S. P. Apparels Ltd
NSE:SPAL
S. P. Apparels Ltd
S.P.Apparels Ltd. engages in the manufacture, sale, and trade of knitted garments. The company is headquartered in Tiruppur, Tamil Nadu. The company went IPO on 2016-08-12. The firm operates approximately 21 factories. The firm delivers products to its customers by vertically integrated manufacturing with a real-time system, control mechanism and lean manufacturing setup. Its products deliver end-to-end garment manufacturing services from greige fabric to finished products. The Companies subsidiaries include Crocodile Products Private Limited and S.P. Apparels (UK) (P) Limited. Crocodile Products Private Limited is engaged in the business of, inter alia, establishing and managing units to manufacture, trade, deal, import and export garments, and manufacturing, distribution and marketing of menswear products under the trademark Crocodile in India. S.P. Apparels (UK) (P) Limited is engaged in trading activities with new customers in the United Kingdom, Ireland and other European countries.
S.P.Apparels Ltd. engages in the manufacture, sale, and trade of knitted garments. The company is headquartered in Tiruppur, Tamil Nadu. The company went IPO on 2016-08-12. The firm operates approximately 21 factories. The firm delivers products to its customers by vertically integrated manufacturing with a real-time system, control mechanism and lean manufacturing setup. Its products deliver end-to-end garment manufacturing services from greige fabric to finished products. The Companies subsidiaries include Crocodile Products Private Limited and S.P. Apparels (UK) (P) Limited. Crocodile Products Private Limited is engaged in the business of, inter alia, establishing and managing units to manufacture, trade, deal, import and export garments, and manufacturing, distribution and marketing of menswear products under the trademark Crocodile in India. S.P. Apparels (UK) (P) Limited is engaged in trading activities with new customers in the United Kingdom, Ireland and other European countries.
Revenue Growth: S.P. Apparels delivered solid revenue growth for Q3, with consolidated revenue rising 6.6% year-on-year to INR 382 crores.
Margin Performance: EBITDA margin remained robust at 14.8% for the quarter; management reiterated 15% EBITDA margin guidance for the Garment division going forward.
Guidance Maintained: The company maintained its consolidated revenue guidance of INR 2,000 crores by FY '27, despite recent tariff disruptions.
Trade Policy Clarity: Recent India-U.S. and India-EU trade agreements removed significant tariff uncertainties, restoring order flows and boosting customer engagement.
Sri Lanka Expansion: Sri Lanka operations are ramping up, expected to reach normalized performance from Q1 FY '27, supporting diversified market access.
US Market Recovery: Although Q4 will remain pressured due to lingering tariff impacts, management expects order normalization and growth from Q1/Q2 FY '27 as U.S. buyers resume activity.
SPUK Ambition: The UK business (SPUK) is targeting significant growth, with a revenue goal of INR 200 crores over the next two years.
CapEx & Capacity: Machine additions slowed in Q3 due to tariff issues but are set to resume; maintenance and targeted expansion capex of about INR 30 crores planned for next year.
