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

• Market Cap: ₹19.63B
• Dividend Yield: 0.28%
• Average Volume (3M): 1.58K
• Price to Earnings (P/E): 16.3
• Beta (1Y): 0.91
• Revenue Growth: 34.25%
• EPS Growth: 28.44%
• Country: IN
• Employees: 8,409
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 10.80
• Shares Outstanding: 25,138,884
• 10 Day Avg. Volume: 722
• 30 Day Avg. Volume: 1,585
• PEG Ratio: 3.06
• Price to Book (P/B): 2.05
• Price to Sales (P/S): 1.26
• P/FCF Ratio: -46.47
• 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): 52.6
• Revenue Forecast (FY): ₹17.30B

• Rating: 67 Neutral
• Price Target: ₹798.00 ▲(14.30% Upside)
• Action: Reiterated Date: 11/18/25
• Date: Action: Reiterated 11/18/25

S.P. Apparels Ltd. demonstrates strong financial performance with impressive revenue and profit growth, supported by efficient operations. However, technical indicators suggest the stock is overbought, and valuation metrics indicate moderate pricing. The lack of earnings call data and corporate events limits further insights.

Positive Factors

Revenue Growth and Margin Expansion

Sustained high revenue growth combined with expanding gross and net margins indicates improving pricing, cost control and product mix. These trends support durable profit generation, implying the core manufacturing and sales operations are scaling efficiently and can sustain earnings over coming quarters.

Negative Factors

Negative Free Cash Flow from Capex

Negative free cash flow driven by higher capex reduces internal funding available for operations and growth, potentially forcing external financing or slowing investments. If elevated capex persists, liquidity and flexibility could be constrained over the next several quarters, affecting strategic execution.

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...

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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...

How the Company Makes Money

SPAL primarily makes money by producing and selling finished apparel—especially knitted garments—to its customers. Revenue is recognized from the sale and delivery of these garments under manufacturing/supply arrangements, typically based on order...

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SPAL primarily makes money by producing and selling finished apparel—especially knitted garments—to its customers. Revenue is recognized from the sale and delivery of these garments under manufacturing/supply arrangements, typically based on order...

S.P. Apparels Ltd. Financial Statement Overview

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	15.89B	13.95B	10.31B	10.27B	8.22B	6.32B
Gross Profit	7.95B	8.16B	5.04B	4.60B	3.95B	3.05B
EBITDA	2.37B	2.00B	1.69B	1.59B	1.60B	1.04B
Net Income	1.10B	951.02M	896.25M	825.12M	846.93M	431.73M
Balance Sheet
Total Assets	15.27B	14.56B	11.42B	10.97B	10.62B	9.12B
Cash, Cash Equivalents and Short-Term Investments	508.03M	415.15M	1.29B	1.33B	621.27M	411.77M
Total Debt	4.05B	3.81B	2.03B	2.45B	2.31B	1.94B
Total Liabilities	6.35B	6.06B	3.84B	4.30B	4.31B	3.60B
Stockholders Equity	8.98B	8.56B	7.64B	6.74B	6.38B	5.58B
Cash Flow
Free Cash Flow	591.12M	-378.25M	242.25M	1.64B	-64.48M	362.07M
Operating Cash Flow	1.26B	444.18M	792.04M	2.16B	268.93M	805.04M
Investing Cash Flow	-1.16B	-1.77B	62.13M	-1.60B	-291.86M	-207.63M
Financing Cash Flow	-9.17M	824.99M	-667.83M	-478.23M	236.28M	-423.77M

S.P. Apparels Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 698.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 712.98, below the 50-day MA of 711.54, and below the 200-day MA of 739.62, indicating a bullish trend. The MACD of 13.91 indicates Negative momentum. The RSI at 66.18 is Neutral, neither overbought nor oversold. The STOCH value of 97.32 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JAYBARMARU	74 Outperform	₹9.57B	13.37	―	0.74%	4.76%	150.94%
CANTABIL	70 Outperform	₹19.19B	13.08	―	0.39%	19.90%	27.94%
KALAMANDIR	68 Neutral	₹14.43B	14.42	―	1.31%	23.15%	47.46%
SPAL	67 Neutral	₹19.63B	16.32	―	0.28%	34.25%	28.44%
LUMAXIND	66 Neutral	₹49.57B	26.20	―	0.62%	26.75%	20.28%
MONTECARLO	64 Neutral	₹10.98B	3.10	―	2.83%	8.10%	59.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%