S.P. Apparels Q2 profit rises 49% to Rs 37.06 crore

S.P. Apparels Limited reported consolidated profit after tax of Rs 37.06 crore in Q2FY27, up 49.0% from Rs 24.87 crore in Q1FY27, while revenue from operations rose 12.8% to Rs 452.22 crore. The Board approved the unaudited results for the quarter ended September 30, 2026, on November 12, 2026.

How did S.P. Apparels perform in Q2FY27?

S.P. Apparels reported consolidated revenue from operations of Rs 452.22 crore in Q2FY27, compared with Rs 401.08 crore in Q1FY27. The 12.8% quarter-on-quarter, or QoQ, increase came alongside consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 66.65 crore, up 8.6% from Rs 61.36 crore in the preceding quarter.

The company reported a consolidated EBITDA margin of 14.7% for Q2FY27. Consolidated profit after tax was Rs 37.06 crore, compared with Rs 24.87 crore in Q1FY27, and earnings per share rose to Rs 14.7 from Rs 9.9. The reported profit increase was therefore larger than the revenue and EBITDA increases on a sequential basis.

Did S.P. Apparels’ profit rise faster than revenue?

Yes. S.P. Apparels’ consolidated profit after tax increased 49.0% QoQ in Q2FY27, while revenue from operations increased 12.8% and EBITDA increased 8.6%. Profit after tax rose by Rs 12.19 crore between Q1FY27 and Q2FY27, whereas revenue increased by Rs 51.14 crore over the same two quarters.

The reported Q2FY27 EBITDA margin was 14.7%, but S.P. Apparels did not provide a detailed reconciliation explaining why profit after tax grew faster than EBITDA. The filing establishes the movements in revenue, EBITDA and profit after tax, but does not identify the individual items between EBITDA and net profit that drove the different growth rates.

Earnings per share increased by Rs 4.8 sequentially, to Rs 14.7 in Q2FY27 from Rs 9.9 in Q1FY27. S.P. Apparels’ Board meeting on November 12, 2026 began at 2:00 PM and concluded at 3:45 PM, approving both the unaudited standalone and consolidated financial results for the September 30, 2026 quarter.

What were S.P. Apparels’ H1FY27 results?

S.P. Apparels reported consolidated revenue from operations of Rs 853.29 crore for H1FY27, up 2.7% year on year, or YoY, from Rs 830.78 crore in H1FY26. Consolidated EBITDA rose 9.8% to Rs 128.01 crore from Rs 116.58 crore, while the H1FY27 EBITDA margin was 15.0%.

Consolidated profit after tax for H1FY27 increased 11.9% to Rs 61.93 crore from Rs 55.36 crore in H1FY26. Earnings per share were Rs 24.7 for the first half, compared with Rs 22.1 a year earlier. Both EBITDA and profit after tax therefore grew faster than the 2.7% increase in first-half revenue.

S.P. Apparels’ H1FY27 revenue growth of 2.7% was lower than its Q2FY27 sequential revenue growth of 12.8%, although the comparisons cover different periods. The half-year results combine the June and September quarters, while the quarterly comparison measures the movement only from Q1FY27 to Q2FY27.

Which divisions contributed to S.P. Apparels’ Q2FY27 performance?

S.P. Apparels’ Garment Division, including Young Brand Apparel, reported adjusted operational revenue of Rs 399.26 crore in Q2FY27 and adjusted EBITDA of Rs 64.39 crore. Its adjusted EBITDA margin was 16.1%, compared with the group’s consolidated EBITDA margin of 14.7% for the same quarter.

For H1FY27, the Garment Division reported adjusted operational revenue of Rs 736.59 crore and adjusted EBITDA of Rs 123.62 crore, with an adjusted EBITDA margin of 16.8%. The division’s first-half margin was 0.7 percentage points above its Q2FY27 margin of 16.1%.

S.P. Retail Ventures Limited reported Q2FY27 revenue of Rs 19.72 crore and EBITDA of Rs 0.22 crore. Its H1FY27 revenue was Rs 38.55 crore and EBITDA was Rs 0.50 crore. S.P. Apparels UK (P) Limited reported Q2FY27 revenue of Rs 38.09 crore, but EBITDA was negative Rs 0.99 crore; its H1FY27 revenue was Rs 71.38 crore and EBITDA was negative Rs 2.03 crore.

S.P. Apparels exported 14.3 million pieces during Q2FY27 and 29.8 million pieces during H1FY27. Young Brand Apparels exported 7.6 million pieces in Q2FY27 and 12.5 million pieces in H1FY27, according to the division-performance disclosure.

How did S.P. Apparels’ standalone business compare?

S.P. Apparels reported adjusted standalone revenue from operations of Rs 290.13 crore in Q2FY27, up 9.1% from Rs 265.94 crore in Q1FY27. Adjusted standalone EBITDA was Rs 46.29 crore, slightly below Rs 46.58 crore in Q1FY27, and the Q2FY27 adjusted EBITDA margin was 16.0%.

Standalone profit after tax was Rs 24.93 crore in Q2FY27, compared with Rs 26.54 crore in Q1FY27. The company nevertheless reported standalone earnings per share of Rs 9.9 for Q2FY27 against Rs 8.5 for Q1FY27. The filing does not provide a reconciliation between the stated standalone profit-after-tax figures and the earnings-per-share comparison.

For H1FY27, adjusted standalone revenue from operations was Rs 556.07 crore and adjusted standalone EBITDA was Rs 92.87 crore, producing a 16.7% EBITDA margin. Standalone profit after tax was Rs 51.48 crore, up 9.1% from Rs 47.19 crore in H1FY26, while first-half earnings per share were Rs 18.4.

Conclusion

S.P. Apparels’ Q2FY27 consolidated results show profit after tax rising 49.0% sequentially to Rs 37.06 crore, ahead of the 12.8% increase in revenue to Rs 452.22 crore. Over H1FY27, revenue grew 2.7% YoY to Rs 853.29 crore, while EBITDA rose 9.8% and profit after tax increased 11.9%, with the Garment Division generating Rs 123.62 crore of adjusted EBITDA.

What to watch next is the unresolved difference between the Garment Division’s 16.1% Q2FY27 adjusted EBITDA margin and the group’s 14.7% consolidated margin, including the negative Rs 0.99 crore EBITDA reported by S.P. Apparels UK (P) Limited. The filing does not disclose a target or plan for that unit, so subsequent company disclosures will determine whether its profitability changes.