Nandan Denim Ltd. was listed on the BSE on Mar 23, 2012. In the last five years, its stock has given a massive return of around 450%. Will Nandan Denim continue to provide such great returns in the future as well? Let’s explore Nandan Denim’s growth potential and the Nandan Denim share price target 2025 to 2050 in this article.
Nandan Denim Limited was founded on August 9, 1994, in Ahmedabad, Gujarat, and is part of the Chiripal Group. It is the largest vertically integrated denim fabric manufacturer of India and the fourth-largest in the world, capable of producing 110 million meters of denim fabric annually. Its diverse products include knit, lightweight, classical twill, dobby denims, plus shirting fabrics, grey cotton, and khakis.
Nandan Denim Fundamental Analysis
Stock Name
Nandan Denim Ltd.
NSE Symbol
NDL
Market Cap
₹ 578 Cr.
52W High
₹ 7.35
52W Low
₹ 2.96
Stock P/E
17.2
Book Value
₹ 4.29
Dividend Yield
0.00 %
ROCE
9.27 %
ROE
5.56 %
Face Value
₹ 1.00
Industry PE
24.9
Price to book value
0.92
Debt to equity
0.40
PEG Ratio
0.32
Quick ratio
1.16
Nandan Denim Shareholding Pattern
Shareholders
March 2023
March 2024
March 2025
Promoters
64.87%
64.87%
51.01%
FIIs
0.79%
0.48%
0.58%
DIIs
0.00%
0.00%
1.25%
Government
0.01%
0.01%
0.01%
Public
34.32%
34.65%
47.14%
No. of Shareholders
33,760
35,585
1,69,051
Key Factors Driving Nandan Denim’s Future Growth
Rising Demand for Denim in Domestic and Export Markets: The Indian denim market is expecting strong growth due to increasing fashion consciousness, urbanization, and rising disposable incomes. Also, strong demand from export markets like Bangladesh, Latin America, and the Middle East is expected to support the company’s growth trajectory.
Expansion of Manufacturing Capacity: Nandan Denim has continuously invested in expanding its production capabilities. With an annual capacity of over 100 million meters of denim fabric and a strong focus on quality and innovation, the company is equipped to meet growing customer demand and scale up operations, ensuring volume-driven growth.
Backward Integration and Operational Efficiency: The company’s integrated operations—from spinning to dyeing and weaving—allow for better cost control, operational efficiency, and flexibility in product offerings. This backward integration enhances margins and supports competitive pricing, strengthening its market position.
Product Diversification into Non-Denim and Value-Added Segments: In addition to denim, Nandan Denim has ventured into shirting, bottom-weight fabrics, and value-added products, including stretch denim and sustainable fabrics.
Government Push for Textile Sector Modernization: The Indian government’s support for the textile sector through initiatives like the Production Linked Incentive (PLI) scheme, TUFS (Technology Upgradation Fund Scheme), and mega textile parks will create a favorable ecosystem for players like Nandan Denim, promoting investment and innovation in the sector.
Pros of Nandan Denim
Low P/B Ratio (Undervalued Stock): Nandan Denim Price to Book Value (P/B) ratio is 0.92, which shows that its stock is trading below its intrinsic value and may be undervalued.
Low PE Ratio Compared to Peers: Nandan Denim’s PE ratio is17.2, which is lower than the industry average of 24.9, making it relatively undervalued and potentially a good investment opportunity.
Low Debt Levels: Nandan Denim’s debt-to-equity ratio is 0.40, which indicates that the company is less dependent on debt, which reduces its financial risk.
Cons of Nandan Denim
Low Return on Equity (ROE): Nandan Denim’s 5-year average ROE is 5.26%, which shows that Nandan Denim is not using shareholders’ funds efficiently to generate profits.
Low Return on Capital Employed (ROCE): Nandan Denim’s 5-year average ROCE is 8.29%, which shows that Nandan Denim is not using its capital efficiently to generate profits.
Decrease in DIIs Holding: Domestic Institutional Investors (DIIs) have reduced their holding to 1.25% in March 2025 from 1.48% in December 2024, indicating a decline in DIIs’ confidence in the company’s future growth prospects.
Nandan Denim Ltd Balance Sheet
Particulars
March 2023
March 2024
March 2025
Equity Capital
144
144
144
Reserves
396
441
475
Borrowings
465
330
249
Other Liabilities
262
267
407
Total Liabilities
1,267
1,182
1,274
Fixed Assets
534
508
459
CWIP
5
1
1
Investments
0
0
1
Other Assets
727
673
814
Total Assets
1,267
1,182
1,274
Nandan Denim Share Price Target 2025
By the end of 2025, the Nandan Denim share price is expected to be around ₹5.0 in normal conditions. In a bear market, it might be ₹3.6, and in a bull market, it may go up to ₹6.2.
Nandan Denim Share Price Target 2025
Rupees (₹)
Bear Market
3.6
Normal Market
5.0
Bull Market
6.2
Nandan Denim Share Price Target 2026
In 2026, the Nandan Denim share price is expected to be around ₹6.0 in a normal situation. In a bear market, it might be ₹3.9, and in a bull market, it may cross ₹8.0.
Nandan Denim Share Price Target 2026
Rupees (₹)
Bear Market
3.9
Normal Market
6.0
Bull Market
8.0
Nandan Denim Share Price Target 2027
According to our analysis, the Nandan Denim share price is expected to be around ₹7.2 in 2027. In a bear market, it might be ₹4.3, and in a bull market, it may cross ₹10.5.
Nandan Denim Share Price Target 2027
Rupees (₹)
Bear Market
4.3
Normal Market
7.2
Bull Market
10.5
Nandan Denim Share Price Target 2028
According to our analysis, the Nandan Denim share price may trade near ₹8.6 by 2028; bearish conditions could pull it down to ₹4.8, while a strong bull run might lift it to ₹13.6.
Nandan Denim Share Price Target 2028
Rupees (₹)
Bear Market
4.8
Normal Market
8.6
Bull Market
13.6
Nandan Denim Share Price Target 2029
Under normal conditions, the Nandan Denim share price might hit ₹10.3 by 2029. A bearish trend could lower it to ₹5.2, whereas a bullish surge could raise it to ₹17.7.
Nandan Denim Share Price Target 2029
Rupees (₹)
Bear Market
5.2
Normal Market
10.3
Bull Market
17.7
Nandan Denim Share Price Target 2030
In a normal situation, the Nandan Denim share price is projected to be approximately ₹12.4 in 2030. In a bear market, the value may be as low as ₹5.8, while in a bull market, it may rise to ₹23.0.
Nandan Denim Share Price Target 2030
Rupees (₹)
Bear Market
5.8
Normal Market
12.4
Bull Market
23.0
Nandan Denim Share Price Target 2035
By 2035, the Nandan Denim share price is projected to be around ₹25 under normal conditions. In adverse markets, the price could fall to ₹8.7, while favorable conditions might push it up to ₹70.
Nandan Denim Share Price Target 2035
Rupees (₹)
Bear Market
8.7
Normal Market
25
Bull Market
70
Nandan Denim Share Price Target 2040
Under normal conditions, the Nandan Denim share price might hit ₹50 by 2040. A bearish trend could lower it to ₹13.0, whereas a bullish surge could raise it to ₹210.
Nandan Denim Share Price Target 2040
Rupees (₹)
Bear Market
13.0
Normal Market
50
Bull Market
210
Nandan Denim Share Price Target 2050
In 2050, the Nandan Denim share price is expected to be around ₹200 in a normal situation. In a bear market, it might be ₹39.0, and in a bull market, it may go up to ₹1260.
Nandan Denim Share Price Target 2050
Rupees (₹)
Bear Market
39.0
Normal Market
200
Bull Market
1260
Quick Summary of Nandan Denim Share Price Target 2025 to 2050
Years
Target Price
Nandan Denim Share Price Target 2025
₹3.6 to ₹6.2
Nandan Denim Share Price Target 2026
₹3.9 to ₹8.0
Nandan Denim Share Price Target 2027
₹4.3 to ₹10.5
Nandan Denim Share Price Target 2028
₹4.8 to ₹13.6
Nandan Denim Share Price Target 2029
₹5.2 to ₹17.7
Nandan Denim Share Price Target 2030
₹5.8 to ₹23.0
Nandan Denim Share Price Target 2035
₹8.7 to ₹70
Nandan Denim Share Price Target 2040
₹13.0 to ₹210
Nandan Denim Share Price Target 2050
₹39.0 to ₹1260
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
Yogesh Jalwania is a stock market trader and investor with 3+ years of experience. He share valuable insights on stock market trends, mutual funds and IPOs.
