Nandan Denim Limited (IN:NDL)
:NDL
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Nandan Denim Limited
(NDL)
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Rating:63Neutral
Price Target:
₹3.00
▲(1.01% Upside)
Action:Reiterated
Date:05/31/26
The score is mainly supported by improved leverage and strong cash generation, but is held back by FY2026 revenue decline and thin/compressing margins. Technical indicators are mildly weak, while valuation appears reasonable on a ~11x P/E.
Positive Factors
Improved Leverage / Strong Balance Sheet
A material decline in debt-to-equity to ~0.18x meaningfully reduces financial risk and increases flexibility. This stronger capital structure supports capital expenditures, working-capital cycles, and buffering through textile demand cycles, improving long-term resilience.
Negative Factors
Sharp Revenue Decline
A near-25% revenue drop in FY2026 erodes scale, reduces fixed-cost absorption, and raises questions about demand stability or customer mix. Sustained or recurring top-line volatility would impair margin recovery and limit capacity to invest in higher-value products.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Leverage / Strong Balance Sheet
A material decline in debt-to-equity to ~0.18x meaningfully reduces financial risk and increases flexibility. This stronger capital structure supports capital expenditures, working-capital cycles, and buffering through textile demand cycles, improving long-term resilience.
Read all positive factors
Nandan Denim Limited (NDL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.78B
Dividend YieldN/A
Average Volume (3M)401.47K
Price to Earnings (P/E)10.7
Beta (1Y)1.48
Revenue Growth-19.03%
EPS Growth0.65%
CountryIN
Employees2,078
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)0.27
Shares Outstanding1,441,471,700
10 Day Avg. Volume162,099
30 Day Avg. Volume401,470
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.41
Price to Sales (P/S)0.09
P/FCF Ratio1.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nandan Denim Limited Business Overview & Revenue Model
Company Description
Headquartered in Ahmedabad, India, Nandan Denim Limited, founded in 1994, is a textile producer focused on the creation and distribution of denim, along with various denim, shirting, and cotton fabrics, as well as yarns. Beyond its domestic operat...
How the Company Makes Money
NDL makes money primarily by manufacturing and selling denim fabric (and related textile outputs, where applicable) to business customers such as apparel brands, garment manufacturers, and fabric/garment exporters. Revenue is generated on a per-or...
Nandan Denim Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.07B | 28.72B | 35.47B | 20.10B | 20.27B | 21.23B |
| Gross Profit | 4.00B | 2.24B | 4.15B | 2.26B | 753.83M | 2.51B |
| EBITDA | 1.18B | 899.23M | 1.28B | 1.53B | 909.20M | 1.74B |
| Net Income | 378.57M | 331.28M | 334.80M | 449.70M | 5.32M | 676.91M |
Balance Sheet | ||||||
| Total Assets | 12.32B | 10.32B | 12.74B | 11.82B | 12.67B | 14.43B |
| Cash, Cash Equivalents and Short-Term Investments | 774.16M | 237.03M | 262.66M | 153.10M | 108.57M | 286.49M |
| Total Debt | 2.21B | 1.18B | 2.49B | 3.30B | 4.65B | 5.58B |
| Total Liabilities | 5.93B | 3.80B | 6.56B | 5.97B | 7.27B | 9.04B |
| Stockholders Equity | 6.40B | 6.51B | 6.19B | 5.85B | 5.40B | 5.39B |
Cash Flow | ||||||
| Free Cash Flow | 404.90M | 1.34B | 866.94M | 1.86B | 1.23B | 488.85M |
| Operating Cash Flow | 454.21M | 1.39B | 950.70M | 2.30B | 1.41B | 1.01B |
| Investing Cash Flow | -4.37M | -23.65M | 95.62M | -497.72M | -210.81M | -554.30M |
| Financing Cash Flow | -426.35M | -1.36B | -1.17B | -1.69B | -1.45B | -342.49M |
Nandan Denim Limited Technical Analysis
Neutral
2.97
Price Trends
2.69
Negative
2.66
Negative
2.93
Negative
Market Momentum
-0.02
Negative
51.03
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NDL, the sentiment is Neutral. The current price of 2.97 is above the 20-day moving average (MA) of 2.59, above the 50-day MA of 2.69, and above the 200-day MA of 2.93, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 51.03 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NDL.
Nandan Denim Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹133.91B | 32.30 | ― | 1.18% | 11.70% | 17.01% | |
63 Neutral | ₹3.78B | 10.74 | ― | ― | -19.03% | 0.65% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | ₹57.59B | 57.35 | ― | ― | 3.19% | -38.40% | |
60 Neutral | ₹39.19B | 0.73 | ― | 2.31% | -36.68% | -30.03% | |
42 Neutral | ₹32.16B | 533.90 | ― | 0.27% | -32.14% | -95.80% | |
42 Neutral | ₹280.02M | -128.51 | ― | ― | -7.88% | 64.19% |
* Consumer Cyclical Sector Average
IN:NDL
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Nandan Denim Limited Corporate Events
Nandan Denim Says SEBI Large Corporate Debt Rules Not Applicable
Apr 25, 2026
Nandan Denim Limited has notified the stock exchanges that it does not qualify as a “Large Corporate” under a Securities and Exchange Board of India circular on fund-raising through issuance of debt securities. As of March 31, 2026, th...
Nandan Denim buys stake in renewable SPV to cut power costs
Apr 17, 2026
Nandan Denim Limited has approved an agreement to acquire a 6.1% equity stake in Opera Vayu (Narmada) Private Limited, a special purpose vehicle in the wind and solar power sector, for about ₹4 crore. The SPV, incorporated in 2022 with a cur...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.