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JAIPURKURT - Nandani Creation

📊 NSE: JAIPURKURT 🏢 Textiles - Products 📅 Last Updated: 12/14/2025 10:18

📢 Recent Corporate Announcements

Nandani Creation Q3 Sales Double; Hits ₹100 Cr CY2025 Sales Milestone

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 07:21 PM

Nandani Creation Limited (NCL) reported a robust 100% YoY revenue growth in Q3FY26, with 9MFY26 sales up 65% YoY. The company achieved a major milestone by crossing ₹100 crore in sales for the calendar year 2025, marking a 46% YoY growth. While EBITDA margins remained stable at approximately 7%, the company successfully premiumized its brand, with offline Average Selling Price (ASP) jumping from ₹1,707 to ₹2,669. The company is aggressively expanding its omni-channel footprint through partnerships with Reliance Trends, Shoppers Stop, and quick-commerce platforms.

Net Sales grew 100% YoY in Q3FY26 and 65% YoY in 9MFY26
Flagship brand 'Jaipur Kurti' crossed ₹100 crore sales milestone in CY2025
Offline Average Selling Price (ASP) increased significantly to ₹2,669 from ₹1,707 YoY
Quick commerce channels already contributing 3% of total sales
EBITDA margins maintained at ~7% despite strategic investments in brand building

💡 Investors should note the strong top-line momentum and successful brand premiumization which is reflected in the higher ASP. The focus should now be on whether the company can translate this scale into higher EBITDA margins in the coming quarters.

Nandani Creation Clarifies Significant Price Movement as Market Driven

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 07 Jan 2026, 07:34 PM

Nandani Creation Limited (JAIPURKURT) has responded to a clarification sought by the National Stock Exchange regarding a significant increase in its stock price. The company stated that it has complied with all disclosure requirements under Regulation 30 of SEBI (LODR) Regulations, 2015. Management clarified that there is no undisclosed material information or events that could have impacted the stock price. The company maintains that the price movement is purely market-driven and not influenced by internal management decisions.

NSE issued a surveillance query (Ref: NSE/CM/Surveillance/16308) on January 07, 2026
Company confirms full compliance with SEBI Regulation 30 regarding material disclosures
Management attributes the recent price surge entirely to market conditions
No withheld price-sensitive information was reported by the company

💡 Investors should exercise caution as the company confirms no fundamental news is driving the recent price surge. Monitor for potential speculative activity or technical trends rather than fundamental shifts.

Nandani Creation Hits ₹100Cr+ Sales in CY2025, Reports 46% YoY Growth

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Jan 2026, 05:46 PM

Nandani Creation Limited (JAIPURKURT) announced it surpassed ₹100 crore in sales for the calendar year 2025, a 46% increase compared to CY 2024. The company has successfully pivoted from an online-only model to an omnichannel strategy, now operating 15+ exclusive outlets and 80+ shop-in-shop counters. Key partnerships include presence in 100+ Reliance Trends and 12+ Shoppers Stop stores, alongside a new entry into quick commerce via Swiggy InstaMart. This growth follows a strategic consolidation phase in FY23-24 aimed at establishing channel parity.

Achieved ₹100+ crore sales in CY 2025, representing ~46% year-on-year growth.
Expanded physical footprint to 15+ Exclusive Brand Outlets and 80+ Shop-in-Shop counters.
Presence established in 100+ Reliance Trends and 50+ Avantra & Kalanikethan stores.
Entered Quick Commerce via Swiggy InstaMart to enhance accessibility and delivery speed.
Management confirms transition from online supplier to a national omnichannel brand.

💡 The company's successful scale-up to ₹100cr+ revenue and omnichannel expansion suggests strong execution; investors should watch for margin sustainability as offline costs rise.

Nandani Creation Limited Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 11:33 PM

Nandani Creation Limited (JAIPURKURT) has informed the exchange that its trading window will be closed starting January 1, 2026. This closure is in preparation for the announcement of the company's standalone and consolidated un-audited financial results for the quarter ending December 31, 2025. The restriction applies to all designated persons, including directors and employees, and will remain in effect until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated in the future.

Trading window closure effective from January 1, 2026, for the Q3 FY26 results.
Restriction covers all designated persons, directors, and their immediate relatives.
Window to remain closed until 48 hours after the declaration of un-audited financial results.
The board meeting date for result approval for the quarter ending December 31, 2025, is yet to be announced.

💡 This is a routine regulatory filing with no immediate impact on stock fundamentals; investors should wait for the upcoming quarterly results to assess performance.

Nandani Creation Partners with Reliance Centro to Expand Jaipur Kurti in 12+ Stores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Dec 2025, 04:58 PM

Nandani Creation Limited (NCL) has announced a strategic partnership with Reliance Centro to strengthen the offline presence of its flagship brand, Jaipur Kurti. This collaboration will see the brand's latest collections featured in 12+ Reliance Centro stores across India, enhancing its omnichannel reach. The move adds to NCL's existing network of 13 retail stores and over 170+ other retail touchpoints including Reliance Trends and Shoppers Stop. This expansion is part of the company's strategy to fortify its Direct-to-Consumer (D2C) ecosystem and capture a larger share of the women's ethnic wear market.

Strategic partnership with Reliance Centro to expand retail presence in 12+ stores nationwide.
Strengthens existing offline network of 8 COCO and 5 FOFO retail stores across major Indian cities.
Complements current distribution through 53+ Reliance Trends, 80+ SIS, and 6+ Shoppers Stop stores.
Focuses on providing an omnichannel experience by integrating digital and offline sales channels.
Leverages Reliance Centro's premium positioning to target evolving consumer tastes in the ethnic wear segment.

💡 Investors should view this as a positive step towards scaling the brand's physical footprint and should monitor the impact on sales growth in the coming quarters. The ability to leverage Reliance's massive retail infrastructure could significantly lower customer acquisition costs compared to standalone stores.

View All JAIPURKURT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Net Sales grew 55.17% YoY from INR 45.11 Cr in FY24 to INR 70.00 Cr in FY25. Segment contribution is led by Composite Sets (48% of sales), followed by Top Wear (23%), Bottom Wear (16%), and Sarees (10%).

Geographic Revenue Split

The company operates 16+ retail stores across Rajasthan, Delhi NCR, Bangalore, Punjab, and Lucknow. While specific regional % splits are not disclosed, the offline presence is concentrated in North and South India, with a fully integrated dispatch facility in Jaipur, Rajasthan.

Profitability Margins

Net Profit Margin improved significantly from 1.12% in FY24 to 5.14% in FY25. Gross realization was bolstered by an 87% increase in Average Selling Price (ASP) from INR 855 to INR 1,600 due to brand premiumization.

EBITDA Margin

Operating EBITDA margin increased from 10.0% in FY24 to 13.10% in FY25. Absolute EBITDA rose 109.3% from INR 4.3 Cr to INR 9.00 Cr, driven by higher sales realization and better absorption of fixed costs.

Capital Expenditure

Historical depreciation of INR 2.00 Cr in FY25 (up from INR 1.95 Cr in FY24) indicates steady maintenance of its Jaipur manufacturing and dispatch infrastructure. Planned expansion includes 3 additional stores currently in 'fit-out' stage.

Credit Rating & Borrowing

Interest costs rose 18.5% to INR 3.00 Cr in FY25 from INR 2.53 Cr in FY24. The Debt-Equity ratio improved from 0.57 to 0.38, indicating a strengthening balance sheet and reduced leverage risk.

⚙️ Operational Drivers

Raw Materials

Textile fabrics (cotton, silk, synthetics) and dyes represent the primary raw material costs, though specific % breakdowns per material are not disclosed.

Import Sources

Sourced primarily from domestic textile hubs in India, with a focus on Jaipur, Rajasthan for manufacturing and vendor relationships.

Key Suppliers

The company maintains a wide base of long-term fabric suppliers and manufacturing vendors to de-risk geographical and dependency factors.

Capacity Expansion

Current operations sold 8.14 lakh pieces in FY25 (up 22.5% from 6.64 lakh in FY24). Expansion is focused on the retail footprint, adding 12+ Reliance Centro stores and moving toward a FOFO (Franchise Owned Franchise Operated) model starting with Jalandhar.

Raw Material Costs

Raw material procurement is managed through long-term relationships; the company is shifting to Machine Learning (ML) led replenishment to optimize inventory cycles and reduce stock-outs.

Manufacturing Efficiency

Inventory Turnover Ratio improved from 1.05 times in FY24 to 1.28 times in FY25, reflecting better movement of stock and higher demand for the 'Jaipur Kurti' brand.

Logistics & Distribution

Distribution is omnichannel, with 62.78% of sales coming from online platforms and 38.8% from own-channel sales (INR 27 Cr), reducing reliance on third-party logistics costs over time.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be driven by an omnichannel strategy: expanding the offline footprint through 12+ Reliance Centro stores, scaling the D2C website (jaipurkurti.com), and increasing ASP through premiumization. The company is also leveraging a brand ambassador (Madhuri Dixit) to increase recall.

Products & Services

Women's Indian wear including Kurtis, Suit sets, Fusion wear, Lounge wear, Bottom wear (pants, palazzos), and Sarees.

Brand Portfolio

Jaipur Kurti, Amaiva-By Jaipur Kurti, and Desi Fusion.

New Products/Services

Expansion into high-end ethnic wear via the 'Amaiva' brand and B2B fashion destinations through 'Desi Fusion'.

Market Expansion

Targeting Tier I, II, and III cities through a mix of COCO (8 stores) and FOFO models, alongside 80+ Shop-in-Shop (SIS) counters.

Market Share & Ranking

Positioned as a leading 'Online First' Indian women's wear brand with a 12+ year track record.

Strategic Alliances

Partnerships with Reliance Centro, Reliance Trends (53+ stores), Shoppers Stop (6+ stores), and Avantara/Kalanikethan (35+ stores).

🌍 External Factors

Industry Trends

The Indian women's apparel market (US$ 44bn in 2023) is shifting from unorganized to organized branded segments. Online penetration is expected to reach 14% by 2028, favoring 'online-first' players like Jaipur Kurti.

Competitive Landscape

Competes with organized players like Biba and Reliance-owned brands, as well as a large unorganized sector in the ethnic wear space.

Competitive Moat

Moat is built on a 12-year 'online-first' legacy, a strong D2C proprietary platform (38.8% of sales), and a fully integrated manufacturing-to-retail supply chain in Jaipur.

Macro Economic Sensitivity

Highly sensitive to Indian consumer discretionary spending and the growth of the e-commerce sector, which is projected to reach US$ 345 billion by FY30.

Consumer Behavior

Increasing number of working women and a shift toward 'fusion wear' and branded ethnic wear are driving demand.

Geopolitical Risks

Minimal direct impact as manufacturing and sales are largely domestic, though global cotton price fluctuations can affect raw material costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to textile manufacturing standards and GST regulations. Benefits from government schemes like MITRA and SITP for the textile sector.

Taxation Policy Impact

Effective tax rate was approximately 20% in FY25 (INR 1.00 Cr tax on INR 5.00 Cr PBT).

Legal Contingencies

The Scrutinizer's Report for the 13th AGM confirms all resolutions were passed with requisite majority; no major pending litigation values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Fashion trend volatility and the ability to maintain the 87% ASP jump without losing volume (8.14 lakh pieces sold).

Geographic Concentration Risk

Manufacturing is 100% concentrated in Jaipur, Rajasthan, posing a localized operational risk.

Third Party Dependencies

61.2% of sales depend on third-party marketplaces (Myntra, Ajio, etc.), making the company vulnerable to their algorithm and commission changes.

Technology Obsolescence Risk

The company is mitigating this by investing in a proprietary mobile app (Android/iOS) and ML-led replenishment systems.

Credit & Counterparty Risk

Trade Receivables Turnover Ratio was 1.96 times in FY25, slightly down from 2.10 in FY24, indicating a need for tighter credit control with MBO/LFRS partners.