S P Apparels
S P Apparels Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
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.
2 more points from S P Apparels's call on revenue
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Profitability & Margins
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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.
2 more points from S P Apparels's call on capex
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Top-ranked in Textiles & Apparels
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what S P Apparels said on fundraising & capital structure — free account, 30 seconds.
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).
S P Apparels — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): 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's management said in earlier quarters
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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.