Textile · Founded 2012 · www.jaipurkurti.com · NSE · ISIN INE696V01013
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1. Business Overview
Nandani Creation Ltd. is an Indian textile company primarily engaged in the manufacturing, marketing, and trading of women's ethnic wear. The company operates under the brand "Jaipur Kurti," specializing in a range of apparel including kurtis, anarkalis, gowns, palazzo sets, salwar suits, and dupattas. Its core business model involves designing, producing, and distributing these garments through a multi-channel approach, encompassing both online platforms (its own e-commerce website, third-party marketplaces) and offline retail (physical stores, wholesale). The company makes money by selling its apparel directly to consumers (B2C) and through wholesale channels to other retailers (B2B).
2. Key Segments / Revenue Mix
Nandani Creation Ltd. primarily focuses on women's ethnic wear. While specific percentage contributions for segments are not typically disclosed in detail for smaller companies, its revenue streams can be broadly categorized by sales channels:
Online Retail (B2C): Sales through its proprietary website (jaipurkurti.com) and major e-commerce marketplaces (e.g., Myntra, Amazon, Flipkart). This channel is a significant contributor to direct consumer sales.
Offline Retail (B2C): Sales through its exclusive brand outlets and multi-brand stores.
Wholesale (B2B): Supplying its products to other retailers and distributors across various geographies.
The primary product focus remains women's ethnic and fusion wear, encompassing traditional Indian attire with contemporary designs.
3. Industry & Positioning
Nandani Creation operates within the highly fragmented yet growing Indian textile and apparel industry, specifically in the women's ethnic wear segment. This segment is characterized by a mix of large national brands, numerous regional players, unorganized manufacturers, and increasing presence of online-only brands. Nandani Creation positions itself as a mid-segment brand offering trendy and affordable ethnic wear, leveraging its "Jaipur Kurti" brand identity which evokes a sense of traditional Indian craftsmanship. It competes with both established players like Biba, W, and Aurelia, as well as smaller regional and online-first brands in the value-for-money and mid-price ethnic wear categories.
4. Competitive Advantage (Moat)
For a company of its size, Nandani Creation's competitive advantages are primarily derived from:
Brand Recognition: "Jaipur Kurti" has built a recognizable brand name within its specific niche of ethnic wear, particularly appealing to consumers seeking traditional Indian aesthetics.
Design & Manufacturing Capability: The ability to consistently introduce new designs aligned with fashion trends and manage its manufacturing/sourcing efficiently to maintain product freshness and cost-effectiveness.
Multi-channel Presence: A balanced presence across online and offline channels allows it to reach a wider customer base and adapt to evolving retail landscapes. Its strong e-commerce presence (own website and marketplaces) offers reach beyond traditional physical retail limitations.
Geographical Indication (Implied): While not formally a GI tag holder, "Jaipur" in its brand name subtly leverages the city's association with traditional textiles and craftsmanship, which can be an intangible advantage in marketing.
5. Growth Drivers
Growing Indian Apparel Market: The overall growth in disposable incomes, urbanization, and changing fashion preferences in India continues to fuel demand for ethnic and fusion wear.
E-commerce Penetration: Continued growth in online shopping, especially for fashion apparel, allows the company to expand its reach nationally and potentially internationally without significant capital expenditure on physical stores.
Changing Fashion Trends: Increasing adoption of ethnic wear for daily wear, office wear, and festive occasions, along with the trend of fusion wear, creates a larger addressable market.
Brand Expansion & New Collections: Introduction of new product lines, categories (e.g., men's wear, kids wear), or expansion into new geographies can drive revenue growth.
Offline Store Expansion: Strategic expansion of physical retail footprint in key markets can boost visibility and sales.
6. Risks
Intense Competition: The Indian apparel market is highly competitive with numerous national and regional brands, unorganized players, and private labels.
Fashion Cyclicality & Trend Dependence: Consumer preferences in fashion change rapidly, requiring constant innovation in design and timely inventory management to avoid obsolescence.
Raw Material Price Volatility: Fluctuations in prices of cotton, synthetic fibers, and other raw materials can impact manufacturing costs and profit margins.
E-commerce Dependency & Competition: High reliance on online marketplaces makes it vulnerable to changes in platform policies, commission structures, and intense competition from other sellers.
Supply Chain Disruptions: Any disruptions in sourcing, manufacturing, or logistics can affect production and delivery timelines.
Economic Slowdown: A general economic slowdown can lead to reduced discretionary spending on apparel, impacting sales.
7. Management & Ownership
Nandani Creation Ltd. is a promoter-driven company. Mr. Anuj Mundhra is the founder and Managing Director, leading the company's strategic direction and operations. The promoters hold a significant stake in the company, which is common among small and mid-cap Indian companies, indicating strong alignment between management and shareholder interests. The company was incorporated in 2013 and listed on the BSE SME platform, reflecting its journey from a smaller enterprise to a publicly traded entity.
8. Outlook
Nandani Creation operates in a dynamic Indian apparel market, which presents both significant opportunities and challenges. The company's focus on the growing women's ethnic wear segment, coupled with a strong multi-channel strategy including a notable online presence, positions it to capitalize on increasing discretionary spending and e-commerce adoption. Its established brand "Jaipur Kurti" within its niche offers a base for expansion. However, the business faces intense competition, the inherent volatility of fashion trends, and potential fluctuations in raw material costs, which could impact profitability. Sustained growth will depend on its ability to continuously innovate designs, efficiently manage its supply chain, and effectively navigate the competitive retail landscape while maintaining brand relevance and cost competitiveness.
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PE goes above X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 8 | 20 | 18 | 18 | 13 | 20 | 27 | 28 | 27 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 10 | 8 | 20 | 18 | 19 | 13 | 20 | 27 | 28 | 27 |
| Total Expenditure | 11 | 7 | 15 | 15 | 16 | 11 | 18 | 25 | 26 | 25 |
| Operating Profit | -1 | 2 | 5 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -2 | 1 | 4 | 2 | 2 | 1 | 1 | 1 | 0 | 0 |
| Provision for Tax | -1 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -2 | 0 | 3 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Adjustments | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | -2 | 0 | 3 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Adjusted Earnings Per Share | -1.5 | 0.4 | 2.4 | 1 | 0.7 | 0.4 | 0.4 | 0.4 | 0.1 | 0.1 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 19 | 33 | 37 | 47 | 48 | 63 | 49 | 45 | 70 | 102 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 19 | 33 | 37 | 47 | 48 | 63 | 50 | 46 | 71 | 102 |
| Total Expenditure | 18 | 31 | 34 | 44 | 43 | 60 | 45 | 41 | 60 | 94 |
| Operating Profit | 1 | 2 | 3 | 3 | 5 | 4 | 5 | 5 | 10 | 8 |
| Interest | 0 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 2 | 1 | 2 | 1 | 0 | 1 | 5 | 2 |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
| Profit After Tax | 1 | 1 | 1 | 1 | 2 | 0 | 0 | 1 | 4 | 2 |
| Adjustments | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 2 | 1 | 0 | 1 | 4 | 2 |
| Adjusted Earnings Per Share | 0.8 | 1.3 | 1.5 | 1 | 1.7 | 0.5 | 0.1 | 0.5 | 2.1 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 56% | 4% | 8% | 0% |
| Operating Profit CAGR | 100% | 36% | 27% | 0% |
| PAT CAGR | 300% | 0% | 32% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -26% | -25% | 4% | NA% |
| ROE Average | 9% | 4% | 6% | 8% |
| ROCE Average | 14% | 10% | 11% | 13% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 7 | 8 | 9 | 10 | 15 | 16 | 29 | 30 | 52 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 3 | 5 | 5 | 2 | 4 | 1 | 7 | 3 |
| Other Non-Current Liabilities | -0 | 0 | 0 | 0 | 2 | 4 | 4 | 8 | 5 |
| Total Current Liabilities | 3 | 12 | 15 | 19 | 17 | 19 | 13 | 24 | 32 |
| Total Liabilities | 10 | 22 | 28 | 35 | 36 | 43 | 48 | 69 | 92 |
| Fixed Assets | 1 | 1 | 1 | 1 | 3 | 5 | 6 | 10 | 7 |
| Other Non-Current Assets | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 9 | 20 | 26 | 33 | 31 | 36 | 40 | 58 | 84 |
| Total Assets | 10 | 22 | 28 | 35 | 36 | 43 | 48 | 69 | 92 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| Cash Flow from Operating Activities | -5 | -3 | -0 | 1 | 3 | -3 | -2 | -7 | -17 |
| Cash Flow from Investing Activities | -1 | -1 | -1 | -0 | -1 | -3 | -3 | -1 | -1 |
| Cash Flow from Financing Activities | 7 | 4 | 1 | -1 | -2 | 7 | 8 | 5 | 18 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | 0 | 0 | 3 | -3 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.76 | 1.3 | 1.5 | 1.04 | 1.7 | 0.5 | 0.15 | 0.48 | 2.15 |
| CEPS(Rs) | 0.95 | 1.75 | 2.14 | 1.5 | 2.71 | 1.82 | 1.7 | 2.14 | 3.33 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.95 | 10.23 | 11.74 | 12.6 | 15.23 | 15.74 | 23.63 | 24.37 | 30.28 |
| Core EBITDA Margin(%) | 6.93 | 7.14 | 8.44 | 6.73 | 9.71 | 4.61 | 7.98 | 9.46 | 13.14 |
| EBIT Margin(%) | 6.36 | 6.05 | 7.24 | 6.13 | 8.24 | 3.58 | 5.56 | 6.9 | 11.9 |
| Pre Tax Margin(%) | 4.46 | 4.06 | 4.15 | 2.68 | 4.55 | 1.09 | 0.29 | 1.25 | 7.43 |
| PAT Margin (%) | 2.94 | 2.87 | 2.96 | 1.82 | 3.36 | 0.79 | 0.22 | 1.23 | 5.33 |
| Cash Profit Margin (%) | 3.68 | 3.87 | 4.21 | 2.64 | 5.7 | 2.91 | 3.98 | 5.45 | 8.24 |
| ROA(%) | 5.53 | 5.93 | 4.41 | 2.7 | 4.54 | 1.27 | 0.24 | 0.95 | 4.6 |
| ROE(%) | 8.48 | 13.51 | 13.65 | 8.96 | 12.51 | 3.2 | 0.51 | 2.02 | 9.25 |
| ROCE(%) | 15.7 | 17.82 | 15.9 | 14.4 | 17.84 | 8.49 | 7.87 | 7.15 | 13.74 |
| Receivable days | 79.69 | 62.31 | 69.87 | 56.66 | 53.15 | 52.54 | 70.72 | 118.64 | 150.69 |
| Inventory Days | 80.53 | 89.76 | 144.87 | 158.7 | 173.74 | 124.08 | 168.02 | 213.6 | 183.11 |
| Payable days | 0 | 31.37 | 71.32 | 195.38 | 236.44 | 122.78 | 123.5 | 125.93 | 111.3 |
| PER(x) | 29.57 | 18.57 | 11.74 | 8.6 | 12.84 | 97.05 | 474.46 | 94.44 | 23.13 |
| Price/Book(x) | 2.17 | 2.35 | 1.5 | 0.71 | 1.43 | 3.08 | 2.96 | 1.87 | 1.64 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.91 | 0.83 | 0.68 | 0.4 | 0.7 | 1.11 | 2.03 | 1.73 | 1.52 |
| EV/Core EBITDA(x) | 12.42 | 11.59 | 7.83 | 5.55 | 6.53 | 19.55 | 21.83 | 15.58 | 10.28 |
| Net Sales Growth(%) | 0 | 74.88 | 12.31 | 25.41 | 1.88 | 31.27 | -22.01 | -7.71 | 54.37 |
| EBIT Growth(%) | 0 | 66.57 | 34.4 | 6.1 | 36.93 | -42.98 | 21.17 | 14.57 | 166.09 |
| PAT Growth(%) | 0 | 70.61 | 15.68 | -22.91 | 88.37 | -68.99 | -77.94 | 405.92 | 568.03 |
| EPS Growth(%) | 0 | 70.62 | 15.67 | -30.96 | 64.23 | -70.58 | -70.57 | 228.6 | 344.45 |
| Debt/Equity(x) | 0.17 | 0.97 | 1.21 | 1 | 0.53 | 0.87 | 0.39 | 0.63 | 0.4 |
| Current Ratio(x) | 3.18 | 1.7 | 1.76 | 1.72 | 1.87 | 1.91 | 3.08 | 2.37 | 2.62 |
| Quick Ratio(x) | 1.73 | 0.67 | 0.58 | 0.51 | 0.54 | 0.82 | 1.18 | 1.22 | 1.32 |
| Interest Cover(x) | 3.35 | 3.04 | 2.34 | 1.78 | 2.24 | 1.44 | 1.06 | 1.22 | 2.66 |
| Total Debt/Mcap(x) | 0.07 | 0.36 | 0.7 | 1.22 | 0.32 | 0.24 | 0.11 | 0.29 | 0.24 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.46 | 51.46 | 51.24 | 45.69 | 45.69 | 45.69 | 45.69 | 41.31 | 41.31 | 41.31 |
| FII | 1.03 | 1.9 | 1.9 | 2.71 | 2.71 | 2.71 | 2.71 | 2.21 | 2.21 | 2.21 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.51 | 46.63 | 46.87 | 51.6 | 51.6 | 51.6 | 51.6 | 56.48 | 56.48 | 56.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.59 | 0.59 | 0.59 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 |
| FII | 0.01 | 0.02 | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.54 | 0.53 | 0.54 | 0.89 | 0.89 | 0.89 | 0.89 | 1.08 | 1.08 | 1.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.14 | 1.14 | 1.15 | 1.73 | 1.73 | 1.73 | 1.73 | 1.91 | 1.91 | 1.91 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +56% | +4% | +8% | — |
| Operating Profit CAGR | +100% | +36% | +27% | — |
| PAT CAGR | +300% | — | +32% | — |
| Share Price CAGR | -26% | -25% | +4% | — |
| ROE Average | +9% | +4% | +6% | +8% |
| ROCE Average | +14% | +10% | +11% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.46 | 51.46 | 51.24 | 45.69 | 45.69 | 45.69 | 45.69 | 41.31 | 41.31 | 41.31 |
| FII | 1.03 | 1.9 | 1.9 | 2.71 | 2.71 | 2.71 | 2.71 | 2.21 | 2.21 | 2.21 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 48.54 | 48.54 | 48.76 | 54.31 | 54.31 | 54.31 | 54.31 | 58.69 | 58.69 | 58.69 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.59 | 0.59 | 0.59 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 |
| FII | 0.01 | 0.02 | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.55 | 0.55 | 0.56 | 0.94 | 0.94 | 0.94 | 0.94 | 1.12 | 1.12 | 1.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.14 | 1.14 | 1.15 | 1.73 | 1.73 | 1.73 | 1.73 | 1.91 | 1.91 | 1.91 |
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