# S P Apparels share price today (S P Apparels Ltd, NSE: SPAL)

> S P Apparels share price today: ₹851.25 at the NSE close on 3 November 2026, up 15.1% in a year. S P Apparels (NSE: SPAL) is worth ₹2,141 crore, trades at a P/E of 20.4 and has closed between ₹635.55 and ₹1,159.70 over the past 52 weeks. > S P Apparels Ltd's results are improving, and its P/E is near the top of its own history, higher than 81% of past readings. SPAL · Textiles - Readymade Apparel · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/s-p-apparels-ltd

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## Key numbers

- Business trend: Slowing from a peak, from the last 12 quarters
- Price: ₹851.25 (+15.1% in a year)
- P/E: 20.4× (higher than 81% of the last 10 years)
- Revenue (Jun 2026): ₹401 Cr (−0.5% on a year ago)
- Profit (Jun 2026): ₹25.0 Cr (+19.0% on a year ago)
- Operating margin: 15.0% (+2.0 points on a year ago)
- ROCE: 14%, FY26
- ROIC: 9.9%, against a 12.0% cost of capital: −2.1 points

The main question: results are strong, and the P/E is higher than 81% of its own history. ## What is the S P Apparels share price today? S P Apparels Ltd's share price was ₹851.25 at the close on 3 November 2026. It has been rising for 26 weeks. That is 4.5% 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 41% of the way up from that low. 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 +151% 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. ## What changed at S P Apparels this quarter? 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. ## What are S P Apparels' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹401 crore | ₹403 crore | −0.5% |
| Profit | ₹25.0 crore | ₹21.0 crore | +19.0% |
| Earnings per share | ₹9.91 | ₹8.53 | +16.2% |
| Operating margin | 15.0% | 13.0% | +2.0 points |

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.)

## What is the S P Apparels share price history? S P Apparels closed at ₹851.25 on 3 November 2026, up 15.1% from ₹739.55 a year earlier (31 October 2025) and up 154.9% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹826.85 | +3.0% |
| 1 month ago · 1 Oct 2026 | ₹935.60 | −9.0% |
| 6 months ago · 30 Apr 2026 | ₹811.05 | +5.0% |
| 1 year ago · 31 Oct 2025 | ₹739.55 | +15.1% |
| 3 years ago · 3 Nov 2023 | ₹558.30 | +52.5% |
| 5 years ago · 4 Nov 2021 | ₹333.90 | +154.9% |
| 10 years ago · 4 Nov 2016 | ₹330.60 | +157.5% |
| Earliest weekly close in our records · 2 Sep 2016 | ₹338.75 | +151.3% |
| Highest weekly close since September 2016, also the 52-week high · 10 Jul 2026 | ₹1,159.70 | −26.6% |
| Lowest weekly close since September 2016 · 22 May 2020 | ₹58.45 | +1,356.4% |
| 52-week low (weekly close) · 16 Jan 2026 | ₹635.55 | +33.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (538 weekly closes from 2 September 2016 to 3 November 2026.)

## What is the latest news on S P Apparels? 3 Nov 2026: S P Apparels closed at ₹851.25, up 3.0% on the week and down 9.0% 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.)

## What dividend does S P Apparels pay? S P Apparels paid ₹3 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.35% at the ₹851.25 close on 3 November 2026. The last was a dividend of ₹3 a share, ex-date 4 September 2026. ### S P Apparels dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 4 Sep 2026 | ₹3 | Dividend |
| 25 Aug 2025 | ₹2 | Dividend |
| 15 Sep 2023 | ₹3 | Dividend |
| 3 Sep 2021 | ₹2.25 | Dividend |

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. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did S P Apparels management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/5700/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 13 August 2026.)

## What could change the S P Apparels story? What are the risks? 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.)

## What to watch in S P Apparels' next results? 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. - What to check (from the call)
- Held customer orders and shipment normalization - check next-quarter revenue improvement without further deferrals. - Young Brand expansion and bra-line commissioning - check commercial production, utilization and customer order conversion. - Sri Lanka operating normalization - check revenue ramp, on-time shipments and absorption of pre-operative losses. - US orders beyond January - check whether policy uncertainty alters purchase-order releases or customer commitments. ## Which stock lists is S P Apparels on? S P Apparels is not on any of our India lists this week. ## Is S P Apparels profitable? 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. 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. ## How much revenue does S P Apparels make, and is it growing? 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. 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. ## How much of every ₹100 of sales does S P Apparels keep? 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. 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. ## Is S P Apparels' profit turning into cash? 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. 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. ## Where does S P Apparels' cash go? 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. 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. ## What is S P Apparels' P/E ratio, and how does it compare with its own history? S P Apparels Ltd's P/E is 20.4×, near the high end of its own history: higher than 81% 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. Why the multiple is where it is: over the past year earnings per share moved +6.0% while the price moved +15.1%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +20.6% a year; about +12.1% a year came from earnings growth and about +8.5 percentage points from the multiple (the market paying more); over 10 years the price moved +9.9% a year; about +7.3% a year came from earnings growth and about +2.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the S P Apparels business getting better or worse? S P Apparels Ltd's business is slowing from a peak. Revenue, profit and EPS growth have slowed sharply (revenue growth from +34.2% at its peak to +1.5% now), while ROCE is still 19.1%. This is based on 12 quarters of 4 measures. Why it matters: slowing from a peak is where good stories often end quietly. ## What is the S P Apparels story, and has it been checked? S P Apparels Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 19 July 2026. What is proven. What the company does. 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 Rs 2000 Cr in FY27. What the surface reading misses. 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. Sources: our stock research file (19 July 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did S P Apparels management deliver what it promised? What S P Apparels Ltd's management promised, against what actually happened: 4 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 Goal Lowered · 13 August 2026. In May 2026, management planned 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. ## How much does S P Apparels earn on its capital? S P Apparels Ltd earned a ROCE of 14% in FY26. That is up from a low of 10% in FY21. Its return on capital used (ROIC) is 2.1 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 6.4% net margin and 0.99× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 6.4% net margin × 0.99× asset turnover × 1.68× leverage (assets divided by equity) ≈ 10.6% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 9.9% − 12.0% = −2.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does S P Apparels have too much debt? S P Apparels Ltd has total debt of ₹419 Cr against shareholder equity of ₹940 Cr as of Jun 2026, so its debt is 0.45× its equity. Year by year, that ratio went from 0.37 in FY22 to 0.45 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the S P Apparels shareholding pattern? Domestic institutions cut their stake in S P Apparels Ltd by 3.7 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 15.8% of the company. Promoters moved −2.1 points over the same period, to 59.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −3.7 points over 8 quarters, to 15.8%; Promoters: −2.1 points over 8 quarters, to 59.8%; Foreign institutions: +0.4 points over 8 quarters, to 2.0%. Why the owners changed: domestic institutions drove it (−3.7 points), together with promoters (−2.1 points). They reduced their stake. ## How far is S P Apparels from balance-sheet trouble? For S P Apparels Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does S P Apparels rank in its industry? 42.5 out of 100, rank 20 of 26 in Textiles - Readymade Apparel, with 96% of the evidence available. S P Apparels Ltd scores 42.5 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 20. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 16.4 + 12.7 + 4.1 + 9.3 = 42.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is S P Apparels compared with? S P Apparels ranks 20 of 26 Textiles - Readymade Apparel companies on the 4-Factor Sector Score, with 42.5 out of 100. 1. [Cantabil Retail India Ltd](https://www.sectoralpha.in/stocks/cantabil-retail-india-ltd) CANTABIL · turning · Most evidence points up · 96% evidence 74.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 15.8% · Profit 22.8% · Operating margin change 2 points · 88% evidence Capital efficiency 20.4/25 · ROCE 19.4% · Operating margin 33% · 100% evidence Valuation 15.9/20 · P/E 21.7× · PEG 0.75 · 100% evidence Relative strength 15.4/20 · Lead over its industry 9.5% · Lead over NIFTY 500 6.5% · 1 year -2.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 22.9 + 20.4 + 15.9 + 15.4 = 74.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Karnika Industries Ltd](https://www.sectoralpha.in/stocks/karnika-industries-ltd) KARNIKA · breaking out · Most evidence points up · 67% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/35 · Revenue 47.8% · Profit 68.4% · Operating margin change -2 points · 95% evidence Capital efficiency 20.8/25 · ROCE 29.6% · Operating margin 19% · 76% evidence Valuation 11.3/20 · P/E 25.5× · PEG n/a · 50% evidence Relative strength 11.8/20 · Lead over its industry n/a · Lead over NIFTY 500 11.8% · 1 year -21.1% · 25% evidence · 5 of 12 weeks ahead Exact sum: 26.3 + 20.8 + 11.3 + 11.8 = 70.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Thomas Scott India Ltd](https://www.sectoralpha.in/stocks/thomas-scott-india-ltd) THOMASCOTT · Most evidence points up · 69% evidence 67.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.2/43.75 · Revenue 61.5% · Profit 54.4% · Operating margin change 0.7 points · 88% evidence Capital efficiency 17.6/31.25 · ROCE 20.4% · Operating margin 12% · 100% evidence Valuation 15.3/25 · P/E 21× · PEG 1.14 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.2 + 17.6 + 15.3 = 67.1 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. [Trent Ltd](https://www.sectoralpha.in/stocks/trent-ltd) TRENT · turning · Most evidence points up · 93% evidence 66.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.9/35 · Revenue 18.4% · Profit 18.8% · Operating margin change 1 points · 100% evidence Capital efficiency 21.0/25 · ROCE 28.3% · Operating margin 18% · 100% evidence Valuation 4.2/20 · P/E 84× · PEG 5.04 · 65% evidence Relative strength 17.6/20 · Lead over its industry 17.1% · Lead over NIFTY 500 13.5% · 1 year -3.6% · 100% evidence · 4 of 12 weeks ahead Exact sum: 23.9 + 21 + 4.2 + 17.6 = 66.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [SBC Exports Ltd](https://www.sectoralpha.in/stocks/sbc-exports-ltd) SBC · leader · Evidence leans up · 82% evidence 64.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.8/35 · Revenue 63.4% · Profit 100% · Operating margin change -3 points · 95% evidence Capital efficiency 14.9/25 · ROCE 18.4% · Operating margin 9% · 76% evidence Valuation 5.8/20 · P/E 82.3× · PEG n/a · 50% evidence Relative strength 20.0/20 · Lead over its industry 89% · Lead over NIFTY 500 82.5% · 1 year 176.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 23.8 + 14.9 + 5.8 + 20 = 64.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [V-Mart Retail Ltd](https://www.sectoralpha.in/stocks/v-mart-retail-ltd) VMART · turning · Evidence leans up · 89% evidence 62.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.8/35 · Revenue 19.1% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 9.1/25 · ROCE 13.2% · Operating margin 15% · 100% evidence Valuation 11.7/20 · P/E 42.4× · PEG 1.03 · 65% evidence Relative strength 14.7/20 · Lead over its industry 14.4% · Lead over NIFTY 500 10.5% · 1 year -10.9% · 100% evidence · 9 of 12 weeks ahead Exact sum: 26.8 + 9.1 + 11.7 + 14.7 = 62.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Pearl Global Industries Ltd](https://www.sectoralpha.in/stocks/pearl-global-industries-ltd) PGIL · leader · Evidence leans up · 78% evidence 61.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 13.7% · Profit 29.4% · Operating margin change 2 points · 83% evidence Capital efficiency 17.0/25 · ROCE 19.9% · Operating margin 11% · 76% evidence Valuation 6.4/20 · P/E 35.2× · PEG n/a · 50% evidence Relative strength 17.6/20 · Lead over its industry 39.1% · Lead over NIFTY 500 34.6% · 1 year 80.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.3 + 17 + 6.4 + 17.6 = 61.3 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [Bella Casa Fashion & Retail Ltd](https://www.sectoralpha.in/stocks/bella-casa-fashion-retail-ltd) BELLACASA · Evidence leans up · 76% evidence 58.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.9/43.75 · Revenue 21.8% · Profit 37% · Operating margin change -4.4 points · 88% evidence Capital efficiency 14.9/31.25 · ROCE 17.2% · Operating margin 3.8% · 100% evidence Valuation 20.1/25 · P/E 16.6× · PEG 0.45 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 23.9 + 14.9 + 20.1 = 58.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 9. [Aditya Birla Lifestyle Brands Ltd](https://www.sectoralpha.in/stocks/aditya-birla-lifestyle-brands-ltd) ABLBL · quiet · Evidence leans up · 78% evidence 55.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.5/35 · Revenue 10.9% · Profit 42.1% · Operating margin change 0 points · 100% evidence Capital efficiency 13.2/25 · ROCE 15% · Operating margin 16% · 100% evidence Valuation 11.6/20 · P/E 35.4× · PEG 1.05 · 65% evidence Relative strength 8.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -26.5% · 1 year -47.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 22.5 + 13.2 + 11.6 + 8.1 = 55.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Baazar Style Retail Ltd](https://www.sectoralpha.in/stocks/baazar-style-retail-ltd) STYLEBAAZA · breaking out · Evidence leans up · 79% evidence 54.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 34.9% · Profit 100% · Operating margin change -0.6 points · 88% evidence Capital efficiency 5.8/25 · ROCE 7.6% · Operating margin 14.8% · 100% evidence Valuation 8.5/20 · P/E 98.5× · PEG n/a · 15% evidence Relative strength 17.3/20 · Lead over its industry 16.3% · Lead over NIFTY 500 12.8% · 1 year 11.4% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.1 + 5.8 + 8.5 + 17.3 = 54.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Sai Silks (Kalamandir) Ltd](https://www.sectoralpha.in/stocks/sai-silks-kalamandirltd) KALAMANDIR · basing · Evidence leans up · 81% evidence 54.5 out of 100 Growth Capital Valuation Relative
12. [Iris Clothings Ltd](https://www.sectoralpha.in/stocks/iris-clothings-ltd) IRISDOREME · leader · Evidence leans up · 100% evidence 54.2 out of 100 Growth Capital Valuation Relative
13. [Kewal Kiran Clothing Ltd](https://www.sectoralpha.in/stocks/kewal-kiran-clothing-ltd) KKCL · quiet · Evidence leans up · 78% evidence 53.2 out of 100 Growth Capital Valuation Relative
14. [V2 Retail Ltd](https://www.sectoralpha.in/stocks/v2-retail-ltd) V2RETAIL · quiet · Evidence leans up · 79% evidence 52.9 out of 100 Growth Capital Valuation Relative
15. [Arvind Fashions Ltd](https://www.sectoralpha.in/stocks/arvind-fashions-ltd) ARVINDFASN · quiet · Evidence leans up · 89% evidence 52.3 out of 100 Growth Capital Valuation Relative
16. [Monte Carlo Fashions Ltd](https://www.sectoralpha.in/stocks/monte-carlo-fashions-ltd) MONTECARLO · turning · Evidence leans up · 73% evidence 50.5 out of 100 Growth Capital Valuation Relative
17. [Vishal Mega Mart Ltd](https://www.sectoralpha.in/stocks/vishal-mega-mart-ltd) VMM · quiet · Evidence leans up · 78% evidence 50.4 out of 100 Growth Capital Valuation Relative
18. [Vedant Fashions Ltd](https://www.sectoralpha.in/stocks/vedant-fashions-ltd) MANYAVAR · breaking out · Evidence leans down · 81% evidence 49.4 out of 100 Growth Capital Valuation Relative
19. [Credo Brands Marketing Ltd](https://www.sectoralpha.in/stocks/credo-brands-marketing-ltd) MUFTI · Evidence leans down · 76% evidence 45.5 out of 100 Growth Capital Valuation Relative
20. S P Apparels Ltd this page SPAL · quiet · Evidence leans down · 96% evidence 42.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.4/35 · Revenue 1.6% · Profit 9.3% · Operating margin change 2 points · 88% evidence Capital efficiency 12.7/25 · ROCE 14% · Operating margin 15% · 100% evidence Valuation 4.1/20 · P/E 19.5× · PEG 3.72 · 100% evidence Relative strength 9.3/20 · Lead over its industry 5.7% · Lead over NIFTY 500 2.3% · 1 year 10% · 100% evidence · 5 of 12 weeks ahead Exact sum: 16.4 + 12.7 + 4.1 + 9.3 = 42.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 21. [Lux Industries Ltd](https://www.sectoralpha.in/stocks/lux-industries-ltd) LUXIND · quiet · Evidence leans down · 78% evidence 41.6 out of 100 Growth Capital Valuation Relative
22. [Raymond Lifestyle Ltd](https://www.sectoralpha.in/stocks/raymond-lifestyle-ltd) RAYMONDLSL · quiet · Evidence leans down · 78% evidence 39.3 out of 100 Growth Capital Valuation Relative
23. [Go Fashion (India) Ltd](https://www.sectoralpha.in/stocks/go-fashion-indialtd) GOCOLORS · quiet · Evidence leans down · 75% evidence 35.9 out of 100 Growth Capital Valuation Relative
24. [Gokaldas Exports Ltd](https://www.sectoralpha.in/stocks/gokaldas-exports-ltd) GOKEX · quiet · Most evidence points down · 81% evidence 28.3 out of 100 Growth Capital Valuation Relative
25. [Aditya Birla Fashion & Retail Ltd](https://www.sectoralpha.in/stocks/aditya-birla-fashion-retail-ltd) ABFRL · quiet · Most evidence points down · 61% evidence 27.6 out of 100 Growth Capital Valuation Relative
26. [Kitex Garments Ltd](https://www.sectoralpha.in/stocks/kitex-garments-ltd) KITEX · basing · Most evidence points down · 68% evidence 21.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Textiles - Readymade Apparel](https://www.sectoralpha.in/sectors/textiles-readymade-apparel), all 26 compared on one page. ## Which companies are close to S P Apparels in size? S P Apparels is the 18th largest of 26 Textiles - Readymade Apparel companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Kewal Kiran Clothing, Kitex Garments and Cantabil Retail India. Just below it: Go Fashion (India), Monte Carlo Fashions and Iris Clothings. ### Textiles - Readymade Apparel companies close in size

1. [Kewal Kiran Clothing Ltd](https://www.sectoralpha.in/stocks/kewal-kiran-clothing-ltd) ₹2,639 crore
2. [Kitex Garments Ltd](https://www.sectoralpha.in/stocks/kitex-garments-ltd) ₹2,252 crore
3. [Cantabil Retail India Ltd](https://www.sectoralpha.in/stocks/cantabil-retail-india-ltd) ₹2,118 crore
4. S P Apparels Ltd ₹2,045 crore
5. [Go Fashion (India) Ltd](https://www.sectoralpha.in/stocks/go-fashion-indialtd) ₹1,276 crore
6. [Monte Carlo Fashions Ltd](https://www.sectoralpha.in/stocks/monte-carlo-fashions-ltd) ₹1,055 crore
7. [Iris Clothings Ltd](https://www.sectoralpha.in/stocks/iris-clothings-ltd) ₹1,032 crore

[All 26 Textiles - Readymade Apparel companies, largest first](https://www.sectoralpha.in/sectors/textiles-readymade-apparel#all-companies)

### Companies close in size in other industries

1. [CFF Fluid Control Ltd](https://www.sectoralpha.in/stocks/cff-fluid-control-ltd) ₹2,059 crore · Shipping - Proxy
2. [Rane Holdings Ltd](https://www.sectoralpha.in/stocks/rane-holdings-ltd) ₹2,053 crore · Finance - Holding Company
3. S P Apparels Ltd ₹2,045 crore
4. [Mukand Ltd](https://www.sectoralpha.in/stocks/mukand-ltd) ₹2,044 crore · Steel
5. [Utkarsh Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/utkarsh-small-finance-bank-ltd) ₹2,039 crore · Banks - Small Finance

## What else do people ask about S P Apparels? ### What is S P Apparels's share price today? S P Apparels Ltd's share price is ₹851.25, +15.1% over the past year. The whole company is worth ₹2,141 Cr on the market. In the last 52 weeks it traded between ₹636 to ₹1,160; today it is 41% of the way up from the low, 4.5% below its 200-day average (as of 3 November 2026). ### What were S P Apparels's latest quarterly results? S P Apparels Ltd reported revenue of ₹401 Cr and net profit of ₹25.0 Cr for the Jun 2026 quarter. Revenue fell 0.5% and profit rose 19.0% compared with a year earlier. Earnings per share were ₹9.91. The operating margin was 15.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is S P Apparels's market cap? S P Apparels Ltd's market capitalisation is ₹2,141 Cr at a share price of ₹851.25. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is S P Apparels performing? S P Apparels Ltd's share price has been rising for 26 weeks. In its latest quarter, revenue fell 0.5% and profit rose 19.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 9 weeks running (as of 3 November 2026). ### Will S P Apparels's share price go up? This page does not forecast S P Apparels Ltd's share price. What it shows instead: the share price is ₹851.25, and it has been rising for 26 weeks. Its P/E of 20.4× is higher than 81% of its own last 10 years (as of 3 November 2026). ### Who owns S P Apparels? Promoters own 59.8% of S P Apparels Ltd, foreign institutions 2.0%, domestic institutions 15.8% and the public 22.3% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 3.7 percentage points over 8 quarters (as of 3 November 2026). ### Does S P Apparels have too much debt? S P Apparels Ltd has a moderate amount of debt: its debt is 0.44× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹419 Cr against equity of ₹946 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is S P Apparels in its business cycle? S P Apparels Ltd's FY26 operating margin was 13.0%, against a 13-year range of 10.0% to 18.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the S P Apparels story? The main question: results are strong, and the P/E is higher than 81% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is S P Apparels a stock worth studying right now? What the numbers show: S P Apparels Ltd's results are improving, and its P/E is near the top of its own history, higher than 81% of past readings. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a S P Apparels share price forecast for 2026? What management itself guided: FY27 consolidated revenue ₹2,000 crore; H1 moderate and H2 stronger. What would change the story: 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. This is research, not advice. We’re not SEBI-registered.