S P Apparels Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 14 Jun 2026 | Textiles & Apparels | Market Cap: ₹2.4K Cr
Group revenue expected to reach around INR 1,600 crores in the next financial year. Revenue Growth**: Company expects 15% to 20% growth in top-line revenue over the next 2 years, primarily from standalone garment business and Sri Lanka operations.
From S P Apparels's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹930
Market Cap
₹2.4K Cr
P/E Ratio
22.4
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S P Apparels — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹365 Cr, net profit ₹19 Cr.
Full financials →📊 Revenue & Sales Performance
- →Group revenue expected to reach around INR 1,600 crores in the next financial year.
- →Standalone garment business targeting 15% to 20% top-line growth over the next 2 years.
- →Young Brand Apparel (YBAPL) expected to grow from current INR ~310-350 crores to INR 400 crores at full capacity in 2-3 years.
- →Sri Lanka operations planned to add capacity of around 2,000 machines over 2 years to support growth.
- →Overall capacity expansion: aiming to run 7,000 machines by FY27 (including India and Sri Lanka).
- →SPUK retail is growing with new customers; expecting a robust FY26.
- →Retail division targeting profitability for FY26, with ongoing expansion and equity fundraising.
- →Company optimistic about volume and value growth supported by efficiency improvements and capacity additions.
📈 Profitability & Margins
- →**Revenue Growth**: Company expects 15% to 20% growth in top-line revenue over the next 2 years, primarily from standalone garment business and Sri Lanka operations.
- →**EBITDA Margins**:
- → - Garment division targeted EBITDA margin around 18%.
- → - SPUK expected to maintain EBITDA around 4-5%.
- → - Retail division aiming for flat EBITDA, currently near breakeven and expected to improve profitability by FY26.
- →**Young Brand Apparel (YBA)**: Projected revenue around INR350 crores in FY26 with 15% EBITDA margins; potential to reach INR400 crores over 2-3 years with margin improvements as capacity utilization increases.
- →**Capex**: Around INR70-80 crores planned for FY26 including Sri Lanka capacity addition.
- →**EPS**: Current EPS stands at INR7.2 (standalone Q3 FY25). Operating efficiencies and growth should support EPS growth, though explicit future EPS guidance isn't provided.
- →**Strategic Outlook**: Confidence expressed in margin improvements and sustained earnings growth driven by capacity expansion, efficiency, and geographic diversification.
🏗️ Capital Expenditure Plans
- →For FY25, SP Apparels Limited's Capex incurred over 9 months is approximately INR 70 crores.
- →For FY26, including the addition of capacities in Sri Lanka, expected Capex is higher, around INR 70-80 crores.
- →Sri Lanka operations currently involve a job work model; if own factories are set up, investment metrics will change.
- →Plans to invest in Sri Lanka include adding about 1,000 machines with an investment of around INR 50-75 crores.
- →The company aims to expand garment manufacturing capacity by adding machines, targeting 2,000 more machines over two years.
- →There is an active plan to acquire factories in Tamil Nadu to expand existing capacities.
- →Focus on moving operations away from Tirupur cluster to rural areas for fresh workforce and training.
- →Expansion plans await equity raising to scale faster; currently aiming for 15-20% growth with controlled investment.
💰 Fundraising & Capital Structure
- →The company is looking to raise equity to support the expansion of its retail division.
- →Until the equity raise is completed, the retail division plans to grow at around 20% to maintain EBITDA breakeven and manage working capital.
- →There is no explicit mention of any current or future planned fundraising through debt in the transcript.
- →The focus on equity fundraising appears aimed at scaling the retail business and supporting growth initiatives.
📋 Order Book & Pipeline
- →Young Brand Apparel (YBAPL) order book is around INR 85 crores.
- →The business expects strong demand driven by customers shifting production away from Bangladesh due to political instability, with India and Sri Lanka as preferred alternatives.
- →SPUK's current order book is valued at GBP 3.2 million.
- →The company is actively adding new customers, with SPUK having secured 2 new customers and 2 more potential customers in discussion.
- →The Sri Lankan operations are ramping up, with about 300 machines currently running, expected to reach 800 machines from August onwards, indicating growing production orders.
- →Customer demand is robust, and existing customers have consented to increasing orders for Sri Lankan production, reducing risk of underutilized capacity.
Key Metrics
Frequently Asked Questions
What were S P Apparels Q3 FY25 results?
Group revenue expected to reach around INR 1,600 crores in the next financial year. Revenue Growth**: Company expects 15% to 20% growth in top-line revenue over the next 2 years, primarily from standalone garment business and Sri Lanka operations.
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?
For FY25, SP Apparels Limited's Capex incurred over 9 months is approximately INR 70 crores.
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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.