S P Apparels Ltd

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S P Apparels Ltd

₹ 950 0.90%
25 Aug - 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]
The company, headquartered near Tirupur, Tamil Nadu, 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. Also, it is one of the India’s largest manufacturer and exporter of infantwear.

Website BSE NSE
  • Market Cap ₹ 2,388 Cr.
  • Current Price ₹ 950
  • High / Low ₹ 1,222 / 585
  • Stock P/E 22.7
  • Book Value ₹ 376
  • Dividend Yield 0.32 %
  • ROCE 14.0 %
  • ROE 11.2 %
  • Face Value ₹ 10.0
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Pros

  • Company's working capital requirements have reduced from 43.3 days to 27.4 days

Cons

  • Stock is trading at 2.52 times its book value
  • Company has a low return on equity of 11.4% over last 3 years.

* 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 Consumer Discretionary

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
248 292 252 295 245 391 359 399 403 427 383 365 401
212 246 218 254 212 342 308 345 351 365 329 321 341
Operating Profit 36 47 34 41 33 50 51 54 53 62 54 44 60
OPM % 15% 16% 14% 14% 13% 13% 14% 14% 13% 15% 14% 12% 15%
4 6 5 2 3 2 3 4 2 7 6 4 4
Interest 6 4 5 3 5 11 8 10 12 10 10 9 15
Depreciation 9 10 9 9 10 11 12 11 11 12 12 12 13
Profit before tax 25 38 24 30 21 30 34 37 31 47 37 26 36
Tax % 40% 26% 28% 5% 12% 28% 29% 19% 32% 26% 27% 30% 31%
15 29 18 28 18 22 24 30 21 35 27 19 25
EPS in Rs 5.98 11.38 7.03 11.35 7.20 8.75 9.64 12.12 8.53 13.83 10.74 7.35 9.91
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
471 532 632 662 825 808 652 859 1,081 1,087 1,395 1,579 1,576
403 447 528 555 691 724 547 707 935 929 1,207 1,367 1,357
Operating Profit 69 85 104 106 134 84 105 152 146 158 188 211 220
OPM % 15% 16% 16% 16% 16% 10% 16% 18% 14% 15% 13% 13% 14%
7 -12 21 16 3 13 1 9 20 16 12 18 20
Interest 31 25 18 29 6 23 14 12 19 19 33 41 44
Depreciation 20 20 19 22 22 30 32 35 36 38 43 48 50
Profit before tax 24 28 87 71 109 44 59 115 111 118 123 141 146
Tax % 60% 33% 38% 33% 33% -6% 27% 26% 26% 24% 23% 28%
10 19 54 48 73 47 43 85 83 90 95 101 105
EPS in Rs 5.98 10.98 21.30 19.00 28.56 18.26 16.80 32.96 32.88 35.72 37.90 40.11 41.83
Dividend Payout % 0% 0% 0% 3% 0% 0% 13% 0% 9% 0% 0% 0%
Compounded Sales Growth
10 Years: 11%
5 Years: 19%
3 Years: 13%
TTM: 1%
Compounded Profit Growth
10 Years: 14%
5 Years: 18%
3 Years: 7%
TTM: 7%
Stock Price CAGR
10 Years: 11%
5 Years: 27%
3 Years: 20%
1 Year: 33%
Return on Equity
10 Years: 12%
5 Years: 12%
3 Years: 11%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 17 17 25 25 26 26 26 26 25 25 25 25
Reserves 59 96 332 372 458 498 533 612 649 739 831 921
304 279 185 223 211 226 194 231 245 203 381 419
140 169 134 189 192 143 160 193 179 175 219 226
Total Liabilities 520 561 677 810 887 892 912 1,062 1,097 1,142 1,456 1,591
275 277 299 307 317 444 444 450 459 454 595 686
CWIP 0 4 0 6 54 0 10 8 10 19 31 4
Investments 1 1 58 31 0 0 0 3 113 51 10 58
244 280 319 465 515 448 458 602 515 618 821 843
Total Assets 520 561 677 810 887 892 912 1,062 1,097 1,142 1,456 1,591

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
84 49 26 -1 82 83 80 27 216 79 44 209
-6 -28 -116 -15 -60 -39 -21 -29 -160 6 -170 -189
-77 -20 92 19 -17 -45 -42 24 -48 -67 82 -1
Net Cash Flow 1 1 2 3 5 -1 17 21 8 19 -44 18
Free Cash Flow 69 23 -11 -40 -3 32 36 -6 164 25 -37 103
CFO/OP 126% 64% 43% 20% 72% 114% 90% 34% 167% 71% 42% 117%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 58 56 78 91 57 42 65 49 35 55 66 59
Inventory Days 190 228 147 268 277 233 327 342 223 214 234 167
Days Payable 173 209 101 145 122 86 123 116 74 80 83 69
Cash Conversion Cycle 74 75 123 215 212 189 269 275 184 190 216 156
Working Capital Days -79 -58 20 39 42 46 74 80 26 53 50 27
ROCE % 14% 18% 23% 17% 18% 11% 10% 16% 15% 13% 14% 14%

Insights

In beta
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
SPUK (S.P. Apparels UK) Revenue
INR Million

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Garment Division Capacity Utilization
% ・Standalone data
Garment Export Volumes
Million pieces
Retail EBO COCO Store Count (Crocodile Brand)
Stores
Number of Sewing Machines in India (SPAL Garment Division)
Machines ・Standalone data
Order Book
INR Crore

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Shareholding Pattern

Numbers in percentages

3 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
1.50% 1.39% 1.53% 1.59% 1.64% 1.83% 1.81% 1.83% 1.49% 1.83% 1.48% 1.49%
18.47% 19.08% 18.87% 19.25% 19.56% 19.84% 19.68% 19.92% 19.79% 18.72% 16.57% 16.15%
18.12% 17.61% 17.68% 17.23% 16.88% 16.40% 16.59% 16.32% 16.80% 17.52% 20.13% 20.55%
No. of Shareholders 17,20316,37615,67715,36716,10516,82316,81116,85817,09515,74317,08217,353

* 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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