S.P. Apparels Ltd (SPAL) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 540048 | NSE: SPAL | Textile | Small Cap

S.P. Apparels Share Price

756.35 -5.75 -0.75%
as on 05-Dec'25 12:10

S.P. Apparels Ltd (SPAL) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 540048 | NSE: SPAL | Textile | Small Cap

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1. Quality


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3. Price Trend


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S.P. Apparels stock performance -

Key Ratios
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P/E Ratio (CD):
17.30
Market Cap:
1,912.3 Cr.
52-wk low:
610.1
52-wk high:
994.9

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10 Year X-Ray of S.P. Apparels: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
S.P. Apparels Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 14.2%22.6%17.2%17.6%9.3%10%16.4%15%15.1%14.5%-
Value Creation
Index
0.00.60.20.3-0.3-0.30.20.10.10.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5336336628268096528591,0811,0871,3951,589
Sales YoY Gr.-18.8%4.7%24.8%-2.1%-19.4%31.8%25.8%0.6%28.3%-
Adj EPS 16.216.71732.715.217.230.92835.335.944.1
YoY Gr.-3.7%1.3%93%-53.5%12.8%79.7%-9.3%26%1.8%-
BVPS (₹) 65.7142157.8188.3203.6217.3248.2268.5304.3341.1358
Adj Net
Profit
27.742.142.784.139.144.179.370.388.690.2111
Cash Flow from Ops. 48.848.9-1.282.382.780.526.921679.244.4-
Debt/CF from Ops. 5.33.8-191.42.62.727.512.38.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.3%11.5%17.5%28.3%
Adj EPS 9.3%18.7%5.2%1.8%
BVPS20.1%10.9%11.2%12.1%
Share Price - 39.5% 23.9% -19.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
23.517.211.319.17.88.213.310.712.311.112.6
Op. Profit
Mgn %
1616.417.116.410.415.91713.515.213.614
Net Profit
Mgn %
5.26.56.610.24.86.89.26.58.26.57
Debt to
Equity
20.50.60.40.40.30.30.30.20.40.1
Working Cap
Days
17416019419419423420716816617280
Cash Conv.
Cycle
40651071061091321231039910223

Recent Performance Summary

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Latest Financials - S.P. Apparels Ltd.

Standalone Consolidated
TTM EPS (₹) 35.8 44.1
TTM Sales (₹ Cr.) 1,109 1,589
BVPS (₹.) 357 358
Reserves (₹ Cr.) 871 873
P/BV 2.13 2.13
PE 21.26 17.30
From the Market
52 Week Low / High (₹) 610.05 / 994.85
All Time Low / High (₹) 57.95 / 1133.00
Market Cap (₹ Cr.) 1,912
Equity (₹ Cr.) 25.1
Face Value (₹) 10
Industry PE 34.7

Management X-Ray of S.P. Apparels:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of S.P. Apparels - Consolidated Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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No data found!

Key Ratios of S.P. Apparels

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales5336336628268096528591,0811,0871,395
Operating Expenses 4485295577077265507149369321,207
Manufacturing Costs869010213312399130149150198
Material Costs204254255327357270354486451579
Employee Cost 122147159187196149190239261346
Other Costs 35384160503240627184
Operating Profit 8510410612083102145145155188
Operating Profit Margin (%) 16.0%16.4%16.0%14.5%10.3%15.7%16.9%13.4%14.3%13.5%
Other Income 521161824317202112
Interest 2518296231413192033
Depreciation 20192222303235363843
Exceptional Items -17000-1000000
Profit Before Tax 2887711094459115111118123
Tax 9332336-31630282828
Profit After Tax 19544873474385839095
PAT Margin (%) 3.5%8.5%7.2%8.9%5.8%6.6%9.9%7.6%8.2%6.8%
Adjusted EPS (₹)8.421.818.728.618.316.833.032.935.737.9
Dividend Payout Ratio (%)0%2%3%0%0%13%0%9%0%5%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 133357397484523558638674764856
Share Capital 37252526262626252525
Reserves 96332372458498533612649739831
Minority Interest-6-7-6-6-6-6-7-6-6-6
Debt231174218201217149183209176349
Long Term Debt6840342662213611642
Short Term Debt163134184174156128146198170306
Trade Payables1177010110985911139999132
Others Liabilities 89821009974136164122110126
Total Liabilities 5636778108878929291,0911,0971,1421,456

Fixed Assets

Gross Block4414835125436977287668078371,076
Accumulated Depreciation164184205226253284316349383481
Net Fixed Assets 277299307317444444450459454595
CWIP 406540108101931
Investments 1583100031135110
Inventories128102187248228241332297265371
Trade Receivables8213416612894117116105165251
Cash Equivalents 11354658464160647941
Others Assets 62476681807512349108158
Total Assets 5636778108878929291,0911,0971,1421,456

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 4949-1828381272167944
PBT 2887711095459115111118123
Adjustment 463854-1563835573374
Changes in Working Capital -36-61-104-12-15-3-9876-38-118
Tax Paid -6-15-23-14-13-14-25-27-33-34
Cash Flow From Investing Activity -28-121-15-60-39-21-29-1606-177
Capex -26-41-39-86-51-44-33-52-54-81
Net Investments -3-80202311223-1095840
Others 114211113-135
Cash Flow From Financing Activity -207319-17-45-4224-48-6782
Net Proceeds from Shares 020001000000
Net Proceeds from Borrowing 0-70-9-6-4-522-38-127
Interest Paid -25-28-18-13-18-10-12-14-17-31
Dividend Paid -1-4-4-100-60-80
Others 6-25503-23-27195-30106
Net Cash Flow 1235-11721819-50

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)19.7622.812.6716.669.327.9814.1612.5812.4711.74
ROCE (%)14.2422.5917.1717.599.310.0116.3914.9815.0614.53
Asset Turnover Ratio0.981.020.890.970.910.720.8510.971.07
PAT to CFO Conversion(x)2.580.91-0.021.121.771.880.322.60.880.46
Working Capital Days
Receivable Days53628365505949374554
Inventory Days806680961071311221069483
Payable Days21313412311899119105808073

S.P. Apparels Ltd Stock News

S.P. Apparels Ltd FAQs

The current trading price of S.P. Apparels on 05-Dec-2025 12:10 is ₹756.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of S.P. Apparels stood at ₹1,912.3.
The latest P/E ratio of S.P. Apparels as of 04-Dec-2025 is 21.26.
The latest P/B ratio of S.P. Apparels as of 04-Dec-2025 is 2.13.
The 52-week high of S.P. Apparels is ₹994.9 and the 52-week low is ₹610.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of S.P. Apparels is ₹1,109 ( Cr.) .

About S.P. Apparels Ltd

The company was incorporated in Avinashi, Tamil Nadu, a public limited company under Part IX of the Companies Act, 1956, pursuant to a certificate of incorporation dated November 18, 2005 issued by the Registrar of Companies, Tamil Nadu located at Coimbatore. They are the leading manufacturer and exporter of knitted garments for infants and children in India. These are manufactured at our integrated facilities that allow them to provide end-to-end garment manufacturing services from greige fabric to finished products. They also manufacture and retail menswear garments in India under the brand ‘Crocodile’. They believe their core competency lies in their clear understanding of the specifications of knitted garments in the infants and children category, the buying preferences of their customers and their ability to deliver products of a consistent high quality that meet the product specifications and stringent compliance requirements of their international customers. The company have long-standing relationship with their major customers has been one of the most significant factors contributing to their growth.

SP Apparels operates 21 manufacturing facilities in and around the region of Avinashi in Tamil Nadu. Company has 4,874 sewing machines, eight cutting machines, 79 embroidery machines, 17 printing machines, 16,896 spindles and 22 dyeing machines.

Business area of the company

They also manufacture a broad range of menswear garments consisting of shirts, polo shirts, t-shirts, trousers, jeans, sweaters, jackets and men's innerwear consisting of vests, briefs, boxer shorts and socks under the brand 'Crocodile' which is subsidiaries through an agreement with Crocodile International Pte Limited, Singapore. They mainly export their products to United Kingdom. During financial year16, the company exported approximately 35.98 million pieces of knitted garments for infants and children directly to its international customers, including TESCO and Primark.

Major events and milestones:

  • 1989: Started export operations as a partnership firm.
  • 1998: Set-up our own manufacturing facility at Neelambur.
  • 2001: Commissioning of the first wind energy generator.
  • 2003: Set-up first in-house embroidery facility at Thekkalur.
  • 2004: Set-up our flagship factory at Avinashi with full garment conversion process (from cutting to packing).
  • 2005: Conversion of the partnership firm to our Company.
  • 2005:Set-up first in-house printing facility at Avinashi.
  • 2005: Commissioning of our own dyeing plant at SIPCOT, Perundurai.
  • 2006: Investment by NYLIM India Fund II in our Company pursuant to the SSSA.
  • 2006: Acquisition of majority shareholding in CPPL pursuant to a share transfer agreement dated May 24, 2006 and a memorandum of understanding dated May 24,
  • 2006 executed among CIPL, CPPL, our Company and Shivarams Associates Private Limited.
  • 2006: Addenda to the Technology License Agreement dated May 16, 2006 executed by our Subsidiary, CPPL with Crocodile International Pte Limited in 1996, for the use of the ‘Crocodile’ brand.
  • 2007: Acquisition of the ‘Natalia’ brand pursuant to an agreement dated February 20, 2007.
  • 2007: Amalgamation of S.P. TexFab Private Limited with our Company pursuant to a Scheme of Amalgamation sanctioned by the High Court of Madras with effect from March 21, 2007.
  • 2008: Amalgamation of Sri Balaji Bakkiam Spinning Mills with our Company pursuant to a Scheme of Amalgamation sanctioned by the High Court of Madras with effect from May 13, 2008
  • 2008: Acquisition of our retail division from CPPL, on a going concern basis.
  • 2009: Reschedulement of term loan facilities from State Bank of Mysore and State Bank of Indore. The facility availed from State Bank of Indore has been repaid by our Company subsequently.
  • 2010: Formulation and implementation of a foreign exchange policy for our Company.
  • 2011: Sale of wind mills owned by our Company to Maple Renewable Power Private Limited pursuant to a slump sale agreement dated December 23, 2011.
  • 2013: Investment by Euro Asia pursuant to the Investment Agreement.
  • 2014: Incorporation of a wholly-owned subsidiary, SPUK in the United Kingdom.
  • 2014: Reschedulement of term loan facility from Andhra Bank.
  • 2015: Execution of the Sub-Licensing Agreement with its Subsidiary, CPPL to manufacture, distribute and market products under the ‘Crocodile’ brand.
  • 2015: Transfer of 12 retail stores by Poornam to the Company pursuant to the Slump Sale Agreement.

Awards and Accreditations:

  • 2006: Awarded ‘Outstanding New Vendor’ by The Children’s Place (Disney Store, North America).
  • 2007:  Received ‘Worldwide Responsible Apparel Production’ certification.
  • 2009: Recognized as ‘Star Export House’ by the Government of India.
  • 2009: Awarded 'Trading Fairly Award' by TESCO for setting benchmarks in Tirupur for labor standards compliance, investing in workers and supporting community projects.
  • 2010: Awarded ‘Tamil Nadu State Government Safety Award 2010’ by the Directorate of Industrial Safety and Health, Government of Tamil Nadu for the least number of accidents.
  • 2011: Awarded ‘Tamil Nadu State Government Safety Award 2011’ by the Directorate of Industrial Safety and Health, Government of Tamil Nadu for the least number of accidents.
  • 2011: Awarded ‘Best Newcomer’ by Marks & Spencer Children’s Suppliers Awards 2011.
  • 2011 – 2012: Awarded ‘Values Award’ by TESCO.
  • 2013: Awarded ‘F&F Gold Rated Supplier 2013’  by TESCO.
  • 2013: Received laboratory accreditation ISO/IEC 17025:2005 by the National Accreditation Board for Testing and Calibration Authorities, Department of Science and Technology, India.
  • 2014: Received ISO 9001:2008 systems certification.
  • 2014: Received laboratory testing accreditation by one of our customers.
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