SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

SPL Industries Ltd (SPLIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532651 NSE: SPLIL Textile | Small Cap | SPL Industries Share Price

₹31.22 0.78 (2.56%)

As on 04-Jun'26 16:59

SPL Industries Ltd (SPLIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532651 NSE: SPLIL Textile | Small Cap | SPL Industries Share Price

₹31.22 0.78 (2.56%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹91 Cr.
Current Price
₹31.2
52-Week Low / High
₹21 / 47
TTM EPS
₹2.4
TTM Sales
₹69.5 Cr.
Book Value per Share
₹65.8
P/E Ratio
12.82
Higher than its 5-year historical median
Industry PE
36.6
Price to Book (P/B)
0.47
Lower than its 5-year historical median
Price to Sales (P/S)
1.30
Higher than its 5-year historical median
EV/EBITDA
7.23
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
5.48%
Outperforms industry median
Return on Capital Employed (ROCE)
8.18%
Outperforms industry median
Return on Assets (ROA)
4.55%
Operating Profit Margin
2.8%
Net Profit Margin
7.02%
Gross Profit Margin
11.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-30.03%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-60.97%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-16.68%
Asset Quality
Promoter Holding
74.85%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹162 Cr.
Equity
₹29 Cr.
Face Value
₹10
All Time Low / High
₹2.02 / 114.95

SPL Industries stock performance

Key Ratios
mw4me loader

Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 Is SPL Industries Ltd a good quality company?
SPL Industries Ltd is a quality company, based on a 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 SPL Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of SPL Industries Ltd vs industry peers?
SPL Industries Ltd revenue CAGR is -4.86%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of SPL Industries Ltd?
Promoters hold 74.85% of the SPL Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of SPL Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 1.2% based on the current price.

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.
SPL Industries 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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 22.7%7.7%11.3%38.2%34.9%16.3%22.3%21.7%10.7%8.2%-
Value Creation
Index
0.6-0.5-0.21.71.50.20.60.6-0.2-0.4-

Growth Parameters

Sales 14915117315717911019828519913970
Sales YoY Gr.-1.2%14.7%-9.3%14.1%-38.5%79.8%43.9%-30%-30%-
Adj EPS 2.8-0.61.29.210.14.86.76.43.73.12.4
YoY Gr.--121.2%NA655.7%9%-52.3%40.3%-4.3%-43.2%-15.1%-
BVPS (₹) 12.713.424.324.735.640.347.655.96063.465.8
Adj Net
Profit
8.1-1.73.626.729.113.919.518.710.697
Cash Flow from Ops. -919.215.815.928.229.88.1147.220.7-
Debt/CF from Ops. -20.80.20.20.10.20.60.800-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -0.7%-4.9%-11%-30%
Adj EPS 1.2%-21%-22.7%-15.1%
BVPS19.5%12.3%10.1%5.7%
Share Price -0.4% -8% -21.2% -16.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
13.7-2.75.231.825.710.212.710.65.54.43.8
Op. Profit
Mgn %
7.81.54.118.81514.811.28.252.8-11.8
Net Profit
Mgn %
5.4-1.12.117.116.312.69.96.65.36.510.1
Debt to
Equity
0.50.4000000.1000
Working Cap
Days
9513811111110211210199119138235
Cash Conv.
Cycle
52591925455919245571203

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales148.80150.63172.75156.71178.85110.08197.87284.67199.25139.42
Operating Expenses + 137.17148.37165.66127.79152.0994.33176.10261.40189.31135.54
Manufacturing Costs31.9144.4130.5324.6622.2118.0929.2529.7928.4323.21
Material Costs75.0866.91103.2289.85114.4162.16131.58209.88142.5493.87
Employee Cost 19.5328.6718.368.898.548.0511.0811.4212.0712.16
Other Costs 10.658.3913.554.396.936.044.1910.306.266.30
Operating Profit 11.632.277.0928.9326.7615.7521.7723.279.943.88
Operating Profit Margin (%) 7.8%1.5%4.1%18.5%15.0%14.3%11.0%8.2%5.0%2.8%
Other Income + 1.594.903.933.037.985.6710.0413.7011.6913.77
Exceptional Items 0000000000
Interest 1.222.731.730.951.320.700.752.122.421.67
Depreciation 3.172.993.903.843.152.772.412.783.133.03
Profit Before Tax 8.831.455.3927.1730.2717.9428.6632.0616.0912.95
Tax 0.01000-14.397.578.224.343.16
Profit After Tax 8.831.455.3927.1731.2713.5521.0823.8411.759.79
PAT Margin (%) 5.9%1.0%3.1%17.3%17.5%12.3%10.7%8.4%5.9%7.0%
Adjusted EPS (₹)3.00.51.99.410.84.77.38.24.13.4
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of SPL Industries - Standalone

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!

Balance Sheet

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

Equity and Liabilities

Shareholders Fund + 63.5664.9470.4697.62128.91142.47163.47187.45199.17208.95
Share Capital 29292929292929292929
Reserves 34.5635.9441.4668.6299.91113.47134.47158.45170.17179.95
Debt +18.3214.932.452.4644.454.9310.6600
Long Term Debt03.021.820000000
Short Term Debt18.3211.910.632.4644.454.9310.6600
Minority Interest0000000000
Trade Payables8.3936.5923.9419.637.922.1237.925.453.653.01
Others Liabilities 96.963.142.620.571.222.273.965.3410.17
Total Liabilities 99.27123.42100122.33141.40150.26208.59207.52208.16222.12

Fixed Assets

Net Fixed Assets +46.9552.2354.8451.6033.3231.1835.2437.5541.8939.79
Gross Block116.40124.67130.14103.6955.5351.4857.4761.2268.3168.82
Accumulated Depreciation69.4572.4475.3052.0922.2120.3022.2323.6726.4229.03
CWIP 02.430.560.8500.252.5411.2800
Investments 00000010.0345.5257.52105.59
Inventories9.7819.862.093.312.321.732.703.441.381.09
Trade Receivables31.3233.0929.9238.8431.7011.5948.9729.6935.2722.96
Cash Equivalents 2.245.17316.3046.0182.5361.1835.8327.4917.36
Others Assets 8.9710.659.5711.4328.0622.9847.9444.2244.6135.34
Total Assets 99.27123.42100122.33141.40150.26208.59207.52208.16222.12

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -8.9619.2015.8315.8728.1829.788.08147.1520.70
PBT 8.831.455.3927.1730.2717.9428.6632.0616.0912.95
Adjustment 4.344.623.534.741.26-1.92-4.07-1.44-2.78-2.75
Changes in Working Capital -22.1313.126.92-16.46-3.2616.59-9.65-8.26-1.0310.63
Tax Paid -0.01000.42-0.08-2.82-6.86-8.36-5.12-0.13
Cash Flow From Investing Activity + -1.81-14.02-0.34-14.12-27.93-28.91-4.33-25.793.75-20.81
Capex -1.85-10.70-4.65-2.20-0.92-0.66-5.09-13.63-2.85-0.54
Net Investments 000000-10.03-35.49-12-48.07
Others 0.04-3.324.31-11.92-27.01-28.2510.7923.3218.6027.80
Cash Flow From Financing Activity + 11.78-6.11-14.13-0.920.22-0.23-0.224.78-10.74-0.11
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 03.02-1.200000000
Interest Paid -1.22-2.72-1.64-0.94-1.32-0.68-0.70-0.95-0.08-0.11
Dividend Paid 0000000000
Others 13-6.42-11.290.021.540.440.485.73-10.660
Net Cash Flow 1.01-0.931.370.830.470.643.53-7.010.16-0.22

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)27.133.849.8738.2335.812.3316.5615.975.48
ROCE (%)22.667.6711.2538.2434.8716.3322.2721.6710.688.18
Asset Turnover Ratio1.691.351.551.411.360.751.11.370.960.65
PAT to CFO Conversion(x)-1.0113.242.940.580.92.20.380.590.612.11
Working Capital Days
Receivable Days57.607866.6080.107271.8055.9050.4059.5076.20
Inventory Days17.1035.9023.206.305.706.704.103.904.403.20
Payable Days41.20122.7010788.504429.5055.5037.7011.6012.90

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

SPL Industries Ltd FAQs

The current trading price of SPL Industries on 04-Jun-2026 16:59 is ₹31.22.

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 SPL Industries stood at ₹90.54 Cr

The latest P/E ratio of SPL Industries as of 03-Jun-2026 is 12.82.

The latest P/B ratio of SPL Industries as of 03-Jun-2026 is 0.47.

The 52-week high of SPL Industries is ₹46.50 and the 52-week low is ₹21.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SPL Industries is ₹69.54 ( Cr.) .

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

The key valuation ratios of SPL 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 SPL Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About SPL Industries Ltd

SPL Industries  Ltd  was originally incorporated as Shivalik Prints Private Limited on December 6, 1991 in New Delhi under the Companies Act, 1956. The name of the Company was changed from Shivalik Prints Private Limited to SPL Industries Ltd vide Fresh Certificate of Incorporation dated September 26, 1994.

The company is promoted by H.R. Gupta and Vijay Jindal and is a  leading manufacturer & exporter of Knitted fabric and Knitted garments. SPLIL designs, manufactures and sells a wide range of outer wear – T shirts, sweat shirts, polo shirts, etc. for top end customers in the international market.

SPLIL established its first textile unit named “SPL processing house” with a focus on printing and dyeing of cloth with a capacity of 1,00,000 meters/day. SPLIL planned to become a major supplier of printed and dyed cloth in northern India. In July 1992, SPLIL expanded its operation by installing new equipment and increased its capacity to 150,000 meters/day.

In March 1995, the Company set up a vertical integrated plant for apparel manufacturing, which had the facilities for knitting, dyeing, processing, cutting and stitching, with a capacity of producing 100,000 pieces of knitted garment per month. Due to a growing customer base and demand for its products, SPLIL increased its capacity by another 150,000 pieces per month i.e. a total of 250,000 pieces per month.

In 1999, SPLIL sold off the printing unit. In 2000, SPLIL decided to further diversify its operations and a started sweater division with a capacity of 120,000 pieces per month.

In 2000, SPLIL established another knitwear unit with capacity of 250,000 pieces per month and 100,000 pieces per month of Home Furnishings. Thus the total capacity reached 500,000 pieces per month of garments. Later in 2002, SPLIL opened another Knitted Garment unit with capacity of 250,000 pieces per month which increased the capacity to 7,50,000 pieces per month.

In 2003, the Company amalgamated SPL Machines Ltd. (Formerly known as J. Perrot Company India Private Ltd.) with SPL Industries Ltd. as per Delhi High Court decision. 2 shares were issued to the shareholders of SPL Machines Private Ltd. towards the payment consideration.

The Company has a well equipped design studio. SPLIL employs a team of designers who design and develop the products as per the requirements of the customers. They regularly visit International fairs like Piiti Fillatt, Expofil and Premier vision.

These fairs determine the latest trends in yarn / fabric and colours for the following season. The design team regularly interacts with the customers which helps it to keep pace with their expectations. SPLIL exports knitted apparels to USA, Europe, Canada and Japan. Almost 95% of the total production is exported. The major customers of the Company are GAP, JC Penney, Kohls, Haggar, Sears, HMX, Supreme, PVH, Federated etc. The Company adheres to international standards as required by the customers.

SPLIL also manufactures Home Furnishings which include Bedsheets, Curtains, pillows etc. these products are exported to Middle East and USA

Product range of the company includes:

  • Knitted fabric
  • Knitted garments.
  • T shirts
  • Sweat shirts
  • Polo shirts

Milestones:

  • 1991- Company incorporated in the name of Shivalik Prints Pvt. Ltd. for process and printing of Woven Fabrics
  • 1994 -Company changed name from Shivalik Prints Private Ltd. to SPL Industries Ltd.
  • 1995- Setup new factory for Knitted Garments
  • 2000 -Setup cotton sweater plant
  • 2001 -Setup two new factories for Knitting Garments to enhance the capacity of Knitting as well as Dyeing
  • 2002-Factory for Value added items like computerized embroidery
  • 2003 -Enhance capacity for Knitting, Dyeing and Garments
  • 2003 -Setup unit for manufacturing home furnishing items like Bed sheet, curtains, pillows cushions etc.
  • 2003 -Amalgamation of SPL Machine to SPL Industries Ltd. As per Delhi High Court decision
  • 2005 -Accorded the status of Two Star Export House in accordance with the provisions of the Foreign Trade Policy, 2004-09.

Achievements/ recognition:

  • 1997 - 5 Star Award for outstanding service in the development of Federated Merchandising by Federated Department Stores Group
  • 1997-Award for outstanding performance in export by Government of Haryana ( Department of Industries) by Government of Haryana
  • 1998- 5 Star Award for outstanding service in the development of Federated Merchandising by Federated Department Stores Group
  • 1999 -5 Star Award for outstanding service in the development of Federated Merchandising by Federated Department Stores Group
  • 2000- 5 Star Award for outstanding service in the development of Federated Merchandising by Federated Department Stores Group
  • 2000- Award for outstanding performance in export by Government of Haryana ( Department of Industries) by Government of Haryana
  • 2001- 5 Star Award for outstanding service in the development of Federated Merchandising by Federated Department Stores Group
  • 2002 - 5 Star Award for outstanding service in the development of Federated Merchandising by Federated Department Stores Group
  • 2004 - Appreciation of our outstanding contribution to Faridabad industries by Chief Minister of Haryana  awarded by Faridabad Industries Association
To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×