MarketFriction

S P Apparels Ltd

NSE SPAL · BSE 540048 · Garments & Apparels
₹935.60 -3.01%
NSE close2026-10-01
52 week range600.00 - 1,221.90
Market cap₹2,356 Cr.
P/E22.4
IPO 2016 · +249% since Price band 20% Delivery 54.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales292252295245391359399403427383365401
Expenses246218254212342308345351365329321341
Operating Profit473441335051545362544460
OPM %16%14%14%13%13%14%14%13%15%14%12%15%
Other Income652323427644
Interest453511810121010915
Depreciation1099101112111112121213
Profit before tax382430213034373147372636
Tax %26%28%5%12%28%29%19%32%26%27%30%31%
Net Profit291828182224302135271925
EPS in Rs11.387.0311.357.208.759.6412.128.5313.8310.747.359.91
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5326326628258086528591,0811,0871,3951,5781,576
Expenses4475285556917245477079359291,2071,3671,357
Operating Profit8510410613484105152146158188212220
OPM %16%16%16%16%10%16%18%14%15%13%13%14%
Other Income-122116313192016121820
Interest25182962314121919334144
Depreciation201922223032353638434850
Profit before tax2887711094459115111118123141146
Tax %33%38%33%33%-6%27%26%26%24%23%28%
Net Profit19544873474385839095101105
EPS in Rs10.9821.3019.0028.5618.2616.8032.9632.8835.7237.9040.1641.83
Dividend Payout %0%0%3%0%0%13%0%9%0%0%7%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%19%13%1%
Compounded Profit Growth14%18%7%7%
Stock Price CAGR11%22%23%28%
Return on Equity12%12%11%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital171725252626262625252525
Reserves5996332372458498533612649739831921
Borrowings304279185223211226194231245203381419
Other Liabilities140169134189192143160193179175219226
Total Liabilities5205616778108878929121,0621,0971,1421,4561,591
Fixed Assets275277299307317444444450459454595686
CWIP04065401081019314
Investments1158310003113511058
Other Assets244280319465515448458602515618821843
Total Assets5205616778108878929121,0621,0971,1421,4561,591
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity844926-1828380272167944209
Cash from Investing Activity-6-28-116-15-60-39-21-29-1606-170-189
Cash from Financing Activity-77-209219-17-45-4224-48-6782-1
Net Cash Flow11235-11721819-4418
Free Cash Flow6923-11-40-33236-616425-37103
CFO/OP126%64%43%20%72%114%90%34%167%71%42%117%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days585678915742654935556659
Inventory Days190228147268277233327342223214234167
Days Payable1732091011451228612311674808369
Cash Conversion Cycle7475123215212189269275184190216156
Working Capital Days-79-5820394246748026535124
ROCE %14%18%23%17%18%11%10%16%15%13%14%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.81%61.81%
FIIs1.50%1.39%1.53%1.59%1.64%1.83%1.81%1.83%1.49%1.83%1.48%1.49%
DIIs18.47%19.08%18.87%19.25%19.56%19.84%19.68%19.92%19.79%18.72%16.57%16.15%
Public18.12%17.61%17.68%17.23%16.88%16.40%16.59%16.32%16.80%17.52%20.13%20.55%
No. of Shareholders17,20316,37615,67715,36716,10516,82316,81116,85817,09515,74317,08217,353

Fundamentals

Market Cap₹ 2,356 Cr.
Current Price₹ 936
Stock P/E22.4
Book Value₹ 376
ROCE14.0 %
ROE11.2 %
Dividend Yield0.32 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)1%
Compounded Profit Growth (TTM)7%
Consolidated figures.
Valuation
Market capRs 2,352 Cr
Enterprise valueRs 2,712 Cr
P/E (TTM)22.39x
Price to book2.49x
Price to sales1.49x
EV / EBITDA11.32x
EV / EBIT14.28x
EV / sales1.72x
Price to cash flow11.27x
Earnings yield4.47%
Dividend yield0.32%
P/E, 3-year average17.19x
P/B, 3-year average1.92x
P/E, 5-year average14.35x
P/B, 5-year average1.67x
Profitability
Operating margin (excl. other income)13.40%
Operating margin (incl. other income)14.55%
EBITDA margin15.21%
Pre-tax margin9.27%
Net profit margin6.67%
Net margin, latest quarter6.21%
ROE11.20%
ROCE13.97%
ROA6.63%
ROE, 3-year average11.80%
ROCE, 3-year average14.22%
ROA, 3-year average7.32%
ROE, 5-year average12.43%
ROCE, 5-year average14.55%
ROA, 5-year average7.64%
ROIC (approx.)10.41%
Tax rate28.40%
Other income / net worth1.91%
Growth
Sales growth (latest year)13.12%
Profit growth (latest year)6.15%
Sales CAGR, 3 years13.45%
Sales CAGR, 5 years19.35%
Profit CAGR, 3 years6.95%
Profit CAGR, 5 years18.52%
Sales growth QoQ9.91%
Profit growth QoQ34.79%
Sales growth YoY (latest quarter)-0.58%
Profit growth YoY (latest quarter)16.40%
Per share
EPS (TTM)Rs 41.79
EPS (latest year)Rs 40.16
EPS (latest quarter)Rs 9.91
EPS, 3-year averageRs 37.93
EPS, 5-year averageRs 35.92
Book value per shareRs 376.36
Sales per shareRs 627.03
Cash flow per shareRs 83.01
Free cash flow per shareRs 40.97
Dividend per share (latest year)Rs 3.00
Dividend per share, 3-year averageRs 3.00
Dividend per share, 5-year averageRs 3.00
Dividends
Dividend payout7.47%
Dividend payout, 3-year average7.47%
Dividend payout, 5-year average8.30%
Efficiency
Asset turnover0.99x
Fixed asset turnover2.30x
Inventory turnover2.87x
Inventory days127 days
Debtor days59 days
Debtors turnover6.23x
Creditor days69 days
Cash conversion cycle156 days
Working capital days24 days
Leverage
Total debtRs 419 Cr
Cash and bankRs 59 Cr
Net debtRs 360 Cr
Debt to equity0.44x
Net debt / EBITDA1.50x
Interest coverage4.33x
Current ratio (filing 2026-03-31)1.32x
Quick ratio (filing 2026-03-31)0.76x
Trade payables (filing 2026-03-31)Rs 129 Cr
Owners' fund to total sources59.48%
Debt to assets26.34%
Cash flow
Cash from Operating Activity (latest year)Rs 209 Cr
Cash from Investing Activity (latest year)Rs -189 Cr
Cash from Financing Activity (latest year)Rs -1 Cr
Net Cash Flow (latest year)Rs 18 Cr
Free cash flow (latest year)Rs 103 Cr
FCFE (approx.: FCF + change in debt)Rs 141 Cr
Cash from ops / profit, 5 years1.27x
Sales to cash flow7.56x
Statement figures
Net sales (TTM)Rs 1,576 Cr
Net sales (latest year)Rs 1,578 Cr
Sales (latest quarter)Rs 401 Cr
Operating profit excl. other income (latest year)Rs 212 Cr
Operating profit (latest quarter)Rs 60 Cr
Other income (TTM)Rs 20 Cr
EBITDA (TTM)Rs 240 Cr
PBDT (TTM)Rs 196 Cr
Profit before tax (TTM)Rs 146 Cr
Tax (latest year)Rs 40 Cr
Net profit (TTM)Rs 105 Cr
Net profit (latest year)Rs 101 Cr
Net profit (latest quarter)Rs 25 Cr
Depreciation (TTM)Rs 50 Cr
Depreciation (latest quarter)Rs 13 Cr
Interest (TTM)Rs 44 Cr
Cost of goods sold (latest year)Rs 890 Cr
Total expenditure (latest year)Rs 1,367 Cr
Total income (latest year)Rs 1,596 Cr
Share capitalRs 25 Cr
ReservesRs 921 Cr
Shareholders' fundsRs 946 Cr
Total assetsRs 1,591 Cr
Net blockRs 686 Cr
Capital work in progressRs 4 Cr
InvestmentsRs 58 Cr
ReceivablesRs 253 Cr
InventoryRs 310 Cr
Other liabilitiesRs 226 Cr
Shares outstanding (crore)2.51
Ownership
Promoter holding61.81% (-0.12 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 22.4 is at the 86th percentile of its own 9.4-year range (median 17.0, low 2.1, high 28.2).
P/B 2.49 is at the 80th percentile (median 1.91).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSPALNifty 50Difference
1 week-4.4%-2.8% -1.7 pts
1 month-8.4%-6.8% -1.6 pts
3 months-16.4%-7.6% -8.7 pts
6 months+34.3%+0.4% +33.9 pts
1 year+33.0%-9.9% +42.9 pts
2 years-1.5%-13.6% +12.1 pts
3 years+85.0%+14.2% +70.8 pts
5 years+182.7%+27.9% +154.9 pts
9 mutual fund schemes hold about ₹369 Cr. Over three months 3 bought more and 2 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
DSP Small Cap Fund0.94%203 +0%
Quant Small Cap Fund0.24%85 +2%
UTI Aggressive Hybrid Fund0.39%26 -22%
Mahindra Manulife Manufacturing Fund1.86%13 +9%
Mahindra Manulife Business Cycle Fund0.89%12 +8%
LIC MF Small Cap Fund1.18%10 -1%
Mahindra Manulife Multi Asset Allocation Fund0.78%10 +3%
UTI Retirement Fund0.18%9 -21%
Mahindra Manulife Equity Savings Fund(Q0.45%2 +10%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹401 Cr -0.5% vs Jun 2025. Net profit ₹25 Cr +19.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-04Dividend - Rs 3 Per Share
2025-08-25Dividend - Rs 2 Per Share
2024-09-19Annual General Meeting
2023-09-15Annual General Meeting/Dividend - Rs 3 Per Share
2022-10-06Buy Back
2022-09-09Annual General Meeting
2021-09-03 Annual General Meeting/Dividend - Rs 2.25 Per Share
2020-09-18 Annual General Meeting
2019-09-12 Annual General Meeting
2018-09-07 Dividend Re -0.5 Per Share
2017-08-03 Annual General Meeting/Dividend - Re 0.50 Per Share
DateTypeWhat it says
2026-09-23Shareholder meetingVoting results.
2026-09-21Shareholder meetingProceedings of Annual General Meeting held on September 21, 2026
2026-08-29UpdatesWe hereby disclose the disclosure received from Mr. Sundararajan under SEBI((Prohibition of Insider Trading) Regulations, 2015.
2026-08-28UpdatesIntimation For A Letter Sent To Members.
2026-08-28Shareholder meetingNotice of Annual General Meeting to be held on September 21, 2026
2026-08-17Concall / analyst meetTranscript
2026-08-13Concall / analyst meetLink of Recording
2026-08-12Investor PresentationInvestor Presentation
2026-08-11General UpdatesGeneral Updates
2026-08-11Record DateRecord date for the purpose of Dividend is 04-Sep-2026.
2026-08-11General UpdatesGeneral Updates
2026-08-11Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-08-11Board meeting outcomeS. P. Apparels Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-10Concall / analyst meetSchedule of meet
2026-07-30AgreementsAgreements
2026-07-29AgreementsAgreements
2026-07-11Price movementSignificant movement in price has been observed in S. P. Apparels Limited. The Exchange, in order to ensure that investors have latest relevant inform...
2026-07-10Price movementSignificant movement in price has been observed in S. P. Apparels Limited. The Exchange, in order to ensure that investors have latest relevant inform...
2026-07-08Giving guarantees/indemnity/Giving guarantees/indemnity/ becoming a surety for third party
2026-06-19UpdatesAnnouncement under Regulation 7(2) of SEBI (PIT) Regulations, 2015..
2026-06-11AgreementsAgreements
2026-06-11AgreementsAgreements
2026-06-09UpdatesAnnouncement under Regulation 7(2) of SEBI (PIT) Regulations, 2015.
2026-05-26Concall / analyst meetTranscript
2026-05-22Concall / analyst meetAbout
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of S P Apparels Ltd?

S P Apparels Ltd (SPAL) has a market capitalisation of Rs 2,356 Cr. at the 2026-10-01 close.

What is the P/E ratio of S P Apparels Ltd?

S P Apparels Ltd trades at a P/E of 22.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were S P Apparels Ltd's latest quarterly results?

In the Jun 2026 quarter, S P Apparels Ltd sales was Rs 401 Cr (-0.5% vs Jun 2025) and net profit was Rs 25 Cr.

What is the 52-week high and low of S P Apparels Ltd?

The 52-week high is Rs 1,221.90 and the 52-week low is Rs 600.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03