NSE: SPLIL · BSE: 532651
SPL INDUSTRIES LIMITED
Operates in garment manufacturing and trading within the textiles and apparels sector, with its corporate office in Faridabad. The business runs as a single segment textile operation. For FY26, reported revenue of Rs 69.54 crore and net profit of Rs 7.06 crore. The cost structure is dominated by capital expenditure at 61.4% of revenue, followed by other operating expenses at 32.7% and employee costs at 16.4%; materials form only 6.0% of revenue. The board has proposed related party transactions of up to Rs 300 crore with Shivalik Prints and is seeking shareholder approval to raise its borrowing limit to Rs 100 crore. The company maintains a net cash position with no qualified borrowings, and reported operating cash flow of Rs 1,441.19 lakhs in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Garment manufacturing and trading (100%). Single-segment textile trading and garment manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 198 | 285 | 199 | 139 | 70 |
| EBITDA (ex other income) | 22 | 23 | 10 | 4 | (8) |
| margin % | 11.0 | 8.2 | 5.0 | 2.8 | (11.7) |
| Owners' profit | 21 | 24 | 12 | 10 | 7 |
| EPS, as reported (₹) | 7.27 | 8.22 | 4.05 | 3.38 | 2.43 |
| ROE % · ROCE % | 12.9 · 17.9 | 12.7 · 18.2 | 5.9 · 9.3 | 4.7 · 6.9 | 3.3 · 3.6 |
| Debt / equity (x) | 0.03 | 0.06 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 8 | 14 | 7 | 21 | 14 |
| Capex | (7) | (14) | (3) | (1) | (43) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39 | 27 | 31 | 17 | 15 | 15 | 23 | 19 |
| Profit before tax | 4 | 1 | 4 | 1 | (0) | 0 | 4 | 3 |
| Net profit | 4 | 0 | 3 | 1 | (0) | 2 | 4 | 2 |
| EPS (₹) | 1.37 | 0.10 | 1.01 | 0.31 | (0.07) | 0.82 | 1.37 | 0.73 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PDS LIMITED | 4,743 | 40.4 | 2.55 | 10.6 | 9.6 | 9.8 | 16.1 | 3.1 |
| LE MERITE EXPORTS LIMITED | 238 | 4.4 | 1.76 | 13.7 | 8.6 | 10.5 | — | (4.0) |
| BHILWARA TECHNICAL TEXT L | 210 | — | 1.30 | — | (7.0) | (6.5) | 32.8 | (128.6) |
| STANDARD INDUSTRIES LTD. | 108 | 1.7 | 0.94 | — | (16.9) | (15.8) | 23.6 | 45.1 |
| SPL INDUSTRIES LIMITED ◆ | 77 | 9.4 | 0.36 | — | 3.3 | 2.8 | — | 18.6 |
| Anand Rayons Limited | 58 | 5.3 | 0.56 | — | 7.1 | 9.4 | — | 3.1 |
| Vivaa Tradecom Limited | 51 | 36.3 | — | — | — | 3.6 | — | — |
| SANBLUE CORPORATION LTD. | 24 | 111.6 | 0.70 | — | 0.6 | 0.5 | — | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 9.4 | 4 of 7 | 50% |
| P/B | 0.4 | 1.1 | 1 of 8 | 100% |
| ROCE | 2.8 | 2.8 | 5 of 9 | 50% |
| ROE | 3.3 | 1.9 | 4 of 8 | 57% |
| Debt / Equity | 0.0 | 0.1 | 1 of 8 | 57% |
| EBITDA margin | 18.6 | 3.0 | 2 of 7 | 83% |
| Revenue growth | 16.6 | 25.8 | 6 of 9 | 38% |
| Profit growth | 133.4 | 76.5 | 2 of 8 | 86% |
| Market cap | 77 | 68 | 5 of 10 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Routine SEBI compliance certificate on share demat, Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Applied for industrial colony license at Haryana land | capex operations | medium | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 21 Aug 2026 · SPL Industries replies to NSE query on Q4 FY26 results signing | compliance | low | — | — |
| 13 Aug 2026 · SPL Industries 35th AGM held on Aug 13, 2026; 11 resolutions proposed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Q1 FY27 results published in newspapers; PAT up about 126% YoY | compliance | minimal | — | — |
| 12 Aug 2026 · SPL Industries Q1 FY27 results: Net profit more than doubles year on year | results | high | — | — |
| 6 Aug 2026 · SPL Industries board meeting on Aug 12 to consider Q1 FY27 results | results | low | — | — |
| 22 Jul 2026 · Newspaper publication of 35th AGM notice and e-voting details | compliance | minimal | — | — |
| 22 Jul 2026 · Annual Report access link sent to unregistered shareholders | compliance | minimal | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.