ICICI Direct's research report on Nitin Spinners
Nitin Spinners (NSL) has graduated from a small pure spinning company to a company with a sizeable presence in India’s yarn market (3 lakh+ spindles). Forward integration into knitted and finished woven fabrics (~ 27% of revenues) in its product portfolio, which yields more superior margins than spinning has fortified its presence across the textile value chain. NSL invested in capacity building over the last decade, more than quadrupled its spinning capacities and forward integrated with the addition of fabric capacities. The company has been able to sweat its assets effectively and has maintained average utilisation of 85%+.
Outlook
We ascribe BUY rating on the stock. We value NSL at Rs 360 per share (based on 9x FY25E EPS).
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