S. P. Apparels Q2 Profit Rises 6.8% as Revenue Reaches ₹452 Crore

S. P. Apparels Limited reported consolidated net profit of ₹37.06 crore for Q2 FY27, up 6.8% year on year, while revenue from operations rose 5.8% to ₹452.22 crore for the quarter ended September 30, 2026. The result matters because profit grew faster than sales and improved sharply from the preceding quarter.

What did S. P. Apparels report for Q2 FY27?

S. P. Apparels reported revenue from operations of ₹452.22 crore in Q2 FY27, compared with ₹427.34 crore in Q2 FY26 and ₹401.08 crore in Q1 FY27. This represented year-on-year growth of 5.82% and quarter-on-quarter growth of 12.75%.

Consolidated profit after tax stood at ₹37.06 crore, against ₹34.71 crore a year earlier and ₹24.90 crore in the previous quarter. The year-on-year increase was 6.8%, while quarter-on-quarter profit rose 49.0%. The company approved its unaudited standalone and consolidated financial results on November 12, 2026.

Total income for the quarter was ₹455.91 crore, up 5.01% from ₹434.15 crore in Q2 FY26 and 12.67% from ₹404.63 crore in Q1 FY27. Profit before tax was ₹49.29 crore, compared with ₹46.81 crore a year earlier and ₹35.85 crore in the prior quarter.

Which Q2 FY27 metrics improved from the previous year?

S. P. Apparels recorded positive year-on-year growth in revenue, operating profit and net profit during the September quarter. EBITDA was ₹66.65 crore, a 4.71% increase from the corresponding period of FY26, while the EBITDA margin was 14.7%.

Basic earnings per share rose to ₹14.74 in Q2 FY27 from ₹13.83 in Q2 FY26. Diluted earnings per share were ₹14.69, compared with ₹13.77 a year earlier. Basic EPS was also substantially higher than ₹9.89 in Q1 FY27, in line with the sequential improvement in profit.

How did S. P. Apparels perform in the first half of FY27?

S. P. Apparels reported consolidated revenue from operations of ₹853.29 crore in H1 FY27, compared with ₹830.78 crore in H1 FY26. The increase of 2.71% indicates that the second-quarter revenue performance lifted first-half sales above the prior-year level.

Consolidated profit after tax for H1 FY27 rose 11.9% year on year to ₹61.93 crore, from about ₹55 crore in the corresponding half of the previous financial year. EPS for the half year was ₹24.7, according to the reported results summary.

First-half profit before tax was ₹85.14 crore, up 9.74% from ₹77.58 crore in H1 FY26. The difference between the 2.71% revenue increase and the 11.9% rise in half-year PAT shows that reported profitability improved faster than the top line over the six-month period.

What explains the quarter-on-quarter improvement in the results?

S. P. Apparels' Q2 revenue was ₹51.14 crore higher than its Q1 FY27 revenue of ₹401.08 crore. Total income similarly rose from ₹404.63 crore in the June quarter to ₹455.91 crore in the September quarter, while PBT increased from ₹35.85 crore to ₹49.29 crore.

The reported data also show a sharp sequential gain in PAT, from ₹24.90 crore to ₹37.06 crore. The company had reported consolidated EBITDA of ₹61.4 crore and an EBITDA margin of 15.3% in Q1 FY27. In Q2, EBITDA increased in absolute terms to ₹66.65 crore, although the reported EBITDA margin was 14.7%.

The results materials referred to improved operating efficiency in the earlier quarter despite softer top-line volumes. For Q2, the available disclosures establish higher revenue and profit versus Q1, but do not provide a detailed operational breakdown of the drivers behind the change.

What does the Q2 result mean for investors and the apparel business?

S. P. Apparels' September-quarter result shows moderate year-on-year revenue growth alongside faster growth in net profit. For investors, the main reported indicators are the 5.82% increase in revenue, the 6.8% rise in PAT and the 14.7% EBITDA margin. These measures provide a basis for assessing whether profit growth remains supported by operating performance in subsequent quarters.

For the apparel manufacturing business, the result is also relevant because sales growth in the quarter followed a softer first-quarter top line. H1 revenue growth remained lower than Q2 growth at 2.71%, reflecting the first-quarter base. The limited-review conclusions were unmodified, and management considered one subsidiary's unaudited results immaterial, according to the results summary.

S. P. Apparels has scheduled an earnings call for November 16, 2026, at 12:00 PM IST to discuss Q2 and H1 FY27 performance. Analysts and shareholders may look for management commentary on demand conditions, margins, order flows and the factors influencing the sequential improvement.

Conclusion

S. P. Apparels delivered higher consolidated revenue and profit in Q2 FY27, with revenue reaching ₹452.22 crore and PAT rising to ₹37.06 crore. The quarter improved on both the year-earlier period and Q1 FY27, while H1 PAT growth of 11.9% exceeded the 2.71% increase in H1 revenue.

The next disclosed event is the November 16, 2026 earnings call. Investors will watch for management's discussion of the Q2 margin level, demand and order conditions, and whether the improvement in quarterly profit can be sustained through the remainder of FY27.