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S.P. Apparels Ltd.

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s-p-apparels.comBSE: 540048NSE: SPAL
Market Cap₹ 2,572 Cr.
Current Price
High / Low₹ 1,222 / 600
Stock P/E24.4
Book Value₹ 386
Price to Book1.87
Dividend Yield0.29 %
ROCE14.2 %
ROE11.2 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Textiles

Hold

This sector relies on indirect export proxies rather than direct textile production data. Exports of goods rose 15.0% YoY (2026-06), the currency is weak at 95.23 (Sep/26), and export prices are 163.50, all of which can help exporters, though terms of trade at 102.30 are below the prior 114 in the snapshot context. FPI flows are modestly positive at INR 256 crore over 3 months to 2026-08-31, so the stance is mildly constructive but confidence is capped due to proxy reliance.

Confidence
50%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 19.3% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.16x)
  • Working capital cycle has improved - days down from 61 to 41
  • Company generates healthy free cash flow
  • Company maintains a comfortable, low leverage position

CONS

  • Though reporting repeated profits, the company pays out little dividend (7.5%)
  • Growth is decelerating - 3Y profit CAGR (7.0%) trails the 5Y trend (18.5%)
  • Expensive relative to growth - PEG of 3.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

TextilesTextileTextile
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.PAGEIND35350.0052.1739428.941.56192.81-3.981420.457.8973.6020.35
2.KPRMILL1109.4041.5637920.850.45258.5421.551935.5214.7720.1619.37
3.WELSPUNLIV207.8070.7219631.960.05162.6182.092795.4523.666.4111.53
4.VTL567.3519.3816429.140.88314.5651.462703.0813.318.9118.11
5.ARVIND575.2537.7915649.140.7857.775.612500.9624.6515.309.64
6.MANYAVAR582.7535.1414159.561.3366.9037.31267.9522.7429.4545.53
7.PGIL1190.7535.4511000.280.61992.3451.3715282.6124.4622.4210.72
8.SWANCORP296.3041.549287.730.05-35.99-233.331013.75-16.444.50-0.38
9.ICIL443.0558.168774.800.3463.2267.281206.9625.898.7311.88
10.GARFIBRES797.1537.067784.041.1364.6021.56482.3731.3520.9818.70
11.KUSUMGAR567.3560.665956.690.00426.47—2472.47—26.1530.50
12.SPAL1023.1524.412572.080.2924.8720.43401.08-0.5914.1915.06
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
248292252295245391359399403427383365401
212246218254212342308345351364326320368
Operating Profit36463441335051545364574533
OPM %14.53%15.90%13.67%13.82%13.45%12.70%14.16%13.59%13.12%14.89%14.78%12.23%8.30%
4652323427344
Interest6453511810121010915
Depreciation91099101111111112121213
Profit before Tax25382430213035373148372836
Tax %39.84%25.59%28.12%4.59%12.43%27.82%28.86%18.87%32.14%25.01%27.01%28.51%30.61%
Net Profit0000182225302135271925
5.9711.397.0211.347.198.739.8612.118.2313.8310.767.409.89

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6336628268096528591,0811,0871,3951,5791,576
5295577077265507149369321,2071,3611,378
Operating Profit10410612083102145145155188218198
OPM %16.36%15.97%14.47%10.28%15.69%16.87%13.43%14.27%13.46%13.79%12.57%
211618143172021121817
Interest182962314131920334144
Depreciation1922223032353638434850
Profit before Tax87711094459115111118123141149
Tax %38.42%32.72%32.96%-5.65%27.00%26.22%25.51%23.81%22.82%28.41%27.50%
Net Profit544873474385839095101108
EPS0.000.000.000.0016.8032.9632.3735.6937.8840.20—
Dividend Payout %2.29%2.68%0.00%0.00%13.38%0.00%9.13%0.00%5.28%7.46%—

COMPOUNDED SALES GROWTH

10 Years:
11%
5 Years:
19%
3 Years:
13%

COMPOUNDED PROFIT GROWTH

10 Years:
18%
5 Years:
19%
3 Years:
7%

STOCK PRICE CAGR

10 Years:
12%
5 Years:
24%
3 Years:
26%
1 Year:
38%

RETURN ON EQUITY

10 Years:
13%
5 Years:
12%
3 Years:
12%
Last Year:
11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 4

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2025

Aug 25

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2023

Sep 15

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2021

Sep 3

₹ 0.22

Rs.2.2500 per share(22.5%)Final Dividend

2018

Sep 7

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2017

Aug 3

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital25252626262625252525
Minority Interest-7-6-6-6-6-7-6-6-6-7
332372458498533612649739831919
190234215230197227248210373403
Trade Payables7010110985911139999132129
668484618911914176101121
Total Liabilities6778108878929291,0911,1551,1421,4561,591
299307317444444450459454595686
Capital Work in Progress065401081019314
58310003113511058
102187248228241332297265371310
0000000165251253
Cash & Bank35465846416064794159
181232209174192239212108158221
Total Assets6778108878929291,0911,1551,1421,4561,591

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
6421979595522437944209
Cash from Investing-121-15-60-39-21-29-1606-177-189
Cash from Financing7319-17-45-4224-48-6782-1
235-11721819-5018

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
61.9361.9361.9361.9361.9361.9361.9361.8161.81
1.591.641.831.811.831.491.831.481.49
19.2519.5619.8419.6819.9219.7918.7316.5716.15
Government0.000.000.000.000.000.000.000.000.00
17.2416.8716.4016.5916.3216.8017.5220.1420.55

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-29
Copy of Newspaper Publication

2026-08-29 - S. P. Apparels Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-29
Updates

2026-08-29 - S. P. Apparels Limited has informed the Exchange regarding 'We hereby disclose the disclosure received from Mr. Sundararajan under SEBI((Prohibition of Insider Trading) Regulations, 2015'.

2026-08-28
Updates

2026-08-28 - S. P. Apparels Limited has informed the Exchange regarding 'Intimation For A Letter Sent To Members'.

2026-08-28
Shareholders meeting

2026-08-28 - S. P. Apparels Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 21, 2026

2026-08-28
Copy of Newspaper Publication

2026-08-28 - S. P. Apparels Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - S. P. Apparels Limited has informed the Exchange about Transcript

2026-08-13
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - S. P. Apparels Limited has informed the Exchange about Link of Recording

2026-08-12
Investor Presentation

2026-08-12 - S. P. Apparels Limited has informed the Exchange about Investor Presentation

2026-08-12
Copy of Newspaper Publication

2026-08-12 - S. P. Apparels Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for SPAL

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