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S.P. Apparels Ltd

₹ 7011.26%
07 Jan – close price
🔗spapparels.com•BSE: 540048•NSE: SPAL
Market Cap₹ 1,754 Cr.
Current Price₹ 701
High / Low₹ 990
Stock P/E19.5
Book Value₹ 357
Dividend Yield0.29 %
ROCE13.0 %
ROE10.1 %
Face Value₹ 10.0
Sales₹ 1,109 Cr.
OPM16.5 %
Mar Cap₹ 1,754 Cr.

ABOUT

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]

KEY POINTS

Business Profile[1]Founded in 1989 and headquartered near Tirupur, Tamil Nadu, S P Apparels is an end-to-end manufacturer and exporter of knitted garments. It specializes ininfant and children’s wearand has recently expanded into adult apparel. It is positioned as India’s largest manufacturer and exporter of infantwear.

Also present in buckets:
Excellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Page Industries35380.0051.6739486.142.54194.76-0.261290.863.5859.405018.5422.16764.23194.7628.0127.380.19
2.Arvind Ltd309.8019.748116.401.21106.7473.142371.148.3513.048687.3610.42411.10103.402.124.650.40
3.Pearl Global Ind1621.0028.427484.760.7171.9817.961312.939.2422.114792.429.22263.3673.305.799.630.58
4.Gokaldas Exports684.7032.885021.830.008.08-71.31984.355.9610.623943.259.85152.758.082.334.380.46
5.Kitex Garments172.0438.113426.580.29-6.22-113.21122.10-43.4410.16895.2813.8289.91-4.933.296.011.14
6.Lux Industries1059.2024.753182.020.1923.84-53.00778.8416.0812.542755.577.48128.5723.841.786.920.29
7.Kewal Kir.Cloth.468.2523.242885.600.4342.55-34.00287.8413.6918.79905.0518.70124.1642.553.2910.930.18
8.S P Apparels701.0019.511754.180.2927.2951.36307.8120.2212.951109.0316.4889.9327.291.967.170.32
–Median: 36 Co.143.0927.94563.970.06.1119.1892.839.2412.77294.949.4616.66.112.255.760.4

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
219224234218214290235255278269251256308
Expenses
195186195177177245192215232230202216254
Operating Profit
24373941374543404639504054
Other Income
8514212239512
Profit before tax
23292632272930323333422537
Tax %
28%24%31%31%16%32%24%17%26%22%23%28%27%
Net Profit
16221822232023272526331827
EPS in Rs
6.478.887.188.689.077.939.2710.709.869.9613.107.1910.88

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
4514745366196277777575367359429489821,109
Expenses
386405447518523646675439580790780820926
Operating Profit
6470891011041318296155152169162183
Other Income
17-12211631311191577
Interest
3631251829622131116132025
Depreciation
18202121242332303234353738
Profit before tax
13253183681054154113122136112126
Net Profit
71120494270443983921048490
EPS in Rs
4.266.5011.9519.6516.6927.1617.1415.0532.3836.5941.3533.2935.85
Dividend Payout %
0%0%0%3%3%0%0%15%0%8%0%0%–

Compounded Profit Growth

10 Years:23%
5 Years:10%
3 Years:0%
TTM:0%

Compounded Sales Growth

10 Years:8%
5 Years:5%
3 Years:10%
TTM:17%

Return on Equity

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

Stock Price CAGR

10 Years:%
5 Years:32%
3 Years:30%
1 Year:-26%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
17171725252626262625252525
Reserves
6272111345377460496526604650754835871
Borrowings
355300276181219206216181205190128257284
Other Liabilities
93141174139190193143150166139139152164
Total Liabilities
5275305786908118848828831,0011,0041,0461,2691,344
Fixed Assets
278268279300306314440438434439434449542
Gross Block
402.37412.54442.91482.92509.72540.47698.65729.69726.59766.05792.86841.90–
Accumulated Depreciation
124.83144.09163.58182.75203.71226.25259.06291.75293.05327.49359.22392.55–
CWIP
01040654010810193110
Investments
778663988811175114224224
Other Assets
243245287324459508434427549381480565568
Total Assets
5275305786908118848828831,0011,0041,0461,2691,344

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
598350504788779522279843
Cash from Investing Activity
-14-6-30-122-15-60-39-21-35-156-4-183
Cash from Financing Activity
-44-77-207514-17-50-4511-73-81110
Net Cash Flow
000221-21328-213-30

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
455959809257415931163239
Inventory Days
219187226152305319267523432228228331
Days Payable
1091822019915113088159120546579
Cash Conversion Cycle
1556483133246245220422343190195290
Working Capital Days
-90-73-50204548539077195344
ROCE %
11%14%18%21%16%17%10%9%17%16%16%13%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%
FIIs
1.23%1.09%1.07%1.50%1.39%1.53%1.59%1.64%1.83%1.81%1.83%1.49%
DIIs
17.61%17.73%17.60%18.47%19.08%18.87%19.25%19.56%19.84%19.68%19.92%19.79%
Public
19.22%19.25%19.41%18.12%17.61%17.68%17.23%16.88%16.40%16.59%16.32%16.80%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

S.P. Apparels Ltd. Announces Trading Window Closure for Financial Results

26th March 2026, 12:05 am

S.P. Apparels Shareholders Approve Director Re-appointment and Financial Powers via Postal Ballot

23rd March 2026, 9:08 pm

S.P. Apparels Shareholders Approve Director Re-appointment and Loan Powers via Postal Ballot

23rd March 2026, 9:06 pm

S.P. Apparels Allots 46,283 Shares Under ESOP 2024

2nd March 2026, 10:29 pm

S.P. Apparels Ltd. Publishes Postal Ballot Notice in Financial Express & Dinamani

20th February 2026, 5:50 pm

Published by Other Websites

External media mentions & references

SP Apparels Sees Growth Rebound Amid Tariff Headwinds

12th March 2026, 9:33 am

SP Apparels Expands to Europe, Sidesteps Tariff Pressures

12th March 2026, 9:12 am

Govt Halves Textile Export Benefits; Gokaldas, Arvind Shares Tumble

24th February 2026, 12:46 pm

SP Apparels Ltd Eyes Sri Lanka for FY27 Growth Boost

20th February 2026, 10:08 pm

India-US Trade Deal: Tariffs Slashed, Export Sectors Roar Back

3rd February 2026, 8:27 am

News Articles

Editorial & research coverage

India-EU Pact: Long-Term Hope vs. Near-Term Hurdles
India-EU Pact: Long-Term Hope vs. Near-Term Hurdles

28th January 2026, 9:14 am

SP Apparels Shocks Market: Profit Rebounds as UK Unit & Retail Turn Gold!
SP Apparels Shocks Market: Profit Rebounds as UK Unit & Retail Turn Gold!

25th November 2025, 9:41 am

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

2d - Hereby we attached the Certificate under Reg 74(5) of SEBI (DP) Regulations, 2018

Closure of Trading Window

30 Dec - Trading window closed from 01 Jan 2026 until 48 hours after results for quarter ending 31 Dec 2025. Checklist: - Read and understand announcement content …

Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

30 Dec - Special resolution passed 27 Dec 2025 appointing Srinivas Chidambaram (DIN 00514665) as Independent Director; 2,04,80,635 votes for.

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

30 Dec - Appointed Srinivas Chidambaram (DIN:00514665) as Independent Director; 2,04,80,635 votes in favour on 27-Dec-2025.

Announcement under Regulation 30 (LODR)-Newspaper Publication

28 Nov 2025 - Company has informed about the copy of Newspaper Advertisement.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Credit Ratings

Rating update

3 Sep 2025 from icra

Rating update

29 Jul 2024 from icra

Rating update

15 May 2023 from icra

Rating update

11 May 2022 from icra

Rating update

9 Mar 2021 from icra

Rating update

24 Apr 2020 from icra

Concalls

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Stock Analysis

Description

S.P. Apparels Limited is an India-based company that manufactures and exports knitted garments. It specializes in infant and children's wear and operates integrated facilities for end-to-end garment manufacturing, from greige fabric to finished products. Approximately 93% of its turnover is generated from exports, primarily to markets like the UK and USA.

Key Growth Triggers

Currently no data available for Key Growth Triggers.

Order Book

Currently no data available for Order Book.

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

25th Mar 26
Impact Rating: 7
S.P. Apparels Ltd. will observe a trading window closure for its equity shares from April 1, 2026, until 48 hours after the declaration of its financial results for the quarter ending March 31, 2026. This restricts trading by directors, employees, and connected persons.
23rd Mar 26
Impact Rating: 8
S.P. Apparels Limited shareholders approved re-appointment of Mrs. Sundararajan Latha as Executive Director and granted powers for advancing loans or guarantees through postal ballot e-voting. Results declared March 23, 2026.
23rd Mar 26
Impact Rating: 6
S.P. Apparels announced that shareholders have approved re-appointing Mrs. Sundararajan Latha as Whole-Time Director and authorizing loan advancements or guarantees via postal ballot.
2nd Mar 26
Impact Rating: 6
S.P. Apparels allotted 46,283 equity shares upon ESOP exercise on March 2, 2026. The company realized ₹115.71 lakh (₹1.16 cr) from this, increasing total issued shares to 2,51,38,883.
20th Feb 26
Impact Rating: -
No description available.