SP Apparels logo

SP Apparels

SPAL NSE

Key Fundamentals

MicrocapTextiles & ApparelsTextiles
Market Cap
₹2,556 Cr
Volatility
Moderate
P/E Ratio
24.46
EBITDA
₹236 Cr
Return on Equity
10.74%
Debt to Equity
0.44
Book Value
₹376.36
EPS
₹36.96
52W High
₹1,221.9
52W Low
₹600

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company's working capital requirements have reduced from 42.5 days to 24.2 days

Weaknesses

3
  • Stock is trading at 2.72 times its book value
  • 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

Growth Rate

Revenue Growth
13.47% higher than 3Y
Net Income Growth
6.1% lower than 3Y
Cash Flow Change
370% higher than 3Y
ROE
-4.02% lower than 3Y
ROCE
5.94% level than 3Y
EBITDA Margin (Avg.)
4.01% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI 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 anthropic claude-opus-4.6 69d 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

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
471
532
632
662
825
808
652
859
1,081
1,087
1,395
1,578
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs1.49%Promot.61.81%Others5.35%Public15.20%DIIs16.15%As ofJun 2026

Documents

Frequently Asked Questions about SP Apparels

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 trades as SPAL on the NSE and under code 540048 on the BSE.
Which sector does S P Apparels Ltd belong to?
S P Apparels Ltd is classified under the Consumer Discretionary sector, in the Textiles & Apparels industry.
What is the market capitalisation of S P Apparels Ltd?
S P Apparels Ltd has a market capitalisation of ₹2,556 Cr, which places it in the Small Cap band.
What is the PE ratio of S P Apparels Ltd?
S P Apparels Ltd trades at a PE ratio of 24.46, on earnings per share of ₹36.96, against a book value of ₹376.36 per share.
What is the 52-week high and low of S P Apparels Ltd?
Over the last 52 weeks S P Apparels Ltd has traded between ₹600 and ₹1,221.9.
Does S P Apparels Ltd pay dividends?
S P Apparels Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of S P Apparels Ltd?
S P Apparels Ltd reported a return on equity of 10.74%. Its debt-to-equity ratio is 0.44.

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]

Website spapparels.com
Listed 2016-08-12
Face Value ₹ 10
Issued Size 2,50,92,600

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