S P Apparels Ltd
The company was established in 1989, it is a leading manufacturer and exporter of knitted garments for infants and children in India. These are manufactured at the integrated facilities that allow providing end-to-end garment manufacturing services from greige fabric to finished products. [1], Mr. P. Sundararajan is the Chairman and Managing Director of our Company. [2]. The company provides end-to-end garment manufacturing from greige fabric to finished products including bodysuits, sleepsuits, tops, and bottoms. [3]
- Market Cap ₹ 2,113 Cr.
- Current Price ₹ 842
- High / Low ₹ 1,133 / 610
- Stock P/E 25.3
- Book Value ₹ 343
- Dividend Yield 0.00 %
- ROCE 13.0 %
- ROE 10.2 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 5.33% over past five years.
- Company has a low return on equity of 12.3% over last 3 years.
- Dividend payout has been low at 2.73% of profits over last 3 years
- Debtor days have increased from 29.2 to 38.7 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Textiles Textiles & Apparels Garments & Apparels
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
451 | 474 | 536 | 619 | 627 | 777 | 757 | 536 | 735 | 942 | 948 | 982 | |
386 | 405 | 447 | 518 | 523 | 646 | 675 | 439 | 580 | 790 | 780 | 820 | |
Operating Profit | 64 | 70 | 89 | 101 | 104 | 131 | 82 | 96 | 155 | 152 | 169 | 161 |
OPM % | 14% | 15% | 17% | 16% | 17% | 17% | 11% | 18% | 21% | 16% | 18% | 16% |
1 | 7 | -12 | 21 | 16 | 3 | 13 | 1 | 1 | 19 | 15 | 7 | |
Interest | 36 | 31 | 25 | 18 | 29 | 6 | 22 | 13 | 11 | 16 | 13 | 20 |
Depreciation | 18 | 20 | 21 | 21 | 24 | 23 | 32 | 30 | 32 | 34 | 35 | 37 |
Profit before tax | 13 | 25 | 31 | 83 | 68 | 105 | 41 | 54 | 113 | 122 | 136 | 112 |
Tax % | 43% | 57% | 34% | 40% | 38% | 33% | -8% | 28% | 26% | 25% | 24% | 25% |
7 | 11 | 20 | 49 | 42 | 70 | 44 | 39 | 83 | 92 | 104 | 84 | |
EPS in Rs | 4.26 | 6.50 | 11.95 | 19.65 | 16.69 | 27.16 | 17.14 | 15.05 | 32.38 | 36.59 | 41.35 | 33.29 |
Dividend Payout % | 0% | 0% | 0% | 3% | 3% | 0% | 0% | 15% | 0% | 8% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 5% |
3 Years: | 10% |
TTM: | 4% |
Compounded Profit Growth | |
---|---|
10 Years: | 23% |
5 Years: | 10% |
3 Years: | 0% |
TTM: | -13% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 61% |
3 Years: | 29% |
1 Year: | 3% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 12% |
3 Years: | 12% |
Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 17 | 17 | 17 | 25 | 25 | 26 | 26 | 26 | 26 | 25 | 25 | 25 |
Reserves | 62 | 72 | 111 | 345 | 377 | 460 | 496 | 526 | 604 | 650 | 754 | 835 |
355 | 300 | 276 | 181 | 219 | 206 | 216 | 181 | 205 | 190 | 128 | 257 | |
93 | 141 | 174 | 139 | 190 | 193 | 143 | 150 | 166 | 139 | 139 | 152 | |
Total Liabilities | 527 | 530 | 578 | 690 | 811 | 884 | 882 | 883 | 1,001 | 1,004 | 1,046 | 1,269 |
278 | 268 | 279 | 300 | 306 | 314 | 440 | 438 | 434 | 439 | 434 | 449 | |
CWIP | 0 | 10 | 4 | 0 | 6 | 54 | 0 | 10 | 8 | 10 | 19 | 31 |
Investments | 7 | 7 | 8 | 66 | 39 | 8 | 8 | 8 | 11 | 175 | 114 | 224 |
243 | 245 | 287 | 324 | 459 | 508 | 434 | 427 | 549 | 381 | 480 | 565 | |
Total Assets | 527 | 530 | 578 | 690 | 811 | 884 | 882 | 883 | 1,001 | 1,004 | 1,046 | 1,269 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
59 | 83 | 50 | 50 | 4 | 78 | 87 | 79 | 52 | 227 | 98 | 43 | |
-14 | -6 | -30 | -122 | -15 | -60 | -39 | -21 | -35 | -156 | -4 | -183 | |
-44 | -77 | -20 | 75 | 14 | -17 | -50 | -45 | 11 | -73 | -81 | 110 | |
Net Cash Flow | 0 | 0 | 0 | 2 | 2 | 1 | -2 | 13 | 28 | -2 | 13 | -30 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 45 | 59 | 59 | 80 | 92 | 57 | 41 | 59 | 31 | 16 | 32 | 39 |
Inventory Days | 219 | 187 | 226 | 152 | 305 | 319 | 267 | 523 | 432 | 228 | 228 | 331 |
Days Payable | 109 | 182 | 201 | 99 | 151 | 130 | 88 | 159 | 120 | 54 | 65 | 79 |
Cash Conversion Cycle | 155 | 64 | 83 | 133 | 246 | 245 | 220 | 422 | 343 | 190 | 195 | 290 |
Working Capital Days | 50 | 48 | 60 | 99 | 149 | 129 | 124 | 178 | 146 | 79 | 92 | 121 |
ROCE % | 11% | 14% | 18% | 21% | 16% | 17% | 10% | 9% | 17% | 16% | 16% | 13% |
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
2d - MUFG Intime India Private Limited, RTA have after verification, cancelled the certificate of securities received for dematerialization and substituted in the record of the company.
- Closure of Trading Window 26 Jun
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Closure of Trading Window
26 Jun - Trading window closed from July 1, 2025, until 48 hours post Q1 results declaration.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
4 Jun - S.P. Apparels reports FY25 results; plans capacity expansion to 9,000 machines, targets INR 2,000 Cr revenue by FY27.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
30 May - Annual Secretarial Compliance Report for FY ended March 31, 2025 submitted, confirming regulatory adherence.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Concalls
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Jun 2025Transcript PPT
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Business Profile[1]
Founded in 1989 and headquartered near Tirupur, Tamil Nadu, S P Apparels is an end-to-end manufacturer and exporter of knitted garments. It specializes in infant and children’s wear and has recently expanded into adult apparel. It is positioned as India’s largest manufacturer and exporter of infantwear.