NSE: SPORTKING · BSE: 539221
SPORTKING INDIA LIMITED
Spins cotton yarn for textile buyers in Bangladesh and China, with FY26 revenue of Rs 2,495.86 crore and EBITDA margin of 12.04%. Cotton, at 68.3% of revenue, is the dominant cost. Bangladesh is the largest export market; China's share of its exports has surged from 2-3% to 10-12%, while China overall now absorbs 25-30% of India's monthly cotton yarn exports. Existing plants are running at 95-96% utilisation. An INR 1,000 crore greenfield project adding 150,000 spindles is on track for Q3 FY27 commissioning, with management targeting 97-98% utilisation within six months. Two acquisitions have been approved — a majority stake in Marvel Dyers (dyeing/finishing, turnover Rs 55.83 crore) and a slump-sale purchase of Sobhagia Sales (readymade garments) — expected to close by end CY2026 and add about Rs 200 crore in revenue. A 40 MW solar plant commissioned in May 2026 is expected to save Rs 14-15 crore annually in power costs. Cotton-yarn spreads are at near 3-year highs of over $1/kg, supporting margins into FY27, with FY27 consolidated revenue guided at Rs 2,700-2,800 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cotton yarn (spinning), Dyeing and finishing, Readymade garments. Asset-heavy spinning with export-oriented yarn sales, sensitive to cotton spreads and FX
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,154 | 2,205 | 2,377 | 2,524 | 2,496 |
| EBITDA (ex other income) | 596 | 249 | 205 | 263 | 286 |
| margin % | 27.7 | 11.3 | 8.6 | 10.4 | 11.5 |
| Owners' profit | 409 | 132 | 70 | 109 | 120 |
| EPS, as reported (₹) | 308.00 | 99.33 | 54.97 | 8.57 | 9.39 |
| ROE % · ROCE % | 53.3 · 61.7 | 14.7 · 16.6 | 7.8 · 11.6 | 10.9 · 14.3 | 10.7 · 14.2 |
| Debt / equity (x) | 0.70 | 0.53 | 0.97 | 0.58 | 0.41 |
| Cash from operations | 96 | 520 | (236) | 415 | 292 |
| Capex | (79) | 0 | (105) | (70) | (34) |
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 | 652 | 610 | 629 | 586 | 627 | 646 | 637 | 704 |
| Profit before tax | 33 | 22 | 51 | 48 | 38 | 33 | 44 | 102 |
| Net profit | 25 | 16 | 36 | 35 | 28 | 25 | 33 | 76 |
| EPS (₹) | 1.97 | 1.28 | 2.81 | 2.77 | 2.22 | 1.94 | 2.55 | 5.98 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.5 | 16.8 | 89 of 179 | 51% |
| P/B | 2.4 | 1.1 | 145 of 185 | 22% |
| ROCE | 11.1 | 4.3 | 48 of 215 | 78% |
| ROE | 10.7 | 4.7 | 46 of 188 | 76% |
| Debt / Equity | 0.4 | 0.4 | 95 of 188 | 50% |
| EBITDA margin | 19.1 | 9.8 | 34 of 198 | 83% |
| Revenue growth | 20.1 | 6.9 | 57 of 192 | 71% |
| Profit growth | 116.1 | 20.0 | 49 of 203 | 76% |
| Market cap | 2697 | 61 | 15 of 223 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Sportking India reschedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Sportking India to hold Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Notice on special window to dematerialise physical shares | compliance | minimal | — | — |
| 13 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 Until Q2 Results Declaration | compliance | minimal | — | — |
| 12 Sept 2026 · Anjali Avasthi made Whole-time Director at Sportking India | management changes | medium | — | — |
| 12 Sept 2026 · 37th AGM: All 5 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Sportking India 37th AGM held; 5 resolutions transacted including dividend and director change | board shareholder meetings | low | — | — |
| 8 Sept 2026 · CRISIL reaffirms Sportking ratings A+/Positive; bank loan limit raised to Rs 1,525 cr | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.