Manufactures and exports readymade garments, primarily for children, from factories in India, with newer capacity in Sri Lanka and a UK distribution operation. The Garment Division, which includes the Young Brand apparel unit serving a 100% US customer base, generated INR 1,421 crore of revenue in FY26 with EBITDA of INR 230 crore at a 16.2% margin. The UK arm SPUK turned EBITDA positive in FY26 on GBP 7.5 million of revenue, and an in-house Retail division achieved EBITDA breakeven from Q2 through Q4 FY26. A Sri Lanka factory commenced operations in mid-April 2026, with management targeting INR 200-250 crore from that unit in FY27. The consolidated order book stood at INR 600 crore across divisions (SPAL Garmenting INR 380 crore, Young Brand INR 142 crore, SPUK GBP 6.1 million). Management is targeting a geographic mix of 30% US, 35% EU and 35% UK by FY27, with FY27 consolidated revenue guidance of INR 2,000 crore at 14-15% EBITDA margin. The biggest cost line is materials at 32.3% of revenue, followed by employee costs at 25.3%, reflecting the labour-intensive nature of garment making. Current capacity utilization is around 75%, with a target of 90%+ at full deployment of 9,000-10,000 machines by FY28, when peak revenue is targeted at INR 2,500 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Garment Division (SPAL Garmenting + Young Brand), Young Brand (within Garment Division), Retail Division, SPUK (UK subsidiary), Sri Lanka factory. Labour-intensive, export-oriented garment manufacturing focused on the children/infants category
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 859 | 1,078 | 1,087 | 1,395 | 1,579 |
| EBITDA (ex other income) | 152 | 143 | 158 | 188 | 218 |
| margin % | 17.7 | 13.2 | 14.5 | 13.5 | 13.8 |
| Owners' profit | 85 | 0 | 0 | 95 | 101 |
| EPS, as reported (₹) | 32.96 | 32.37 | 35.72 | 37.90 | 40.22 |
| ROE % · ROCE % | 13.4 · 17.0 | 12.4 · 17.2 | 11.8 · 16.5 | 11.2 · 16.5 | 10.7 · 18.1 |
| Debt / equity (x) | 0.34 | 0.37 | 0.27 | 0.45 | 0.43 |
| Cash from operations | 33 | 216 | 79 | 44 | 209 |
| Capex | (39) | (52) | (55) | (82) | (108) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 391 | 359 | 399 | 403 | 427 | 383 | 365 | 401 |
| Profit before tax | 30 | 35 | 37 | 31 | 48 | 37 | 28 | 36 |
| Net profit | 22 | 25 | 30 | 21 | 35 | 27 | 19 | 25 |
| EPS (₹) | 8.73 | 9.86 | 12.11 | 8.23 | 13.83 | 10.76 | 7.40 | 9.89 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 39,474 | 52.2 | 26.27 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 15,120 | 36.5 | 3.65 | 15.8 | 10.3 | 11.9 | 12.9 | 9.4 |
| GOKALDAS EXPORTS LTD. | 5,773 | 56.0 | 2.67 | 15.3 | 4.6 | 6.0 | 26.9 | 12.1 |
| PEARL GLOBAL IND LIMITED | 5,506 | 17.7 | 3.83 | 11.0 | 18.8 | 16.8 | 27.5 | 11.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Aug 2026 · S.P. Apparels to hold 21st AGM on 29 August 2026 | compliance | minimal | — | — |
| 29 Aug 2026 · Promoter sells 5 lakh shares; stake drops from 49.88% to 48% | ownership changes | high | — | — |
| 28 Aug 2026 · S.P. Apparels 21st AGM on 21 Sep 2026, proposes 1:5 stock split | board shareholder meetings | low | — | — |
| 28 Aug 2026 · AGM notice and Annual Report link sent to shareholders without registered email | compliance | minimal | — | — |
| 28 Aug 2026 · S.P. Apparels files FY26 Annual Report; revenue up 13% to Rs 1,578 cr | compliance | low | — | — |
| 28 Aug 2026 · AGM notice published in newspapers for 21 September 2026 meeting | compliance | minimal | — | — |
| 17 Aug 2026 · S.P. Apparels Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 13 Aug 2026 · S.P. Apparels shares Q1 FY27 analyst call recording link | investor communications | low | — | — |
| 13 Aug 2026 · Audio recording of Q1FY27 investor call disclosed | investor communications | low | — | — |
| 12 Aug 2026 · SP Apparels Q1FY27: EBITDA jumps 38% QoQ, stock split and dividend declared | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| LUX INDUSTRIES LIMITED |
| 3,443 |
| 32.3 |
| 1.89 |
| 19.2 |
| 5.8 |
| 7.3 |
| 8.4 |
| 8.2 |
| KEWAL KIRAN CLOTHING LTD | 3,051 | 20.6 | 2.73 | 11.2 | 13.6 | 16.6 | 32.0 | 24.0 |
| S. P. APPARELS LIMITED ◆ | 2,582 | 24.5 | 2.75 | 12.4 | 10.7 | 14.2 | 19.3 | 15.9 |
| KITEX GARMENTS LTD | 2,473 | — | 2.00 | 36.2 | (1.1) | 0.3 | 7.9 | 11.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 17.7 | 26 of 39 | 34% |
| P/B | 2.8 | 1.6 | 26 of 35 | 27% |
| ROCE | 14.2 | 8.4 | 12 of 44 | 74% |
| ROE | 10.7 | 5.8 | 14 of 37 | 64% |
| Debt / Equity | 0.4 | 0.3 | 27 of 37 | 28% |
| EBITDA margin | 15.9 | 10.4 | 9 of 35 | 77% |
| Revenue growth | (0.6) | 7.9 | 25 of 37 | 33% |
| Profit growth | 20.4 | 6.8 | 16 of 37 | 58% |
| Market cap | 2582 | 158 | 7 of 44 | 86% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
