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 ₹ 2,098 Cr.
- Current Price ₹ 836
- High / Low ₹ 1,133 / 562
- Stock P/E 22.1
- Book Value ₹ 341
- Dividend Yield 0.00 %
- ROCE 14.3 %
- ROE 11.7 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.9% over last 3 years.
- Dividend payout has been low at 3.04% of profits over last 3 years
- Debtor days have increased from 52.2 to 65.6 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
450 | 471 | 532 | 632 | 662 | 825 | 808 | 652 | 859 | 1,078 | 1,087 | 1,395 | |
386 | 403 | 447 | 528 | 555 | 691 | 724 | 547 | 707 | 935 | 929 | 1,207 | |
Operating Profit | 64 | 69 | 85 | 104 | 106 | 134 | 84 | 105 | 152 | 143 | 158 | 188 |
OPM % | 14% | 15% | 16% | 16% | 16% | 16% | 10% | 16% | 18% | 13% | 15% | 13% |
1 | 7 | -12 | 21 | 16 | 3 | 13 | 1 | 9 | 23 | 16 | 12 | |
Interest | 36 | 31 | 25 | 18 | 29 | 6 | 23 | 14 | 12 | 19 | 19 | 33 |
Depreciation | 18 | 20 | 20 | 19 | 22 | 22 | 30 | 32 | 35 | 36 | 38 | 43 |
Profit before tax | 12 | 24 | 28 | 87 | 71 | 109 | 44 | 59 | 115 | 111 | 118 | 123 |
Tax % | 46% | 60% | 33% | 38% | 33% | 33% | -6% | 27% | 26% | 26% | 24% | 23% |
6 | 10 | 19 | 54 | 48 | 73 | 47 | 43 | 85 | 83 | 90 | 95 | |
EPS in Rs | 3.97 | 5.98 | 10.98 | 21.30 | 19.00 | 28.56 | 18.26 | 16.80 | 32.96 | 32.88 | 35.72 | 37.92 |
Dividend Payout % | 0% | 0% | 0% | 0% | 3% | 0% | 0% | 13% | 0% | 9% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 11% |
5 Years: | 12% |
3 Years: | 18% |
TTM: | 28% |
Compounded Profit Growth | |
---|---|
10 Years: | 26% |
5 Years: | 12% |
3 Years: | 4% |
TTM: | 16% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 65% |
3 Years: | 31% |
1 Year: | 46% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 12% |
3 Years: | 12% |
Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 50 | 59 | 96 | 332 | 372 | 458 | 498 | 533 | 612 | 649 | 739 | 831 |
358 | 304 | 279 | 185 | 223 | 211 | 226 | 194 | 231 | 245 | 203 | 381 | |
100 | 140 | 169 | 134 | 189 | 192 | 143 | 160 | 193 | 179 | 175 | 219 | |
Total Liabilities | 525 | 520 | 561 | 677 | 810 | 887 | 892 | 912 | 1,062 | 1,097 | 1,142 | 1,456 |
285 | 275 | 277 | 299 | 307 | 317 | 444 | 444 | 450 | 459 | 454 | 595 | |
CWIP | 0 | 0 | 4 | 0 | 6 | 54 | 0 | 10 | 8 | 10 | 19 | 31 |
Investments | 1 | 1 | 1 | 58 | 31 | 0 | 0 | 0 | 0 | 113 | 51 | 10 |
240 | 244 | 280 | 319 | 465 | 515 | 448 | 458 | 604 | 515 | 618 | 821 | |
Total Assets | 525 | 520 | 561 | 677 | 810 | 887 | 892 | 912 | 1,062 | 1,097 | 1,142 | 1,456 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
58 | 84 | 49 | 26 | -1 | 82 | 83 | 80 | 27 | 216 | 79 | 44 | |
-14 | -6 | -28 | -116 | -15 | -60 | -39 | -21 | -29 | -160 | 6 | -177 | |
-44 | -77 | -20 | 92 | 19 | -17 | -45 | -42 | 24 | -48 | -67 | 82 | |
Net Cash Flow | 0 | 1 | 1 | 2 | 3 | 5 | -1 | 17 | 21 | 8 | 19 | -50 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 44 | 58 | 56 | 78 | 91 | 57 | 42 | 65 | 49 | 35 | 55 | 66 |
Inventory Days | 221 | 190 | 228 | 147 | 268 | 277 | 233 | 327 | 342 | 223 | 214 | 234 |
Days Payable | 131 | 173 | 209 | 101 | 145 | 122 | 86 | 123 | 116 | 74 | 80 | 83 |
Cash Conversion Cycle | 134 | 74 | 75 | 123 | 215 | 212 | 189 | 269 | 275 | 184 | 190 | 216 |
Working Capital Days | 99 | 42 | 53 | 98 | 141 | 119 | 116 | 152 | 151 | 96 | 110 | 133 |
ROCE % | 11% | 14% | 18% | 23% | 17% | 18% | 11% | 10% | 16% | 15% | 13% | 14% |
Documents
Announcements
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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.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
30 May - Audio recording of Q4 and FY25 financial results investor call released.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
28 May - Newspaper Advertisement of the Consolidated Audited Financial Statement of the Company for the Quarter and year ended March 31, 2025.
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Announcement under Regulation 30 (LODR)-Investor Presentation
28 May - Share the Investor Presentation Q4 FY 2025
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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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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Nov 2019Transcript PPT
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Jul 2019TranscriptPPT
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Dec 2017Transcript PPT
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Nov 2017TranscriptNotesPPT
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Jun 2017TranscriptPPT
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Feb 2017TranscriptPPT
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Nov 2016TranscriptPPT
Business Segments