Want to see IN:SPAL full AI Analyst Report?
Top Page
S.P. Apparels Ltd.
(SPAL)
Select Model
Select Model
Rating:65Neutral
Price Target:
₹1,024.00
▲(2.11% Upside)
Action:Reiterated
Date:07/01/26
The score is anchored by mixed fundamentals: a manageable balance sheet and acceptable profitability are outweighed by the sharp FY2026 revenue drop and major gross-margin compression, with cash flow improving but still uneven. Technicals are a key positive, with the stock trading well above all major moving averages, while valuation is a mild headwind due to a higher P/E and low dividend yield.
Positive Factors
Manageable Leverage
Moderate leverage and a growing equity base provide financial resilience. Consistent double-digit returns on equity indicate the company has continued generating acceptable shareholder returns despite recent operating weakness.
Negative Factors
Sharp Revenue Contraction
The abrupt revenue decline materially weakens earnings visibility and suggests significant volatility in order volumes or delivery timing. Continued weakness would reduce operating leverage and make recovery in profitability more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable Leverage
Moderate leverage and a growing equity base provide financial resilience. Consistent double-digit returns on equity indicate the company has continued generating acceptable shareholder returns despite recent operating weakness.
Read all positive factors
S.P. Apparels Ltd. (SPAL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹26.93B
Dividend Yield0.28%
Average Volume (3M)5.96K
Price to Earnings (P/E)25.3
Beta (1Y)0.89
Revenue Growth1.48%
EPS Growth7.56%
CountryIN
Employees13,534
SectorGeneral
Sector StrengthN/A
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)41.88
Shares Outstanding25,138,884
10 Day Avg. Volume7,924
30 Day Avg. Volume5,963
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)77.1
Revenue Forecast (FY)₹18.32B
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...
How the Company Makes Money
SPAL makes money primarily by selling manufactured apparel (garments) to its customers, earning revenue based on agreed pricing for produced and delivered orders. Key revenue streams typically include (1) revenue from garment manufacturing and sup...
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 | 15.76B | 15.79B | 13.95B | 10.31B | 10.27B | 8.22B |
| Gross Profit | 3.43B | 4.54B | 8.16B | 5.04B | 4.60B | 3.95B |
| EBITDA | 2.39B | 2.30B | 2.00B | 1.69B | 1.59B | 1.60B |
| Net Income | 1.05B | 1.01B | 951.02M | 896.25M | 825.12M | 846.93M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 15.91B | 14.56B | 11.42B | 10.97B | 10.62B |
| Cash, Cash Equivalents and Short-Term Investments | 726.33M | 726.33M | 415.15M | 1.29B | 1.33B | 621.27M |
| Total Debt | 0.00 | 4.19B | 3.81B | 2.03B | 2.45B | 2.31B |
| Total Liabilities | -9.40B | 6.51B | 6.06B | 3.84B | 4.30B | 4.31B |
| Stockholders Equity | 9.40B | 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
1002.85
Price Trends
1029.04
Positive
928.32
Positive
821.63
Positive
Market Momentum
17.05
Negative
59.28
Neutral
85.26
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 1002.85 is above the 20-day moving average (MA) of 986.74, below the 50-day MA of 1029.04, and above the 200-day MA of 821.63, indicating a bullish trend. The MACD of 17.05 indicates Negative momentum. The RSI at 59.28 is Neutral, neither overbought nor oversold. The STOCH value of 85.26 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹14.99B | 13.33 | ― | 1.14% | 6.24% | 15.54% | |
65 Neutral | ₹26.93B | 25.33 | ― | 0.28% | 1.48% | 7.56% | |
62 Neutral | ₹404.66B | 53.57 | ― | 1.68% | 7.57% | -1.16% | |
56 Neutral | ₹11.51B | 15.32 | ― | 2.12% | 5.33% | -4.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹57.16B | 68.79 | ― | 0.06% | -1.72% | 12.66% | |
51 Neutral | ₹35.31B | 34.41 | ― | 0.18% | 10.61% | -33.91% |
* General Sector Average
IN:SPAL
S.P. Apparels Ltd.
1,064.40
333.87
45.70%
IN:DOLLAR
Dollar Industries Ltd.
262.05
-93.07
-26.21%
IN:JINDWORLD
Jindal Worldwide Limited
58.54
22.35
61.76%
IN:LUXIND
Lux Industries Ltd.
1,157.20
-129.04
-10.03%
IN:PAGEIND
Page Industries Limited
35,845.05
-7,750.62
-17.78%
IN:RUPA
Rupa & Co. Ltd.
143.00
-65.10
-31.28%
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.