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S.P. Apparels Ltd.
(SPAL)
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Rating:56Neutral
Price Target:
₹969.00
▼(-3.38% Downside)
Action:Reiterated
Date:10/02/26
The score is driven primarily by mixed financial performance: a solid, manageable balance sheet is offset by severe FY2026 revenue decline and major margin compression, with cash flows improving but still volatile. Technical indicators are bearish with the stock below key moving averages and negative MACD, while valuation is only average (P/E ~23 and low dividend yield), offering limited downside cushion.
Positive Factors
Manageable leverage and resilient equity base
Manageable leverage and a growing equity base provide financial resilience as the company navigates operating volatility. Consistent returns on equity indicate that the business continues to generate reasonable shareholder returns, while moderate debt reduces pressure on future capital allocation.
Negative Factors
Severe FY2026 revenue contraction
The sharp FY2026 revenue contraction materially weakens earnings visibility and indicates that prior growth was not sustained through the latest period. A prolonged decline would reduce operating leverage, constrain reinvestment capacity, and make recovery in profitability more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage and resilient equity base
Manageable leverage and a growing equity base provide financial resilience as the company navigates operating volatility. Consistent returns on equity indicate that the business continues to generate reasonable shareholder returns, while moderate debt reduces pressure on future capital allocation.
Read all positive factors
S.P. Apparels Ltd. (SPAL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹23.56B
Dividend Yield0.32%
Average Volume (3M)4.23K
Price to Earnings (P/E)22.7
Beta (1Y)1.10
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. Volume1,457
30 Day Avg. Volume4,228
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
Neutral
1002.85
Price Trends
989.71
Negative
962.77
Negative
841.77
Positive
Market Momentum
-15.72
Positive
44.35
Neutral
38.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPAL, the sentiment is Neutral. The current price of 1002.85 is above the 20-day moving average (MA) of 982.81, above the 50-day MA of 989.71, and above the 200-day MA of 841.77, indicating a neutral trend. The MACD of -15.72 indicates Positive momentum. The RSI at 44.35 is Neutral, neither overbought nor oversold. The STOCH value of 38.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | ₹15.56B | 14.09 | ― | 1.08% | 6.24% | 15.54% | |
62 Neutral | ₹417.71B | 56.03 | ― | 1.59% | 7.57% | -1.16% | |
56 Neutral | ₹23.56B | 22.68 | ― | 0.32% | 1.48% | 7.56% | |
56 Neutral | ₹10.22B | 13.65 | ― | 2.32% | 5.33% | -4.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹45.45B | 54.04 | ― | 0.06% | -1.72% | 12.66% | |
52 Neutral | ₹36.22B | 34.58 | ― | 0.17% | 10.61% | -33.91% |
* General Sector Average
IN:SPAL
S.P. Apparels Ltd.
950.25
250.83
35.86%
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S.P. Apparels Ltd. Corporate Events
S.P. Apparels Discloses Share Sale by Managing Director Under SEBI Rules
Aug 29, 2026
S.P. Apparels Ltd. has disclosed that Managing Director P. Sundararajan sold 500,000 equity shares of the company in a market transaction. The sale has been reported to the Bombay Stock Exchange and the National Stock Exchange of India under Regul...
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.