Spice Islands Industries Ltd

SPICEISLIN

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Market Cap

₹ 48 Cr

P/E

19.30

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Spice Islands Apparels focuses on the manufacturing and selling of knitted and woven garments.

The company has a significant presence in international markets, particularly the UK, Japan, and European countries, due to its early export initiatives.

With its expansion in producing knitted fabrics, Spice Islands has increased its production capacity, supporting its business growth.

Acquisition of additional shares in Bhupco Alloys Ltd extended the company's diversification into manufacturing T-shirts, demonstrating strategic moves to broaden its product line.

Sector

FMCG

Industry

Food - Processing - Others

Market Cap

48 Cr

Volatility

Low Risk

P/E Ratio

19.3

Industry P/E

45.6

PEG Ratio

0.3

P/B Ratio

13.7

52W High

110.61

52W Low

31.60

Sales CAGR

42.18%

-33.74%

-45.12%

10Y

-31.34%

Profit CAGR

66.50%

—

10Y

6.19%

ROE

TTM

71.03%

47.01%

-167.61%

10Y

-27.50%

ROCE

TTM

45.95%

71.18%

-60.63%

10Y

-21.67%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CEETAIN	37.00	54 Cr	160.87	1.94	0.00	1.21	2.73	0.94
TCMLMTD	64.10	48 Cr	337.37	1.74	0.00	0.52	2.74	-0.06
SPICEISLIN	110.61	48 Cr	19.30	13.71	0.00	71.03	45.95	37.56
PCL	67.95	42 Cr	19.47	1.69	0.00	11.48	12.69	7.18
DECCAN	16.70	39 Cr	27.95	0.36	0.00	1.30	1.99	1.02
ORIBEVER	182.40	39 Cr	13.75	1.67	0.00	12.14	11.49	2.02
SPECFOOD	15.70	38 Cr	—	0.88	0.00	-2.20	-2.05	-1.89

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2007	Sep 2007	Dec 2007	Jun 2008	Sep 2008	Dec 2008	Sep 2009	Dec 2009	Sep 2010	Dec 2010
Sales	2.77	3.92	1.97	3.02	3.51	2.98	4.53	7.09	5.31	4.61
Expenses	2.84	3.27	1.81	2.29	2.82	2.48	3.81	5.65	4.92	4.30
Operating Profit	-0.07	0.65	0.16	0.73	0.69	0.50	0.72	1.44	0.39	0.31
OPM %	-2.53	16.58	8.12	24.17	19.66	16.78	15.89	20.31	7.34	6.72
Other Income	0.04	0.04	0.06	0.08	0.11	0.17	0.28	0.24	0.20	0.23
Interest	0.02	0.01	0.00	0.00	0.01	0.02	0.03	0.09	0.04	0.05
Depreciation	0.08	0.09	0.08	0.08	0.08	0.10	0.06	0.08	0.07	0.08
Profit Before Tax	-0.13	0.59	0.14	0.73	0.71	0.55	0.91	1.51	0.48	0.41
Tax %	-7.69	0.00	7.14	4.11	16.90	-5.45	-9.89	27.81	12.50	34.15
Net Profit	-0.14	0.59	0.13	0.70	0.59	0.58	1.00	1.09	0.42	0.27
EPS in Rs	—	—	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

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	18	29	17	16	6.60	2.68	0.86	0.90	0.78	2.70
Expenses	20	30	21	18	8.41	3.83	1.08	0.91	1.74	3.26
Operating Profit	-1.80	-1.65	-4.31	-2.81	-1.81	-1.16	-0.22	-0.01	-0.96	-0.56
OPM %	-10.17	-5.72	-25.29	-17.97	-27.37	-43.23	-25.68	-1.08	-123.42	-20.74
Other Income	1.04	1.22	0.56	0.42	0.01	0.11	0.22	0.43	2.20	2.05
Interest	0.24	0.35	0.36	0.18	0.08	0.11	0.06	0.06	0.06	0.05
Depreciation	0.47	0.49	0.48	0.39	0.30	0.15	0.04	0.04	0.06	0.05
Profit Before Tax	-1.47	-1.27	-4.58	-2.96	-2.18	-1.30	-0.10	0.32	1.12	1.39
Tax %	-5.06	-3.92	14.68	0.97	0.00	-1.05	-19.32	0.00	57.46	46.04
Net Profit	-1.54	-1.32	-3.91	-2.94	-2.18	-1.32	-0.12	0.32	0.48	0.75
EPS in Rs	-2.21	-3.06	-9.14	-6.84	-5.08	-3.07	-0.28	0.77	1.11	5.73
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	4.30	4.30	4.30	4.30	4.30	4.30	4.30	4.30	4.30	4.30
Reserves	8.77	6.83	5.52	1.59	-1.35	-3.53	-4.82	-4.92	-4.60	-1.94
Borrowings	0.86	2.28	4.50	3.20	1.80	1.99	0.87	0.63	0.63	1.28
Other Liabilities	2.01	2.11	3.71	2.81	3.62	2.28	3.18	1.95	0.96	1.44
Total Liabilities	16	16	18	12	8.38	5.04	3.53	1.95	1.29	5.08
Fixed Assets	2.89	3.08	3.12	2.23	2.08	1.25	0.84	0.60	0.21	0.76
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	2.88	2.96	2.71	1.81	0.19	0.00	0.00	0.00	0.00	0.00
Other Assets	10	9.48	12	7.86	6.11	3.79	2.68	1.34	1.07	4.32
Total Assets	16	16	18	12	8.38	5.04	3.53	1.95	1.29	5.08

Standalone Cash Flows (in ₹ Crores)

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	1.56	-1.78	-3.43	0.82	-0.24	-0.90	0.76	0.07	-1.22	0.30
Cash from Investing Activity	-1.37	0.85	0.38	0.54	2.12	0.50	0.15	0.15	0.37	-2.91
Cash from Financing Activity	-0.29	0.79	1.92	-1.72	-1.72	-0.08	-1.20	-0.30	0.96	2.77
Net Cash Flow	-0.10	-0.13	-1.13	-0.35	0.16	-0.48	-0.28	-0.08	0.10	0.16

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	62.34%	62.34%	62.34%	0.00%	0.00%	62.50%	62.50%	62.50%	62.50%	62.50%	62.50%	62.50%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	37.66%	37.66%	37.66%	100.00%	100.00%	37.50%	37.50%	37.50%	37.50%	37.50%	37.50%	37.50%
Total Shareholders	2,344	2,368	2,203	2,195	2,208	2,158	2,119	2,097	2,071	2,104	2,077	2,430

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 15, 2025	Shah dipak kanayalal	Bulk	Buy	110.61	0.27 Cr	24,721	0.57
Aug 04, 2025	Zenab aiyub yacoobali	Bulk	Buy	51.84	0.11 Cr	21,588	0.50
Jul 10, 2024	Yacoobali aiyub mohammed	Bulk	Sell	40.59	0.09 Cr	23,000	0.53
Jan 16, 2024	Vinitajain	Bulk	Sell	29.10	0.08 Cr	26,604	0.61
Sep 02, 2023	Umesh m katre huf	Insider - Promoter	Disposal	9.32	0.29 Cr	3,15,100	7.33
Sep 02, 2023	Fotoset trading pvt ltd	Insider - Other	Acquisition	9.00	0.00 Cr	378	0.00
Sep 02, 2023	Fotoset trading pvt ltd	Insider - Other	Acquisition	9.00	0.51 Cr	5,70,225	13.2
Sep 02, 2023	Mohan g. katre huf	Insider - Promoter	Disposal	9.00	0.23 Cr	2,55,125	5.93
Sep 01, 2023	Seema umesh katre	Insider - Promoter & Director	Disposal	9.00	0.00 Cr	378	0.01
Aug 30, 2023	Fotoset trading pvt ltd	Insider - Other	Acquisition	9.00	0.59 Cr	6,60,500	15.3

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Insider Trading Disclosure

13 hours ago

Disclosure of Insider Trading Regulation

Immediate Relative of Director acquires equity shares through conversion of convertible warrants, as disclosed under SEBI regulations.

Insider Trading Disclosure

13 hours ago

Insider Trading Disclosure by Saniya Chapra

Mrs. Saniya Chapra, an immediate relative of the company director, disclosed her acquisition of equity shares through the conversion of convertible warrants as per SEBI regulations.

Insider Trading Disclosure

14 hours ago

Insider Trading Disclosure by Reshma Chapra

Reshma Chapra, an immediate relative of a company director, reported acquiring equity shares through convertible warrants as per SEBI regulations.

Insider Trading Disclosure

14 hours ago

Insider Trading Disclosure by Mr. Irfan Chapra

Mr. Irfan Chapra, an immediate relative of a director, disclosed the acquisition of 27,777 equity shares upon conversion of convertible warrants, not through trading, per SEBI regulations.

Insider Trading Disclosure

14 hours ago

Insider Trading Disclosure

Disclosure of Form C regarding acquisition of equity shares by Mrs. Pinal Dhaval Chheda, relative of KMP, following the conversion of warrants.

Insider Trading Disclosure

14 hours ago

Insider Trading Disclosure by KMP Relative

Girish Keshavji Chheda, an immediate relative of a Key Management Personnel, disclosed the acquisition of 44,444 equity shares upon conversion of convertible warrants, per SEBI regulations.

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2007	Sep 2007	Dec 2007	Jun 2008	Sep 2008	Dec 2008	Sep 2009	Dec 2009	Sep 2010	Dec 2010
Sales	2.77	3.92	1.97	3.02	3.51	2.98	4.53	7.09	5.31	4.61
Expenses	2.84	3.27	1.81	2.29	2.82	2.48	3.81	5.65	4.92	4.30
Operating Profit	-0.07	0.65	0.16	0.73	0.69	0.50	0.72	1.44	0.39	0.31
OPM %	-2.53	16.58	8.12	24.17	19.66	16.78	15.89	20.31	7.34	6.72
Other Income	0.04	0.04	0.06	0.08	0.11	0.17	0.28	0.24	0.20	0.23
Interest	0.02	0.01	0.00	0.00	0.01	0.02	0.03	0.09	0.04	0.05
Depreciation	0.08	0.09	0.08	0.08	0.08	0.10	0.06	0.08	0.07	0.08
Profit Before Tax	-0.13	0.59	0.14	0.73	0.71	0.55	0.91	1.51	0.48	0.41
Tax %	-7.69	0.00	7.14	4.11	16.90	-5.45	-9.89	27.81	12.50	34.15
Net Profit	-0.14	0.59	0.13	0.70	0.59	0.58	1.00	1.09	0.42	0.27
EPS in Rs	—	—	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

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	18	29	17	16	6.60	2.68	0.86	0.90	0.78	2.70
Expenses	20	30	21	18	8.41	3.83	1.08	0.91	1.74	3.26
Operating Profit	-1.80	-1.65	-4.31	-2.81	-1.81	-1.16	-0.22	-0.01	-0.96	-0.56
OPM %	-10.17	-5.72	-25.29	-17.97	-27.37	-43.23	-25.68	-1.08	-123.42	-20.74
Other Income	1.04	1.22	0.56	0.42	0.01	0.11	0.22	0.43	2.20	2.05
Interest	0.24	0.35	0.36	0.18	0.08	0.11	0.06	0.06	0.06	0.05
Depreciation	0.47	0.49	0.48	0.39	0.30	0.15	0.04	0.04	0.06	0.05
Profit Before Tax	-1.47	-1.27	-4.58	-2.96	-2.18	-1.30	-0.10	0.32	1.12	1.39
Tax %	-5.06	-3.92	14.68	0.97	0.00	-1.05	-19.32	0.00	57.46	46.04
Net Profit	-1.54	-1.32	-3.91	-2.94	-2.18	-1.32	-0.12	0.32	0.48	0.75
EPS in Rs	-2.21	-3.06	-9.14	-6.84	-5.08	-3.07	-0.28	0.77	1.11	5.73
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	4.30	4.30	4.30	4.30	4.30	4.30	4.30	4.30	4.30	4.30
Reserves	8.77	6.83	5.52	1.59	-1.35	-3.53	-4.82	-4.92	-4.60	-1.94
Borrowings	0.86	2.28	4.50	3.20	1.80	1.99	0.87	0.63	0.63	1.28
Other Liabilities	2.01	2.11	3.71	2.81	3.62	2.28	3.18	1.95	0.96	1.44
Total Liabilities	16	16	18	12	8.38	5.04	3.53	1.95	1.29	5.08
Fixed Assets	2.89	3.08	3.12	2.23	2.08	1.25	0.84	0.60	0.21	0.76
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	2.88	2.96	2.71	1.81	0.19	0.00	0.00	0.00	0.00	0.00
Other Assets	10	9.48	12	7.86	6.11	3.79	2.68	1.34	1.07	4.32
Total Assets	16	16	18	12	8.38	5.04	3.53	1.95	1.29	5.08

Standalone Cash Flows (in ₹ Crores)

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	1.56	-1.78	-3.43	0.82	-0.24	-0.90	0.76	0.07	-1.22	0.30
Cash from Investing Activity	-1.37	0.85	0.38	0.54	2.12	0.50	0.15	0.15	0.37	-2.91
Cash from Financing Activity	-0.29	0.79	1.92	-1.72	-1.72	-0.08	-1.20	-0.30	0.96	2.77
Net Cash Flow	-0.10	-0.13	-1.13	-0.35	0.16	-0.48	-0.28	-0.08	0.10	0.16

Overview

Detailed Summary

Spice Islands Apparels focuses on the manufacturing and selling of knitted and woven garments.

The company has a significant presence in international markets, particularly the UK, Japan, and European countries, due to its early export initiatives.

With its expansion in producing knitted fabrics, Spice Islands has increased its production capacity, supporting its business growth.

Acquisition of additional shares in Bhupco Alloys Ltd extended the company's diversification into manufacturing T-shirts, demonstrating strategic moves to broaden its product line.

Sector

FMCG

Industry

Food - Processing - Others

Market Cap

48 Cr

Volatility

Low Risk

P/E Ratio

19.3

Industry P/E

45.6

PEG Ratio

0.3

P/B Ratio

13.7

52W High

110.61

52W Low

31.60

Sales CAGR

42.18%

-33.74%

-45.12%

10Y

-31.34%

Profit CAGR

66.50%

—

10Y

6.19%

ROE

TTM

71.03%

47.01%

-167.61%

10Y

-27.50%

ROCE

TTM

45.95%

71.18%

-60.63%

10Y

-21.67%