MoneyWorks4Me

S.P. Apparels Ltd (SPAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540048 NSE: SPAL Textile | Small Cap | S.P. Apparels Share Price

₹1,002.65 24.45 (2.50%)

As on 17-Sep'26 16:59

S.P. Apparels Ltd (SPAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540048 NSE: SPAL Textile | Small Cap | S.P. Apparels Share Price

₹1,002.65 24.45 (2.50%)

As on 17-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,459 Cr.
Current Price
₹1,002.7
52-Week Low / High
₹585 / 1,220
TTM EPS
₹41.9
TTM Sales
₹1,576 Cr.
Book Value per Share
₹385.9
P/E Ratio
23.34
Higher than its 5-year historical median
Industry PE
35.1
Price to Book (P/B)
2.54
Higher than its 5-year historical median
Price to Sales (P/S)
1.56
Higher than its 5-year historical median
EV/EBITDA
11.37
Higher than its 5-year historical median
Dividend Yield
0.3%
Profitability Efficiency
Return on Equity (ROE)
11.22%
Outperforms industry median
Return on Capital Employed (ROCE)
14.19%
Outperforms industry median
Return on Assets (ROA)
6.63%
Operating Profit Margin
14.7%
Net Profit Margin
6.39%
Gross Profit Margin
12.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
13.43%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
15.91%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
6.15%
Asset Quality
Promoter Holding
61.81%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹945 Cr.
Equity
₹25.1 Cr.
Face Value
₹10
All Time Low / High
₹57.95 / 1220.10

S.P. Apparels stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is S.P. Apparels Ltd a good quality company?
S.P. Apparels Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does S.P. Apparels Ltd performance compare with that of its Peers?
Q.1 Revenue growth of S.P. Apparels Ltd vs industry peers?
S.P. Apparels Ltd revenue CAGR is 19.33%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of S.P. Apparels Ltd?
Promoters hold 61.81% of the S.P. Apparels Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of S.P. Apparels Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.4% based on the current price.

10 Year X-Ray :

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

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 21.2%16.4%16.9%8.9%10.6%17.6%16.8%17.5%13.3%12.8%-
Value Creation
Index
0.50.20.2-0.4-0.20.30.20.3-0.1-0.1-

Growth Parameters

Sales 6206287787585367359439489821,1131,099
Sales YoY Gr.-1.3%23.9%-2.6%-29.3%37.1%28.2%0.6%3.5%13.4%-
Adj EPS 14.61331.314.11933.331.940.932.538.537.6
YoY Gr.--10.8%140.3%-55.1%35.4%75.2%-4.2%28%-20.6%18.6%-
BVPS (₹) 147159.9188.9203.2214.9245.3269310.5342.5372.9383.5
Adj Net
Profit
36.732.880.436.148.985.680.110381.596.895
Cash Flow from Ops. 503.678.286.979.445.622797.843.3169-
Debt/CF from Ops. 3.660.52.62.51.93.80.71.15.41.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 6.7%15.7%5.7%13.4%
Adj EPS 11.4%15.2%6.5%18.6%
BVPS10.9%11.7%11.5%8.9%
Share Price 11.7% 26.9% 22.5% 30.8%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
14.28.518.17.29.114.512.314.19.910.89.9
Op. Profit
Mgn %
16.416.61710.819.620.216.218.516.517.416.7
Net Profit
Mgn %
5.95.210.34.89.111.78.510.88.38.78.6
Debt to
Equity
0.50.50.40.40.30.30.20.10.30.3-
Working Cap
Days
16720420420427422417115017817576
Cash Conv.
Cycle
7011510811615811492841009721

Valuation of S.P. Apparels - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales6336628268096528591,0811,0871,3951,579
Operating Expenses + 5295577077265507149369321,2071,361
Manufacturing Costs9010213312399130149150198188
Material Costs254255327357270354486451579678
Employee Cost 147159187196149190239261346399
Other Costs 38416050324062718497
Operating Profit 10410612083102145145155188218
Operating Profit Margin (%) 16.4%16.0%14.5%10.3%15.7%16.9%13.4%14.3%13.5%13.8%
Other Income + 2116182431720211218
Exceptional Items 000-10000000
Interest 1829623141319203341
Depreciation 19222230323536384348
Profit Before Tax 87711094459115111118123141
Tax 332336-3163028282840
Profit After Tax 544873474385839095101
PAT Margin (%) 8.5%7.2%8.9%5.8%6.6%9.9%7.6%8.2%6.8%6.4%
Adjusted EPS (₹)21.818.728.618.316.833.032.935.737.940.2
Dividend Payout Ratio (%)2.30%2.70%0%0%13.40%0%9.10%0%5.30%7.50%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 357397484523558638674764856944
Share Capital 25252626262625252525
Reserves 332372458498533612649739831919
Debt +174218201217149183209176349384
Long Term Debt4034266221361164249
Short Term Debt134184174156128146198170306335
Minority Interest-7-6-6-6-6-7-6-6-6-7
Trade Payables7010110985911139999132129
Others Liabilities 821009974136164180110126141
Total Liabilities 6778108878929291,0911,1551,1421,4561,591

Fixed Assets

Net Fixed Assets +299307317444444450459454595686
Gross Block4835125436977287668078371,0761,212
Accumulated Depreciation184205226253284316349383481526
CWIP 065401081019314
Investments 58310003113511058
Inventories102187248228241332297265371310
Trade Receivables13416612894117116105165251253
Cash Equivalents 35465846416064794159
Others Assets 4766818075123107108158221
Total Assets 6778108878929291,0911,1551,1421,4561,591
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 49-1828381272167944209
PBT 87711095459115111118123141
Adjustment 3854-156383557337480
Changes in Working Capital -61-104-12-15-3-9876-38-11826
Tax Paid -15-23-14-13-14-25-27-33-34-38
Cash Flow From Investing Activity + -121-15-60-39-21-29-1606-177-189
Capex -41-39-86-51-44-33-52-54-81-106
Net Investments -80202311223-1095840-50
Others 14211113-135-33
Cash Flow From Financing Activity + 7319-17-45-4224-48-6782-1
Net Proceeds from Shares 200010000001
Net Proceeds from Borrowing -70-9-6-4-522-38-12725
Interest Paid -28-18-13-18-10-12-14-17-31-35
Dividend Paid -4-4-100-60-80-5
Others -25503-23-27195-3010613
Net Cash Flow 235-11721819-5018
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)22.812.6716.669.327.9814.1612.5812.4711.7411.22
ROCE (%)22.5917.1717.599.310.0116.3914.9815.0614.5314.19
Asset Turnover Ratio1.020.890.970.910.720.850.960.971.071.04
PAT to CFO Conversion(x)0.91-0.021.121.771.880.322.60.880.462.07
Working Capital Days
Receivable Days62.2082.706550.205949.4037.2045.3054.4058.30
Inventory Days66.3079.8096.10107.30131.20121.80106.2094.3083.2078.70
Payable Days134.30122.70117.8099.30118.80105.2079.708072.8070.20

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S.P. Apparels Ltd FAQs

The current trading price of S.P. Apparels on 17-Sep-2026 16:59 is ₹1,002.7.

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 16-Sep-2026 the market cap of S.P. Apparels stood at ₹2,459.1 Cr

The latest P/E ratio of S.P. Apparels as of 16-Sep-2026 is 26.03.

The latest P/B ratio of S.P. Apparels as of 16-Sep-2026 is 2.55.

The 52-week high of S.P. Apparels is ₹1,220.1 and the 52-week low is ₹585.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of S.P. Apparels is ₹1,099 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that S.P. Apparels Ltd is a good quality company.

The key valuation ratios of S.P. Apparels Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of S.P. Apparels Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

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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