S P Apparels
S P Apparels Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q1 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Sri Lanka operations target scaling from 650 to 2,000 machines by March 2026, potentially achieving revenue of INR 150-200 crores by FY26, with no immediate further capex planned until utilization stabilizes. Q1 FY26 standalone business showed strong growth: 34.5% revenue increase and 15.2% EBITDA margin.
From S P Apparels's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Sri Lanka operations target scaling from 650 to 2,000 machines by March 2026, potentially achieving revenue of INR 150-200 crores by FY26, with no immediate further capex planned until utilization stabilizes.
- Total group capacity, including Young Brand, expected to reach around 7,800 machines by FY26 end and approximately 9,800-10,000 machines by FY27, supporting topline growth toward INR 2,000 crores.
- SPUK business aims for GBP 10-12 million revenue in FY26, with shipments and customer acquisitions starting Q3 onwards.
- Domestic standalone business added 700 machines via capex of INR 75-80 crores, enhancing production and driving 35% YoY growth in garment division in Q1 FY26.
- Expansion focus includes onboarding new European and UK customers and moving some US business to Sri Lanka to mitigate tariff impact.
- Retail segment (Angel & Rocket) expected to break even within FY26.
Profitability & Margins
See what S P Apparels said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capex of approximately INR 75-80 crores incurred for adding around 700 machines across Palladam (new factory), SIPCOT, and Thuraiyur, mainly in India.
- Expansion projects in India expected to be completed by FY26 end, including acquisitions in Sri Lanka.
- FY26 and FY27 maintenance capex estimated at INR 20-30 crores per year.
- Sri Lanka operations targeting scale-up from current 650 machines to 2,000 by March 2026 with no immediate further capex planned until utilization stabilizes.
- Total machine capacity across India, Sri Lanka, and Young Brand expected to reach around 9,700-10,000 by FY27.
- No backward integration capex planned currently; existing capacity fully utilized.
- Strategic plan includes mitigating US tariff challenges via shifting SPAL's US business to Sri Lanka and acquiring new customers, especially in Europe and UK.
- New factories and expansions underway, including a printing and knitting capacity increase.
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Fundraising & Capital Structure
See what S P Apparels said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of Q1 FY26, the Garment division's order book stands at INR 404 crores.
- SPUK business had an order book value of GBP 3.97 million as of the same period.
- SPUK expects shipments to start from Q3 FY26, with a planned revenue target of GBP 10-12 million for the financial year.
- The company is onboarding new customers in Sri Lanka post-acquisition of factories, expecting small quantities in Q2 FY26 and full production from Q3 FY26.
- Young Brand is expanding its customer base to mitigate geographic risk and ensure steady order flow.
- The focus is on building capacity and getting customer approvals for new factories, which requires history of production (6 months typically) before major orders flow in.
S P Apparels — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹365 Cr, net profit ₹19 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What S P Apparels Ltd's management said in earlier quarters
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Frequently Asked Questions
What were S P Apparels Q1 FY26 results?
Sri Lanka operations target scaling from 650 to 2,000 machines by March 2026, potentially achieving revenue of INR 150-200 crores by FY26, with no immediate further capex planned until utilization stabilizes. Q1 FY26 standalone business showed strong growth: 34.5% revenue increase and 15.2% EBITDA margin.
What is S P Apparels share price analysis?
S P Apparels currently shows a neutral. The stock trades at a P/E of 22.4 with a market cap of ₹2,356 Cr. Investors should review the full earnings analysis for detailed insights.
Is S P Apparels planning capital expenditure?
Capex of approximately INR 75-80 crores incurred for adding around 700 machines across Palladam (new factory), SIPCOT, and Thuraiyur, mainly in India.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.