S P Apparels Ltd
SPALS P Apparels Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
Biggest watch item: the P/E sits at the 96th percentile of its own range — the multiple has already done part of the work.
The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 96th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −36.7% year on year, and 116% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
S P Apparels Ltd trades at ₹992, in a confirmed uptrend and 13 weeks into that stage. That is +18.6% against its own 200-day average. It sits at 68% of a 52-week range of ₹636 to ₹1,160. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks.
Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹992 it trades +18.6% versus its 200-day average and sits at 68% of its 52-week range (₹636–₹1,160).
Against the market, two honest reads. Cumulative: over the last 9.9 years the stock moved +193% while the NIFTY 500 moved +208% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 27 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
S P Apparels Ltd trades at 24.7× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 15.9×, measured across 9.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 24.7× is at the pricey end of its own range (96th percentile), against a long-run median of 15.9× measured over 9.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +5.8% against a +26.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +25.1%/yr price move, ~+19.0%/yr came from earnings growth and ~+6.1 pp from the multiple (expanding); over 10y, of the +11.3%/yr price move, ~+5.3%/yr came from earnings growth and ~+6.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
S P Apparels Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 18.3% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +13.2% | +13.5% | +19.4% | +11.5% |
| Profit | +6.3% | +6.8% | +18.6% | +18.2% |
| EPS | +5.8% | +6.8% | +19.0% | +13.8% |
| Share price | +26.6% | +28.8% | +25.1% | +11.3% |
4-Factor Sector Score
57.0/100 — rank 8 of 26 in Textiles - Readymade Apparel · 96% evidence confidence
S P Apparels Ltd scores 57.0 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 8. Price leads the evidence: RS versus the benchmark is 25.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 14.9 + 12.5 + 11.7 + 17.9 = 57. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
S P Apparels Ltd reported ₹365 Cr of revenue in the Mar 26 quarter, −8.5% year on year. Over 10 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹1,579 Cr. The last four reported quarters add to ₹1,578 Cr.
FY26 revenue came in at ₹1,579 Cr (+13.2% on the year), capping 10 years at 11.5% compound. The latest quarter (Mar 26) printed ₹365 Cr, −8.5% year on year.
Pace check: the last four quarters averaged +18.0% growth against the decade's 11.5% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +13.2% over the last 4 quarters against +20.5%/yr over the last 8 — rolling over; TTM profit +8.5% vs +6.5%/yr — stabilising.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
S P Apparels Ltd's operating margin is 12.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 18.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 12.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–18.0%.
🚨 Why the margin moved: operating margin went −1.7 pp year on year while gross margin went −1.5 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
S P Apparels Ltd earned ₹19.0 Cr of net profit in the Mar 26 quarter, −36.7% year on year. Full-year FY26 profit was ₹101 Cr. The 10-year compound rate is 18.2%. That is 5.2% of the quarter's revenue. The same quarter a year earlier earned ₹30.0 Cr.
Mar 26 profit was ₹19.0 Cr, −36.7% year on year. On the full year, FY26 printed ₹101 Cr (+6.3%), and the 10-year compound rate is 18.2%.
🚨 Why profit moved: revenue contributed −8.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +12.9% vs revenue +18.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 116% of S P Apparels Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹209 Cr of operating cash against ₹101 Cr of profit. After ₹112 Cr of capital spending, ₹97.0 Cr was left as free cash.
FY26: operating cash of ₹209 Cr against reported profit of ₹101 Cr, leaving free cash of ₹97.0 Cr after ₹112 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 116% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 116%: the cash cycle tightened 113 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
S P Apparels Ltd's cash conversion cycle runs 156 days in FY26, down from 269 days in FY21. Capital spending ran ₹350 Cr over the last 3 years. At FY26 sales of ₹1,579 Cr each day of that cycle holds about ₹4.3 Cr, so roughly ₹675 Cr sits inside the business at any moment.
FY26: debtors at 59 days, inventory at 167 days — roughly 5.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 156 days, tighter than FY21's 269.
The full loop: cash goes out to suppliers and production on day 0; stock waits 167 days to sell; customers pay about 59 days after that; and suppliers themselves are paid at 69 days — netting out to the 156-day cycle.
In money terms: at FY26 sales of ₹1,579 Cr, each day of the cycle holds about ₹4.3 Cr — so the 156-day loop keeps roughly ₹675 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹350 Cr over the last 3 fiscal years against ₹129 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
S P Apparels Ltd earns a ROCE of 14% in FY26. That is up from a trough of 10% in FY21. Return on invested capital clears the cost of that capital by −2.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.4% net margin on 0.99× asset turns.
FY26 ROCE is 14%, recovered from a FY21 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.4% net margin × 0.99× asset turns × 1.68× balance-sheet leverage ≈ 10.6% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 9.6% − 12.0% = a −2.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
S P Apparels Ltd carries total debt of ₹419 Cr against shareholder equity of ₹940 Cr as of Mar 26, a debt-to-equity of 0.45. On the annual view that ratio went from 0.37 in FY22 to 0.45 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹419 Cr against shareholder equity of ₹940 Cr — a debt-to-equity of 0.45. On the annual view, debt-to-equity went from 0.37 (FY22) to 0.45 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 3.1 points of S P Apparels Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 16.1% of the company. Promoters moved −0.1 points over the same window, to 61.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −3.1 points over 8 quarters to 16.1%; Promoters: −0.1 points over 8 quarters to 61.8%; Foreign institutions: −0.1 points over 8 quarters to 1.5%.
🚨 Why the register moved: domestic institutions drove it (−3.1 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
S P Apparels Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Cantabil Retail India LtdCANTABIL | 68.7/100Favorable setup77% evidence | TURNING | 23.6/35 Revenue 18% · PAT 28% · OPM change 4 pp 83% evidence | 19.6/25 ROCE 19.1% · OPM 31% 95% evidence | 12.6/20 P/E 21.4× · PEG — 50% evidence | 12.9/20 RS sector 10.1% · RS bench -4.2% · 1Y -8.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 23.6 + 19.6 + 12.6 + 12.9 = 68.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2V2 Retail LtdV2RETAIL | 66.6/100Favorable setup79% evidence | LEADER | 28.6/35 Revenue 62.7% · PAT 100% · OPM change 2 pp 88% evidence | 15.3/25 ROCE 19.3% · OPM 14% 100% evidence | 9.4/20 P/E 56× · PEG — 15% evidence | 13.3/20 RS sector 5.4% · RS bench 2.5% · 1Y 13.7%10 of 12 weeks ahead 100% evidence |
| Exact sum: 28.6 + 15.3 + 9.4 + 13.3 = 66.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Kewal Kiran Clothing LtdKKCL | 66.3/100Favorable setup96% evidence | FADING | 19.7/35 Revenue 21.1% · PAT 2% · OPM change 1 pp 88% evidence | 18.5/25 ROCE 18.1% · OPM 19% 100% evidence | 16.4/20 P/E 21.6× · PEG 0.59 100% evidence | 11.7/20 RS sector 2.3% · RS bench -0.7% · 1Y -9.1%3 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.5 + 16.4 + 11.7 = 66.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Iris Clothings LtdIRISDOREME | 64.2/100Mixed-positive evidence87% evidence | LEADER | 22.3/35 Revenue 31.8% · PAT 31.9% · OPM change 3 pp 95% evidence | 14.3/25 ROCE 16% · OPM 17% 95% evidence | 7.6/20 P/E 57.4× · PEG — 50% evidence | 20.0/20 RS sector 53% · RS bench 48.9% · 1Y 73.8%11 of 12 weeks ahead 100% evidence |
| Exact sum: 22.3 + 14.3 + 7.6 + 20 = 64.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5SBC Exports LtdSBC | 58.7/100Mixed-positive evidence83% evidence | LEADER | 26.2/35 Revenue 34.4% · PAT 86.6% · OPM change -0.6 pp 83% evidence | 11.5/25 ROCE 18.2% · OPM 4.2% 95% evidence | 6.7/20 P/E 79.2× · PEG — 50% evidence | 14.3/20 RS sector 39.5% · RS bench 36.9% · 1Y 141.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.2 + 11.5 + 6.7 + 14.3 = 58.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Pearl Global Industries LtdPGIL | 58.7/100Mixed-positive evidence78% evidence | BREAKING OUT | 16.0/35 Revenue 11.5% · PAT 17.3% · OPM change 0 pp 83% evidence | 16.9/25 ROCE 19.9% · OPM 10% 76% evidence | 7.2/20 P/E 34.7× · PEG — 50% evidence | 18.6/20 RS sector 33% · RS bench 29.8% · 1Y 35.4%10 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 16.9 + 7.2 + 18.6 = 58.7 · Decision use: Price leads the evidence: RS versus the benchmark is 29.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 7V-Mart Retail LtdVMART | 58.3/100Mixed-positive evidence93% evidence | BREAKING OUT | 25.6/35 Revenue 19.1% · PAT 100% · OPM change 1 pp 100% evidence | 7.2/25 ROCE 13.2% · OPM 15% 100% evidence | 7.3/20 P/E 44.7× · PEG 2.5 65% evidence | 18.2/20 RS sector 13.8% · RS bench 10% · 1Y -3.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.6 + 7.2 + 7.3 + 18.2 = 58.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8S P Apparels Ltdthis pageSPAL | 57.0/100Mixed-positive evidence96% evidence | LEADER | 14.9/35 Revenue 13.2% · PAT 8.5% · OPM change -2 pp 88% evidence | 12.5/25 ROCE 14% · OPM 12% 100% evidence | 11.7/20 P/E 24.7× · PEG 0.69 100% evidence | 17.9/20 RS sector 28.9% · RS bench 25.4% · 1Y 19.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 14.9 + 12.5 + 11.7 + 17.9 = 57 · Decision use: Price leads the evidence: RS versus the benchmark is 25.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Monte Carlo Fashions LtdMONTECARLO | 56.3/100Mixed-positive evidence69% evidence | ASLEEP | 22.6/35 Revenue 15.9% · PAT 38.1% · OPM change 6.5 pp 62% evidence | 9.5/25 ROCE 14% · OPM 9.2% 95% evidence | 14.5/20 P/E 9.7× · PEG — 50% evidence | 9.7/20 RS sector 0% · RS bench -14.5% · 1Y -12.2%0 of 10 weeks ahead 70% evidence |
| Exact sum: 22.6 + 9.5 + 14.5 + 9.7 = 56.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Trent LtdTRENT | 54.8/100Mixed-positive evidence89% evidence | TURNING | 23.0/35 Revenue 17.1% · PAT 12.1% · OPM change 3 pp 88% evidence | 19.9/25 ROCE 28.3% · OPM 18% 100% evidence | 3.7/20 P/E 92.8× · PEG 6.56 65% evidence | 8.2/20 RS sector -21.8% · RS bench 1.5% · 1Y -40.4%1 of 12 weeks ahead 100% evidence |
| Exact sum: 23 + 19.9 + 3.7 + 8.2 = 54.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 11Arvind Fashions LtdARVINDFASN | 53.7/100Mixed-positive evidence93% evidence | TURNING | 23.5/35 Revenue 14% · PAT 100% · OPM change 0 pp 100% evidence | 14.9/25 ROCE 19.6% · OPM 12% 100% evidence | 8.9/20 P/E 45.9× · PEG 1.95 65% evidence | 6.4/20 RS sector -4.5% · RS bench -7.5% · 1Y -10%3 of 12 weeks ahead 100% evidence |
| Exact sum: 23.5 + 14.9 + 8.9 + 6.4 = 53.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.5% and the one-year return is -10%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 12Aditya Birla Lifestyle Brands LtdABLBL | 51.7/100Mixed-positive evidence78% evidence | ASLEEP | 20.0/35 Revenue 9.1% · PAT 100% · OPM change 1 pp 100% evidence | 12.0/25 ROCE 15% · OPM 15% 100% evidence | 11.4/20 P/E 54.1× · PEG 1.39 65% evidence | 8.3/20 RS sector — · RS bench -19% · 1Y -35.1%0 of 10 weeks ahead 25% evidence |
| Exact sum: 20 + 12 + 11.4 + 8.3 = 51.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Thomas Scott India LtdTHOMASCOTT | 51.0/100Thin evidence · provisional54% evidence | 18.2/35 Revenue 61.5% · PAT 54.4% · OPM change -0.4 pp 53% evidence | 15.1/25 ROCE 20.4% · OPM 11.8% 71% evidence | 11.0/20 P/E 21× · PEG — 15% evidence | 6.7/20 RS sector -5.2% · RS bench -17.3% · 1Y -25.7%1 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 18.2 + 15.1 + 11 + 6.7 = 51 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 14Credo Brands Marketing LtdMUFTI | 50.9/100Mixed-positive evidence63% evidence | FADING | 13.5/35 Revenue 0% · PAT -3.4% · OPM change -2 pp 45% evidence | 17.0/25 ROCE 19.1% · OPM 29% 71% evidence | 12.6/20 P/E 7.7× · PEG — 50% evidence | 7.8/20 RS sector -12.7% · RS bench -15.7% · 1Y -49.6%5 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 17 + 12.6 + 7.8 = 50.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Vishal Mega Mart LtdVMM | 50.5/100Mixed-positive evidence87% evidence | ASLEEP | 23.8/35 Revenue 19.8% · PAT 29.6% · OPM change 0 pp 100% evidence | 11.8/25 ROCE 14.8% · OPM 15% 100% evidence | 4.7/20 P/E 56.2× · PEG 5.39 65% evidence | 10.2/20 RS sector 2.7% · RS bench -17.7% · 1Y -23.5%3 of 10 weeks ahead 70% evidence |
| Exact sum: 23.8 + 11.8 + 4.7 + 10.2 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Bella Casa Fashion & Retail LtdBELLACASA | 50.2/100Mixed-positive evidence61% evidence | 22.4/35 Revenue 21.8% · PAT 37% · OPM change -0.3 pp 53% evidence | 12.7/25 ROCE 17.2% · OPM 8.7% 71% evidence | 11.2/20 P/E 16.6× · PEG — 50% evidence | 3.9/20 RS sector -20.8% · RS bench -31.3% · 1Y -41.5%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 22.4 + 12.7 + 11.2 + 3.9 = 50.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Vedant Fashions LtdMANYAVAR | 47.5/100Mixed-negative evidence90% evidence | ASLEEP | 9.9/35 Revenue 2.4% · PAT 0.8% · OPM change -0.7 pp 88% evidence | 19.4/25 ROCE 30.7% · OPM 33.8% 100% evidence | 14.4/20 P/E 25× · PEG 1.61 100% evidence | 3.8/20 RS sector -32% · RS bench -22.2% · 1Y -47.4%3 of 10 weeks ahead 70% evidence |
| Exact sum: 9.9 + 19.4 + 14.4 + 3.8 = 47.5 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18Sai Silks (Kalamandir) LtdKALAMANDIR | 47.1/100Mixed-negative evidence81% evidence | ASLEEP | 13.3/35 Revenue 4.8% · PAT 20.2% · OPM change -1 pp 95% evidence | 15.4/25 ROCE 14.4% · OPM 14% 95% evidence | 14.4/20 P/E 10× · PEG — 50% evidence | 4.0/20 RS sector -16.9% · RS bench -33.5% · 1Y -51.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 13.3 + 15.4 + 14.4 + 4 = 47.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Lux Industries LtdLUXIND | 38.6/100Mixed-negative evidence78% evidence | ASLEEP | 10.1/35 Revenue 13.4% · PAT -35.8% · OPM change -2 pp 83% evidence | 7.8/25 ROCE 8.1% · OPM 7% 76% evidence | 9.0/20 P/E 34.6× · PEG — 50% evidence | 11.7/20 RS sector 5.9% · RS bench 2.6% · 1Y -11.5%8 of 12 weeks ahead 100% evidence |
| Exact sum: 10.1 + 7.8 + 9 + 11.7 = 38.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Baazar Style Retail LtdSTYLEBAAZA | 35.8/100Mixed-negative evidence71% evidence | ASLEEP | 18.1/35 Revenue 37% · PAT 100% · OPM change -2 pp 65% evidence | 6.3/25 ROCE 7.4% · OPM 10% 100% evidence | 8.6/20 P/E 93.9× · PEG — 15% evidence | 2.8/20 RS sector -13.1% · RS bench -15.6% · 1Y 0.1%6 of 12 weeks ahead 100% evidence |
| Exact sum: 18.1 + 6.3 + 8.6 + 2.8 = 35.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Raymond Lifestyle LtdRAYMONDLSL | 35.4/100Mixed-negative evidence68% evidence | ASLEEP | 17.6/35 Revenue 9.2% · PAT 4.9% · OPM change 1 pp 74% evidence | 2.0/25 ROCE 3.5% · OPM 6% 100% evidence | 10.2/20 P/E 29× · PEG — 15% evidence | 5.6/20 RS sector -8.1% · RS bench -26.6% · 1Y -35.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.6 + 2 + 10.2 + 5.6 = 35.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Go Fashion (India) LtdGOCOLORS | 30.5/100Adverse evidence81% evidence | TURNING | 4.7/35 Revenue -1.6% · PAT -39.1% · OPM change -4 pp 95% evidence | 10.2/25 ROCE 10.6% · OPM 27% 95% evidence | 12.3/20 P/E 32.2× · PEG — 50% evidence | 3.3/20 RS sector -47.6% · RS bench -28.4% · 1Y -61.9%7 of 10 weeks ahead 70% evidence |
| Exact sum: 4.7 + 10.2 + 12.3 + 3.3 = 30.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Aditya Birla Fashion & Retail LtdABFRL | 30.2/100Adverse evidence61% evidence | ASLEEP | 12.6/35 Revenue 11.2% · PAT -80% · OPM change -3 pp 62% evidence | 3.9/25 ROCE -3.1% · OPM 9% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.7/20 RS sector -13% · RS bench -15.9% · 1Y -18.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 12.6 + 3.9 + 10 + 3.7 = 30.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Gokaldas Exports LtdGOKEX | 28.3/100Adverse evidence90% evidence | TURNING | 8.5/35 Revenue 3.2% · PAT -36.7% · OPM change -1 pp 88% evidence | 8.1/25 ROCE 8.4% · OPM 11% 100% evidence | 1.9/20 P/E 59.6× · PEG 4.98 100% evidence | 9.8/20 RS sector -6.8% · RS bench 7.5% · 1Y -9.6%8 of 10 weeks ahead 70% evidence |
| Exact sum: 8.5 + 8.1 + 1.9 + 9.8 = 28.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Kitex Garments LtdKITEX | 22.5/100Adverse evidence65% evidence | ASLEEP | 3.9/35 Revenue -32.1% · PAT -80% · OPM change -16 pp 83% evidence | 4.5/25 ROCE 1.5% · OPM 1% 76% evidence | 8.5/20 P/E 290× · PEG — 15% evidence | 5.6/20 RS sector -9.2% · RS bench -19.1% · 1Y -44%0 of 10 weeks ahead 70% evidence |
| Exact sum: 3.9 + 4.5 + 8.5 + 5.6 = 22.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Karnika Industries LtdKARNIKA | 59.8/100Thin evidence · provisional48% evidence | ASLEEP | 20.3/35 Revenue — · PAT — · OPM change 2.3 pp 19% evidence | 20.9/25 ROCE 51.2% · OPM 17.2% 95% evidence | 10.4/20 P/E 26.1× · PEG — 15% evidence | 8.2/20 RS sector -2.4% · RS bench -16.3% · 1Y -16.7%5 of 10 weeks ahead 70% evidence |
| Exact sum: 20.3 + 20.9 + 10.4 + 8.2 = 59.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is S P Apparels Ltd's share price today?
S P Apparels Ltd trades at ₹992, +26.6% over the past year. The company is valued at ₹2,494 Cr. The stock sits at 68% of its 52-week range of ₹636–₹1,160, +18.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 31 July 2026.
What were S P Apparels Ltd's latest quarterly results?
S P Apparels Ltd reported revenue of ₹365 Cr and net profit of ₹19.0 Cr for the Mar 26 quarter. Revenue fell 8.5% and profit fell 36.7% year on year. Earnings per share were ₹7.35. The operating margin was 12.0%, 2.0 pp lower than a year earlier. — as of 31 July 2026.
What is S P Apparels Ltd's revenue?
S P Apparels Ltd reported revenue of ₹365 Cr in the Mar 26 quarter, −8.5% year on year. For the full FY26 fiscal year, revenue was ₹1,579 Cr (+13.2%). Over the last 10 years revenue compounded at 11.5% a year. — as of 31 July 2026.
What is S P Apparels Ltd's profit?
S P Apparels Ltd earned ₹19.0 Cr of net profit in the Mar 26 quarter, −36.7% year on year. Full-year FY26 profit was ₹101 Cr. The operating margin ran 12.0% in the latest quarter. — as of 31 July 2026.
What is S P Apparels Ltd's market cap?
S P Apparels Ltd's market capitalisation is ₹2,494 Cr at a share price of ₹992. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is S P Apparels Ltd's P/E ratio?
S P Apparels Ltd trades at a P/E of 24.7×, at the 96th percentile of its own 10-year range, against a long-run median of 15.9×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does S P Apparels Ltd pay a dividend?
Not in its latest year — S P Apparels Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 3 of its last 13 reported fiscal years, so there is a history but no current dividend. — as of 31 July 2026.
Is S P Apparels Ltd overvalued?
On its own history, S P Apparels Ltd looks expensive against its own history: its P/E of 24.7× sits at the 96th percentile of its 10-year range (long-run median 15.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is S P Apparels Ltd growing?
Not right now — S P Apparels Ltd's latest numbers are shrinking: latest-quarter revenue −8.5% year on year, profit −36.7%, and the margin −2.0 pp at 12.0%. The 10-year compound rates are 11.5% (revenue) and 18.2% (profit). The earnings engine currently reads: deteriorating — as of 31 July 2026.
How is S P Apparels Ltd performing?
S P Apparels Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue fell 8.5% and profit fell 36.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 27 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
What stage is S P Apparels Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 18.3% and holding. The read comes from the last 12 quarters of growth (revenue growth +13.2% latest, profit growth +8.5% latest, eps growth +7.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is S P Apparels Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +18.6% versus its 200-day average and at 68% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is S P Apparels Ltd beating the market?
On recent form, yes — S P Apparels Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 9.9 years the stock moved +193% against the NIFTY 500's +208% — behind the index over the full window. — as of 31 July 2026.
Will S P Apparels Ltd's share price go up?
This page publishes no price forecast for S P Apparels Ltd. What it measures instead: the share price is ₹992, the price is in a confirmed uptrend 13 weeks in. Its P/E of 24.7× sits at the 96th percentile of its own 10-year range. — as of 31 July 2026.
Who owns S P Apparels Ltd?
Promoters hold 61.8% of S P Apparels Ltd, foreign institutions 1.5%, domestic institutions 16.1% and the public 20.6% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 3.1 points over 8 quarters. — as of 31 July 2026.
Does S P Apparels Ltd have too much debt?
It is moderate — S P Apparels Ltd's debt-to-equity is 0.44, and operating profit covers the interest bill 5×. FY26 borrowings were ₹419 Cr against equity of ₹946 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.
What is S P Apparels Ltd's capex?
S P Apparels Ltd spent ₹350 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹112 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is S P Apparels Ltd's cash flow?
S P Apparels Ltd generated ₹209 Cr of operating cash flow in FY26 and ₹97.0 Cr of free cash flow after ₹112 Cr of capital spending. Reported profit that year was ₹101 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is S P Apparels Ltd's profit real cash?
Yes — over the last 3 fiscal years, 116% of S P Apparels Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹209 Cr against reported profit of ₹101 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.
Where is S P Apparels Ltd in its business cycle?
S P Apparels Ltd's FY26 operating margin was 13.0%, against a 13-year band of 10.0%–18.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 12.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the S P Apparels Ltd story?
Biggest watch item: the P/E sits at the 96th percentile of its own range — the multiple has already done part of the work. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is S P Apparels Ltd a stock worth studying right now?
This is not investment advice. The machine read: S P Apparels Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.