S.P. Apparels Ltd. (SPAL) AI Stock Analysis

• Market Cap: ₹25.83B
• Dividend Yield: 0.28%
• Average Volume (3M): 1.58K
• Price to Earnings (P/E): 22.9
• Beta (1Y): 1.01
• Revenue Growth: 13.15%
• EPS Growth: 6.13%
• Country: IN
• Employees: 8,409
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 44.02
• Shares Outstanding: 25,138,884
• 10 Day Avg. Volume: 722
• 30 Day Avg. Volume: 1,585
• PEG Ratio: 2.80
• Price to Book (P/B): 1.85
• Price to Sales (P/S): 1.11
• P/FCF Ratio: 25.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 55
• Revenue Forecast (FY): ₹18.42B

• Rating: 64 Neutral
• Price Target: ₹1,099.00 ▲(57.42% Upside)
• Action: Reiterated
• Date: 06/20/26

Positive Factors

Manageable leverage and resilient balance sheet

Debt-to-equity near 0.44 and equity growth provide financial ballast. Manageable leverage enhances flexibility to fund working capital and capex, reduces near-term refinancing pressure, and supports the company's ability to withstand cyclical weakness in apparel demand over coming quarters.

Negative Factors

Severe FY2026 revenue contraction

A 67.1% revenue drop in FY2026 materially reduces demand visibility and economies of scale. For a contract apparel manufacturer, such a collapse undermines capacity utilization, strains fixed-cost absorption, weakens bargaining leverage with suppliers, and elevates risk to long-term customer relationships.

S.P. Apparels Ltd. Business Overview & Revenue Model

Company Description

S.P. Apparels Limited, an Indian enterprise, specializes in producing and selling knitted attire primarily for infants and children within the domestic market. The company further diversifies its portfolio by manufacturing, distributing, and marke...

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S.P. Apparels Limited, an Indian enterprise, specializes in producing and selling knitted attire primarily for infants and children within the domestic market. The company further diversifies its portfolio by manufacturing, distributing, and marke...

How the Company Makes Money

SPAL makes money primarily by manufacturing and selling finished garments (ready-made apparel) to customers such as global/Indian brands, retailers, and sourcing intermediaries. Revenue is recognized from the sale/export of manufactured apparel ba...

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SPAL makes money primarily by manufacturing and selling finished garments (ready-made apparel) to customers such as global/Indian brands, retailers, and sourcing intermediaries. Revenue is recognized from the sale/export of manufactured apparel ba...

S.P. Apparels Ltd. Financial Statement Overview

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	15.89B	15.79B	13.95B	10.31B	10.27B	8.22B
Gross Profit	7.95B	4.54B	8.16B	5.04B	4.60B	3.95B
EBITDA	2.37B	2.18B	2.00B	1.69B	1.59B	1.60B
Net Income	1.10B	1.01B	951.02M	896.25M	825.12M	846.93M
Balance Sheet
Total Assets	15.27B	15.91B	14.56B	11.42B	10.97B	10.62B
Cash, Cash Equivalents and Short-Term Investments	508.03M	726.33M	415.15M	1.29B	1.33B	621.27M
Total Debt	4.05B	4.19B	3.81B	2.03B	2.45B	2.31B
Total Liabilities	6.35B	6.51B	6.06B	3.84B	4.30B	4.31B
Stockholders Equity	8.98B	9.46B	8.56B	7.64B	6.74B	6.38B
Cash Flow
Free Cash Flow	591.12M	690.42M	-378.25M	242.25M	1.64B	-64.48M
Operating Cash Flow	1.26B	1.77B	444.18M	792.04M	2.16B	268.93M
Investing Cash Flow	-1.16B	-1.92B	-1.77B	62.13M	-1.60B	-291.86M
Financing Cash Flow	-9.17M	338.94M	824.99M	-667.83M	-478.23M	236.28M

S.P. Apparels Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 698.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPAL, the sentiment is Positive. The current price of 698.15 is below the 20-day moving average (MA) of 820.78, below the 50-day MA of 803.01, and below the 200-day MA of 738.67, indicating a bullish trend. The MACD of 34.06 indicates Negative momentum. The RSI at 75.73 is Negative, neither overbought nor oversold. The STOCH value of 66.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SPAL.

S.P. Apparels Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAGEIND	68 Neutral	₹445.89B	58.67	―	1.71%	6.32%	4.76%
SPAL	64 Neutral	₹25.83B	22.91	―	0.28%	13.15%	6.13%
RUPA	62 Neutral	₹12.81B	17.65	―	1.82%	1.60%	-12.92%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DOLLAR	60 Neutral	₹14.68B	13.81	―	0.82%	9.97%	17.98%
JINDWORLD	58 Neutral	₹32.52B	43.75	―	0.13%	-0.33%	-8.07%
LUXIND	55 Neutral	₹37.48B	36.43	―	0.18%	13.38%	-37.21%