S P Apparels Ltd
SPALS P Apparels Ltd's price has outrun its earnings. +37.5% in a year against EPS +6.0% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +37.5% in a year while annual EPS moved +6.0% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 95th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +19.0% year on year, and 116% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
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 ₹1,023, in a confirmed uptrend and 19 weeks into that stage. That is +16.3% against its own 200-day average. It sits at 74% of a 52-week range of ₹636 to ₹1,160. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹1,023 it trades +16.3% versus its 200-day average and sits at 74% of its 52-week range (₹636–₹1,160).
Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +202% while the NIFTY 500 moved +201% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-09-04) — 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.
Story check
S P Apparels Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 19 July 2026. Multi-country garment exporter at 96th-percentile PE on operating recovery from a US-tariff disruption year — the re-rating is already priced and execution risk on FY27 guidance remains elevated given three prior guidance misses.
What is proven. Multi-country garment exporter at 96th-percentile PE on operating recovery from a US-tariff disruption year — the re-rating is already priced and execution risk on FY27 guidance remains elevated given three prior guidance misses.
What is not proven yet. Two consecutive quarterly revenues below Rs 380 Cr in FY27 (Q1 and Q2) would indicate that tariff clarity has not translated into actual order restoration, falsifying the operating leverage story; or FII+DII combined falling below 17% (from current 17.6%) would indicate institutional conviction is eroding before the thesis can deliver.
🚨 What would change our mind. Two consecutive quarterly revenues below Rs 380 Cr in FY27 (Q1 and Q2) would indicate that tariff clarity has not translated into actual order restoration, falsifying the operating leverage story; or FII+DII combined falling below 17% (from current 17.6%) would indicate institutional conviction is eroding before the thesis can deliver.
🚨 Layer 1 read, 19 July 2026 — DROP. Expensive multiple (98th pct PE) on a 3-quarter operating contraction — the FY27 recovery is priced in but unproven, and management has missed guidance six times. I refuted the RED 'other-income-driven' dig against the raw quarters (other income ₹2-7 Cr vs operating profit ₹44-62 Cr, so PAT is genuinely operational) — but the same rows exposed a real operating roll-over: operating profit ₹62→₹54→₹44 Cr and net profit ₹35→₹27→₹19 Cr over the last three quarters, matching operating_cycle CONTRACTION and a dead-cat inflection 0.295. That contraction sits under a 96-98th-percentile PE (still 87th even normalized) and MoS -59.7%, with a ₹2000 Cr FY27 guide resting on six-times-missed management (score 4.5) and FII+DII exiting 411bps.
What would change Layer 1’s mind. Two consecutive FY27 quarters (Q1 and Q2) with revenue above ₹380 Cr AND operating profit re-accelerating above the Mar 2026 ₹44 Cr trough — proving tariff clarity translated into shipped orders and the operating engine turned back up — would falsify the contraction call and warrant re-admission; a single strong print is not enough given the six-miss track record.
🚨 What the surface reading misses. The surface reading is: 96th percentile PE — the stock is expensive relative to its own history. The research reads it further: The OPM is at the 12th percentile (11.9% current vs 14.5% normalized). Margins are below mid-cycle — trailing EPS is depressed relative to what the business earns in a normal operating environment. Normalized PE is 21.2x (87th percentile), 8 percentile points lower. The valuation is elevated but the cycle-normalized model rates it FAIRLY_PRICED, not EXPENSIVE_CYCLE.
🚨 What the surface reading misses. The surface reading is: Institutions are selling — they see something the bull thesis misses. The research reads it further: Promoters dipped only 12 bps (61.93% to 61.81%) — not a significant conviction signal. Public holdings rose from 16.32% to 20.55%, absorbing the DII exit. The DII exit coincides precisely with the tariff disruption and guidance miss period (Q3 FY26 through Q4 FY26) — DII rotation likely driven by tariff uncertainty, not governance or structural business concerns. The PE_PB cycle row flags DII_SELLING as the current institutional signal.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
S P Apparels Ltd reported ₹401 Cr of revenue in the Jun 26 quarter, −0.5% year on year. Over 10 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹1,578 Cr. The last four reported quarters add to ₹1,576 Cr.
Why this happened. Current India capacity is 4000-4500 machines running at 64% utilization (C033 — from May 2026 concall). The FY27 target expands India machines to 5700 with 90% utilization. The path to Rs 1800 Cr garment division revenue requires filling this existing machine base with post-tariff-clarity orders — an operating-leverage play with limited incremental capex (guided Rs 30 Cr FY27). The 90-day order-to-execution cycle means Q4 FY26 softness was a timing artifact: orders placed post-February tariff clarity will execute in Q2-Q3 FY27. This is the primary earnings driver and also the earliest falsifiable one — if Q1 FY27 revenue does not show a sequential recovery from Rs 365 Cr, the utilization…
FY26 revenue came in at ₹1,578 Cr (+13.1% on the year), capping 10 years at 11.5% compound. The latest quarter (Jun 26) printed ₹401 Cr, −0.5% year on year.
Pace check: the last four quarters averaged +1.7% growth against the decade's 11.5% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +1.5% over the last 4 quarters against +20.6%/yr over the last 8 — rolling over; TTM profit +9.3% vs +6.8%/yr — stabilising.
FY26-Q4. revenue ₹365 Cr and profit ₹19 Cr as reported.
FY27-Q1. revenue ₹401 Cr and profit ₹25 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
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 15.0% in the Jun 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 15.0%, +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 +1.9 pp year on year while gross margin went +0.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹365 Cr and profit ₹19 Cr as reported.
FY27-Q1. revenue ₹401 Cr and profit ₹25 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
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 ₹25.0 Cr of net profit in the Jun 26 quarter, +19.0% year on year. Full-year FY26 profit was ₹101 Cr. The 10-year compound rate is 18.2%. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.
Jun 26 profit was ₹25.0 Cr, +19.0% 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 −0.5% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +13.5% vs revenue +1.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹365 Cr and profit ₹19 Cr as reported.
FY27-Q1. revenue ₹401 Cr and profit ₹25 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
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 ₹1,578 Cr each day of that cycle holds about ₹4.3 Cr, so roughly ₹674 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 ₹1,578 Cr, each day of the cycle holds about ₹4.3 Cr — so the 156-day loop keeps roughly ₹674 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 −2.1 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: 9.9% − 12.0% = a −2.1 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.
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 24.5× P/E, at the pricey end of its own range (95th percentile). Its long-run median P/E is 16.0×, measured across 10.0 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 24.5× is at the pricey end of its own range (95th percentile), against a long-run median of 16.0× measured over 10.0 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 +6.0% against a +37.5% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +24.1%/yr price move, ~+12.3%/yr came from earnings growth and ~+11.8 pp from the multiple (expanding); over 10y, of the +11.6%/yr price move, ~+5.7%/yr came from earnings growth and ~+5.9 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: Topping out 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 topping out on its fundamental arc. Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +34.2% at its peak → +1.5% latest) while ROCE still reads 18.3%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +13.1% | +13.4% | +19.3% | +11.5% |
| Profit | +6.3% | +6.8% | +18.6% | +18.2% |
| EPS | +6.0% | +6.9% | +19.0% | +13.8% |
| Share price | +37.5% | +21.8% | +24.1% | +11.6% |
4-Factor Sector Score
52.8/100 — rank 10 of 26 in Textiles - Readymade Apparel · 100% evidence confidence
S P Apparels Ltd scores 52.8 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 10. Price leads the evidence: RS versus the benchmark is 28%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 16.9 + 12.6 + 4.5 + 18.8 = 52.8. 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.
Said versus delivered
What S P Apparels Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
EU-India FTA Status Reversed · 13 August 2026. In Feb 2026, management said the EU-India trade deal had already been signed, while in May 2026 it said the EU deal would come through shortly. In Aug 2026, management said it was still awaiting sign-off by the end of the financial year, a material reversal in the status and timing of an initiative cited as a driver of future orders, without reconciling the earlier statements.
Sri Lanka Operating Stage Changed · 13 August 2026. In May 2026, management described Sri Lanka as having only commenced its first factory and as still scaling toward four factories within 12 months. In Aug 2026, management said all acquired factories were already fully operational and nearly fully utilized, materially changing the reported ramp-up stage without explaining the discrepancy.
Sri Lanka FY27 Revenue Target Lowered · 13 August 2026. In May 2026, management targeted INR 200 crores to INR 250 crores of Sri Lankan revenue for the next financial year. In Aug 2026, it guided to only 150-200 crores by the end of March, lowering both ends of the prior range by INR 50 crores without explaining the reduction.
Sri Lanka Operational Status Conflict · 22 May 2026. During the Nov 2025 and Feb 2026 calls, management stated that several Sri Lankan garment factories were already active, operational, and generating export revenues. However, in the May 2026 call, they contradicted this by stating that they only commenced their first Sri Lankan factory operations in mid-April 2026.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kewal Kiran Clothing LtdKKCL | 69.0/100Favorable setup100% evidence | BREAKING OUT | 18.9/35 Revenue 15.9% · PAT 3.2% · OPM change 1 pp 100% evidence | 18.4/25 ROCE 17.2% · OPM 19% 100% evidence | 17.1/20 P/E 20.6× · PEG 0.59 100% evidence | 14.6/20 RS sector 0.5% · RS bench 1.8% · 1Y -5.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 18.4 + 17.1 + 14.6 = 69 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2SBC Exports LtdSBC | 68.9/100Favorable setup87% evidence | LEADER | 32.4/35 Revenue 47.3% · PAT 100% · OPM change 3.4 pp 95% evidence | 12.9/25 ROCE 18.2% · OPM 10.8% 95% evidence | 6.6/20 P/E 60.2× · PEG — 50% evidence | 17.0/20 RS sector 46% · RS bench 48.8% · 1Y 136.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 32.4 + 12.9 + 6.6 + 17 = 68.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Iris Clothings LtdIRISDOREME | 64.8/100Mixed-positive evidence87% evidence | LEADER | 22.5/35 Revenue 31.8% · PAT 31.9% · OPM change 3 pp 95% evidence | 15.2/25 ROCE 16% · OPM 17% 95% evidence | 7.1/20 P/E 66.6× · PEG — 50% evidence | 20.0/20 RS sector 61.1% · RS bench 63.4% · 1Y 92%12 of 12 weeks ahead 100% evidence |
| Exact sum: 22.5 + 15.2 + 7.1 + 20 = 64.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Cantabil Retail India LtdCANTABIL | 63.6/100Mixed-positive evidence87% evidence | BREAKING OUT | 22.2/35 Revenue 15.8% · PAT 22.8% · OPM change 2 pp 95% evidence | 18.5/25 ROCE 19.4% · OPM 33% 95% evidence | 12.8/20 P/E 20.6× · PEG — 50% evidence | 10.1/20 RS sector -4.6% · RS bench -3.1% · 1Y -6.4%6 of 12 weeks ahead 100% evidence |
| Exact sum: 22.2 + 18.5 + 12.8 + 10.1 = 63.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5V2 Retail LtdV2RETAIL | 58.9/100Mixed-positive evidence83% evidence | ASLEEP | 27.4/35 Revenue 63.3% · PAT 100% · OPM change 0 pp 100% evidence | 12.1/25 ROCE 19.3% · OPM 14% 100% evidence | 9.3/20 P/E 50.1× · PEG — 15% evidence | 10.1/20 RS sector 0.6% · RS bench 2% · 1Y 33.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 27.4 + 12.1 + 9.3 + 10.1 = 58.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6V-Mart Retail LtdVMART | 57.7/100Mixed-positive evidence93% evidence | LEADER | 25.4/35 Revenue 19.1% · PAT 100% · OPM change 1 pp 100% evidence | 7.4/25 ROCE 13.2% · OPM 15% 100% evidence | 7.8/20 P/E 46.4× · PEG 2.5 65% evidence | 17.1/20 RS sector 15.1% · RS bench 16.1% · 1Y 8.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.4 + 7.4 + 7.8 + 17.1 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Arvind Fashions LtdARVINDFASN | 54.8/100Mixed-positive evidence93% evidence | TURNING | 22.9/35 Revenue 14% · PAT 100% · OPM change 0 pp 100% evidence | 15.4/25 ROCE 19.6% · OPM 12% 100% evidence | 9.6/20 P/E 45.5× · PEG 1.95 65% evidence | 6.9/20 RS sector -5% · RS bench -3.9% · 1Y -17.5%1 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 15.4 + 9.6 + 6.9 = 54.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5% and the one-year return is -17.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 8Trent LtdTRENT | 53.9/100Mixed-positive evidence93% evidence | FADING | 18.3/35 Revenue 16.9% · PAT 15.6% · OPM change 2 pp 100% evidence | 19.7/25 ROCE 28.3% · OPM 19% 100% evidence | 4.5/20 P/E 81.7× · PEG 5.17 65% evidence | 11.4/20 RS sector -1.2% · RS bench -0.1% · 1Y -24%5 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 19.7 + 4.5 + 11.4 = 53.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 9Baazar Style Retail LtdSTYLEBAAZA | 53.4/100Mixed-positive evidence83% evidence | TURNING | 22.9/35 Revenue 34.9% · PAT 100% · OPM change -0.6 pp 100% evidence | 4.1/25 ROCE 7.6% · OPM 14.8% 100% evidence | 8.5/20 P/E 108× · PEG — 15% evidence | 17.9/20 RS sector 20% · RS bench 21.6% · 1Y 12%4 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 4.1 + 8.5 + 17.9 = 53.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10S P Apparels Ltdthis pageSPAL | 52.8/100Mixed-positive evidence100% evidence | LEADER | 16.9/35 Revenue 1.6% · PAT 9.3% · OPM change 2 pp 100% evidence | 12.6/25 ROCE 14% · OPM 15% 100% evidence | 4.5/20 P/E 24.5× · PEG 3.72 100% evidence | 18.8/20 RS sector 26.2% · RS bench 28% · 1Y 39.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.9 + 12.6 + 4.5 + 18.8 = 52.8 · Decision use: Price leads the evidence: RS versus the benchmark is 28%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Aditya Birla Lifestyle Brands LtdABLBL | 52.5/100Mixed-positive evidence78% evidence | BASING | 20.4/35 Revenue 9.1% · PAT 100% · OPM change 1 pp 100% evidence | 12.6/25 ROCE 15% · OPM 15% 100% evidence | 11.5/20 P/E 47.8× · PEG 1.39 65% evidence | 8.0/20 RS sector — · RS bench -22.5% · 1Y -41%0 of 10 weeks ahead 25% evidence |
| Exact sum: 20.4 + 12.6 + 11.5 + 8 = 52.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Vishal Mega Mart LtdVMM | 52.1/100Mixed-positive evidence87% evidence | BASING | 23.5/35 Revenue 19.8% · PAT 29.6% · OPM change 0 pp 100% evidence | 12.8/25 ROCE 15.2% · OPM 15% 100% evidence | 4.6/20 P/E 53.4× · PEG 5.39 65% evidence | 11.2/20 RS sector 2.7% · RS bench -16.5% · 1Y -33.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 23.5 + 12.8 + 4.6 + 11.2 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Bella Casa Fashion & Retail LtdBELLACASA | 51.2/100Mixed-positive evidence61% evidence | 21.9/35 Revenue 21.8% · PAT 37% · OPM change -0.3 pp 53% evidence | 13.6/25 ROCE 17.2% · OPM 8.7% 71% evidence | 11.4/20 P/E 16.6× · PEG — 50% evidence | 4.3/20 RS sector -20.8% · RS bench -31.3% · 1Y -40%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 21.9 + 13.6 + 11.4 + 4.3 = 51.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Thomas Scott India LtdTHOMASCOTT | 50.5/100Thin evidence · provisional54% evidence | 17.7/35 Revenue 61.5% · PAT 54.4% · OPM change -0.4 pp 53% evidence | 15.4/25 ROCE 20.4% · OPM 11.8% 71% evidence | 10.7/20 P/E 21× · PEG — 15% evidence | 6.7/20 RS sector -5.2% · RS bench -17.3% · 1Y -28.8%1 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 17.7 + 15.4 + 10.7 + 6.7 = 50.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 15Pearl Global Industries LtdPGIL | 50.3/100Mixed-positive evidence82% evidence | BASING | 20.5/35 Revenue 13.7% · PAT 29.4% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 19.9% · OPM 11% 76% evidence | 7.0/20 P/E 35× · PEG — 50% evidence | 5.7/20 RS sector -22% · RS bench 42.1% · 1Y -1.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 17.1 + 7 + 5.7 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Monte Carlo Fashions LtdMONTECARLO | 49.4/100Mixed-negative evidence73% evidence | TURNING | 16.7/35 Revenue 15.4% · PAT 32.9% · OPM change -4.8 pp 71% evidence | 8.7/25 ROCE 14% · OPM -9% 95% evidence | 13.9/20 P/E 11× · PEG — 50% evidence | 10.1/20 RS sector 0% · RS bench -6% · 1Y -7.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 16.7 + 8.7 + 13.9 + 10.1 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Sai Silks (Kalamandir) LtdKALAMANDIR | 47.8/100Mixed-negative evidence81% evidence | ASLEEP | 12.8/35 Revenue 4.8% · PAT 20.2% · OPM change -1 pp 95% evidence | 15.3/25 ROCE 14.4% · OPM 14% 95% evidence | 15.0/20 P/E 9.3× · PEG — 50% evidence | 4.7/20 RS sector -16.9% · RS bench -31.5% · 1Y -51.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.8 + 15.3 + 15 + 4.7 = 47.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18Vedant Fashions LtdMANYAVAR | 44.9/100Mixed-negative evidence94% evidence | BREAKING OUT | 10.0/35 Revenue 2% · PAT -2.5% · OPM change 0 pp 100% evidence | 19.4/25 ROCE 22.8% · OPM 43% 100% evidence | 7.9/20 P/E 36.7× · PEG 9.55 100% evidence | 7.6/20 RS sector -32% · RS bench 17.2% · 1Y -19.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 10 + 19.4 + 7.9 + 7.6 = 44.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Raymond Lifestyle LtdRAYMONDLSL | 40.9/100Mixed-negative evidence78% evidence | ASLEEP | 17.9/35 Revenue 9.2% · PAT 4.9% · OPM change 1 pp 74% evidence | 2.5/25 ROCE 3.5% · OPM 6% 100% evidence | 14.9/20 P/E 28.3× · PEG 0.74 65% evidence | 5.6/20 RS sector -8.1% · RS bench -22.4% · 1Y -43.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.9 + 2.5 + 14.9 + 5.6 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Credo Brands Marketing LtdMUFTI | 36.4/100Mixed-negative evidence87% evidence | ASLEEP | 5.3/35 Revenue -2.7% · PAT -33.1% · OPM change -4.7 pp 95% evidence | 15.5/25 ROCE 14.4% · OPM 21.2% 95% evidence | 12.1/20 P/E 10.7× · PEG — 50% evidence | 3.5/20 RS sector -19.3% · RS bench -18.5% · 1Y -42.1%4 of 12 weeks ahead 100% evidence |
| Exact sum: 5.3 + 15.5 + 12.1 + 3.5 = 36.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Lux Industries LtdLUXIND | 33.3/100Adverse evidence82% evidence | BASING | 12.1/35 Revenue 10.6% · PAT -31.6% · OPM change 1 pp 95% evidence | 8.2/25 ROCE 8.1% · OPM 7% 76% evidence | 9.1/20 P/E 31.1× · PEG — 50% evidence | 3.9/20 RS sector -7.1% · RS bench -6.1% · 1Y -15.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 8.2 + 9.1 + 3.9 = 33.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Go Fashion (India) LtdGOCOLORS | 32.5/100Adverse evidence81% evidence | ASLEEP | 5.7/35 Revenue -1.6% · PAT -39.1% · OPM change -4 pp 95% evidence | 10.7/25 ROCE 10.8% · OPM 27% 95% evidence | 12.3/20 P/E 32× · PEG — 50% evidence | 3.8/20 RS sector -47.6% · RS bench -19.2% · 1Y -55.5%7 of 10 weeks ahead 70% evidence |
| Exact sum: 5.7 + 10.7 + 12.3 + 3.8 = 32.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Aditya Birla Fashion & Retail LtdABFRL | 27.9/100Adverse evidence64% evidence | ASLEEP | 12.8/35 Revenue 11.4% · PAT -77.9% · OPM change -1 pp 71% evidence | 3.1/25 ROCE -3.8% · OPM 5% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.0/20 RS sector -25.3% · RS bench -24.5% · 1Y -41.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 12.8 + 3.1 + 10 + 2 = 27.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Gokaldas Exports LtdGOKEX | 27.0/100Adverse evidence94% evidence | BREAKING OUT | 9.2/35 Revenue 7.7% · PAT -40.1% · OPM change 0 pp 100% evidence | 6.4/25 ROCE 7.7% · OPM 10% 100% evidence | 1.9/20 P/E 55.9× · PEG 4.98 100% evidence | 9.5/20 RS sector -6.8% · RS bench 5.5% · 1Y 7.2%10 of 10 weeks ahead 70% evidence |
| Exact sum: 9.2 + 6.4 + 1.9 + 9.5 = 27 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Kitex Garments LtdKITEX | 18.0/100Adverse evidence79% evidence | BASING | 1.9/35 Revenue -36.5% · PAT -80% · OPM change -11 pp 95% evidence | 4.7/25 ROCE 1.5% · OPM 6% 76% evidence | 9.3/20 P/E — · PEG — 35% evidence | 2.1/20 RS sector -27.7% · RS bench -26.9% · 1Y -32.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 1.9 + 4.7 + 9.3 + 2.1 = 18 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Karnika Industries LtdKARNIKA | 60.8/100Thin evidence · provisional48% evidence | ASLEEP | 20.4/35 Revenue — · PAT — · OPM change 2.3 pp 19% evidence | 21.4/25 ROCE 51.2% · OPM 17.2% 95% evidence | 10.5/20 P/E 26.4× · PEG — 15% evidence | 8.5/20 RS sector -2.4% · RS bench -8.4% · 1Y -37%1 of 10 weeks ahead 70% evidence |
| Exact sum: 20.4 + 21.4 + 10.5 + 8.5 = 60.8 · 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 ₹1,023, +37.5% over the past year. The company is valued at ₹2,572 Cr. The stock sits at 74% of its 52-week range of ₹636–₹1,160, +16.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were S P Apparels Ltd's latest quarterly results?
S P Apparels Ltd reported revenue of ₹401 Cr and net profit of ₹25.0 Cr for the Jun 26 quarter. Revenue fell 0.5% and profit rose 19.0% year on year. Earnings per share were ₹9.91. The operating margin was 15.0%, 2.0 pp higher than a year earlier. — as of 11 September 2026.
What is S P Apparels Ltd's revenue?
S P Apparels Ltd reported revenue of ₹401 Cr in the Jun 26 quarter, −0.5% year on year. For the full FY26 fiscal year, revenue was ₹1,578 Cr (+13.1%). Over the last 10 years revenue compounded at 11.5% a year. — as of 11 September 2026.
What is S P Apparels Ltd's profit?
S P Apparels Ltd earned ₹25.0 Cr of net profit in the Jun 26 quarter, +19.0% year on year. Full-year FY26 profit was ₹101 Cr. The operating margin ran 15.0% in the latest quarter. — as of 11 September 2026.
What is S P Apparels Ltd's market cap?
S P Apparels Ltd's market capitalisation is ₹2,572 Cr at a share price of ₹1,023. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is S P Apparels Ltd's P/E ratio?
S P Apparels Ltd trades at a P/E of 24.5×, at the 95th percentile of its own 10-year range, against a long-run median of 16.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does S P Apparels Ltd pay a dividend?
Yes — S P Apparels Ltd's dividend payout was 7% of profit in FY26, and it recorded a payout in 4 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is S P Apparels Ltd overvalued?
On its own history, S P Apparels Ltd looks expensive: its P/E of 24.5× sits at the 95th percentile of its 10-year range (long-run median 16.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is S P Apparels Ltd growing?
Yes — S P Apparels Ltd is growing: latest-quarter revenue −0.5% year on year, profit +19.0%, and the margin +2.0 pp at 15.0%. The 10-year compound rates are 11.5% (revenue) and 18.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is S P Apparels Ltd performing?
S P Apparels Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue fell 0.5% and profit rose 19.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is S P Apparels Ltd in?
Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +34.2% at its peak → +1.5% latest) while ROCE still reads 18.3%. The read comes from the last 12 quarters of growth (revenue growth +1.5% latest, profit growth +9.3% latest, eps growth +7.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is S P Apparels Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +16.3% versus its 200-day average and at 74% 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 11 September 2026.
Is S P Apparels Ltd beating the market?
Not lately — on a trailing-13-week view S P Apparels Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-09-04), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.0 years the stock moved +202% against the NIFTY 500's +201% — ahead of the index over the full window. — as of 11 September 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 ₹1,023, the price is in a confirmed uptrend 19 weeks in. Its P/E of 24.5× sits at the 95th percentile of its own 10-year range. — as of 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the S P Apparels Ltd story?
The sharpest disagreement: the price moved +37.5% in a year while annual EPS moved +6.0% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 11 September 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 price has outrun its earnings. +37.5% in a year against EPS +6.0% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!