SPAL

S. P. Apparels Limited

Infant and kidswear garments exporter with intimatewear and Sri Lanka manufacturing hub

Consumer Discretionary›Textiles›Textiles & Apparels›Garments & Apparels

s-p-apparels.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹926.90
Market cap
2,335 Cr
Stock P/E
22.2
P/B
2.48
Dividend yield
0.2%
ROE (FY26)
10.7%
ROCE (FY26)
13.6%
Operating margin (FY26)
10.8%
Debt / equity (FY26)
0.43
OCF / EBITDA (FY26)
95.8%
OCF / EBITDA (3Y)
59.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

SPAL (S. P. Apparels) makes garments, mainly for infants and children, for international brands and retailers in the UK, Europe and the US, from factories in India and Sri Lanka.

Company snapshot

9thBy market cap

Ranked among 31 companies in Garments & Apparels.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales292 Cr252 Cr295 Cr245 Cr391 Cr359 Cr399 Cr403 Cr427 Cr383 Cr365 Cr401 Cr
Operating expenses (approx.)246 Cr218 Cr254 Cr212 Cr342 Cr308 Cr345 Cr351 Cr364 Cr326 Cr320 Cr340 Cr
EBITDA47 Cr34 Cr41 Cr33 Cr50 Cr51 Cr54 Cr53 Cr64 Cr57 Cr45 Cr61 Cr
OPM %15.9%13.7%13.8%13.5%12.7%14.2%13.6%13.1%14.9%14.8%12.2%15.3%
Other income6 Cr5 Cr2 Cr3 Cr2 Cr3 Cr4 Cr2 Cr7 Cr6 Cr4 Cr4 Cr
Interest4 Cr5 Cr3 Cr5 Cr11 Cr8 Cr10 Cr12 Cr10 Cr10 Cr9 Cr15 Cr
Depreciation10 Cr9 Cr9 Cr10 Cr11 Cr11 Cr11 Cr11 Cr12 Cr12 Cr12 Cr13 Cr
Profit before tax38 Cr25 Cr30 Cr21 Cr30 Cr35 Cr37 Cr31 Cr47 Cr37 Cr26 Cr36 Cr
Tax %25.6%28.1%4.6%12.4%27.8%28.9%18.9%32.9%25.9%27.0%29.7%30.6%
Net profit29 Cr18 Cr28 Cr18 Cr22 Cr25 Cr30 Cr21 Cr35 Cr27 Cr19 Cr25 Cr
EPS (₹)₹11.39₹7.02₹11.34₹7.19₹8.73₹9.86₹12.11₹8.23₹13.83₹10.76₹7.40₹9.89

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales—662 Cr826 Cr809 Cr652 Cr859 Cr1,078 Cr1,087 Cr1,395 Cr1,579 CrSign in free for the trailing twelve months
Operating expenses (approx.)—557 Cr693 Cr726 Cr548 Cr708 Cr935 Cr930 Cr1,207 Cr1,361 CrSign in free for the trailing twelve months
EBITDA—106 Cr134 Cr83 Cr104 Cr152 Cr143 Cr158 Cr188 Cr218 CrSign in free for the trailing twelve months
OPM %—16.0%16.2%10.3%16.0%17.7%13.2%14.5%13.5%13.8%Sign in free for the trailing twelve months
Other income—16 Cr3 Cr24 Cr1 Cr9 Cr23 Cr16 Cr12 Cr18 CrSign in free for the trailing twelve months
Interest—29 Cr6 Cr23 Cr14 Cr12 Cr19 Cr19 Cr33 Cr41 CrSign in free for the trailing twelve months
Depreciation—22 Cr22 Cr30 Cr32 Cr35 Cr36 Cr38 Cr43 Cr48 CrSign in free for the trailing twelve months
Profit before tax—71 Cr109 Cr44 Cr59 Cr115 Cr111 Cr118 Cr123 Cr141 CrSign in free for the trailing twelve months
Tax %—32.7%33.0%-5.7%27.0%26.2%25.5%23.8%22.8%28.4%Sign in free for the trailing twelve months
Net profit—48 Cr73 Cr47 Cr43 Cr85 Cr83 Cr90 Cr95 Cr101 CrSign in free for the trailing twelve months
EPS (₹)—₹19.00₹28.65₹18.26₹16.80₹32.96₹32.37₹35.72₹37.90₹40.22Sign in free for the trailing twelve months
Dividend payout %————0.0%6.8%0.0%8.4%0.0%5.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital25 Cr25 Cr26 Cr26 Cr26 Cr26 Cr25 Cr25 Cr25 Cr25 Cr
Reserves332 Cr372 Cr458 Cr498 Cr533 Cr612 Cr649 Cr739 Cr831 Cr921 Cr
Borrowings174 Cr218 Cr201 Cr217 Cr183 Cr214 Cr245 Cr203 Cr381 Cr400 Cr
Other liabilities152 Cr201 Cr208 Cr159 Cr175 Cr217 Cr185 Cr181 Cr225 Cr251 Cr
Total liabilities677 Cr810 Cr887 Cr892 Cr910 Cr1,062 Cr1,097 Cr1,142 Cr1,456 Cr1,591 Cr
Fixed assets (net)293 Cr301 Cr311 Cr438 Cr438 Cr444 Cr453 Cr448 Cr558 Cr650 Cr
CWIP—6 Cr54 Cr0 Cr10 Cr8 Cr10 Cr19 Cr31 Cr4 Cr
Investments58 Cr31 Cr0.28 Cr0.19 Cr0.19 Cr0.18 Cr113 Cr51 Cr10 Cr58 Cr
Inventories102 Cr187 Cr248 Cr228 Cr241 Cr332 Cr297 Cr265 Cr371 Cr310 Cr
Trade receivables134 Cr166 Cr128 Cr94 Cr117 Cr109 Cr105 Cr165 Cr251 Cr253 Cr
Cash & bank35 Cr46 Cr4 Cr46 Cr41 Cr60 Cr60 Cr79 Cr35 Cr54 Cr
Other assets53 Cr73 Cr141 Cr86 Cr63 Cr110 Cr60 Cr115 Cr201 Cr262 Cr
Total assets677 Cr810 Cr887 Cr892 Cr910 Cr1,062 Cr1,097 Cr1,142 Cr1,456 Cr1,591 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity49 Cr-1 Cr82 Cr83 Cr81 Cr33 Cr216 Cr79 Cr44 Cr209 Cr
Cash from investing-121 Cr-15 Cr-60 Cr-39 Cr-21 Cr-35 Cr-160 Cr6 Cr-177 Cr-189 Cr
Cash from financing73 Cr19 Cr-17 Cr-45 Cr-42 Cr24 Cr-48 Cr-67 Cr82 Cr-1 Cr
Net cash flow2 Cr3 Cr5 Cr-1 Cr17 Cr21 Cr8 Cr19 Cr-50 Cr18 Cr
Free cash flow (OCF − Capex)7 Cr-40 Cr-4 Cr31 Cr36 Cr-6 Cr164 Cr24 Cr-38 Cr101 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—16.4%17.1%9.2%10.0%15.0%14.2%14.2%12.7%13.6%
ROE %—12.2%15.4%9.1%7.8%13.4%12.4%11.8%11.2%10.7%
Debtor days—915742654635556558
Inventory days—280330345493405303300278221
Days payable—1511461281861451011129992
Cash conversion cycle—220241260372306237243244188
OCF / EBITDA %—-1.1%61.5%99.5%77.2%21.6%151.4%50.2%23.7%95.8%
OCF / EBITDA % (3 years)———50.8%76.4%57.8%82.6%72.5%69.6%59.0%
Debt / equity0.500.560.420.420.330.340.370.270.450.43
Current ratio1.481.441.461.531.671.771.631.911.461.32
Net debt / EBITDA——1.472.051.361.011.290.791.841.59