S P Apparels Ltd

SPAL

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Market Cap

₹ 1,780 Cr

P/E

16.08

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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PE Ratio

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Overview

Detailed Summary

S.P. Apparels Limited is a leading manufacturer and exporter of knitted garments for infants and children in India, with operational strengths in the apparel retail sector through its Crocodile brand.

The company has achieved a significant turnaround with retail and SP divisions reporting positive EBITDA, marking a milestone in its strategic transformation.

Leveraging Sri Lanka's cost-effective manufacturing setup, S.P. Apparels plans to substantially increase its capacity, targeting 2,000 machines by FY27 to enhance competitiveness.

S.P. Apparels is poised to benefit from favorable government initiatives and trade agreements, including the India-UK FTA, which will enhance its export potential to European markets.

The firm expects to meet its top-line guidance of INR 2,000 crores for FY27, supported by strategic expansions and a robust order book of INR 400 crores.

Sector

Textiles

Industry

Textiles - Others

Market Cap

1,780 Cr

Volatility

High Risk

P/E Ratio

16.1

Industry P/E

25.9

PEG Ratio

0.9

P/B Ratio

2.0

52W High

994.85

52W Low

610.05

Sales CAGR

28.30%

10.12%

5.30%

10Y

6.93%

Profit CAGR

6.10%

-2.97%

13.67%

10Y

16.90%

ROE

TTM

12.32%

11.75%

11.43%

10Y

12.03%

ROCE

TTM

14.42%

16.76%

15.90%

10Y

17.08%

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JINDALPOLY	496.00	2,163 Cr	39.55	0.54	1.19	2.32	4.61	-0.20
SPAL	710.85	1,780 Cr	16.08	1.98	0.00	12.32	14.42	7.24
MONTECARLO	734.45	1,514 Cr	17.51	1.81	2.74	10.36	10.43	4.42
HIMATSEIDE	118.10	1,487 Cr	8.71	0.71	0.21	8.11	9.25	1.50
SBC	28.40	1,346 Cr	60.15	19.08	0.00	31.90	11.27	6.55
PORRITSPEN	1765.00	773 Cr	17.79	1.91	0.57	10.74	14.44	9.69
MALLCOM	1179.00	735 Cr	23.28	2.36	0.25	10.13	11.29	10.65

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	248	292	252	295	245	391	359	399	403	427
Expenses	212	246	218	254	212	342	308	345	351	364
Operating Profit	36	47	34	41	33	50	51	54	53	64
OPM %	14.53	15.90	13.67	13.82	13.45	12.70	14.16	13.59	13.12	14.89
Other Income	4.17	5.63	4.88	1.64	2.71	2.39	2.87	4.23	1.63	5.22
Interest	5.90	4.20	5.48	3.12	5.31	11	7.79	9.69	12	10
Depreciation	9.37	9.53	9.37	9.49	9.80	11	12	11	11	12
Profit Before Tax	25	38	25	30	21	30	34	37	31	47
Tax %	39.84	25.59	28.12	4.59	12.43	27.82	29.37	18.87	32.14	25.85
Net Profit	15	29	18	28	18	22	24	30	21	35
EPS in Rs	5.97	11.39	7.02	11.34	7.19	8.73	9.86	12.11	8.20	13.77

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	636	662	826	809	652	859	1,081	1,087	1,395	1,553
Expenses	528	557	693	726	548	708	935	930	1,207	1,346
Operating Profit	107	106	134	83	104	152	146	158	188	208
OPM %	16.89	15.97	16.20	10.28	16.00	17.66	13.46	14.51	13.46	13.37
Other Income	21	16	3.44	14	1.38	9.50	20	16	12	11
Interest	13	29	6.24	23	14	12	19	19	33	40
Depreciation	21	22	22	30	32	35	36	38	43	45
Profit Before Tax	94	71	109	44	59	115	111	118	123	134
Tax %	35.54	32.72	32.96	-5.65	27.00	26.22	25.51	23.81	22.82	26.72
Net Profit	61	48	73	47	43	85	83	90	95	98
EPS in Rs	22.87	18.26	29.30	18.70	17.20	33.76	32.80	35.72	37.89	43.94
Dividend Payout %	1.87	2.63	0.00	0.00	13.39	0.00	9.27	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	25	25	26	26	26	26	25	25	25
Reserves	96	345	372	458	498	533	612	649	739	831
Borrowings	251	175	218	201	217	194	231	245	203	381
Other Liabilities	198	138	195	202	152	160	193	179	175	219
Total Liabilities	561	683	810	887	892	912	1,062	1,097	1,142	1,456
Fixed Assets	277	297	307	317	444	444	450	459	454	595
CWIP	3.57	0.00	6.31	54	0.00	10	7.75	10	19	31
Investments	0.54	58	31	0.28	0.19	0.19	0.18	113	51	9.80
Other Assets	280	328	465	515	448	458	604	515	618	821
Total Assets	561	683	810	887	892	912	1,062	1,097	1,142	1,456

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	49	26	-1.17	82	83	81	27	216	79	44
Cash from Investing Activity	-28	-116	-15	-60	-39	-21	-29	-160	6.21	-170
Cash from Financing Activity	-20	92	19	-17	-45	-42	24	-48	-67	82
Net Cash Flow	0.91	1.69	2.78	5.03	-1.13	17	21	8.25	19	-44

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 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%	1.06%	1.50%	1.39%	1.53%	1.59%	1.63%	1.84%	1.81%	1.83%	1.48%
DIIs	17.61%	17.74%	17.59%	18.46%	19.07%	18.87%	19.24%	19.56%	19.84%	19.68%	19.92%	19.79%
Public	19.23%	19.24%	19.41%	18.11%	17.61%	17.67%	17.24%	16.87%	16.40%	16.59%	16.32%	16.80%
Total Shareholders	19,612	18,392	17,770	17,203	16,376	15,677	15,367	16,105	16,823	16,811	16,858	17,095

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 10, 2023	Kesavapillai annamalai	Bulk	Sell	342.00	6.77 Cr	1,98,000	0.78
Mar 10, 2023	N v investments	Bulk	Buy	341.98	5.47 Cr	1,60,000	0.63
Dec 27, 2022	Ashish ramesh kacholia	Bulk	Sell	307.10	5.05 Cr	1,64,427	0.65

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JINDALPOLY	496.00	2,163 Cr	39.55	0.54	1.19	2.32	4.61	-0.20
SPAL	710.85	1,780 Cr	16.08	1.98	0.00	12.32	14.42	7.24
MONTECARLO	734.45	1,514 Cr	17.51	1.81	2.74	10.36	10.43	4.42
HIMATSEIDE	118.10	1,487 Cr	8.71	0.71	0.21	8.11	9.25	1.50
SBC	28.40	1,346 Cr	60.15	19.08	0.00	31.90	11.27	6.55
PORRITSPEN	1765.00	773 Cr	17.79	1.91	0.57	10.74	14.44	9.69
MALLCOM	1179.00	735 Cr	23.28	2.36	0.25	10.13	11.29	10.65

Overview

Detailed Summary

The company has achieved a significant turnaround with retail and SP divisions reporting positive EBITDA, marking a milestone in its strategic transformation.

Leveraging Sri Lanka's cost-effective manufacturing setup, S.P. Apparels plans to substantially increase its capacity, targeting 2,000 machines by FY27 to enhance competitiveness.

S.P. Apparels is poised to benefit from favorable government initiatives and trade agreements, including the India-UK FTA, which will enhance its export potential to European markets.

The firm expects to meet its top-line guidance of INR 2,000 crores for FY27, supported by strategic expansions and a robust order book of INR 400 crores.

Sector

Textiles

Industry

Textiles - Others

Market Cap

1,780 Cr

Volatility

High Risk

P/E Ratio

16.1

Industry P/E

25.9

PEG Ratio

0.9

P/B Ratio

2.0

52W High

994.85

52W Low

610.05

Sales CAGR

28.30%

10.12%

5.30%

10Y

6.93%

Profit CAGR

6.10%

-2.97%

13.67%

10Y

16.90%

ROE

TTM

12.32%

11.75%

11.43%

10Y

12.03%

ROCE

TTM

14.42%

16.76%

15.90%

10Y

17.08%

S P Apparels Ltd

S P Apparels Ltd

SPAL

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

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S P Apparels Ltd

SPAL

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