Revenue And Margin Expansion35.2% revenue growth with expanding gross (58.5%) and net (6.8%) margins signals sustained demand and improving operational leverage. Over the medium term this underpins stronger internal cash generation capacity, enhances reinvestment potential, and supports margin resilience versus peers.

Solid Balance Sheet And Moderate LeverageModerate leverage (debt/equity 0.44), equity ratio 58.8% and rising ROE (11.1%) provide balance-sheet strength and financial flexibility. This structure supports capital expenditure, absorbs cyclical shocks, and reduces refinancing risk, enabling durable strategic investments.

Integrated End-to-end Business ModelVertical, end-to-end apparel model—product development through shipment—reduces reliance on external suppliers and shortens lead times. Structural integration enhances customer stickiness, allows value-added services, and supports sustainable margins and repeatable order flow over time.

Bears Say

Negative Free Cash Flow From Elevated CapexFree cash flow turned negative in 2025 due to elevated capital expenditures and operating cash to net income slid to 0.47. If capex remains high, the company may require external financing, strain working capital, or delay strategic spending, raising medium-term liquidity risk.

Revenue Dependence On Order Volumes And Opaque Customer MixRevenue depends on order volumes and negotiated unit prices while customer concentration and channel mix are undisclosed. This structural opacity increases vulnerability to large-customer bargaining, order volatility or cancellations, which can produce meaningful revenue swings over months.

Limited Shareholder Income Via DividendsDividend yield is very low (0.24%), indicating limited cash returned to shareholders. For income-focused investors, this diminishes appeal; if retained earnings are not consistently redeployed into high-return projects, long-term shareholder returns may underperform expectations.

S.P. Apparels Ltd. News

S.P. Apparels Confirms SEBI Dematerialisation Compliance for Q3 FY2025-26

The latest announcement is out from S.P. Apparels Ltd. ( ($IN:SPAL) ). S.P. Apparels Limited has notified the...

2M ago

SPAL

S.P. Apparels Shareholders Approve Appointment of Independent Director via Postal Ballot

S.P. Apparels Ltd. ( ($IN:SPAL) ) has shared an announcement. S.P. Apparels Limited has announced that its shareholders...

3M ago

SPAL

S.P. Apparels Publishes Postal Ballot Notice

S.P. Apparels Ltd. ( ($IN:SPAL) ) has provided an update. S.P. Apparels Limited announced the publication of a...

4M ago

SPAL

S.P. Apparels Releases Q1 2025 Financial Results

S.P. Apparels Ltd. ( ($IN:SPAL) ) has provided an announcement. S.P. Apparels Ltd. announced the publication of its...

7M ago

SPAL

SPAL FAQ

What was S.P. Apparels Ltd.’s price range in the past 12 months?

S.P. Apparels Ltd. lowest stock price was ₹585.00 and its highest was ₹990.00 in the past 12 months.

What is S.P. Apparels Ltd.’s market cap?

S.P. Apparels Ltd.’s market cap is ₹17.53B.

When is S.P. Apparels Ltd.’s upcoming earnings report date?

S.P. Apparels Ltd.’s upcoming earnings report date is May 14, 2026 which is in 59 days.

How were S.P. Apparels Ltd.’s earnings last quarter?

S.P. Apparels Ltd. released its earnings results on Feb 11, 2026. The company reported ₹10.8 earnings per share for the quarter, missing the consensus estimate of ₹11.6 by -₹0.8.

Is S.P. Apparels Ltd. overvalued?

According to Wall Street analysts S.P. Apparels Ltd.’s price is currently Overvalued. Get more investment ideas with TipRanks Premium

Does S.P. Apparels Ltd. pay dividends?

S.P. Apparels Ltd. pays a Annually dividend of ₹2 which represents an annual dividend yield of 0.28%. See more information on S.P. Apparels Ltd. dividends here

What is S.P. Apparels Ltd.’s EPS estimate?

S.P. Apparels Ltd.’s EPS estimate for its next earnings report is not yet available.

How many shares outstanding does S.P. Apparels Ltd. have?

S.P. Apparels Ltd. has 25,092,600 shares outstanding.

What happened to S.P. Apparels Ltd.’s price movement after its last earnings report?

S.P. Apparels Ltd. reported an EPS of ₹10.8 in its last earnings report, missing expectations of ₹11.6. Following the earnings report the stock price went down -4.203%.

Which hedge fund is a major shareholder of S.P. Apparels Ltd.?

Currently, no hedge funds are holding shares in IN:SPAL

What is the TipRanks Smart Score and how is it calculated?

Smart Score combines eight research factors - such as analyst recommendations, hedge fund trends, and technical indicators - to measure a stock’s outlook. These signals are unified into a single score that reflects bullish or bearish momentum. See detailed methodology

Company Description

S.P. Apparels Ltd.

S.P. Apparels Limited engages in the manufacture and sale of knitted garments for infants and children in India. It also manufactures, distributes, and markets adult menswear, such as shirts, polo shirts, T-shirts, trousers, jeans, sweaters, jackets, vests, briefs, boxer shorts, and socks under the Crocodile brand; and women's essential garments under the Natalia brand. The company also exports its products. S.P. Apparels Limited was founded in 1988 and is based in Tirupur, India.