Nandani Creation Limited (NCL), the women’s wear company behind the flagship brand Jaipur Kurti, has reported strong revenue growth and stable operating performance for the third quarter and nine months ended 31st December 2024, despite continued pressures in the Indian fashion retail sector.
The financial results, announced on 9th February 2026, showed that net sales for the nine-month period of FY ’26 rose 65% year-on-year. In the third quarter alone, net sales doubled compared with the same period last year, marking the third consecutive quarter of robust top-line expansion. The company achieved this performance against the backdrop of subdued consumer demand and inflationary pressures affecting discretionary spending across the sector.
EBITDA margins remained broadly stable at approximately 7% during the nine-month period. The marginal moderation compared with the previous year was attributed to a deliberate strategic shift from in-house manufacturing towards a more flexible, demand-led sourcing model.
A key milestone during the period was Jaipur Kurti surpassing Rs. 100 crore (US $ 11.04 million) in sales in calendar year 2025, representing around 46% year-on-year growth. With this achievement, the brand joins a select group of Indian women’s ethnic wear labels that have scaled beyond the Rs. 100 crore (US $ 11.04 million) threshold while maintaining profitability. The company stated that its premiumisation strategy had supported improved realisations, driven by a sharper aspirational positioning and expansion of its offline retail footprint. Greater emphasis on premium offerings, including Jaipur Kurti Luxe and Amaiva – by Jaipur Kurti, contributed to a rise in average selling prices across channels.
The company also continued to diversify and optimise its channel mix. During the nine-month period, 35% of revenue was generated through third-party online marketplaces such as Myntra, Nykaa, Flipkart, Ajio and InstaMart. A further 29% came from third-party retail partners including Trends, Centro, Shoppers Stop, SIS and LFRS, while 36% was derived from its own channels, comprising Exclusive Brand Outlets (EBOs), its website and wholesale operations.
Anuj Mundhra, Chairman and Managing Director of Nandani Creation Limited, stated that the Indian fashion retail industry had faced significant challenges in recent quarters, including subdued consumer demand and persistent inflationary pressures that had weighed on discretionary spending. He said that despite these headwinds, the company had delivered a strong nine-month performance and had crossed Rs. 100 crore (US $ 11.04 million) in sales during calendar year 2025, reflecting the strength of its brand, diversified channel presence and disciplined execution.
