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Last Updated: April 2, 2026, 3:36 am
Author: Getaka|Social: XLinkedIn

SP Apparels Ltd (SPAL): Intrinsic Value & Share Price Analysis

Fair Value

₹541.00Overvalued by 25.38%vs CMP ₹725.00

P/E (16.1) × ROE (11.7%) × BV (₹358.00) × DY (0.28%)

₹478.46Overvalued by 34.01%vs CMP ₹725.00
MoS: -51.5% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹576.3322%Over (-20.5%)
Graham NumberEarnings₹603.5316%Over (-16.8%)
Earnings PowerEarnings₹136.1013%Over (-81.2%)
DCFCash Flow₹487.5813%Over (-32.7%)
Net Asset ValueAssets₹357.137%Over (-50.7%)
EV/EBITDAEnterprise₹573.889%Over (-20.8%)
Earnings YieldEarnings₹452.207%Over (-37.6%)
ROCE CapitalReturns₹487.117%Over (-32.8%)
Revenue MultipleRevenue₹554.795%Over (-23.5%)
Consensus (9 models)₹478.46100%Overvalued
Key Drivers: Wide model spread (₹136–₹604) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 6.5%

*Investments are subject to market risks

Investment Snapshot

69
SP Apparels Ltd (SPAL) scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health71/100 · Strong
ROCE 14.2% GoodROE 11.7% AverageD/E 0.32 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.02% (6mo) Slight increaseDII holding down 0.96% MF sellingPromoter holding at 61.9% Stable
Earnings Quality60/100 · Moderate
OPM stable around 14% SteadyWorking capital: 50 days (improving) Efficient
Quarterly Momentum78/100 · Strong
Revenue (4Q): +25% YoY AcceleratingProfit (4Q): +23% YoY Positive
Industry Rank80/100 · Strong
P/E 16.1 vs industry 33.4 Cheaper than peersROCE 14.2% vs industry 11.4% Above peers3Y sales CAGR: 18% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

SP Apparels Ltd (SPAL) Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
50/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 16.1 vs Ind 33.4 | ROCE 14.2% | ROE 11.7% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.32x | IntCov 0.0x | Current 1.67x | Borrow/Reserve 0.46x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹95 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +0.34 pp | DII -1.07 pp | Prom 0.00 pp
Business Momentum
-42
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -10.3% | Q NP -22.9% | Q OPM -1.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-34.0%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.46xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+0.34 ppLatest FII% minus previous FII%
DII Change-1.07 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-1,352Latest shareholder count minus previous count
Quarterly Sales Change-10.3%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-22.9%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-1.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:36 am

Market Cap 1,823 Cr.
Current Price 725
Intrinsic Value₹478.46
High / Low 990/585
Stock P/E16.1
Book Value 358
Dividend Yield0.28 %
ROCE14.2 %
ROE11.7 %
Face Value 10.0
PEG Ratio2.47

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for SP Apparels Ltd (SPAL)

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
SP Apparels Ltd (SPAL) 1,823 Cr. 725 990/58516.1 3580.28 %14.2 %11.7 % 10.0
Monte Carlo Fashions Ltd 1,017 Cr. 490 865/46410.6 4024.08 %12.8 %9.78 % 10.0
Lux Industries Ltd 2,729 Cr. 907 1,646/80524.4 5910.22 %12.6 %9.92 % 2.00
Bizotic Commercial Ltd 913 Cr. 947 1,053/81.084.3 82.70.00 %11.4 %7.61 % 10.0
Iris Clothings Ltd 606 Cr. 31.9 39.5/21.042.6 6.950.00 %17.9 %17.3 % 2.00
Industry Average4,184.42 Cr1,215.8433.42143.320.29%11.36%15.66%7.21

All Competitor Stocks of SP Apparels Ltd (SPAL)

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 251275248292252295245391359399403427383
Expenses 229235212246218254212342308345351365329
Operating Profit 22403647344133505154536254
OPM % 9%14%15%16%14%14%13%13%14%14%13%15%14%
Other Income 8246523234276
Interest 276453511810121010
Depreciation 999109910111211111212
Profit before tax 19252538243021303437314737
Tax % 32%19%40%26%28%5%12%28%29%19%32%26%27%
Net Profit 13211529182818222430213527
EPS in Rs 5.288.215.9811.387.0311.357.208.759.6412.128.5313.8310.74

Last Updated: March 3, 2026, 3:02 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 3:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4504715326326628258086528591,0811,0871,3951,613
Expenses 3864034475285556917245477079359291,2071,390
Operating Profit 64698510410613484105152146158188223
OPM % 14%15%16%16%16%16%10%16%18%14%15%13%14%
Other Income 17-1221163131920161219
Interest 3631251829623141219193342
Depreciation 18202019222230323536384347
Profit before tax 12242887711094459115111118123153
Tax % 46%60%33%38%33%33%-6%27%26%26%24%23%
Net Profit 61019544873474385839095113
EPS in Rs 3.975.9810.9821.3019.0028.5618.2616.8032.9632.8835.7237.9045.22
Dividend Payout % 0%0%0%0%3%0%0%13%0%9%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)66.67%90.00%184.21%-11.11%52.08%-35.62%-8.51%97.67%-2.35%8.43%5.56%
Change in YoY Net Profit Growth (%)0.00%23.33%94.21%-195.32%63.19%-87.70%27.11%106.19%-100.03%10.79%-2.88%

SP Apparels Ltd (SPAL) has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:11%
5 Years:12%
3 Years:18%
TTM:43%
Compounded Profit Growth
10 Years:25%
5 Years:11%
3 Years:4%
TTM:6%
Stock Price CAGR
10 Years:%
5 Years:49%
3 Years:18%
1 Year:-20%
Return on Equity
10 Years:13%
5 Years:12%
3 Years:12%
Last Year:12%

Last Updated: September 5, 2025, 1:15 pm

Balance Sheet

Last Updated: February 1, 2026, 3:50 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 17171725252626262625252525
Reserves 505996332372458498533612649739831873
Borrowings 358304279185223211226194231245203381405
Other Liabilities 100140169134189192143160193179175219224
Total Liabilities 5255205616778108878929121,0621,0971,1421,4561,527
Fixed Assets 285275277299307317444444450459454595688
CWIP -0-04-0654-010810193110
Investments 11158310000113511025
Other Assets 240244280319465515448458604515618821805
Total Assets 5255205616778108878929121,0621,0971,1421,4561,527

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 58844926-1828380272167944
Cash from Investing Activity + -14-6-28-116-15-60-39-21-29-1606-170
Cash from Financing Activity + -44-77-209219-17-45-4224-48-6782
Net Cash Flow 011235-11721819-44
Free Cash Flow 516923-11-40-33236-616425-37
CFO/OP 94%126%64%43%20%72%114%90%34%167%71%42%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-294.00-235.00-194.00-81.00-117.00-77.00-142.00-89.00-79.00-99.00-45.00-193.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 445856789157426549355566
Inventory Days 221190228147268277233327342223214234
Days Payable 13117320910114512286123116748083
Cash Conversion Cycle 1347475123215212189269275184190216
Working Capital Days 99-79-58203942467481265350
ROCE %11%14%18%23%17%18%11%10%16%15%13%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%
FIIs 1.09%1.07%1.50%1.39%1.53%1.59%1.64%1.83%1.81%1.83%1.49%1.83%
DIIs 17.73%17.60%18.47%19.08%18.87%19.25%19.56%19.84%19.68%19.92%19.79%18.72%
Public 19.25%19.41%18.12%17.61%17.68%17.23%16.88%16.40%16.59%16.32%16.80%17.52%
No. of Shareholders 18,39217,77017,20316,37615,67715,36716,10516,82316,81116,85817,09515,743

Shareholding Pattern Chart

No. of Shareholders

SP Apparels Ltd (SPAL): Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Franklin India Small Cap Fund 485,350 0.26 32.72553,0322026-02-22 13:50:45-12.24%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 37.9035.7232.3732.9616.80
Diluted EPS (Rs.) 37.9035.7232.3732.9616.80
Cash EPS (Rs.) 55.1550.7647.2946.4229.38
Book Value[Excl.RevalReserv]/Share (Rs.) 341.27301.76265.86245.69214.82
Book Value[Incl.RevalReserv]/Share (Rs.) 341.27301.76265.86245.69214.82
Revenue From Operations / Share (Rs.) 555.99433.33429.55334.50253.89
PBDIT / Share (Rs.) 79.7069.3865.9762.7541.15
PBIT / Share (Rs.) 62.4554.3351.5649.2928.57
PBT / Share (Rs.) 49.1046.8844.1444.6823.02
Net Profit / Share (Rs.) 37.9035.7232.8832.9616.80
NP After MI And SOA / Share (Rs.) 37.9035.7232.8832.9916.82
PBDIT Margin (%) 14.3316.0115.3518.7616.20
PBIT Margin (%) 11.2312.5312.0014.7311.25
PBT Margin (%) 8.8310.8110.2713.359.06
Net Profit Margin (%) 6.818.247.659.856.61
NP After MI And SOA Margin (%) 6.818.247.659.866.62
Return on Networth / Equity (%) 11.1011.7312.2413.297.73
Return on Capital Employeed (%) 16.5416.4917.3316.9911.28
Return On Assets (%) 6.537.857.527.984.74
Long Term Debt / Equity (X) 0.040.010.010.050.09
Total Debt / Equity (X) 0.410.230.320.310.32
Asset Turnover Ratio (%) 1.070.970.990.760.64
Current Ratio (X) 1.461.911.611.791.67
Quick Ratio (X) 0.721.070.760.740.74
Inventory Turnover Ratio (X) 4.391.151.131.110.76
Dividend Payout Ratio (NP) (%) 0.008.390.000.000.00
Dividend Payout Ratio (CP) (%) 0.005.900.000.000.00
Earning Retention Ratio (%) 0.0091.610.000.000.00
Cash Earning Retention Ratio (%) 0.0094.100.000.000.00
Interest Coverage Ratio (X) 5.979.318.8913.607.41
Interest Coverage Ratio (Post Tax) (X) 3.845.795.438.154.02
Enterprise Value (Cr.) 2022.741548.80951.041012.32529.17
EV / Net Operating Revenue (X) 1.451.420.881.180.81
EV / EBITDA (X) 10.118.905.756.285.01
MarketCap / Net Operating Revenue (X) 1.231.340.741.020.60
Retention Ratios (%) 0.0091.600.000.000.00
Price / BV (X) 2.001.911.201.380.70
Price / Net Operating Revenue (X) 1.231.340.741.020.60
EarningsYield 0.050.060.100.090.10

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

S P Apparels Ltd. is a Public Limited Listed company incorporated on 18/11/2005 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L18101TZ2005PLC012295 and registration number is 012295. Currently Company is involved in the business activities of Manufacture of all types of textile garments and clothing accessories. Company's Total Operating Revenue is Rs. 981.62 Cr. and Equity Capital is Rs. 25.09 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Textiles - Readymade ApparelsNo.39-A, Extension Street, Kaikattipudur, Tiruppur District Tamil Nadu 641654Contact not found
Management
NamePosition Held
Mr. P SundararajanChairman & Managing Director
Mrs. S ShanthaJoint Managing Director
Mr. S ChenduranJoint Managing Director
Mrs. S LathaExecutive Director
Mr. A S AnandkumarIndependent Director
Mr. C R RajagopalIndependent Director
Mrs. H Lakshmi PriyaIndependent Director
Mr. B RavishankarIndependent Director

FAQ

What is the intrinsic value of SP Apparels Ltd (SPAL) and is it undervalued?

As of 06 April 2026, SP Apparels Ltd (SPAL)'s intrinsic value is ₹478.46, which is 34.01% lower than the current market price of ₹725.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.7 %), book value (₹358), dividend yield (0.28 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of SP Apparels Ltd (SPAL)?

SP Apparels Ltd (SPAL) is trading at ₹725.00 as of 06 April 2026, with a FY2026-2027 high of ₹990 and low of ₹585. The stock is currently in the middle of its 52-week range. Market cap stands at ₹1,823 Cr..

How does SP Apparels Ltd (SPAL)'s P/E ratio compare to its industry?

SP Apparels Ltd (SPAL) has a P/E ratio of 16.1, which is below the industry average of 33.42. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is SP Apparels Ltd (SPAL) financially healthy?

Key indicators for SP Apparels Ltd (SPAL): ROCE of 14.2 % is moderate. Dividend yield is 0.28 %.

Is SP Apparels Ltd (SPAL) profitable and how is the profit trend?

SP Apparels Ltd (SPAL) reported a net profit of ₹95 Cr in Mar 2025 on revenue of ₹1,395 Cr. Compared to ₹85 Cr in Mar 2022, the net profit shows an improving trend.

Does SP Apparels Ltd (SPAL) pay dividends?

SP Apparels Ltd (SPAL) has a dividend yield of 0.28 % at the current price of ₹725.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in SP Apparels Ltd (SPAL). Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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