S P Apparels Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 28 May 2026 | Textiles & Apparels | Market Cap: ₹2.4K Cr
FY27 is expected to be much more promising with new sales targets planned. FY27 is expected to be much more promising with new and higher numbers targeted (Page 20). - Consolidated EBITDA margin guidance is around 15%, indicating stable margin performance (Page 7). - Focus on growing export volumes towards 100 million pieces by FY27 at 90%-93% utilization without major capex (Page 7). - Retail and SP UK subsidiaries have turned profitable with sustainable growth expected, driven by improved gross margins, reduced overheads, and scaling of brands like Angel & Rocket and Crocodile (Pages 10-13, 19). - Capacity expansion in FY27 limited with capex around INR 10 crores; significant expansion deferred until FY28 post stabilization (Pages 17, 12). - Expected revenue growth from strategic initiatives in Sri Lanka and U.K.
From S P Apparels's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹930
Market Cap
₹2.4K Cr
P/E Ratio
22.4
How does S P Apparels rank in Textiles & Apparels?
Compare S P Apparels against every Textiles & Apparels company this quarter on revenue, margins and earnings-call signals.
S P Apparels — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹365 Cr, net profit ₹19 Cr.
Full financials →📊 Revenue & Sales Performance
- →FY27 is expected to be much more promising with new sales targets planned.
- →Full capacity export volume projected to reach around 100 million pieces annually by FY27 with 90%-93% utilization.
- →Current order book stands at INR 400 crores plus, indicating strong demand momentum.
- →Expansion in Sri Lanka to scale up to 2,000 machines by FY27, supporting diversification and tariff mitigation.
- →Retail division targeting significant growth, especially Angel & Rocket aiming for INR 4-5 crores monthly revenue from D2C.
- →Crocodile brand expected to grow organically, targeting up to INR 200 crores in 3-5 years.
- →U.K. market expected to grow with FTA benefits, expanding order volume but with limited margin improvement.
- →Capacity expansion in India held back temporarily due to tariff issues but poised to resume if tariffs stabilize.
- →Overall, company aims for sustainable growth backed by new customers, product mix improvements, and operational efficiencies.
📈 Profitability & Margins
- →FY27 is expected to be much more promising with new and higher numbers targeted (Page 20).
- →Consolidated EBITDA margin guidance is around 15%, indicating stable margin performance (Page 7).
- →Focus on growing export volumes towards 100 million pieces by FY27 at 90%-93% utilization without major capex (Page 7).
- →Retail and SP UK subsidiaries have turned profitable with sustainable growth expected, driven by improved gross margins, reduced overheads, and scaling of brands like Angel & Rocket and Crocodile (Pages 10-13, 19).
- →Capacity expansion in FY27 limited with capex around INR 10 crores; significant expansion deferred until FY28 post stabilization (Pages 17, 12).
- →Expected revenue growth from strategic initiatives in Sri Lanka and U.K. markets, with the U.K. business aiming for GBP 50 million over 3-5 years (Pages 12, 7).
- →Other income contributes around 8% of sales, supporting overall profitability (Page 19).
🏗️ Capital Expenditure Plans
- →H2 FY26 capex is minimal, around INR 4-5 crores, mainly for maintenance; no major capacity expansion due to U.S. tariff uncertainty.
- →FY27 capex planned around INR 10 crores, focused on stabilizing current capacity rather than expansion.
- →FY28 expected to have a 15%-20% capacity increase (~1,000 to 2,000 machines), reaching around 12,000 machines.
- →Retail division (Angel & Rocket) seeking strategic or financial investors to fund expansion and digital marketing growth.
- →No current plan for capex in FY27 beyond stabilization; growth in retail and new markets expected via strategic partnerships rather than large capital spending.
- →Expansion in Sri Lanka ongoing, scaling up to 2,000 machines by FY27 to mitigate tariff and geopolitical risks, but no major new capex announced there.
- →Salem expansion deferred until clarity on U.S. tariffs emerges.
💰 Fundraising & Capital Structure
- →Currently, S.P. Apparels Limited has an outstanding ECB of $6 million and a consolidated net debt of INR 303 crores.
- →There is no immediate indication of new debt fundraising in the near term; the company is focusing on stabilizing operations and maturity of existing capacity.
- →For the retail brand Angel & Rocket, the company is looking to raise funds, specifically targeting strategic or financial investors to support brand expansion, particularly for D2C growth and omnichannel retail.
- →Discussions are ongoing to find suitable investors; no concrete details or timelines were shared yet.
- →No mention of plans for a public equity issuance (IPO) at this stage; the focus remains on private equity or strategic investments for retail growth.
- →Capex plans for FY26 and FY27 are modest (about INR 10 crores) with no major capacity expansions planned until clarity on tariffs and market demand.
📋 Order Book & Pipeline
- →Current order book is about INR 350 crores.
- →Expecting an additional INR 50 crores in about a week's time.
- →Including expected orders, total order book will be INR 400 crores plus (Page 17).
Key Metrics
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Frequently Asked Questions
What were S P Apparels Q2 FY26 results?
FY27 is expected to be much more promising with new sales targets planned. FY27 is expected to be much more promising with new and higher numbers targeted (Page 20). - Consolidated EBITDA margin guidance is around 15%, indicating stable margin performance (Page 7). - Focus on growing export volumes towards 100 million pieces by FY27 at 90%-93% utilization without major capex (Page 7). - Retail and SP UK subsidiaries have turned profitable with sustainable growth expected, driven by improved gross margins, reduced overheads, and scaling of brands like Angel & Rocket and Crocodile (Pages 10-13, 19). - Capacity expansion in FY27 limited with capex around INR 10 crores; significant expansion deferred until FY28 post stabilization (Pages 17, 12). - Expected revenue growth from strategic initiatives in Sri Lanka and U.K.
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?
H2 FY26 capex is minimal, around INR 4-5 crores, mainly for maintenance; no major capacity expansion due to U.S.
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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.