NSE: SPAL · BSE: 540048 · ISIN INE212I01016
S. P. Apparels Limited stock analysis
S. P. Apparels Limited ranks #2024 in the TickerSutra evidence-ranked universe with a score of 49/100 and 95% data confidence. The latest captured fundamentals show ROCE of 14.0%, quarterly sales growth of -0.6% and quarterly profit growth of 16.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Strong CFO/EBITDA of 0.99×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹859cr | ₹152cr | ₹85cr | 18.0% |
| 2023 | ₹1,081cr | ₹146cr | ₹83cr | 14.0% |
| 2024 | ₹1,087cr | ₹158cr | ₹90cr | 15.0% |
| 2025 | ₹1,395cr | ₹188cr | ₹95cr | 13.0% |
| 2026 | ₹1,578cr | ₹212cr | ₹101cr | 13.0% |
| TTM | ₹1,576cr | ₹220cr | ₹105cr | 14.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
We hereby disclose the intimation on the closure of trading window period for the quarter ended September 30, 2026.
RoutineShareholders meetingNSE · 23 Sept 2026S. P. Apparels Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 21, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineS.P. Apparels Ltd - 540048 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 23 Sept 2026We hereby disclose the Scrutinizer''s Report and Voting Results for the 21st AGM of SP Apparels Limited.
RoutineS.P. Apparels Ltd - 540048 - Revised Annual ReportBSE · 23 Sept 2026We hereby disclose the Revised Annual Report for FY 2025-26.
RoutineShareholders meetingNSE · 22 Sept 2026S. P. Apparels Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 21, 2026
MANAGEMENT COMMENTARY
Signals from filed documents
Production has commenced at the Palladum facility, while commercial production from another approved facility is expected to begin in the coming months. By October, we expect all planned units of Young Brand Apparels to be in commercial production. This will provide us with additional growth capacity and strengthen our position in the intimate wear segment.
Another important area of focus for us remains capital efficiency. Alongside our capacity expansion initiatives, we continue to optimize our sourcing and manufacturing model. Our objective is to support growth while maintaining disciplined capital allocati on and improving return metrics over the medium term.
Angel & Rocket India continues to perform well and remains a key pillar of our retail strategy. The brand has built strong acceptance among consumers through differentiated product offerings and premium positioning in the kids wear segment. Our priority remains to maintain EBITDA breakeven on a sustainable basis while following a disciplined approach towards capital allocation and expansion.
Coming to the business segments, I will begin with our Garment division, which remains the primary growth driver for the company. The quarter was moderate from a revenue perspective, but profitability remained strong and we saw better operating efficiencies, improved product mix and healthy yarn spreads, which supported margin expansion. The stand alone adjusted EBITDA margin improved to 17.5%, indicating better oper
As we had communicated earlier, FY27 is expected to be a year where growth will be weighted towards the second half. Based on current customer discussions, our receipt order visibility, expected capacity ramp -up and planned utilization levels, we remain confident of achieving our previously stated consolidating revenue guidance of INR 2,000 crores for FY27. The first half is expected to remain moderate, but we expec
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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