S.P. Apparels Ltd.

•

s-p-apparels.comBSE: 540048NSE: SPAL

Market Cap₹ 2,710 Cr.

Current Price

High / Low₹ 1,222 / 600

Stock P/E28.7

Book Value₹ 384

Price to Book1.99

Dividend Yield0.00 %

ROCE13.3 %

ROE10.2 %

Face Value₹ 10

Add ratio to table

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

Latest quarter profit grew 33.4% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.32x)
Working capital cycle has improved - days down from 95 to 55
Company generates healthy free cash flow
Company comfortably covers its interest (6.6x coverage)
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
Total debt has risen sharply - up 129.1% year on year
Operating margins have contracted to 16.4% from 22.4%
Company has delivered a poor sales growth of 5.3% over past five years
Growth is decelerating - 3Y profit CAGR (-3.0%) trails the 5Y trend (13.7%)

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

Peer comparison

TextilesTextileTextile

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	PAGEIND	36184.20	53.40	40359.40	1.52	192.81	-3.98	1420.45	7.89	73.60	20.35
2.	KPRMILL	1170.30	43.85	40002.49	0.43	258.54	21.55	1935.52	14.77	20.16	19.37
3.	WELSPUNLIV	200.05	68.08	18899.77	0.05	162.61	82.09	2795.45	23.66	6.41	11.53
4.	VTL	587.40	20.06	17009.74	0.85	314.56	51.46	2703.08	13.31	8.91	18.11
5.	ARVIND	572.70	37.62	15579.77	0.79	57.77	5.61	2500.96	24.65	15.30	9.64
6.	MANYAVAR	542.70	32.73	13186.43	1.43	66.90	37.31	267.95	22.74	33.92	45.53
7.	PGIL	2358.75	35.11	10895.19	0.61	99.23	51.37	1528.26	24.46	22.42	10.72
8.	SWANCORP	284.90	39.94	8930.39	0.05	-35.99	-233.33	1013.75	-16.44	4.50	-0.38
9.	ICIL	447.65	58.76	8865.90	0.34	63.22	67.28	1206.96	25.89	8.73	11.88
10.	GARFIBRES	814.50	37.86	7953.46	1.10	64.60	21.56	482.37	31.35	20.98	18.70
11.	KUSUMGAR	570.25	60.97	5987.13	0.00	426.47	—	2472.47	—	26.15	30.50
12.	SPAL	1077.95	25.72	2709.85	0.00	24.87	20.43	401.08	-0.59	14.53	15.06

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	218	251	224	255	214	256	234	278	290	308	264	252	275
	177	202	186	215	177	216	195	232	245	254	224	208	241
Operating Profit	41	50	37	40	37	40	39	46	45	54	40	43	47
OPM %	18.76%	19.73%	16.68%	15.83%	17.17%	15.64%	16.62%	16.49%	15.38%	17.42%	15.15%	17.15%	17.00%
Other Income	4	5	5	2	2	1	1	3	1	2	3	1	1
Interest	5	3	4	1	3	7	4	6	7	8	6	6	2
Depreciation	9	9	9	9	9	9	9	9	10	10	11	11	11
	32	42	29	32	27	25	26	33	29	37	25	28	35
Tax %	31.28%	22.68%	23.63%	16.96%	16.21%	28.14%	31.36%	25.64%	31.65%	26.95%	24.22%	22.92%	24.21%
Net Profit	22	33	22	27	23	18	18	25	20	27	19	21	27
	9	13	9	11	9	7	7	10	8	11	8	8	1
Equity Capital	25	25	25	25	25	25	25	25	25	25	25	25	25
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	537	620	628	778	758	536	735	942	948	982	1,099
	448	519	524	662	677	432	587	791	783	820	928
Operating Profit	94	122	120	134	105	107	165	172	185	169	—
OPM %	18	20	19	17	14	20	22	18	20	17	—
Other Income	5	21	16	18	24	3	17	20	20	7	7
Interest	25	18	29	6	22	13	12	16	15	20	23
Depreciation	21	21	24	23	32	30	32	34	35	37	42
	31	83	68	105	41	63	121	122	136	112	126
Tax %	34	40	38	33	-8	24	24	25	24	25	25
Net Profit	20	49	42	70	44	48	91	92	104	84	94
EPS	0	0	0	0	0	15	32	36	41	33	—
Dividend Payout %	0	3	3	0	0	12	0	8	0	6	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	9	20	17	27	17	19	36	37	41	33	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 5%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 23%
5 Years:: 14%
3 Years:: -3%

STOCK PRICE CAGR

10 Years:: 12%
5 Years:: 28%
3 Years:: 23%
1 Year:: 46%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 13%
3 Years:: 13%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	17	25	25	26	26	26	26	25	25	25
	111	345	377	460	496	526	604	650	754	834
	162	133	179	172	148	117	122	148	101	206
Trade Payables	116	67	93	101	75	74	82	56	61	69
	174	120	137	126	136	156	195	155	105	160
Total Liabilities	580	690	811	884	882	899	1,030	1,035	1,046	1,295
ASSETS	-	-	-	-	-	-	-	-	-	-
	279	300	306	314	440	438	434	439	434	449
Capital Work in Progress	4	0	6	54	0	10	8	10	19	31
	8	66	39	8	8	8	11	175	114	224
	130	102	187	248	228	241	296	237	215	289
	0	0	0	0	0	0	0	0	84	104
Cash & Bank	10	36	45	53	41	32	56	51	60	30
	149	185	228	207	165	170	225	123	121	168
Total Assets	580	690	811	884	882	899	1,030	1,035	1,046	1,295
Total Debt	256	181	219	206	216	147	174	162	102	235
Net Working Capital	-63	129	153	155	151	164	213	173	248	149
Contingent Liabilities	22	78	57	14	3	15	27	33	6	18
Book Value per Share	74.92	147.03	159.92	188.94	203.18	214.90	245.25	269.03	310.45	342.48
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	50	50	4	78	87	79	46	227	98	43
Cash from Investing	-30	-122	-15	-60	-39	-21	-34	-156	-4	-183
Cash from Financing	-20	75	14	-17	-50	-45	17	-73	-81	110
	0	2	2	1	-2	13	29	-2	13	-30
Free Cash Flow	26	11	-31	-0	-13	38	46	190	62	-18
OCF / Net Profit	2.42	1.01	0.09	1.12	1.97	1.65	0.50	2.47	0.94	0.52
Cumulative 5-Year FCF	0	0	0	0	-8	5	39	260	322	318

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	9.38	19.65	16.69	27.16	17.14	18.74	35.59	36.59	41.35	33.29
Book Value (₹)	74.92	147.03	159.92	188.94	203.18	214.90	245.25	269.03	310.45	342.48
Dividend per Share (₹)	0.00	0.50	0.50	0.00	0.00	2.25	0.00	3.00	0.00	2.00
Cash EPS (₹)	24.03	27.97	26.26	36.22	29.45	30.58	48.20	50.04	55.32	48.08
PROFITABILITY
Operating Margin %	17.52%	19.72%	19.15%	17.23%	13.81%	19.95%	22.41%	18.21%	17.46%	16.45%
Net Margin %	3.82%	7.97%	6.69%	8.97%	5.81%	8.98%	12.44%	9.74%	10.94%	8.51%
ROE %	18.83%	19.84%	10.88%	15.72%	8.74%	8.97%	15.47%	14.07%	14.27%	10.20%
ROCE %	14.67%	21.22%	16.42%	16.88%	8.86%	10.64%	17.61%	16.81%	17.50%	13.33%
	3.69%	7.79%	5.60%	8.23%	4.99%	5.41%	9.48%	8.90%	10.12%	7.14%
EFFICIENCY
Debtor Days	55	65	85	65	50	59	37	20	24	35
Inventory Days	81	68	84	102	114	160	133	103	87	94
Payable Days	204	135	130	125	104	161	113	66	62	75
	-68	-2	40	43	60	57	57	57	49	54
FINANCIAL HEALTH
Debt to Equity (x)	1.72x	0.49x	0.54x	0.42x	0.41x	0.27x	0.28x	0.24x	0.13x	0.27x
Interest Coverage (x)	2.24x	5.50x	3.36x	18.22x	2.82x	5.83x	11.43x	8.83x	10.26x	6.59x
	0.80x	1.55x	1.48x	1.48x	1.57x	1.66x	1.74x	1.61x	2.26x	1.43x
GROWTH
Revenue Growth %	12.84%	15.51%	1.27%	23.91%	-2.55%	-29.31%	37.14%	28.22%	0.62%	3.51%
Operating Profit Growth %	23.46%	29.97%	-1.63%	11.45%	-21.90%	2.11%	54.12%	4.17%	8.02%	-8.94%
Net Profit Growth %	87.67%	141.37%	-15.04%	66.07%	-36.90%	9.38%	89.88%	0.41%	13.01%	-19.50%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.01%	-19.50%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.04x	20.49x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.87x	1.99x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.08x	11.35x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	61.93	61.93	61.93	61.93	61.93	61.93	61.93	61.81	61.81
	1.59	1.64	1.83	1.81	1.83	1.49	1.83	1.48	1.49
	19.25	19.56	19.84	19.68	19.92	19.79	18.73	16.57	16.15
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.24	16.87	16.40	16.59	16.32	16.80	17.52	20.14	20.55

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

Loading news…

🤖

AI Stock Analyst

S.P. Apparels Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account