S P Apparels Ltd

S P Apparels Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

S P Apparels Ltd

₹ 842 -0.64%
10 Jul - close price
spapparels.com BSE: 540048 NSE: SPAL
About

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]

Key Points

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.

Website BSE NSE
  • 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
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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

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
216 217 269 219 235 218 251 224 255 214 256 234 278
172 174 230 195 192 177 202 186 215 177 216 195 232
Operating Profit 43 43 39 24 43 41 50 37 40 37 40 39 46
OPM % 20% 20% 15% 11% 18% 19% 20% 17% 16% 17% 16% 17% 16%
5 7 9 8 2 4 5 5 2 2 1 1 3
Interest 3 5 7 1 6 5 3 4 1 3 7 4 6
Depreciation 8 9 8 9 8 9 9 9 9 9 9 9 9
Profit before tax 36 36 33 23 30 32 42 29 32 27 25 26 33
Tax % 30% 26% 22% 28% 24% 31% 23% 24% 17% 16% 28% 31% 26%
25 27 26 16 23 22 33 22 27 23 18 18 25
EPS in Rs 9.84 10.40 9.96 6.47 9.27 8.68 13.10 8.88 10.70 9.07 7.19 7.18 9.86
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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%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
61.69% 61.69% 61.93% 61.93% 61.93% 61.93% 61.93% 61.93% 61.93% 61.93% 61.93% 61.93%
1.31% 1.16% 1.23% 1.09% 1.07% 1.50% 1.39% 1.53% 1.59% 1.64% 1.83% 1.81%
16.35% 16.86% 17.61% 17.73% 17.60% 18.47% 19.08% 18.87% 19.25% 19.56% 19.84% 19.68%
20.66% 20.29% 19.22% 19.25% 19.41% 18.12% 17.61% 17.68% 17.23% 16.88% 16.40% 16.59%
No. of Shareholders 19,66526,84119,61218,39217,77017,20316,37615,67715,36716,10516,82316,811

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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