Any current/future new fundraising through debt or equity?

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. N

Any current/future capex/capital investment/strategic investment?

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 partnershi

Future growth expectations in sales/revenue/volumes?

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 i

Future growth expectations in earnings/operating earnings/profits/EPS?

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; signific

Current/ Expected Orderbook/ Pending Orders?

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).

IN US

Sale is live|00:00:00left today

S P Apparels LtdQ3 FY25Textiles & Apparels

S P Apparels Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,038P/E: 17.3Market Cap: ₹2.0K CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 2

→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).

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→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

Yes

→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).

Capex 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.

How does S P Apparels Ltd rank vs peers in Textiles & Apparels?

Pro feature

1S P Apparels Ltd

Rev 3Mar 2

See full Textiles & Apparels sector rankings

Want more stocks like S P Apparels Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio