S P Apparels Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,129 Cr
- P/E
- 20.26
- ROE
- 11.21%
- PEG
- 2.88
- Price to sales
- 1.35
- Debt to equity
- 0.44
- 52W high / low
- ₹1,179 / ₹609
- Sales growth (5Y)
- 19.35%
- EBITDA margin
- 13.93%
- Net profit margin
- 6.40%
- Promoter holding
- 59.82%
- Sales (last year)
- ₹1,576 Cr
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]
Guidance scorecard · Q1 FY27 call
What S P Apparels's management guided
and where it ranks in Textiles & Apparels
RevenueQ4 FY26 call
20–40%- FY27 consolidated revenue guidance is INR 2,000 crores with EBITDA margin around 14%-15%.
- Garmenting division expected to contribute INR 1,800 crores, SPUK about INR 150 crores, and Retail Ventures around INR 80-90 crores in FY27.
- FY28 revenue potential estimated at INR 2,500 crores with improved utilization and capacity expansion.
- Capacity additions planned post full utilization, targeting 9,000-10,000 machines by FY28 to support growth.
- Expect strong recovery and volume growth from US clients starting Q3 FY27 following tariff resolution.
- Geographic diversification with target mix by FY27: 30% US, 35% Europe, 35% UK.
- New large customers in Europe and UK anticipated, improving order book and volumes.
2 more points from S P Apparels's call on revenue
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MarginsQ4 FY26 call
FlatSee what S P Apparels said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- The company plans to add 200-300 machines in India by the end of FY27, with an estimated cost of INR 200-250 crores.
- Expansion projects in Salem (Young Brand Apparel) and Sivakasi (SPAL India) were previously on hold due to US tariff uncertainties but have now resumed. Salem expansion may start commercial production by FY28.
- Further capacity additions in FY28 will depend on utilization levels of current assets; no definite plans yet beyond sweating current assets.
- The company is ready to add more capacity if utilization improves, targeting up to 9,000-10,000 machines and INR 2,500 crores revenue in the future.
2 more points from S P Apparels's call on capex
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FundraisingQ4 FY26 call
PlannedSee what S P Apparels said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Management expects normalization of orders post-Q2 FY27, with increased focus on US and European market clients.
- Anticipated recovery and order ramp-up from Q3 FY27 onwards following resolution of tariff and labor issues.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Textiles & Apparels
on management's own guidance
- Strong growth2
- Strong growth1
- Sumeet IndustrieGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Textiles & Apparels companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹602 Cr | 97.3 | |
| 2 | 40%+ | Flat | ₹383 Cr | 25.2 | |
| 3 | Sumeet Industrie | 20–40% | Up 2%+ | ₹638 Cr | 25.8 |
| 4 | 20–40% | Up 2%+ | ₹301 Cr | 20.1 | |
| 5 | 20–40% | Up 0–2% | ₹2,383 Cr | 10.4 | |
| 6 | 20–40% | Up 0–2% | ₹1,032 Cr | 55.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Textiles & Apparels rankingFinancials of S P Apparels
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of S P Apparels
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 275 | 248 | 292 | 252 | 295 | 245 | 391 | 359 | 399 | 403 | 427 | 383 | 365 |
| Expenses + | 235 | 212 | 246 | 218 | 254 | 212 | 342 | 308 | 345 | 351 | 365 | 329 | 321 |
| Operating Profit | 40 | 36 | 47 | 34 | 41 | 33 | 50 | 51 | 54 | 53 | 62 | 54 | 44 |
| OPM % | 14% | 15% | 16% | 14% | 14% | 13% | 13% | 14% | 14% | 13% | 15% | 14% | 12% |
| Other Income + | 2 | 4 | 6 | 5 | 2 | 3 | 2 | 3 | 4 | 2 | 7 | 6 | 4 |
| Interest | 7 | 6 | 4 | 5 | 3 | 5 | 11 | 8 | 10 | 12 | 10 | 10 | 9 |
| Depreciation | 9 | 9 | 10 | 9 | 9 | 10 | 11 | 12 | 11 | 11 | 12 | 12 | 12 |
| Profit before tax | 25 | 25 | 38 | 24 | 30 | 21 | 30 | 34 | 37 | 31 | 47 | 37 | 26 |
| Tax % | 19% | 40% | 26% | 28% | 5% | 12% | 28% | 29% | 19% | 32% | 26% | 27% | 30% |
| Net Profit + | 21 | 15 | 29 | 18 | 28 | 18 | 22 | 24 | 30 | 21 | 35 | 27 | 19 |
| EPS in Rs | 8.21 | 5.98 | 11.38 | 7.03 | 11.35 | 7.20 | 8.75 | 9.64 | 12.12 | 8.53 | 13.83 | 10.74 | 7.35 |
Financials of S P Apparels
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 471 | 532 | 632 | 662 | 825 | 808 | 652 | 859 | 1,081 | 1,087 | 1,395 | 1,579 |
| Expenses + | 403 | 447 | 528 | 555 | 691 | 724 | 547 | 707 | 935 | 929 | 1,207 | 1,367 |
| Operating Profit | 69 | 85 | 104 | 106 | 134 | 84 | 105 | 152 | 146 | 158 | 188 | 211 |
| OPM % | 15% | 16% | 16% | 16% | 16% | 10% | 16% | 18% | 14% | 15% | 13% | 13% |
| Other Income + | 7 | -12 | 21 | 16 | 3 | 13 | 1 | 9 | 20 | 16 | 12 | 18 |
| Interest | 31 | 25 | 18 | 29 | 6 | 23 | 14 | 12 | 19 | 19 | 33 | 41 |
| Depreciation | 20 | 20 | 19 | 22 | 22 | 30 | 32 | 35 | 36 | 38 | 43 | 48 |
| Profit before tax | 24 | 28 | 87 | 71 | 109 | 44 | 59 | 115 | 111 | 118 | 123 | 141 |
| Tax % | 60% | 33% | 38% | 33% | 33% | -6% | 27% | 26% | 26% | 24% | 23% | 28% |
| Net Profit + | 10 | 19 | 54 | 48 | 73 | 47 | 43 | 85 | 83 | 90 | 95 | 101 |
| EPS in Rs | 5.98 | 10.98 | 21.30 | 19.00 | 28.56 | 18.26 | 16.80 | 32.96 | 32.88 | 35.72 | 37.90 | 40.11 |
| Dividend Payout % | 0% | 0% | 0% | 3% | 0% | 0% | 13% | 0% | 9% | 0% | 0% | 0% |
Financials of S P Apparels
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 25 | 25 | 26 | 26 | 26 | 26 | 25 | 25 | 25 | 25 |
| Reserves | 59 | 96 | 332 | 372 | 458 | 498 | 533 | 612 | 649 | 739 | 831 | 921 |
| Borrowings + | 304 | 279 | 185 | 223 | 211 | 226 | 194 | 231 | 245 | 203 | 381 | 419 |
| Other Liabilities + | 140 | 169 | 134 | 189 | 192 | 143 | 160 | 193 | 179 | 175 | 219 | 226 |
| Total Liabilities | 520 | 561 | 677 | 810 | 887 | 892 | 912 | 1,062 | 1,097 | 1,142 | 1,456 | 1,591 |
| Fixed Assets + | 275 | 277 | 299 | 307 | 317 | 444 | 444 | 450 | 459 | 454 | 595 | 686 |
| CWIP | 0 | 4 | 0 | 6 | 54 | 0 | 10 | 8 | 10 | 19 | 31 | 4 |
| Investments | 1 | 1 | 58 | 31 | 0 | 0 | 0 | 3 | 113 | 51 | 10 | 58 |
| Other Assets + | 244 | 280 | 319 | 465 | 515 | 448 | 458 | 602 | 515 | 618 | 821 | 843 |
| Total Assets | 520 | 561 | 677 | 810 | 887 | 892 | 912 | 1,062 | 1,097 | 1,142 | 1,456 | 1,591 |
Financials of S P Apparels
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 84 | 49 | 26 | -1 | 82 | 83 | 80 | 27 | 216 | 79 | 44 | 209 |
| Cash from Investing Activity + | -6 | -28 | -116 | -15 | -60 | -39 | -21 | -29 | -160 | 6 | -170 | -189 |
| Cash from Financing Activity + | -77 | -20 | 92 | 19 | -17 | -45 | -42 | 24 | -48 | -67 | 82 | -1 |
| Net Cash Flow | 1 | 1 | 2 | 3 | 5 | -1 | 17 | 21 | 8 | 19 | -44 | 18 |
| Free Cash Flow | 69 | 23 | -11 | -40 | -3 | 32 | 36 | -6 | 164 | 25 | -37 | 103 |
| CFO/OP | 126% | 64% | 43% | 20% | 72% | 114% | 90% | 34% | 167% | 71% | 42% | 117% |
Financials of S P Apparels
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 56 | 78 | 91 | 57 | 42 | 65 | 49 | 35 | 55 | 66 | 59 |
| Inventory Days | 190 | 228 | 147 | 268 | 277 | 233 | 327 | 342 | 223 | 214 | 234 | 167 |
| Days Payable | 173 | 209 | 101 | 145 | 122 | 86 | 123 | 116 | 74 | 80 | 83 | 69 |
| Cash Conversion Cycle | 74 | 75 | 123 | 215 | 212 | 189 | 269 | 275 | 184 | 190 | 216 | 156 |
| Working Capital Days | -79 | -58 | 20 | 39 | 42 | 46 | 74 | 80 | 26 | 53 | 50 | 27 |
| ROCE % | 14% | 18% | 23% | 17% | 18% | 11% | 10% | 16% | 15% | 13% | 14% | 14% |
Guidance history
How S P Apparels's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | None planned | None planned | — |
| Q2 FY26 call → | 10–20% | Up 0–2% | None planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
30 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +14.5% | 71% |
| Last 6 months | +5.1% | 62% |
| Last 3 months | −14.4% | 33% |
The price is 28.2% below its all-time high of ₹1,178.6 (9 Jul 2026). Stocks more than 20% below their peak have their score halved, so 60 became 30.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For S P Apparels: 0.4 × 71 + 0.4 × 62 + 0.2 × 33 = 60, halved to 30 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What S P Apparels's management said in earlier quarters
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