SP Apparels
S P Apparels Ltd
- P/E
- 20.90
Key Fundamentals
MicrocapTextilesConsumer DiscretionaryPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 14.00%
- Debt to Equity
- 0.44
- EPS (TTM)
- ₹41.83
- Book Value
- ₹376.36
- Market Cap
- —
- P/E (TTM)
- 20.90
- P/B
- 2.32
- ROE
- 11.20%
- Dividend Yield
- 0.35%
- EBITDA
- ₹236 Cr
- 52W High
- ₹1,221.90
- 52W Low
- ₹600.00
- Day Range
- ₹835.00 – ₹894.45
- Volume
- 1,27,937
Peer Comparison
Consumer Discretionary › Textiles › Textiles & Apparels › Garments & Apparels
| ₹35,750.00 | 52.76 | ₹39,613 Cr | 26.54 | 0.57% | 54.30% | 64.40% | ₹5,351 Cr | ₹757 Cr | |
| ₹499.45 | 31.63 | ₹13,742 Cr | 3.20 | 0.90% | 10.80% | 14.70% | ₹9,798 Cr | ₹431 Cr | |
| ₹1,319.90 | 39.22 | ₹11,797 Cr | 8.36 | 1.14% | 21.00% | 19.90% | ₹5,325 Cr | ₹304 Cr | |
| ₹731.85 | 52.09 | ₹5,236 Cr | 2.48 | 0.14% | 3.09% | 7.65% | ₹4,185 Cr | ₹103 Cr | |
| ₹1,173.50 | 35.46 | ₹3,448 Cr | 1.92 | 0.17% | 5.76% | 7.68% | ₹2,948 Cr | ₹99 Cr | |
| ₹67.16 | 82.91 | ₹3,202 Cr | 31.83 | 0.07% | 37.20% | 18.40% | ₹452 Cr | ₹38 Cr | |
| ₹434.05 | 18.07 | ₹2,655 Cr | 2.64 | 0.46% | 14.70% | 17.20% | ₹1,258 Cr | ₹161 Cr | |
| SP Apparels (this company) | ₹874.05 | 20.90 | ₹2,149 Cr | 2.32 | 0.35% | 11.20% | 14.00% | ₹1,576 Cr | ₹106 Cr |
| Median 8 companies | ₹802.95 | 37.34 | ₹4,342 Cr | 2.92 | 0.41% | 12.95% | 15.95% | ₹3,567 Cr | ₹134 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 63
- Good
- Returns, margins, earnings quality 22% weight
- Valuation
- 61
- Good
- Cheap vs sector & own history 24% weight
- Growth
- 27
- Poor
- Sales & profit trajectory 9% weight
- Financial Health
- 49
- Average
- Solvency, leverage, coverage 9% weight
- Momentum
- 52
- Average
- Trend strength, vol-adjusted 12% weight
- Ownership
- 39
- Weak
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company's working capital requirements have reduced from 42.5 days to 24.2 days
Weaknesses
2- Company has a low return on equity of 11.4% over last 3 years.
- Dividend payout has been low at 2.49% of profits over last 3 years
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bearish | 9 | 5 | 5 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 7 | 0 | 3 |
Oscillators
Neutral
Overall
Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 45.20
- Neutral
- MACD (12,26,9)
- −31.19
- Bullish
- SMA (50)
- 949.61
- Bearish
- SMA (200)
- 862.06
- Bullish
As of
Analyst Rating
2 of 2 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +11.49% |
|---|---|
| 5Y | +19.34% |
| 3Y | +13.44% |
| 1Y | +13.12% |
| TTM | +1.55% |
Net profit
| 10Y | +18.18% |
|---|---|
| 5Y | +18.62% |
| 3Y | +6.76% |
| 1Y | +6.32% |
| TTM | +9.28% |
Operating cash flow
| 10Y | +15.61% |
|---|---|
| 5Y | +21.17% |
| 3Y | −1.09% |
| 1Y | +375.00% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −2.55 pp |
|---|---|
| 5Y | −2.67 pp |
| 3Y | −0.08 pp |
| 1Y | −0.05 pp |
| TTM | +0.56 pp |
Revenue by year
| Mar 2017 | ₹632 Cr |
|---|---|
| Mar 2018 | ₹662 Cr |
| Mar 2019 | ₹825 Cr |
| Mar 2020 | ₹808 Cr |
| Mar 2021 | ₹652 Cr |
| Mar 2022 | ₹859 Cr |
| Mar 2023 | ₹1,081 Cr |
| Mar 2024 | ₹1,087 Cr |
| Mar 2025 | ₹1,395 Cr |
| Mar 2026 | ₹1,578 Cr |
Net profit by year
| Mar 2017 | ₹54.00 Cr |
|---|---|
| Mar 2018 | ₹48.00 Cr |
| Mar 2019 | ₹73.00 Cr |
| Mar 2020 | ₹47.00 Cr |
| Mar 2021 | ₹43.00 Cr |
| Mar 2022 | ₹85.00 Cr |
| Mar 2023 | ₹83.00 Cr |
| Mar 2024 | ₹90.00 Cr |
| Mar 2025 | ₹95.00 Cr |
| Mar 2026 | ₹101 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
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%.
- 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
- 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
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.
- 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.
Quarterly Results
₹ Cr| Particulars | 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 | 11.17 | 11 | 11 | 12 | 12 | 12 | 13 |
| PBT | 25 | 38 | 24 | 30 | 21 | 30 | 34.79 | 37 | 31 | 47 | 37 | 27.5 | 36 |
| Tax % | 40% | 26% | 28% | 5% | 12% | 28% | 29% | 19% | 32% | 26% | 27% | 30% | 31% |
| Net Profit | 15 | 29 | 18 | 28 | 18 | 22 | 24.75 | 30 | 21 | 35 | 27 | 19 | 25 |
| EPS (₹) | 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
₹ Cr| Particulars | 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 | 212 | 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 (₹) | 5.98 | 10.98 | 21.3 | 19 | 28.56 | 18.26 | 16.8 | 32.96 | 32.88 | 35.72 | 37.9 | 40.16 | 41.83 |
| Div. Payout % | 0% | 0% | 0% | 3% | 0% | 0% | 13% | 0% | 9% | 0% | 0% | 7% | — |
Balance Sheet
₹ Cr| Particulars | 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
₹ Cr| Particulars | 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/EBITDA | 126 | 64 | 43 | 20 | 72 | 114 | 90 | 34 | 167 | 71 | 42 | 117 |
Ratios
| Particulars | 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 | 51 | 24 |
| ROCE % | 14% | 18% | 23% | 17% | 18% | 11% | 10% | 16% | 15% | 13% | 14% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view SP Apparels insights
64 extracted metrics across FY13–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT
- Q3 FY26 concall · Feb 2026Transcript PPT
- Q2 FY26 concall · Nov 2025Transcript PPT
- Q1 FY26 concall · Aug 2025Transcript PPT
- 11 Aug 2026
- 20 May 2026
- 16 Oct 2026
- 3 Sep 2025
- 29 Jul 2024
- 15 May 2023
- 11 May 2022
- General announcements 13 Oct 2026
Frequently Asked Questions about SP Apparels
What does S P Apparels Ltd do?
Where is S P Apparels Ltd (SPAL) listed?
Which sector does S P Apparels Ltd belong to?
What is the PE ratio of S P Apparels Ltd?
What is the 52-week high and low of S P Apparels Ltd?
Does S P Apparels Ltd pay dividends?
What is the Return on Equity (ROE) of S P Apparels Ltd?
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., Mr. P. Sundararajan is the Chairman and Managing Director of our Company. The company provides end-to-end garment manufacturing from greige fabric to finished products including bodysuits, sleepsuits, tops, and bottoms.
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