S P Apparels Ltd
SPAL NSE
S P Apparels Ltd
TextilesNSE: SPAL BSE: 540048 Textiles & Apparels
Key Fundamentals
MicrocapTextiles & ApparelsTextilesMarket Cap
₹2,405 Cr
Volatility
Moderate
P/E Ratio
22.7
EBITDA
₹211 Cr
Return on Equity
11.19%
Debt to Equity
0.44
Book Value
₹376.36
EPS
₹36.96
52W High
₹1,221.9
52W Low
₹600
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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50 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company's working capital requirements have reduced from 43.3 days to 27.4 days
Weaknesses
2- Stock is trading at 2.52 times its book value
- Company has a low return on equity of 11.4% over last 3 years.
Growth Rate
Revenue Growth
12.18% ↗
Net Income Growth
5.54% ↘
Cash Flow Change
-43.91% ↘
ROE
-5.49% ↘
ROCE
0.24% ↘
EBITDA Margin (Avg.)
-6.83% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 51d agoAI opinion · based on fundamentals
Risk medium
S P Apparels Ltd is a Tamil Nadu-based knitted garment exporter focused on infant and children's wear, trading at a market cap of ~₹2,868 Cr with a P/E of 27.9x. The company grew consolidated revenue from ₹1,087 Cr in FY24 to ₹1,579 Cr in FY26 (45% over two years) while operating profit margins remained in the 13-14% range, and promoter holding stands at ~61.8%.
Bull Case 8
- Strong revenue growth trajectory — consolidated sales grew from ₹1,087 Cr in FY24 to ₹1,395 Cr in FY25 to ₹1,579 Cr in FY26, a 13% compounded sales CAGR over 3 years
- Export volumes expanding rapidly — export quantities rose 25% YoY from 15.3 million pieces in Q2 FY25 to 18.9 million pieces in Q2 FY26
- Management targeting ₹2,000 Cr revenue in FY26-27, supported by capacity expansion and a reported order book of ~₹600 Cr
- Working capital efficiency improved significantly — working capital days reduced from 43.3 days to 27.4 days, freeing up cash flow
- Consistent profit compounding — 5-year profit CAGR of 18% and 10-year profit CAGR of 14% indicate durable earnings growth
- Stock price CAGR of 38% over 5 years and 35% over 3 years reflects sustained re-rating alongside earnings growth
- Promoter holding stable at ~61.8% with institutional holding at ~18%, suggesting confidence from both promoters and professional investors
- Potential tailwinds from proposed UK and EU free trade agreements (FTAs) which could improve competitiveness of Indian textile exports
Bear Case 8
- Return on equity is modest at 11% over 3 years and 11.4% last year — below the 15%+ threshold typically expected for quality compounders
- Valuation stretched at P/E of 27.9x and P/B of 2.97x for a company delivering only 11-12% ROE, implying the market is pricing in significant future improvement
- Operating profit margins have compressed from 17.5% in FY22 to 13.6% in FY26, and Q4 FY26 EBITDA margin further declined to 12.2% YoY
- Interest costs have risen sharply from ₹18.7 Cr in FY24 to ₹33.5 Cr in FY25 to ₹40.7 Cr in FY26, more than doubling in two years due to debt-funded expansion
- Profit growth lagging revenue growth — TTM profit growth of only 7% vs 13% revenue growth indicates margin pressure is eating into bottom-line gains
- Dividend yield of just 0.18% with inconsistent payout (0% in FY26 and FY24), offering minimal income return to shareholders
- Concentration risk as a niche player in infant/children's knitted garments export segment, exposed to client concentration and fashion demand cycles
- Currency risk from export-heavy revenue base — INR appreciation against GBP/EUR/USD can compress realised margins
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 51d ago Neutral 2
- Insider sells 2,245 shares Jun 19
Mrs. P.V. Jeeva sold 2,245 equity shares via market transactions between June 3 and June 15, 2026.
- CFO sells 1,750 shares Jun 9
CFO V. Balaji sold 1,750 equity shares of S.P. Apparels via market sales between June 3 and June 5, 2026.
TL;DR: Recent news flow for S.P. Apparels is limited to minor insider selling by a promoter-group member and the CFO, totalling under 4,000 shares — too small to signal a material change in conviction. No operational, order-book, or macro headwinds or positives have surfaced. The trend is neutral with no clear directional catalyst in sight.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 248 | 292 | 252 | 295 | 245 | 391 | 359 | 399 | 403 | 427 | 383 | 365 | 401 |
| Expenses | 212 | 246 | 218 | 254 | 212 | 342 | 308 | 345 | 351 | 365 | 329 | 321 | 341 |
| Operating Profit | 36 | 47 | 34 | 41 | 33 | 50 | 51 | 54 | 53 | 62 | 54 | 44 | 60 |
| OPM % | 15% | 16% | 14% | 14% | 13% | 13% | 14% | 14% | 13% | 15% | 14% | 12% | 15% |
| Other Income | 4 | 6 | 5 | 2 | 3 | 2 | 3 | 4 | 2 | 7 | 6 | 4 | 4 |
| Interest | 6 | 4 | 5 | 3 | 5 | 11 | 8 | 10 | 12 | 10 | 10 | 9 | 15 |
| Depreciation | 9 | 10 | 9 | 9 | 10 | 11 | 12 | 11 | 11 | 12 | 12 | 12 | 13 |
| PBT | 25 | 38 | 24 | 30 | 21 | 30 | 34 | 37 | 31 | 47 | 37 | 26 | 36 |
| Tax % | 40% | 26% | 28% | 5% | 12% | 28% | 29% | 19% | 32% | 26% | 27% | 30% | 31% |
| Net Profit | 15 | 29 | 18 | 28 | 18 | 22 | 24 | 30 | 21 | 35 | 27 | 19 | 25 |
| EPS in Rs | 5.98 | 11.38 | 7.03 | 11.35 | 7.2 | 8.75 | 9.64 | 12.12 | 8.53 | 13.83 | 10.74 | 7.35 | 9.91 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 471 | 532 | 632 | 662 | 825 | 808 | 652 | 859 | 1,081 | 1,087 | 1,395 | 1,579 | 1,576 |
| Expenses | 403 | 447 | 528 | 555 | 691 | 724 | 547 | 707 | 935 | 929 | 1,207 | 1,367 | 1,357 |
| Operating Profit | 69 | 85 | 104 | 106 | 134 | 84 | 105 | 152 | 146 | 158 | 188 | 211 | 220 |
| OPM % | 15% | 16% | 16% | 16% | 16% | 10% | 16% | 18% | 14% | 15% | 13% | 13% | 14% |
| Other Income | 7 | -12 | 21 | 16 | 3 | 13 | 1 | 9 | 20 | 16 | 12 | 18 | 20 |
| Interest | 31 | 25 | 18 | 29 | 6 | 23 | 14 | 12 | 19 | 19 | 33 | 41 | 44 |
| Depreciation | 20 | 20 | 19 | 22 | 22 | 30 | 32 | 35 | 36 | 38 | 43 | 48 | 50 |
| PBT | 24 | 28 | 87 | 71 | 109 | 44 | 59 | 115 | 111 | 118 | 123 | 141 | 146 |
| Tax % | 60% | 33% | 38% | 33% | 33% | -6% | 27% | 26% | 26% | 24% | 23% | 28% | — |
| Net Profit | 10 | 19 | 54 | 48 | 73 | 47 | 43 | 85 | 83 | 90 | 95 | 101 | 105 |
| EPS in Rs | 5.98 | 10.98 | 21.3 | 19 | 28.56 | 18.26 | 16.8 | 32.96 | 32.88 | 35.72 | 37.9 | 40.11 | 41.83 |
| Div. Payout % | 0% | 0% | 0% | 3% | 0% | 0% | 13% | 0% | 9% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 25 | 25 | 26 | 26 | 26 | 26 | 25 | 25 | 25 | 25 |
| Reserves | 59 | 96 | 332 | 372 | 458 | 498 | 533 | 612 | 649 | 739 | 831 | 921 |
| Borrowings | 304 | 279 | 185 | 223 | 211 | 226 | 194 | 231 | 245 | 203 | 381 | 419 |
| Other Liabilities | 140 | 169 | 134 | 189 | 192 | 143 | 160 | 193 | 179 | 175 | 219 | 226 |
| Total Liabilities | 520 | 561 | 677 | 810 | 887 | 892 | 912 | 1,062 | 1,097 | 1,142 | 1,456 | 1,591 |
| Fixed Assets | 275 | 277 | 299 | 307 | 317 | 444 | 444 | 450 | 459 | 454 | 595 | 686 |
| CWIP | 0 | 4 | 0 | 6 | 54 | 0 | 10 | 8 | 10 | 19 | 31 | 4 |
| Investments | 1 | 1 | 58 | 31 | 0 | 0 | 0 | 3 | 113 | 51 | 10 | 58 |
| Other Assets | 244 | 280 | 319 | 465 | 515 | 448 | 458 | 602 | 515 | 618 | 821 | 843 |
| Total Assets | 520 | 561 | 677 | 810 | 887 | 892 | 912 | 1,062 | 1,097 | 1,142 | 1,456 | 1,591 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 84 | 49 | 26 | -1 | 82 | 83 | 80 | 27 | 216 | 79 | 44 | 209 |
| Investing | -6 | -28 | -116 | -15 | -60 | -39 | -21 | -29 | -160 | 6 | -170 | -189 |
| Financing | -77 | -20 | 92 | 19 | -17 | -45 | -42 | 24 | -48 | -67 | 82 | -1 |
| Net Cash Flow | 1 | 1 | 2 | 3 | 5 | -1 | 17 | 21 | 8 | 19 | -44 | 18 |
| Free Cash Flow | 69 | 23 | -11 | -40 | -3 | 32 | 36 | -6 | 164 | 25 | -37 | 103 |
| CFO/OP | 126 | 64 | 43 | 20 | 72 | 114 | 90 | 34 | 167 | 71 | 42 | 117 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 56 | 78 | 91 | 57 | 42 | 65 | 49 | 35 | 55 | 66 | 59 |
| Inventory Days | 190 | 228 | 147 | 268 | 277 | 233 | 327 | 342 | 223 | 214 | 234 | 167 |
| Days Payable | 173 | 209 | 101 | 145 | 122 | 86 | 123 | 116 | 74 | 80 | 83 | 69 |
| Cash Conversion Cycle | 74 | 75 | 123 | 215 | 212 | 189 | 269 | 275 | 184 | 190 | 216 | 156 |
| Working Capital Days | -79 | -58 | 20 | 39 | 42 | 46 | 74 | 80 | 26 | 53 | 50 | 27 |
| ROCE % | 14% | 18% | 23% | 17% | 18% | 11% | 10% | 16% | 15% | 13% | 14% | 14% |
Documents
1
Clarification sought from S.P. Apparels Ltd
10 Jul - Exchange has sought clarification from S.P. Apparels Ltd on July 10, 2026 with reference to significant movement in price, in order to ensure that investors … 10 Jul - Exchange has sought clarification from S.P. Apparels Ltd on July 10, 2026 with reference to significant movement in price, in order to ensure that investors …
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - S.P. Apparels confirms it is not a large corporate as of 31 March 2026. 28 Apr - S.P. Apparels confirms it is not a large corporate as of 31 March 2026.
3
Announcement under Regulation 30 (LODR)-Acquisition
21 Apr - S.P Apparels invested Rs. 6.31 crore in UK subsidiary SPUK on April 21, 2026. 21 Apr - S.P Apparels invested Rs. 6.31 crore in UK subsidiary SPUK on April 21, 2026.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - S.P. Apparels confirms it is not a large corporate as of 31 March 2026. 28 Apr - S.P. Apparels confirms it is not a large corporate as of 31 March 2026.
5
Announcement under Regulation 30 (LODR)-Acquisition
8h - S.P Apparels invested Rs. 6.31 crore in UK subsidiary SPUK on April 21, 2026. 8h - S.P Apparels invested Rs. 6.31 crore in UK subsidiary SPUK on April 21, 2026.
Frequently Asked Questions about S P Apparels Ltd
What does S P Apparels Ltd do?
The company was established in 1989, it is a leading manufacturer and exporter of knitted garments for infants and children in India. These are manufactured at the integrated facilities that allow providing end-to-end garment manufacturing services from greige fabric to finished products. [1], Mr...
Where is S P Apparels Ltd (SPAL) listed?
S P Apparels Ltd is listed on the Indian stock exchanges. It is listed on NSE: SPAL and BSE: 540048. You can view its live share price, financials, and ratios on Tapetide.
Which sector does S P Apparels Ltd belong to?
S P Apparels Ltd operates in the Textiles sector within the Textiles & Apparels industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of S P Apparels Ltd?
S P Apparels Ltd has a market capitalisation of approximately ₹2405.16 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of S P Apparels Ltd?
The Price-to-Earnings (PE) ratio of S P Apparels Ltd is 22.70. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of S P Apparels Ltd?
Over the past 52 weeks, S P Apparels Ltd has traded between a low of ₹600 and a high of ₹1,221.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does S P Apparels Ltd pay dividends?
Yes, S P Apparels Ltd has a dividend yield of 0.32%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of S P Apparels Ltd?
S P Apparels Ltd has a Return on Equity (ROE) of 11.19%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research S P Apparels Ltd on Tapetide?
On Tapetide, you can view S P Apparels Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
The company was established in 1989, it is a leading manufacturer and exporter of knitted garments for infants and children in India. These are manufactured at the integrated facilities that allow providing end-to-end garment manufacturing services from greige fabric to finished products. [1], Mr. P. Sundararajan is the Chairman and Managing Director of our Company. [2]. The company provides end-to-end garment manufacturing from greige fabric to finished products including bodysuits, sleepsuits, tops, and bottoms. [3]