S P Apparels Ltd(SPAL)

NSE: SPALBSE: 540048

₹ 827+0.16%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,079 crWebsite: www.spapparels.comUpdated: 27 Oct 2026

About

S P Apparels Ltd is an India-based vertically integrated garment exporter specialising in infant, children's and adult knitted apparel, with operations in Tamil Nadu, Sri Lanka and a UK sourcing subsidiary. The group reported consolidated revenue of INR 1,578 crores in FY26, growing 13.2% year-on-year. Its subsidiaries include Young Brand Apparel (lingerie/innerwear, 100% US-facing), SPUK (a design-led UK sourcing entity) and SP Retail Ventures (own-brand retail in India).^[1][2]

Business segments

SPAL standalone garment export (infant/kids/adult knitted wear) is the core division; standalone infant export revenue was INR 1,100 crores in FY26, targeted at INR 1,300 - 1,400 crores in FY27.^[3]
Young Brand Apparel (lingerie/innerwear exporter, 100% US customer base) delivered adjusted revenue of INR 300 crores in FY26; targeted at INR 340 - 350 crores in FY27.^[3]
SPUK (UK design-led sourcing subsidiary) reported revenue of GBP 7.5 million in FY26, its first EBITDA-positive year at INR 1.10 crores.^[1]
SP Retail Ventures (own-brand retail in India) reported revenue of INR 71.54 crores in FY26, narrowing EBITDA losses to INR 0.61 crores from INR 6.84 crores in FY25.^[1]
Sri Lanka operations generated FOB revenue of INR 45 crores in FY26 (first full year); Q1 FY27 revenue was INR 25 crores.^[1]
Subsidiaries listed in the FY26 annual report: Young Brand Apparel, Young Brand Global, S.P. Apparels International, S.P. Retail Ventures, Crocodile Products and S.P. Apparels (UK).^[4]

Products and brands

Core garment export products are infant and children's knitted apparel; adult men's and ladies wear (targeting 10 - 20% of mix over time) is being added to improve realisation per piece (Q2 FY26).^[5]
SP Retail Ventures carries the Crocodile brand (targeted to scale from INR 75 crores to INR 200 crores over 3 - 5 years) and the Angel & Rocket D2C brand.^[5]

Manufacturing capacity and operations

India garment capacity is targeted at 5,700 machines in FY27; a new Salem facility is in trial production with Phase 1 full capacity targeted around November 2026, adding ~400 machines over two years.^[1]
Sri Lanka has 1,650 installed machines as of Q1 FY27, of which 1,300 are used for exports; one factory runs at 85 - 90% utilisation. Full 2,000-machine capacity is the FY27 target.^[3]
Young Brand Apparel is scaling towards 1,400 installed machines in FY27; a luxury moulded bra line (~200 machines, ~INR 10 crores capex) is planned for revenue contribution from FY28.^[1]
Total group machine capacity at full build-out is projected at ~9,000 - 10,000 machines by FY28, with peak revenue potential estimated at INR 2,500 crores.^[1]
Solar energy capacity is committed to reach 4.5 MW by FY27; FY27 capex is approximately INR 30 crores covering maintenance, solar and Young Brand Salem expansion.^[3]

Key operating numbers

SPAL standalone garment export volume was 15.7 million pieces in Q1 FY27; realisation was INR 141.5 per piece in Q1 FY27.^[3]
Garment export capacity utilisation fell to 68% in Q1 FY27 from 82% in Q1 FY26, impacted by US tariff-related order slowness.^[3]
Young Brand export volume was 5 million pieces in Q1 FY27, down from 5.2 million pieces in Q4 FY26.^[3]

Order book

SPAL India garment division order book stood at ~INR 430 crores in Q1 FY27; total group order book was ~INR 570 - 600 crores.^[3]
At end of FY26, order book: SPAL garmenting INR 380 crores, Young Brand INR 142 crores, SPUK GBP 6.1 million, aggregating ~INR 600 crores.^[1]

Customers and distribution

Young Brand Apparel is 100% dependent on US customers; US tariff disruptions in FY26 caused booking pauses and required commercial support from the parent.^[1]
SPUK added three new UK brand customers in Q1 FY27, including Marks & Spencer; two new UK and one EU customer were added to the garment division following the India-UK FTA.^[3]
SPAL onboarded 4 - 5 new buyers across US, Europe and UK during FY26; US contribution in standalone business is targeted to rise from ~10% to ~20% in FY27.^[6]
FY27 geographic mix target for the group: US 30%, Europe 35%, UK 35%.^[1]
European buyers are redirecting sourcing from Bangladesh to India ahead of Bangladesh losing EU duty-free LDC status by 2029 (Q4 FY26).^[1]

Expansion and capex

Sri Lanka job-work model to add the equivalent of 500 - 600 machines in volumes without additional capex within one year from Q1 FY27.^[3]
SPUK has a 3-year revenue target of GBP 13 million-plus and a 5-year aspiration of GBP 50 - 60 million (Q1 FY27).^[3]
Dyeing capacity expansion from 23 to 30 tonnes per day is planned if US tariffs reverse or European volumes accelerate (Q2 FY26).^[5]

Recent developments

On 11 Aug 2026 the board approved splitting each Rs 10 share into five Rs 2 shares, subject to member approval; ESOP 2024 options to be adjusted proportionately.^[4]
Dividend recommended for FY26 (INR 3 per share), with record date 4 Sept 2026.^[4][3]
Executive Director S. Latha proposed for re-appointment at Rs 6 lakhs per month plus 1% commission on net profits (FY26 annual report).^[4]
India-UK FTA became effective in Q1 FY27; India-EU FTA is expected by end of FY27.^[3]
SP Retail Ventures posted EBITDA of INR 0.4 crores in Q1 FY27 vs a loss of INR 2.07 crores in Q1 FY26; it is planning a capital market fundraise and seeking a strategic investor.^[3]
SPUK revenue rose to INR 33.3 crores in Q1 FY27 (+125.2% YoY); EBITDA was negative INR 1 crore due to air shipment costs and timing.^[3]

Market Cap

₹2,079 Cr

High / Low

₹1,220 / 585

Stock P/E

19.7

Price / Book

2.2

Book Value

₹376

EPS

₹40.1

No. of Shares

2.51 Cr

ROCE

14.0%

ROE

11.2%

OPM

11.8%

Debt / Equity

0.42

Sales

₹1,579 Cr

Net Profit

₹101 Cr

Promoter holding

59.8%

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