S P Apparels

NSE: SPAL · Garments & Apparels

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52W Range₹600 – ₹1,222

Snapshot

Unlock S P Apparels's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

S.P. Apparels Limited is a manufacturer and exporter specialising in knitted garments for infants and children. The company also manages a diversified portfolio of adult apparel, including menswear under the Crocodile brand and women's essentials under the Natalia brand.

Business Model

The company generates revenue through the manufacturing and sale of knitted garments, leveraging both export markets and domestic retail distribution. It operates as an integrated player, managing production facilities in Tirupur and marketing branded apparel.

  • Founded:1988

Growth Outlook

Growth is driven by the expansion of its branded retail presence in the domestic market and sustained demand for its infant and children's garment exports. The company continues to leverage its manufacturing expertise to scale its diverse product categories.

Key Risks

  • Export Market Dependency. The company's revenue is significantly exposed to fluctuations in demand and economic conditions within its key international export markets.
  • Raw Material Price Volatility. Fluctuations in the prices of cotton and other textile raw materials can adversely impact manufacturing margins.
  • Intense Competition. The garment and apparel sector is highly fragmented and competitive, posing risks to pricing power and market share.
  • Foreign Exchange Risk. As a significant exporter, the company is vulnerable to currency exchange rate volatility between the Indian Rupee and major foreign currencies.

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Key Metrics

REVENUE

₹1,576 Cr

TTM · consolidated

+1.5%YoY

NET PROFIT

₹105 Cr

TTM · consolidated

+7.6%YoY

EPS

₹41.88

TTM · consolidated

+7.6%YoY

RETURN ON EQUITY

11.7%

TTM · consolidated

+0.3 ppYoY

RETURN ON CAPITAL EMPLOYED

19.4%

TTM · consolidated

+1.1 ppYoY

P/E

22.3×

Q1 FY27 · consolidated

22.3 vs 26.3x5Y avg

EV/EBITDA

11.5x

Q1 FY27 · consolidated

11.5 vs 15.2x5Y avg

EBITDA MARGIN

15.6%

TTM · consolidated

+1.5 ppYoY

NET PROFIT MARGIN

6.2%

Q1 FY27 · consolidated

+1.1 ppYoY

DEBT TO EQUITY

0.4x

Q1 FY27 · consolidated

-0.02xYoY

Peers · Garments & Apparels

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
S P ApparelsSPAL
₹2,487 Cr22.3×11.511.5%15.6%11.7%19.4%+29.6%
Kewal Kiran Clothing LimitedKKCL
₹2,943 Cr19.9×10.3215.9%21.7%18.3%19.7%-12.0%
Kitex Garments LimitedKITEX
₹2,421 Cr-388.9×55.09-36.4%10.1%-4.8%0.9%-38.0%
SBC ExportsSBC
₹2,323 Cr70.5×43.4747.3%12.9%59.5%55.1%+164.3%
Cantabil Retail India LimitedCANTABIL
₹1,995 Cr19.3×6.9216.1%32.6%22.4%20.2%-13.1%
Dollar IndustrieDOLLAR
₹1,557 Cr13.8×8.776.2%11.1%12.4%17.9%-26.9%

As of Q1 FY27

Financials