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

₹ 798 -5.24%
14 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 ₹ 2,008 Cr.
  • Current Price ₹ 798
  • High / Low ₹ 1,133 / 610
  • Stock P/E 21.1
  • Book Value ₹ 341
  • Dividend Yield 0.00 %
  • ROCE 14.3 %
  • ROE 11.7 %
  • Face Value ₹ 10.0
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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 52.1 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

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
254 246 306 251 275 248 292 252 295 245 391 359 399
209 203 268 229 235 212 246 218 254 212 342 308 345
Operating Profit 45 43 38 22 40 36 47 34 41 33 50 51 54
OPM % 18% 17% 12% 9% 14% 15% 16% 14% 14% 13% 13% 14% 14%
5 7 9 8 2 4 6 5 2 3 2 3 4
Interest 4 5 8 2 7 6 4 5 3 5 11 8 10
Depreciation 9 10 8 9 9 9 10 9 9 10 11 12 11
Profit before tax 37 35 30 19 25 25 38 24 30 21 30 34 37
Tax % 31% 27% 25% 32% 19% 40% 26% 28% 5% 12% 28% 29% 19%
25 26 23 13 21 15 29 18 28 18 22 24 30
EPS in Rs 9.80 10.06 8.92 5.28 8.21 5.98 11.38 7.03 11.35 7.20 8.75 9.64 12.12
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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 1,081 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 84 105 152 146 158 188
OPM % 14% 15% 16% 16% 16% 16% 10% 16% 18% 14% 15% 13%
1 7 -12 21 16 3 13 1 9 20 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: 61%
3 Years: 29%
1 Year: -4%
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%

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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