S. P. Apparels Limited

NSE: SPAL · Garments & Apparels · sector

₹829.40NSE close 2026-10-26

Key numbers

Market cap₹2,085 cr

Price₹829.40

52w high / low₹1,222 / ₹600

P/E19.8xSector median 15.0x

P/B2.2xSector median 1.5x

Book value₹376.4

Dividend yield0.24%Sector median 0.84%

ROE11.7%Sector median 10.6%

ROCE14.3%Sector median 9.9%

OPM14.1%Sector median 8.6%

Debt / equity0.42xSector median 0.33x

EV/EBITDA10.8xSector median 9.3x

Interest cover4.4x

Current ratio1.32x

Sales growth 3y+13.6%Sector median +6.2%

Profit growth 3y+7.0%Sector median +11.5%

PEG2.64x

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 43 companies in Garments & Apparels (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹73 cr vs borrowings ₹400 cr (FY26): borrowings are higher by ₹328 cr.
Operating profit covered interest 4.4x in the last 12 months.
Promoter holding fell by 2.11 percentage points in a year, to 59.82% (2026-09-30).
Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY24, FY22).
Revenue was higher than a year earlier in 2 of the last 4 quarters.
Other income was 19% of net profit in the last 12 months.
Dividend paid in 3 of the last 5 financial years.
Price ₹829.40 on 2026-10-26: -32.1% from the 52-week high, +38.2% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹1,161.00 · low ₹647.35

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	391	359	399	403	427	383	365	401
EBITDA	50	51	54	52	64	54	45	60
OPM %	12.7%	14.2%	13.6%	12.9%	14.9%	14.0%	12.2%	15.1%
Other income	2	3	4	2	7	6	4	4
Net profit	22	25	30	21	35	27	19	25
EPS (₹)	8.73	9.86	12.11	8.23	13.83	10.76	7.40	9.89
Revenue YoY					+9.2%	+6.6%	-8.6%	-0.6%
Profit YoY					+58.3%	+9.1%	-38.8%	+20.4%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	859	1,078	1,087	1,395	1,579	1,576
EBITDA	152	143	158	188	218	222
Net profit	85	83	90	95	101	105
EPS (₹)	32.96	32.37	35.72	37.90	40.22	41.88
Revenue growth		+25.4%	+0.9%	+28.3%	+13.2%	+1.5%
Profit growth		-2.6%	+8.6%	+6.1%	+6.1%	+7.6%
Dividend / share (₹)	2.25	–	3.00	–	2.00

Compounded growth	3 years	5 years	Last 12 months
Sales	+13.6%	+19.3%	+1.5%
Net profit	+7.0%	+18.5%	+7.6%
EPS	+7.5%	+19.1%	–
Share price	–	+1.9% (2y)	+27.3%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	674	764	856	946
Borrowings	–	245	203	381	400
Cash & equivalents	–	133	130	41	73
Total assets	–	1,097	1,142	1,456	1,591
Fixed assets	–	453	448	558	650
Capital work in progress	–	10	19	31	4
Investments	–	40	1	10	44
Receivables	–	105	165	251	253
Inventory	–	297	265	371	310
Payables	–	99	99	132	128

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	33	216	79	44	209
Cash from investing	-35	-160	6	-177	-189
Cash from financing	24	-48	-67	82	-1
Capex	39	52	55	82	108
Free cash flow	-6	164	24	-38	101

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	12.2%	11.7%	11.1%	10.7%
ROCE %	–	14.1%	14.1%	12.7%	14.0%
Debtor days	–	35	55	66	59
Inventory days	–	223	214	234	167
Payable days	–	74	80	83	69
Cash conversion cycle (days)	–	184	189	217	157
Working capital days	–	74	96	61	41

Shareholding

Holder	% (2026-09-30)
Promoters	59.82%
FIIs	2.00%
DIIs	15.84%
of which Mutual funds	13.98%
of which Insurance	0.55%
Public (non-institutions)	22.33%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	61.93%	61.93%	61.93%	61.93%	61.93%	61.81%	61.81%	59.82%

Promoter group	%
Perumal Sundararajan	47.89%
Sundararajan Latha	11.78%
Sundararajan Chenduran	0.11%
Shantha Senthil	0.04%
S P Superfine Cotton Mills Private Limited	0.00%
Poornam Enterprises Private Limited	0.00%
S.P Retail Brands Limited	0.00%
Ramaswami	0.00%
Agilamani	0.00%
Ashokraman	0.00%
Veluswamy	0.00%
SP Lifestyle	0.00%

Public holders above 1%	%
Dsp Small Cap Fund	7.68%
Quant Mutual Fund - Quant Small Cap Fund	3.20%
Mahindra Manulife Manufacturing Fund	1.39%
Euro Asia Agencies Limited	1.37%
Uti Aggressive Hybrid Fund	1.33%

18,516 shareholders. Pledged: – of promoter shares.

Peers in Garments & Apparels

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
PAGEIND	₹37,823 cr	50.0x	25.2x	52.0%	70.2%	20.8%	+3.1%	1.77%
ARVIND	₹12,646 cr	30.5x	3.1x	10.6%	14.2%	10.5%	+3.5%	0.82%
PGIL	₹11,177 cr	36.0x	7.7x	23.7%	21.2%	9.6%	+16.7%	0.54%
GOKEX	₹4,743 cr	46.0x	2.2x	4.9%	8.9%	8.8%	+21.5%	–
LUXIND	₹3,206 cr	30.1x	1.8x	5.7%	7.5%	6.2%	+7.2%	0.05%
SBC	₹3,034 cr	75.0x	30.3x	47.3%	15.2%	8.6%	+27.2%	–
KKCL	₹2,604 cr	17.6x	2.8x	16.8%	22.9%	19.9%	+15.9%	0.96%
KITEX	₹2,206 cr	–	2.1x	-2.8%	1.0%	3.5%	+6.2%	0.45%
SPAL	₹2,085 cr	19.8x	2.2x	11.7%	14.3%	14.1%	+13.6%	0.24%
CANTABIL	₹2,081 cr	21.4x	4.3x	22.4%	37.4%	31.5%	+15.6%	0.50%

All 43 companies in Garments & Apparels →

Dividends & corporate actions

Ex-date	Action	Detail
2026-09-04	Dividend	Dividend - Rs 3 Per Share
2025-08-25	Dividend	Dividend - Rs 2 Per Share
2024-09-19	Other	Annual General Meeting
2023-09-15	Dividend	Annual General Meeting/Dividend - Rs 3 Per Share
2022-10-06	Buyback	Buy Back
2022-09-09	Other	Annual General Meeting
2021-09-03	Dividend	Annual General Meeting/Dividend - Rs 2.25 Per Share
2020-09-18	Other	Annual General Meeting
2019-09-12	Other	Annual General Meeting
2018-09-07	Dividend	Dividend Re -0.5 Per Share
2017-08-03	Dividend	Annual General Meeting/Dividend - Re 0.50 Per Share

Documents

Links go to the original files on the exchange website.

About the company


Sector	Consumer Discretionary
Industry	Garments & Apparels
Sub-industry	Garments & Apparels
Symbol	SPAL
BSE code	540048
ISIN	INE212I01016
Face value	₹10.0
Incorporated	–
Website	–
Plants (India / abroad)	–

Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.