Sportking India Ltd(SPORTKING)

NSE: SPORTKINGBSE: 539221

₹ 201.6-1.78%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,562 crNext results: 30 Oct 2026Website: www.sportking.co.inUpdated: 24 Oct 2026

About

Sportking India Ltd is a Punjab-based cotton and blended yarn manufacturer operating three facilities in India, with FY26 revenue of ₹2,495.86 crores. The company runs 3.79 lakh spindles at approximately 96% utilisation, placing it among the highest-utilised spinning mills in the industry. It exports to 36 countries, earning foreign exchange of ₹1,29,536.89 lakhs in FY26, with exports accounting for 51% of Q1 FY27 revenue.^[1][2][3]

Products

Sportking produces grey and dyed textile yarns sold to weaving and knitting industries; specialty lines include contamination-free yarn, organic cotton yarn, fibre-dyed products, Jaspe yarn, injection yarn, low-pill super soft yarn, polyester-acrylic and multi-fibre polyester-acrylic-modal blended yarns.^[2]
No single external customer exceeded 10% of total revenue in FY26; the customer base spans weaving and knitting industries in domestic and international markets.^[2]

Manufacturing capacity and utilisation

Three manufacturing facilities located in India (registered office at Ludhiana, Punjab); existing installed base of 3.79 lakh spindles running at 96%+ utilisation across all five reported quarters through Q1 FY27.^[2][3]
Capacity utilisation of approximately 96% in FY26 places Sportking among leaders in the industry; existing assets carry no spare legacy capacity.^[2][3]
40.3 MW solar SPV commenced commercial operations on 18 June 2026, supplying captive power to Bathinda and Ludhiana units; expected annual power-cost saving of approximately ₹15 crores (~12 - 15% of power cost).^[3]

Key operating numbers

Yarn production volume was 21.1 ('000 MT) in Q1 FY27, unchanged from 21.1k MT in Q4 FY26 and 21,073 MT in Q3 FY26.^[3][4][5]
Cotton-yarn spread per kg was ₹133 in Q1 FY27, up from ₹107 in Q4 FY26 and ~₹113 in Q3 FY26; spread had been above $1/kg as of Q4 FY26.^[3][4][5]
Cotton yarn realisation was approximately ₹272/kg in Q2 FY26; yarn sales volume was 20,949 MT in Q2 FY26, up 12% YoY.^[6]

Exports and customers

Sportking exported to 36 countries in FY26 and earned foreign exchange of ₹1,29,536.89 lakhs from exports.^[2]
Export revenue share was 51% in Q1 FY27, 49% in Q4 FY26, and 48% in Q3 FY26; Bangladesh accounted for approximately 60% of export revenue as of Q2 FY26.^[3][4][5][6]
China emerged as a significant new export destination; Sportking's China share of sales rose from ~2 - 3% to ~10 - 12% in Q4 FY26 as Chinese domestic cotton prices created import arbitrage incentive.^[4]

Expansion and capex

Odisha greenfield project: 1.5 lakh spindle plant at a total outlay of ₹975 - 1,000 crores; first phase production expected in Q3 FY27 (Oct - Dec 2026); management targets ~90% utilisation for the whole plant by March 2027 end.^[3]
Odisha plant is expected to contribute 30 - 40% of the plant's total revenue potential in Q4 FY27; the plant carries embedded incentives projected to deliver EBITDA margins 300 - 400 bps or more above existing plants.^[3]
Odisha capex to be funded with approximately ₹300 - 350 crores of internal accruals; the remainder via debt.^[6]

Forward integration: fabric and garments

Board approved majority stake acquisition in Marvel Dyers and Processors Pvt Ltd (dyeing/processing) and slump-sale acquisition of Sobhagia Sales Pvt Ltd manufacturing facilities (garments), marking entry into fabric and garments.^[4]
Merger completion has slipped approximately one quarter; management now expects closure around Q2 FY27; full revenue contribution of approximately ₹250 crores is expected from FY28 onwards.^[3]
Garment and fabric division targeted to contribute approximately 10% of Sportking topline within one year of integration stabilising; detailed scale-up roadmap to be shared within 6 - 8 months of Q1 FY27.^[3]

Recent developments

India-UK Free Trade Agreement concluded as of Q1 FY27; management expects FTA benefits to flow into order books in 6 - 9 months as customers complete sampling cycles. EU FTA progress described as encouraging.^[3]
40.3 MW solar SPV commenced commercial operations on 18 June 2026; only 10 days of benefit was realised in Q1 FY27, with full-quarter benefit expected from Q2 FY27.^[3]
Sportking has no subsidiary, holding, or associate companies as of FY26.^[2]

Market Cap

₹2,562 Cr

High / Low

₹242 / 78

Stock P/E

15.8

Price / Book

2.3

Book Value

₹88

EPS

₹9.4

No. of Shares

12.71 Cr

ROCE

13.0%

ROE

11.3%

OPM

8.2%

Debt / Equity

0.41

Sales

₹2,496 Cr

Net Profit

₹120 Cr

Promoter holding

74.4%

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