S P Apparels share price today

S P Apparels Ltd's share price was ₹874.05 at the close on 4 November 2026. It has been rising for 26 weeks. That is 1.9% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹636 and ₹1,160, and at that close it sat 46% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today S P Apparels Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 9 weeks running.

Over the last 10 years the share price moved +158% while the NIFTY 500 moved +188%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 4 September 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Indian funds and insurers (DIIs) cut their stake for 5 quarters in a row

   From 19.9% to 15.8% of the company by the September 2026 quarter.

3. Promoters cut their stake by 2 points in one quarter

   From 61.8% to 59.8% in the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), S P Apparels reported revenue of ₹401 crore, down 0.5% from ₹403 crore a year earlier, and a profit of ₹25.0 crore, up 19.0% from ₹21.0 crore.

S P Apparels results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

S P Apparels' management discussed these results on a call held on 13 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

S P Apparels closed at ₹874.05 on 4 November 2026, up 29.8% from ₹673.35 a year earlier (7 November 2025) and up 161.8% over five years. Its highest weekly close since September 2016 was ₹1,159.70 on 10 July 2026.

S P Apparels share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

538 weekly closes from 2 September 2016 to 4 November 2026.

4 Nov 2026: S P Apparels closed at ₹874.05, up 7.4% on the week and down 6.6% on the month. 4 Sep 2026: ex-date for a dividend of ₹3 a share.

Earlier

• 13 Aug 2026: S P Apparels held its results call for April to June 2026. Management guided: FY27 consolidated revenue ₹2,000 crore; H1 moderate and H2 stronger.
• Our read, 19 Jul 2026: SPAL is a vertically integrated garment exporter (spinning to finished garment) with a dominant infant/kids-wear niche in the US, now adding a Sri Lanka platform for duty-free UK/EU access. After a disruptive FY26, tariff volatility cut Young Brand volumes, Sri Lanka ramp missed twice, and SP UK goals were deferred, management guides ₹2000 crore in FY27.
• Results for April to June 2026: Revenue down 0.5% and profit up 19.0% on a year earlier.

Our read of the business

SPAL is a vertically integrated garment exporter (spinning to finished garment) with a dominant infant/kids-wear niche in the US, now adding a Sri Lanka platform for duty-free UK/EU access. After a disruptive FY26, tariff volatility cut Young Brand volumes, Sri Lanka ramp missed twice, and SP UK goals were deferred, management guides ₹2000 crore in FY27.

January to March 2026: Volume-led trough quarter, tariff-timing lag compressed revenues, realizations held.

Our read after the January to March 2026 results, written 19 July 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

S P Apparels paid ₹3 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.34% at the ₹874.05 close on 4 November 2026. The last was a dividend of ₹3 a share, ex-date 4 September 2026.

S P Apparels dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. S P Apparels Ltd paid out 7% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 13 August 2026, S P Apparels' management guided: FY27 consolidated revenue ₹2,000 crore; H1 moderate and H2 stronger.

“Based on current customer discussions, our order visibility, expected capacity ramp-up and planned utilization levels, we remain confident of achieving our previously stated consolidated revenue guidance of 2,000 crores for FY27.”P. Sundararajan, Chairman & Managing Director, on the call for April to June 2026

What management guided

• FY27 garment operating margin above 15%, including Sri Lanka.
• Sri Lanka revenue ₹150-200 crore by March; facilities expected to become self-managed.
• Young Brand planned units planned for commercial production by October FY27.
• Molded bra-line machinery spending starts September-October, capped at ₹10 crore; orders equivalent to 200 machines, revenue next FY.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 13 August 2026.

April to June 2026 consolidated revenue prints below ₹380 crore, indicating that post-tariff-clarity order placement has not translated into shipments as the 90-day cycle implies.

Each change stops working if

• : April to June 2026 consolidated revenue prints below ₹380 crore, indicating that post-tariff-clarity order placement has not translated into shipments as the 90-day cycle implies.
• : Sri Lanka April to June 2026 revenue run-rate is below ₹35 crore per quarter, this would indicate that the mid-April factory start has not ramped customer onboarding as guided.
• : UK FTA is not ratified within H1 FY27, or Bangladesh secures comparable US cotton-garment duty-free provisions that maintain its competitive advantage.

The main risks

• : DII stake-cutting in recent quarters, institutions reduced combined FII+DII from 21.5% (Jun 2025) to 17.6% (Jun 2026), a 390 basis point decline. ✓ fact
• : Other-income contribution in operating profit, quarterly other income of ₹2-9 Cr accounts for 8-15% of profit before tax in certain quarters. ✓ fact

Our read after the January to March 2026 results, written 19 July 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

When S P Apparels reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Held customer orders and shipment normalization - check next-quarter revenue improvement without further deferrals.

S P Apparels is not on any of our India lists this week.

S P Apparels Ltd earned ₹25.0 Cr of net profit in the Jun 2026 quarter, +19.0% on the same quarter a year earlier. Full-year FY26 profit was ₹101 Cr. Over 10 years profit has grown 18.2% a year on average. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹101 Cr (+6.3% on the year before).

Why profit moved: revenue changed −0.5% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +13.5% and revenue +1.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

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.

S P Apparels Ltd reported ₹401 Cr of revenue in the Jun 2026 quarter, −0.5% on the same quarter a year earlier. Over 10 years it has grown 11.5% a year on average. The last full year, FY26, came in at ₹1,578 Cr. The last four reported quarters add to ₹1,576 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Current India capacity is 4000-4500 machines running at 64% utilization (C033, from May 2026 concall). The FY27 goal 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 was ₹1,578 Cr, +13.1% on the year before.

Recent pace: the last four quarters grew +1.7% on average, against 11.5% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +1.5%, against +20.6% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +9.3%, against +6.8% a year (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.

S P Apparels Ltd's operating margin was 15.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 10.0% and 18.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +1.9 percentage points on the year while gross margin changed +0.3 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

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.

Over the last 3 years, 116% of S P Apparels Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹209 Cr of operating cash against ₹101 Cr of profit. After ₹112 Cr of spending on assets, ₹97.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 116% of profit came in as cash: the cash cycle got 113 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.7× depreciation over three years. The next section checks what that spending is building.

S P Apparels Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 156 days in FY26, down from 269 days in FY21. It spent ₹350 Cr on assets over the last 3 years. Customers take 59 days to pay, and stock sits for 167 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,578 Cr, each day of that cycle ties up about ₹4.3 Cr, so roughly ₹674 Cr is tied up in the business at any time.

FY26: customers took 59 days to pay and stock sat for 167 days, about 5.5 months of sales sitting as stock, for a full cycle of 156 days, shorter than FY21's 269.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 167 days. Customers pay about 59 days after that. Suppliers are paid at 69 days. Together that makes the 156-day cycle.

Spending on assets: ₹350 Cr over the last 3 years, against ₹129 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹4.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

S P Apparels Ltd's P/E is 21.0×, near the high end of its own history: higher than 83% of past readings. Its usual P/E (the middle reading) is 16.7×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.