 | 9.77 | 11.39 | 13.59 | 13.60 | 13.62 | 12.41 | 11.61 | 10.05 | 11.65 |
| Profit before tax | -17.73 | 3.45 | 2.24 | 10.63 | 13.49 | 38.76 | 11.30 | 11.41 | 8.63 | 14.52 | 14.82 | 8.31 | 4.10 |
| Tax % | -24.53% | 19.71% | 24.11% | 22.86% | 40.99% | 30.08% | 33.72% | 23.05% | 23.75% | 26.86% | 24.43% | -13.60% | 27.56% |
| Net Profit + | -13.38 | 2.76 | 1.71 | 8.20 | 7.96 | 27.11 | 7.49 | 8.78 | 6.58 | 10.61 | 11.20 | 9.45 | 2.97 |
| EPS in Rs | -0.09 | 0.02 | 0.01 | 0.06 | 0.06 | 0.19 | 0.05 | 0.06 | 0.05 | 0.07 | 0.08 | 0.07 | 0.02 |
Financials of Nandan Denim Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 894 | 1,097 | 1,157 | 1,220 | 1,589 | 1,456 | 1,524 | 1,090 | 2,176 | 2,027 | 2,010 | 3,547 | 3,381 |
| Expenses + | 761 | 931 | 966 | 1,034 | 1,363 | 1,307 | 1,419 | 1,008 | 2,015 | 1,943 | 1,892 | 3,418 | 3,269 |
| Operating Profit | 133 | 165 | 191 | 187 | 226 | 149 | 105 | 82 | 160 | 84 | 118 | 128 | 111 |
| OPM % | 15% | 15% | 17% | 15% | 14% | 10% | 7% | 8% | 7% | 4% | 6% | 4% | 3% |
| Other Income + | 4 | 3 | 4 | 21 | 14 | 13 | 19 | 7 | 19 | 12 | 35 | 8 | 6 |
| Interest | 32 | 38 | 41 | 36 | 58 | 27 | 43 | 42 | 42 | 53 | 47 | 37 | 30 |
| Depreciation | 50 | 60 | 66 | 86 | 121 | 104 | 88 | 78 | 45 | 37 | 41 | 53 | 46 |
| Profit before tax | 55 | 71 | 88 | 85 | 61 | 31 | -7 | -31 | 92 | 5 | 65 | 46 | 42 |
| Tax % | 28% | 28% | 28% | 15% | 24% | 32% | -92% | -40% | 27% | 90% | 31% | 27% | |
| Net Profit + | 39 | 51 | 63 | 73 | 46 | 21 | -1 | -19 | 68 | 1 | 45 | 33 | 34 |
| EPS in Rs | 0.29 | 0.38 | 0.46 | 0.50 | 0.32 | 0.15 | -0.00 | -0.13 | 0.47 | 0.00 | 0.31 | 0.23 | 0.24 |
| Dividend Payout % | 14% | 14% | 12% | 11% | 8% | 11% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Nandan Denim Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 46 | 46 | 46 | 48 | 48 | 48 | 48 | 48 | 144 | 144 | 144 | 144 | 144 |
| Reserves | 171 | 213 | 293 | 390 | 426 | 443 | 442 | 423 | 395 | 396 | 441 | 475 | 495 |
| Borrowings + | 452 | 471 | 511 | 638 | 640 | 603 | 522 | 552 | 558 | 465 | 330 | 249 | 221 |
| Other Liabilities + | 124 | 130 | 168 | 205 | 231 | 170 | 201 | 160 | 346 | 262 | 267 | 407 | 372 |
| Total Liabilities | 792 | 860 | 1,018 | 1,280 | 1,345 | 1,264 | 1,213 | 1,183 | 1,443 | 1,267 | 1,182 | 1,274 | 1,232 |
| Fixed Assets + | 452 | 437 | 480 | 798 | 737 | 632 | 584 | 503 | 544 | 534 | 508 | 459 | 443 |
| CWIP | 0 | 11 | 90 | 6 | 0 | 15 | 0 | 2 | 0 | 5 | 1 | 1 | 1 |
| Investments | 4 | 7 | 7 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 |
| Other Assets + | 335 | 405 | 440 | 475 | 607 | 615 | 627 | 678 | 899 | 727 | 673 | 814 | 789 |
| Total Assets | 792 | 860 | 1,018 | 1,280 | 1,345 | 1,264 | 1,213 | 1,183 | 1,443 | 1,267 | 1,182 | 1,274 | 1,232 |
Financials of Nandan Denim Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 88 | 133 | 147 | 169 | 66 | 79 | 155 | 35 | 101 | 141 | 230 | 95 |
| Cash from Investing Activity + | -94 | -94 | -180 | -286 | -0 | -26 | -18 | -24 | -55 | -21 | -50 | 10 |
| Cash from Financing Activity + | 10 | -26 | 32 | 116 | -65 | -68 | -124 | -9 | -34 | -145 | -168 | -117 |
| Net Cash Flow | 4 | 13 | -2 | -0 | 1 | -15 | 13 | 1 | 12 | -25 | 12 | -13 |
| Free Cash Flow | 6 | 54 | -35 | -115 | 21 | 60 | 130 | 11 | 52 | 124 | 194 | 87 |
| CFO/OP | 73% | 88% | 87% | 105% | 36% | 58% | 152% | 43% | 73% | 175% | 197% | 78% |
Financials of Nandan Denim Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 50 | 49 | 39 | 40 | 63 | 69 | 76 | 93 | 75 | 64 | 68 | 53 |
| Inventory Days | 81 | 68 | 93 | 96 | 83 | 77 | 52 | 94 | 52 | 46 | 38 | 21 |
| Days Payable | 34 | 33 | 49 | 60 | 56 | 39 | 46 | 55 | 56 | 40 | 42 | 37 |
| Cash Conversion Cycle | 97 | 84 | 82 | 76 | 90 | 107 | 83 | 132 | 71 | 69 | 63 | 36 |
| Working Capital Days | 10 | 10 | 8 | -1 | 22 | 36 | 36 | 64 | 33 | 27 | 28 | 24 |
| ROCE % | 14% | 16% | 16% | 13% | 11% | 5% | 4% | 3% | 13% | 5% | 11% | 9% |
Guidance history
How Nandan Denim Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY19 call → | 0–10% | Flat | None planned | — | — |
| Q4 FY18 call → | 10–20% | Flat | None planned | None planned | — |
| Q2 FY18 call → | 10–20% | Up 0–2% | Planned | — | — |
| Q4 FY17 call → | 10–20% | Up 0–2% | — | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Nandan Denim Ltd's management said in earlier quarters
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