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Spice Islands Industries Ltd (526827)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526827 NSE: Textile | Small Cap | Spice Islands Inds. Share Price

₹433.25 20.45 (4.95%)

As on 04-Jun'26 16:59

Spice Islands Industries Ltd (526827)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526827 NSE: Textile | Small Cap | Spice Islands Inds. Share Price

₹433.25 20.45 (4.95%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹270 Cr.
Current Price
₹433.3
52-Week Low / High
₹42 / 433
TTM EPS
₹9.1
TTM Sales
₹17.9 Cr.
Book Value per Share
₹22.5
P/E Ratio
47.70
Lower than its 3-year historical median
Industry PE
36.6
Price to Book (P/B)
19.26
Higher than its 5-year historical median
Price to Sales (P/S)
15.09
Higher than its 5-year historical median
EV/EBITDA
46.10
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
59.43%
Outperforms industry median
Return on Assets (ROA)
16.83%
Operating Profit Margin
-123.4%
Net Profit Margin
61.29%
Gross Profit Margin
152%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
-
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
50%
Asset Quality
Promoter Holding
43.11%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹8 Cr.
Equity
₹6.2 Cr.
Face Value
₹10
All Time Low / High
₹2.45 / 413.45

Spice Islands Industries stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Spice Islands Industries Ltd a good quality company?
Spice Islands Industries Ltd is a weak quality company, based on a inconsistent 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.

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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.

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How does Spice Islands Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Spice Islands Industries Ltd vs industry peers?
Spice Islands Industries Ltd revenue CAGR is -45.10%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Spice Islands Industries Ltd?
Promoters hold 43.11% of the Spice Islands Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Spice Islands Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 30.2% based on the current price.
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10 Year X-Ray : 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.
Spice Islands Industries Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ3.6%-8.9%-5.9%-34.7%-37.5%-53.2%-76.2%-24.5%235%59.4%-
Value Creation
Index ⓘ		-0.7-1.6-1.4-3.5-3.7-4.8NANA15.83.3-

Growth Parameters ⓘ
Sales ⓘ2317.728.81715.66.62.70.900.818
Sales YoY Gr.--22.8%62.6%-40.9%-8.2%-57.8%-59.4%-67.9%-100%NA-
Adj EPS ⓘ0.2-4.8-4.5-8.4-7.3-4.8-2.7-0.20.71.19.1
YoY Gr.--2100%NANANANANANANA56.3%-
BVPS (₹) ⓘ30.425.922.813.76.91.8-1.2-1.5-0.70.422.5
Adj Net
Profit ⓘ		0.1-2.1-1.9-3.6-3.1-2.1-1.2-0.10.30.56
Cash Flow from Ops. ⓘ1.6-1.8-3.40.8-0.2-0.90.80.1-0.20.3-
Debt/CF from Ops. ⓘ0.7-1.4-1.44.2-8.2-2.21.18.5-3.14.2-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-31.3%-45.1%-33.7%NA
Adj EPS ⓘ18.6%NANA56.3%
BVPSⓘ-37.9%-42.8%NANA
Share Price 33.4% 146.1% 169.6% 848.2%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		0.8-17.1-18.5-46-70.5-109.8-936.717-66.246.479.3
Op. Profit
Mgn % ⓘ		1.1-10.1-5-20.9-17.2-24.4-34.4-20.30-123.413.9
Net Profit
Mgn % ⓘ		0.5-11.6-6.7-21.2-20-31-43.8-11.3061.331.6
Debt to
Equity ⓘ		0.10.20.50.60.72.6-1.7-1-2.170
Working Cap
Days ⓘ		133153116188128199309521097963
Cash Conv.
Cycle ⓘ		2951487633336083030616

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales231829171673101
Operating Expenses ⓘ + 232030211884112
Manufacturing Costs6562310000
Material Costs97149942000
Employee Cost 3344310000
Other Costs ⓘ 4466422011
Operating Profit ⓘ 0-2-2-4-3-2-1-0-1-1
Operating Profit Margin (%) 0.8%-10.2%-5.4%-24.9%-17.2%-26.4%-43.2%-25.7%--123.0%
Other Income ⓘ + 1111100012
Exceptional Items ⓘ 0000-0-00000
Interest ⓘ 0000000000
Depreciation ⓘ 0000000000
Profit Before Tax ⓘ 0-1-1-5-3-2-1-001
Tax ⓘ 000-1-000001
Profit After Tax 0-2-1-4-3-2-1-000
PAT Margin (%) 1.2%-8.7%-4.6%-23.0%-18.8%-33.0%-49.2%-14.2%-61.3%
Adjusted EPS (₹)0.7-3.6-3.1-9.1-6.8-5.1-3.1-0.30.71.1
Dividend Payout Ratio (%)116%0%0%0%0%0%0%0%0%0%

Valuation of Spice Islands Inds. - Standalone

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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Analyst's Notes

data not found
No data found!

Balance Sheet

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

Equity and Liabilities

Shareholders Fund + 131110631-1-1-00
Share Capital ⓘ 4444444444
Reserves ⓘ 9762-1-4-5-5-5-4
Debt +1253221111
Long Term Debt1100000100
Short Term Debt0243221011
Minority Interest0000000000
Trade Payables1121100000
Others Liabilities ⓘ 1121212103
Total Liabilities ⓘ 16161811843115

Fixed Assets

Net Fixed Assets ⓘ +3332211101
Gross Block6443322101
Accumulated Depreciation4011111000
CWIP ⓘ 0000000000
Investments ⓘ 3332000000
Inventories2111100000
Trade Receivables1362111001
Cash Equivalents 2211100000
Others Assets ⓘ 5443321103
Total Assets ⓘ 16161811843115

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 2-2-31-0-110-00
PBT ⓘ 0-1-1-5-3-2-1-001
Adjustment ⓘ 0-0-01110-0-00
Changes in Working Capital ⓘ 10-242120-0-1
Tax Paid ⓘ -0-0000000-0-0
Cash Flow From Investing Activity ⓘ + -110120000-3
Capex -1-1-10-00000-3
Net Investments -0110200000
Others ⓘ 000000-0000
Cash Flow From Financing Activity ⓘ + -012-2-2-0-1-0-03
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 1000000000
Interest Paid ⓘ -0-0-0-0-0-0-0-0-0-0
Dividend Paid ⓘ -1-0-0-0-0-00000
Others ⓘ -012-1-20-1-003
Net Cash Flow ⓘ -0-0-1-00-0-0-000

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)2.12-12.76-12.58-49.77-66.37-116.95N/AN/AN/AN/A
ROCE (%)3.59-8.85-5.93-34.69-37.54-53.24N/AN/AN/AN/A
Asset Turnover Ratio1.451.131.721.161.651.090.740.4200.27
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days17.8040.9052.7086.2039.4049.8099.10176.400301.70
Inventory Days25.7026.7011.8020.5020.8023.208.500060.30
Payable Days35.8039.703359.1049.9067.8075.50127.40056.50

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Spice Islands Industries Ltd FAQs

The current trading price of Spice Islands Inds. on 04-Jun-2026 16:59 is ₹433.2.

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 03-Jun-2026 the market cap of Spice Islands Inds. stood at ₹270.1 Cr

The latest P/E ratio of Spice Islands Inds. as of 03-Jun-2026 is 47.70.

The latest P/B ratio of Spice Islands Inds. as of 03-Jun-2026 is 19.26.

The 52-week high of Spice Islands Inds. is ₹433.2 and the 52-week low is ₹41.66.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Spice Islands Inds. is ₹17.89 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Spice Islands Industries Ltd is a below average quality company.

The key valuation ratios of Spice Islands Industries 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 Weak which suggest that the price of Spice Islands Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Spice Islands Industries Ltd

Spice Islands Apparels was established in 1994 by two experienced textile professionals. During the initial set-up phase, the company was manufacturing its merchandise through sub-contracted factories and basically offered only men's shirts and ladies tops.

Spice Islands set up its own manufacturing facility, which it since expanded in 1995 and again in 1999.

In 1995, the company came out with its maiden public issue and received an overwhelming response due to the company's strong position in the garment industry and sound fundamentals.

Subsequently, Spice Islands has been recognized as an Export House by the government of India since 1995.

In 1996, Spice Islands added the manufacturing of T-shirts (both men's and ladies) to its line of products. Having successfully managed its woven & jersey business, Spice Islands expanded its operations to incorporate a new strategy - sourcing & commissioned inspections.

Spice Islands has grown considerably since its initial conception and is now experienced in a variety of areas, including manufacturing, sourcing, agency work and commissioned inspections.

The shares of the company are listed on the Bombay Stock Exchange, Ahmedabad Stock Exchange and Poona Stock Exchange. It also operates a subsidiary namely Bhupco Alloys.

Its registered office is located at 62-B, Mittal Tower, 210, Nariman Point, Mumbai 400021.

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