S P Apparels Ltd
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]
Weaknesses
- −The company has delivered a poor sales growth of 5.33% over past five years.
- −Company has a low return on equity of 12.3% over last 3 years.
- −Dividend payout has been low at 2.73% of profits over last 3 years
- −Debtor days have increased from 29.2 to 38.7 days.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 61.93% | 61.93% | 61.93% | 61.93% | 61.93% | 61.93% | 61.93% | 61.81%▼0.1 |
| FIIs | 1.59% | 1.64%▲0.0 | 1.83%▲0.2 | 1.81%▼0.0 | 1.83%▲0.0 | 1.49%▼0.3 | 1.83%▲0.3 | 1.48%▼0.4 |
| DIIs | 19.25% | 19.56%▲0.3 | 19.84%▲0.3 | 19.68%▼0.2 | 19.92%▲0.2 | 19.79%▼0.1 | 18.72%▼1.1 | 16.57%▼2.1 |
| Public | 17.23% | 16.88%▼0.4 | 16.4%▼0.5 | 16.59%▲0.2 | 16.32%▼0.3 | 16.8%▲0.5 | 17.52%▲0.7 | 20.13%▲2.6 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 251 | 224 | 255 | 214 | 256 | 234 | 278 | 290 | 308 | 264 |
| Expenses | 202 | 186 | 215 | 177 | 216 | 195 | 232 | 245 | 254 | 224 |
| Operating Profit | 50 | 37 | 40 | 37 | 40 | 39 | 46 | 45 | 54 | 40 |
| OPM % | 20% | 17% | 16% | 17% | 16% | 17% | 16% | 15% | 17% | 15% |
| Net Profit | 33 | 22 | 27 | 23 | 18 | 18 | 25 | 20 | 27 | 19 |
| EPS ₹ | 13.1 | 8.88 | 10.7 | 9.07 | 7.19 | 7.18 | 9.86 | 7.93 | 10.88 | 7.69 |
AI Insights
TTM revenue at ₹1,140Cr, up 16.1% YoY. OPM at 16%.
Borrowings at ₹284Cr. Debt-to-equity ratio: 0.33x. Healthy balance sheet.
CWIP at ₹10Cr (2% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 16.57% (-1.03pp change). FIIs: 1.48% (+0.41pp change). Promoters hold 61.81%.
ROCE improving from 11% (Mar 2014) to 13% (Mar 2025). Working capital days: 44.
PE 21.4x with 13% ROCE. Price is 117% above book value of ₹357. Dividend yield: 0.26%.
Recent Announcements
- Board Meeting Intimation for To Consider And Take On Record The Audited Financial Results Of The Company For The Financial Year Ended 31St March 2026. 2d - Board meeting on 20 May 2026 to consider FY26 audited financial results.
- Format of the Annual Disclosure to be made by an entity identified as a LC - Annexure B2 14 May - SP Apparels confirms it was not a large corporate as on 31 March 2026; annual debt disclosure not applicable.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 28 Apr - S.P. Apparels confirms it is not a large corporate as of 31 March 2026.
- Announcement under Regulation 30 (LODR)-Acquisition 21 Apr - S.P Apparels invested Rs. 6.31 crore in UK subsidiary SPUK on April 21, 2026.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 10 Apr - Compliance certificate under Regulation 74(5) for quarter ended March 31, 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse