S.P. Apparels Ltd. (IN:SPAL)
:SPAL
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S.P. Apparels Ltd.
(SPAL)
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Rating:58Neutral
Price Target:
₹813.00
▲(16.45% Upside)
Action:Reiterated
Date:05/24/26
The score is primarily driven by mixed financial performance: a solid balance sheet is offset by FY2026 revenue weakness and sharp margin compression, with cash flow improving but still inconsistent across years. Technicals add a neutral read (longer-term support but weaker near-term trend), while valuation is only average with limited dividend support.
Positive Factors
Balance-sheet resilience
Manageable leverage and growing equity provide a durable capital base that supports operations through downturns. Consistent ROE (~10–13%) indicates the business can earn acceptable returns on capital, preserving strategic optionality for capex, acquisitions, or debt servicing over the next 2–6 months.
Negative Factors
Sharp revenue decline
A severe top-line contraction sharply reduces visibility into future sales scale and undermines fixed-cost absorption. Persisting revenue weakness would erode margin recovery prospects, strain customer relationships and bargaining power, and complicate medium-term planning for production and distribution investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet resilience
Manageable leverage and growing equity provide a durable capital base that supports operations through downturns. Consistent ROE (~10–13%) indicates the business can earn acceptable returns on capital, preserving strategic optionality for capex, acquisitions, or debt servicing over the next 2–6 months.
Read all positive factors
S.P. Apparels Ltd. (SPAL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹20.42B
Dividend Yield0.28%
Average Volume (3M)1.58K
Price to Earnings (P/E)20.2
Beta (1Y)0.87
Revenue Growth13.15%
EPS Growth6.13%
CountryIN
Employees8,409
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)44.02
Shares Outstanding25,138,884
10 Day Avg. Volume722
30 Day Avg. Volume1,585
Financial Highlights & Ratios
PEG Ratio2.80
Price to Book (P/B)1.85
Price to Sales (P/S)1.11
P/FCF Ratio25.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)55
Revenue Forecast (FY)₹18.42B
S.P. Apparels Ltd. Business Overview & Revenue Model
Company Description
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, jacke...
S.P. Apparels Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
53
Neutral
| 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
Positive
698.15
Price Trends
775.44
Positive
735.36
Positive
734.66
Positive
Market Momentum
8.52
Negative
54.99
Neutral
84.47
Negative
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 792.19, below the 50-day MA of 775.44, and below the 200-day MA of 734.66, indicating a bullish trend. The MACD of 8.52 indicates Negative momentum. The RSI at 54.99 is Neutral, neither overbought nor oversold. The STOCH value of 84.47 is Negative, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹427.82B | 55.99 | ― | 1.71% | 6.32% | 4.76% | |
62 Neutral | ₹12.15B | 16.78 | ― | 1.82% | 1.60% | -12.92% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | ₹14.24B | 13.26 | ― | 0.82% | 9.97% | 17.98% | |
60 Neutral | ₹29.43B | 42.31 | ― | 0.13% | -0.33% | -8.07% | |
58 Neutral | ₹20.42B | 20.21 | ― | 0.28% | 13.15% | 6.13% | |
55 Neutral | ₹40.30B | 38.92 | ― | 0.18% | 13.38% | -37.21% |
* Consumer Cyclical Sector Average
IN:SPAL
S.P. Apparels Ltd.
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-30.35
-3.60%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.