S. P. Apparels Limited (SPAL)

About

S. P. Apparels manufactures garments and apparels for the Indian consumer discretionary market. At ₹2,352 Cr market cap, it is a mid-cap player within the textiles and apparel sector. Recent quarters show standalone revenues of ₹251–₹401 Cr with operating margins of 12–17%.

Face value: ₹10

Market cap

₹2,348 Cr

P/E

22.3×

P/B

2.5×

Dividend yield

0.3%

ROE

11.2%

ROCE

18.9%

Debt / equity

0.42

OPM

13.8%

EPS (TTM)

₹41.8

Book value

₹376.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: Operating margins fluctuate between 12.23% and 17.42% across recent quarters; verify what drives these swings (seasonal mix, input costs, demand).
Modest capital efficiency: ROE of 11.2% paired with a PE of 22.37 raises questions about sustainable profitability; clarify whether valuation reflects growth expectations not visible in recent results.
Weak institutional participation: FII holding at 1.49% and limited DII at 16.15% suggest limited large-investor conviction; verify whether this reflects broader sector concerns or company-specific issues.
Unclear business model: Data does not specify exposure to exports, retail channels, or customer concentration; verify revenue composition and dependency risks.

Generated analysis · source review pending

Growth drivers

Operating margins reached 17%+ in recent quarters (Sep 2025 standalone: 17.42% OPM; Jun 2026 standalone: 17% OPM); verify whether these represent structural efficiency or seasonal/temporary peaks.
Consistent net profitability across all eight recent quarters (₹18.59–₹34.7 Cr) and dividend history spanning 2017–2025 demonstrate cash generation; verify whether reinvestment for growth or shareholder distribution is the capital-allocation priority.
Stock price appreciated 27% over 1y and reached ₹1,178.6 in the 52-week high; verify what operational milestones or market factors are driving this re-rating.

Generated analysis · source review pending

2,499 historical price candles were omitted because the exchange source has not been verified.

₹935.6-0%1Y

Quick read

rule-based

Pros

+Profit CAGR of 18.5% over the last 5 years
+Revenue CAGR of 19.3% over the last 5 years
+High promoter holding of 61.8% with no pledge

Cons

−Low dividend payout of 7.2% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 41
Growth: 41
Valuation: 68

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Page Industries LimitedPAGEINDPAGEIND	₹41,059 Cr	₹41,071 Cr	₹5,351 Cr	₹1,147 Cr	22%	₹756 Cr	14.6%	65.7%	52.5%	138
Arvind LimitedARVINDARVIND	₹13,997 Cr	₹15,438 Cr	₹9,798 Cr	₹1,067 Cr	10.8%	₹414 Cr	4.6%	16.2%	10.6%	73
Pearl Global Industries LimitedPGILPGIL	₹5,835 Cr	₹6,522 Cr	₹5,325 Cr	₹515 Cr	9.2%	₹310 Cr	5.4%	24.9%	21.2%	55
Gokaldas Exports LimitedGOKEXGOKEX	₹5,049 Cr	₹6,026 Cr	₹4,185 Cr	₹371 Cr	8.9%	₹103 Cr	2.5%	9.9%	4.7%	155
Lux Industries LimitedLUXINDLUXIND	₹3,287 Cr	₹3,867 Cr	₹2,933 Cr	₹187 Cr	6.1%	₹102 Cr	3.6%	10%	5.8%	263
Kewal Kiran Clothing LimitedKKCLKKCL	₹2,930 Cr	₹2,978 Cr	₹1,258 Cr	₹250 Cr	19.6%	₹148 Cr	12.6%	18.9%	16.1%	201
Sbc Exports LimitedSBCSBC	₹2,788 Cr	₹3,015 Cr	₹452 Cr	₹41 Cr	8.3%	₹40 Cr	6.3%	44.4%	37.2%	143
S. P. Apparels LimitedSPALSPAL	₹2,348 Cr	₹2,749 Cr	₹1,576 Cr	₹226 Cr	13.8%	₹105 Cr	6.4%	18.9%	11.2%	156
Kitex Garments LimitedKITEXKITEX	₹2,328 Cr	₹3,527 Cr	₹629 Cr	₹4 Cr	4.3%	₹-50 Cr	-2%	1.4%	-1.3%	173
Cantabil Retail India LimitedCANTABILCANTABIL	₹1,878 Cr	₹1,878 Cr	₹873 Cr	₹275 Cr	31%	₹97 Cr	11.2%	19.6%	22%	337
Dollar Industries LimitedDOLLARDOLLAR	₹1,543 Cr	₹1,820 Cr	₹1,887 Cr	₹205 Cr	10.6%	₹112 Cr	5.7%	17.1%	11.9%	236
Monte Carlo Fashions LimitedMONTECARLOMONTECARLO	₹1,082 Cr	₹1,411 Cr	₹1,286 Cr	₹220 Cr	17.8%	₹105 Cr	8.8%	17.5%	12.9%	384

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	826	809	652	859	1,078	1,087	1,395	1,579
COGS	327	357	270	354	486	451	579	678
Gross profit	500	452	383	505	592	636	816	901
	366	369	278	354	449	478	628	690
	134	83	104	152	143	158	188	211
OPM %	16.2%	10.3%	16%	17.7%	13.2%	14.5%	13.5%	13.4%
Depreciation	22	30	32	35	36	38	43	48
Interest	6	23	14	12	19	19	33	41
	3	24	1	9	23	16	12	18
Profit before tax	109	54	59	115	111	118	123	141
Tax	36	-3	16	30	28	28	28	40
Tax %	33%	-4.6%	27%	26.2%	25.5%	23.8%	22.8%	28.4%
	73	57	43	85	83	90	95	101
PAT margin %	8.9%	7%	6.6%	9.9%	7.7%	8.2%	6.8%	6.4%
EPS (₹)	—	18.3	16.8	33	32.4	35.7	37.9	40.2
EPS adjusted (₹)	28.6	22.1	16.8	33	32.9	35.7	37.9	40.2
	—	0%	13.4%	0%	9.3%	0%	5.3%	7.5%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	17	25	26	26	26	26	25	25	25	25
Reserves	85	—	458	498	533	612	649	739	831	921
	247	—	201	217	194	200	245	203	381	400
	196	—	202	152	160	224	179	175	219	244
Total equity & liabilities	545	—	887	892	912	1,062	1,097	1,142	1,456	1,591
	279	307	317	444	444	450	459	454	595	686
CWIP	4	—	54	0	10	8	10	19	31	4
Investments	1	—	0	0	0	3	113	51	10	58
	262	—	515	448	458	602	515	618	821	843
Total assets	545	—	887	892	912	1,062	1,097	1,142	1,456	1,591

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	60.5%	55.9%	58.6%	58.8%	54.9%	58.5%	58.5%	57.1%
EBITDA margin %	16.2%	10.3%	16%	17.7%	13.2%	14.5%	13.5%	13.8%
EBIT margin %	13.6%	6.6%	11%	13.6%	9.9%	11%	10.4%	10.8%
PAT margin %	8.9%	7%	6.6%	9.9%	7.7%	8.2%	6.8%	6.4%
Working capital
Receivable days	57	42	65	49	35	55	66	59
Inventory days	277	233	327	342	223	214	234	167
Payable days	122	86	123	116	74	80	83	69
NWC days	211	189	269	275	184	190	216	156
Leverage
Current ratio	1.46	1.53	1.66	1.79	1.63	1.91	1.46	1.32
Debt to EBITDA	1.5	2.61	1.86	1.32	1.72	1.29	2.03	1.84
Debt to equity	0.41	0.41	0.35	0.31	0.36	0.27	0.44	0.42
Interest coverage	18.5	3.4	5.1	10.7	7	7.3	4.7	4.6
Asset turnover	0.93	0.91	0.72	0.81	0.98	0.95	0.96	0.99
Return ratios
Return on assets %	8.3%	6.3%	4.7%	8%	7.5%	7.9%	6.5%	6.3%
Return on capital employed %	20.9%	13.2%	11.6%	18.1%	17.3%	17.3%	17.7%	18.9%
Return on equity %	15.2%	10.8%	7.7%	13.3%	12.2%	11.7%	11.1%	10.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	61.93%	61.93%	61.93%	61.93%	61.93%	61.93%	61.93%	61.93%	61.93%	61.93%	61.81%	61.81%
	1.5%	1.39%	1.53%	1.59%	1.63%	1.84%	1.81%	1.83%	1.48%	1.83%	1.48%	1.49%
	18.46%	19.07%	18.87%	19.24%	19.56%	19.84%	19.68%	19.92%	19.79%	18.72%	16.57%	16.15%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	18.11%	17.61%	17.67%	17.24%	16.88%	16.39%	16.58%	16.32%	16.8%	17.52%	20.14%	20.55%
No. of shareholders	—	—	—	—	—	—	—	—	17,095	15,743	17,082	17,353

Promoter holding down 0.12 percentage points since Sep 2023.

13 deals · 6 Jun 2022 – 28 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Aug 2026	SUNDARARAJAN PERUMAL MUDALIAR	Block	NSE	Sell	5,00,000	₹925.00	₹46.25 Cr
28 Aug 2026	CARNELIAN ASSET MANAGEMENT & ADVISORS PRIVATE LIMITED	Block	NSE	Buy	5,00,000	₹925.00	₹46.25 Cr
28 Aug 2026	SUNDARARAJAN PERUMAL MUDALIAR	Bulk	NSE	Sell	5,00,000	₹925.00	₹46.25 Cr
28 Aug 2026	CARNELIAN ASSET MANAGEMENT & ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	5,00,000	₹925.00	₹46.25 Cr
15 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,46,860	₹897.30	₹31.12 Cr
15 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,46,860	₹896.78	₹31.11 Cr
7 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,33,795	₹1,032.19	₹13.81 Cr
7 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,33,795	₹1,032.41	₹13.81 Cr
10 Mar 2023	KESAVAPILLAI ANNAMALAI	Bulk	NSE	Sell	1,98,000	₹342.00	₹6.77 Cr
10 Mar 2023	N V INVESTMENTS	Bulk	NSE	Buy	1,60,000	₹341.98	₹5.47 Cr

1–10 of 13

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. P.SundararajanExecutive Director-Chairperson-MD
V BalajiChief Financial Officer
Mrs. S. LathaExecutive Director
Mr. S. ChenduranExecutive Director-MD
Mrs. S. ShanthaExecutive Director-MD
Mr. Srinivas ChidambaramNon-Executive - Independent Director
Mr. C.R. RajagopalNon-Executive - Independent Director
Mrs. H. Lakshmi PriyaNon-Executive - Independent Director
Mr. B. RavishankarNon-Executive - Independent Director
K. VinodhiniCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

2

across 2 fund houses

Held by these funds

8.07%

of the company's equity

All mutual funds

14.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	19.32 L	202.9	0.94%	7.697%	-0
MF SMALL CAP FUND	LIC Mutual Fund	93,461	9.82	1.18%	0.372%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

13

Credit ratings

1

we hereby attached the ratings assigned by ICDR Limited vide their letter dated September 3, 2025.3 Sept 2025

Investor Presentation and earnings call

5

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

6

Final dividend4 Sept 2026 · ex-date₹3
Final dividend25 Aug 2025 · ex-date₹2
Final dividend15 Sept 2023 · ex-date₹3
Final dividend3 Sept 2021 · ex-date₹2.25
Final dividend7 Sept 2018 · ex-date₹0.5
Final dividend3 Aug 2017 · ex-date₹0.5

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

28 Sept 2026, 4:00 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 6:32 pmCompany Update

Revised Annual Report

General PDF

21 Sept 2026, 7:30 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Aug 2026, 6:47 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

29 Aug 2026, 6:19 pmCompany Update

Announcement Under Regulation 7(2) Of SEBI (PIT) Regulations, 2015

General PDF

28 Aug 2026, 8:14 pmAGM/EGM

Shareholders Meeting-AGM Notice

AGM PDF

28 Aug 2026, 6:45 pmCompany Update

Intimation For Letter Sent To Members

General PDF

28 Aug 2026, 6:31 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

Date	Category	Subject	Filing
28 Sept 2026, 4:00 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 6:32 pm	Company Update General	Revised Annual Report	PDF

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S. P. Apparels Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

6

1

Announcements

Not in the F&O segment

6

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	50	-1	82	83	81	33	216	79	44	209
	-122	-15	-60	-39	-21	-35	-160	6	-177	-189
	75	19	-17	-45	-42	24	-48	-67	83	-1
Net cash flow	2	3	5	-1	17	21	8	19	-50	18
Free cash flow	—	—	-4	31	36	-6	164	24	-38	101
CFO / Operating profit %	—	—	61.5%	99.5%	77.1%	21.6%	151.4%	50.2%	23.7%	95.8%

S. P. Apparels Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends6

Board meetings1

Announcements

Not in the F&O segment

Dividends6

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

6

1

6

1