On December 30, 2021, Nitin Spinners approved capacity expansion at a total project cost of Rs 950 crore. The expansion is targeted to be completed over next 20 months with an aim to strengthen the company's market position and capture the benefits of a growing market opportunity in international as well as domestic markets, Nitin Spinners said.

According to the company, the Indian cotton industry is well poised to take advantage of improving demand across the globe and the china + supply chain strategy adopted by global majors.The government thrust on Atmanirbhar Bharat is expected to surge internal demand for raw materials thereby uplifting industry ecosystem. The company hopes to capitalize on growth opportunities arising from investment promotion scheme of the state government and other schemes of central government.

For the first half (April-September) of financial year 2021-22 (H1FY22), Nitin Spinners had reported profit after tax (PAT) of Rs 147 crore as against Rs 3 crore in H1FY21. Revenue from operations grew 88.6 per cent year on year (YoY) to Rs 1,218 crore from Rs 646 crore in the same period last fiscal. Earnings before interest, taxes, depreciation, and amortization (ebitda) margin improved to 25.1 per cent from 12.2 per cent.

The company achieved sales of 11.34 million meters of woven fabric in H1FY22 contributing to 14 per cent of revenue in H1FY22. The company exported more than 70 per cent of its production to over 50 countries across the globe during H1FY22.