S.p. Apparels Ltd. · NSE:SPAL
S.p. Apparels — Q2 FY2026 Earnings Presentation
97 slides from S.p. Apparels's earnings presentation, Nov 15, 2025
Slide 1: Financial Presentation cover letter to exchanges
November 15, 2025 The Listing Department The Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, 'Exchange Plaza', Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 540048 Symbol: SPAL Dear Sirs, Sub: Fin
Slide 2: S. P. Apparels Limited - Q2 & H1 FY26 Investor Presentation
S. P. APPARELS LIMITED Dressing the Future.... Q2 & H1 FY26 | Investor Presentation
Slide 3: Standalone Q2 FY26 headline growth
Adj. EBITDA Adj. EBITDA PAT Margin at 23.6% YoY 51.4% YoY 17.8% Standalone Standalone Standalone Retail Division reported Positive EBITDA in Q2FY26, Expect to sustain the momentum SPUK Division delivered a Positive EBITDA in Q2FY26, Poised to maintain growth trajectory
Slide 4: Table of Content
TABLE OF CONTENT 1 Quarter Highlights: Q2 & H1 FY26 2 Growth Strategies 3 Company Overview 4 Garment Division 5 S. P. Retail 6 S.P. Apparels (UK) 7 Promising Industry Opportunities 8 Financial Highlights 9 Annexure
Slide 5: Quarter Highlights Q2 & H1 FY26
Quarter Highlights Q2 & H1 FY26 Dressing the Future....
Slide 6: Consolidated Performance Highlights
Q2 & H1 FY26: Consolidated Performance Highlights Total Revenue (Rs. Mn) EBITDA (Rs. Mn) PAT (Rs. Mn) 5,000.0 750.0 400.0 4,273.4 700.0 347.0 4,500.0 636.5 350.0 3,913.0 650.0 4,000.0 600.0 300.0 496.8 550.0 9.2% YoY 28.1% YoY 58.3% YoY 3,500.0 219.2 500.0 250.0 3,000.0 450.0 200.0 Q2FY26 2,500.0 40
Slide 7: Standalone Performance Highlights
Q2 & H1 FY26: Standalone Performance Highlights Adj. Total Revenue (Rs. Mn) Adj. EBITDA (Rs. Mn) PAT (Rs. Mn) 600.0 300.0 3,400.0 543.5 280.0 273.0 550.0 3,200.0 3,048.7 500.0 260.0 18.4% YoY 240.0 3,000.0 439.9 23.6% YoY 220.0 51.4% YoY 450.0 2,800.0 2,575.1 200.0 180.3 Q2FY26 400.0 2,600.0 180.0 1
Slide 8: Segmental Highlights
Segmental Highlights Garment Exports SPUK Retail (Including Young Brand Apparel) Adj. Operational Revenue (Rs. Mn) Operational Revenue (Rs. Mn) 21.4% Operational Revenue (Rs. Mn) 10.2% YoY YoY 7,621.4 327.7 316.1 375.1 365.4 6,277.0 3,892.1 199.0 226.6 216.8 3,531.3 179.9 Q2FY25 Q2FY26 H1FY25 H1FY26
Slide 9: Garment Division – Operational Update
Garment Division – Operational Update Capacity Utilization Export Volumes & Realisation Export Volumes (mn pcs) & Net Sales Realisation (per pcs) in INR 83.0% 25.0 160.00 147.2 142.3 130.3 133.0 140.00 128.9 20.0 120.00 82.0% 100.00 15.0 80.00 10.0 18.6 18.6 18.9 60.00 15.3 15.8 40.00 5.0 20.00 - 0.
Slide 10: P&L Statement Highlights (Consolidated)
P&L Statement Highlights (Consolidated) Particulars (In Rs Mn) Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from Operations 4,273.4 3,913.0 8,307.8 6,366.1 Total Revenues 4,273.4 3,913.0 9.2% 8,307.8 6,366.1 30.5% COGS 1,807.3 1,709.7 3,531.8 2,559.0 Gross Profit 2,466.1 2,203.3 11.9% 4,776.0 3
Slide 11: P&L Statement Highlights (Standalone)
P&L Statement Highlights (Standalone) Particulars (In Rs Mn) Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from Operations 3,078.1 2,560.4 20.2% 5,974.9 4,700.9 27.1% Gain on account of Foreign Currency Fluctuations (29.4) 14.7 (49.2) 12.8 Adj. Total Revenues 3,048.7 2,575.1 18.4% 5,925.7 4,713.
Slide 12: P&L Statement Highlights - Young Brand Apparel
P&L Statement Highlights - Young Brand Apparel Particulars (In Rs Mn) Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from Operations 822.5 942.3 - 1,671.1 1,538.1 8.7% Gain on account of Foreign Currency Fluctuations 20.8 14.0 24.6 25.2 Adj. Total Revenues 843.4 956.2 - 1,695.7 1,563.3 8.5% COGS
Slide 13: Balance Sheet Highlights (Consolidated)
Balance Sheet Highlights (Consolidated) ASSETS (Rs. Mn) Sep’25 Mar’25 EQUITY AND LIABILITIES (Rs. Mn) Sep’25 Mar’25 Non-Current Assets Equity a. Property, Plant and Equipment 5,957.9 5,353.1 a. Equity Share capital 250.9 250.9 b. Other Equity 8,733.2 8,312.5 b. Right of Use Assets 95.2 224.0 Total E
Slide 14: Cashflow Statement (Consolidated)
Cashflow Statement (Consolidated) Cashflow Statement (Consolidated) (In Rs Mn) Sep'25 Mar’25 (Cont…) Cashflow Statement (Consolidated) (In Rs Mn) Sep'25 Mar’25 A. Cashflow from Activities B. Cashflow from Investing Activities Profit Before Tax 775.8 1,232.2 Capital expenditure on property, plant and
Slide 15: Growth Strategies
Growth Strategies Growth in Existing Expanding Growth in Acquired Verticals Geographical Footprint Business
Slide 16: 1. Growing Existing Verticals (1/2)
1. Growing Existing Verticals (1/2) Traditional SPAL Garment Division SPUK SP Retail Ventures Enhance Capacity Utilization within the Current FTA UK Advantage 01 Operational setup ▪ Competitive Pricing Opportunity Seeking Strategic Investor: Actively looking for a strategic partner to support our gr
Slide 17: 2. Expanding Geographical Footprints – Entry into Sri Lanka
2. Expanding Geographical Footprints – Entry into Sri Lanka Locational Advantage in moving to Capacity Expansion to 2,000 Sri Lanka for SPAL Machines by FY27E Efficient raw material transfer with overnight shipments from Tuticorin Capacity (No. of Machines) Port to Colombo 2,000 Duty free trade to E
Slide 18: 3. Strong Growth from New Acquisition – Young Brand Apparels
3. Strong Growth from New Acquisition – Young Brand Apparels Expanding Capacities Will lead to… Future Growth Plans ▪ Installed Machines: 1,400 total; 1,150 utilized in FY25 ▪ Expansion in India: Once Salem is Capacity expansion Cross-selling with operational, plan to add capacity in nearby ▪ Capaci
Slide 19: Company Overview
Company Overview S. P. Apparels Limited (SPAL) founded in 1989, is India's biggest manufacturer and exporter of knitted clothes for infants and children. These are produced in integrated facilities that enable end- to-end garment manufacturing services. SPAL offers complete garment production servic
Slide 20: Preferred Vendor To Reputed International Brands
Preferred Vendor To Reputed International Brands Strong Leadership Brand of Choice Integrated Manufacturing Location Advantage Specialized player in the Infant & Preferred vendor for major 100% Backward integrated right Located near Tirupur – the hub for children wear knitted garment children wear b
Slide 21: Journey So Far
Journey So Far 1989-2003 2016 2017-2023 1989 2016 2017-23 Started export operations as Listed on BSE / NSE Integration/expansion of a partnership firm manufacturing facilities to Repayment of Loans to increase operational efficiency 1998 03 reduce leverage Expansion of Crocodile brand in Set-up manu
Slide 22: Effective Management Structure
Effective Management Structure Board of Directors Mrs H. Lakshmi Priya Mr C. R. Rajagopal Mr B. Ravishankar Mr Srinivas Chidambaram Independent Director Independent Director Independent Director Independent Director Mr P. Sundararajan Chairman and Managing Director Garment Export Division ▪ Founder
Slide 23: Integrated Facilities – Right from Yarn to Garment
Integrated Facilities – Right from Yarn to Garment SPINNING KNITTING DYEING CUTTING PRINTING AUTOMATED AUTOMATED SEWING SEMI-AUTOMATED SEWING EMBROIDERY ASSEMBLY LINE INVENTORY MANAGEMENT 22
Slide 24: Garment Division
Garment Division Established Global Player Dressing the Future....
Slide 25: Garment Division at Glance
Garment Division at Glance Well Established Garment Export Business (Kids & Infants) Leading exporter Leading Kids and Infants Exporter Globally 80%+ Absolute Growth | 16%+ CAGR Growth +80% Growth in Garment Exports Revenue from and 16%+ CAGR Growth (FY21 to FY25) 15-20% Margins Consistently Deliver
Slide 26: Improving Operating leverage to thrust growth
Improving Operating leverage to thrust growth Capacity Utilization Trend Adj. EBITDA Margin (%) 85.0% 83.0% 18% 18% 17% 17% 76.0% 72.0% FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 Consistently increasing utilisation levels from 60% in FY21 Adj. EBITDA Margin (%) to remain sustainable to currently 85
Slide 27: Infants and Kids Segment a Critical Sector to Cater
Infants and Kids Segment a Critical Sector to Cater Key Entry Barriers Health & safety regulations • Stringent safety and quality requirements in developed markets • Severe restrictions on the use of hazardous chemicals, dyes, Products accessories, etc to prevent harming Manufacturing capabilities •
Slide 28: Complete Integration enables Quality Consistency and Timely Delivery
Complete Integration enables Quality Consistency and Timely Delivery Quality checks at every stage Product Order Spinning Knitting Dyeing Garmenting Export Development Packing of Purchase of Design Creation Sewing orders as per dyed yarn instructions Customer Yarn converted Fabric dyed and Final AQL
Slide 29: Developed Capabilities Over the Years
Developed Capabilities Over the Years Demonstrated manufacturing excellence for over 3 decades Proficient in-house design and merchandising team of designers located at SPUK and in India Ability to consistently deliver high quality products on timely basis Meeting stringent compliance requirements o
Slide 30: Quality is a key essence of our success
Quality is a key essence of our success Stringent quality control checks Rigorous inspections eliminate at every stage, from fabric to defects, ensuring exceptional garment, ensure top-notch quality, with an internal rejection product quality, free from any rate below international metal bits, needl
Slide 31: Young Brand Apparels
Young Brand Apparels Established Global Player Dressing the Future....
Slide 32: Young Brand Apparels – Entry into Intimate Wear Exports
Young Brand Apparels – Entry into Intimate Wear Exports The company offers innerwear and Core export customers are Marks & Intimate Marquee outerwear for men, women and kids. Spencer, PINK (Victoria’s Secret), Wear It specializes in intimate wear Customers Jockey, American Eagle Owns a 2,80,000 sq.
Slide 33: S.P. Retail
S.P. Retail Building a Brand for Future Dressing the Future....
Slide 34: Evolution of Retail Division
Evolution of Retail Division 2006 2008 - 2012 2013 - 2019 2020 - 2022 Acquisition of CPPL Revolutionizing Retail: Store Expansion and Acquired licensee of & exclusive Crocodile's Flagship Phase of Consolidation Angel & Rocket Crocodile license Stores Unveiled ▪ SPAL acquires major stake 2008 ▪ The p
Slide 35: Retail Division - A High Value Brand Play
Retail Division - A High Value Brand Play Fuelled by a robust distribution network, Crocodile is an Established and a SPAL an in-house design team, and a Crocodile profitable brand with Pan India Retail sustainable growth strategy, Retail is One Presence and Good Brand Recall of the fast-growing div
Slide 36: S. P. Retail – The Brand Portfolio
S. P. Retail – The Brand Portfolio Leading Apparel brand with a presence 49 Strategic acquisition of a premium kids wear 46 across India brand, to establish our very own kids and Standalone infants' brand in India In large stores format stores Crocodile is one of the largest fashion This move strate
Slide 37: S.P. Apparels (UK) (P) Ltd
S.P. Apparels (UK) (P) Ltd Tapping the Global Market Dressing the Future....
Slide 38: S.P. Apparels (UK) (P) Limited (SPUK)
S.P. Apparels (UK) (P) Limited (SPUK) SPUK – Cater to Designing for Faced various Challenges that European Clients impacted the growth Incorporated in 2014 to explore Since its beginning, the company has possible marketing opportunities and encountered numerous engage in trading activities with new
Slide 39: Promising Industry Opportunities
Promising Industry Opportunities Dressing the Future....
Slide 40: Macro Tailwinds – To boost Indian Garment Exports
Macro Tailwinds – To boost Indian Garment Exports 1 Export Promotion Mission (EPM) to Strengthen Exports Benefit for SPAL ▪ Central govt. has approved Export promotion scheme with an outlay of ~Rs. 25,060 Cr till FY31 ▪ The mission consolidates key export‐support schemes, (e.g. Interest Equalization
Slide 41: Annual Financial Highlights
Annual Financial Highlights Dressing the Future....
Slide 42: Consolidated Financial Highlights (1/2)
Consolidated Financial Highlights (1/2) Consolidated Figures (in Rs. Mn) Total Income EBITDA & Margin(%) Profit After Tax & Margin (%) 9.7% 14,073.3 18.6% 7.5% 8.1% 16.2% 6.6% 6.8% 11,036.7 15.0% 15.8% 11,008.9 14.2% 8,689.2 6,536.9 846.93 896.3 951.0 2,000.0 825.1 1,612.3 1,655.4 1,740.9 1,057.2 43
Slide 43: Financial Highlights (2/2)
Financial Highlights (2/2) Figures (in Rs. Mn) Garment Division (Including Young Brand Apparel) 20.2% 20.9% 18.7% 13,081.8 17.6% 14000 12000 16.2% 9,600.4 9,383.7 7,429.3 10000 5,368.7 8000 6000 4000 1,553.2 1,791.0 1,655.5 2,121.8 2000 1,083.3 0 FY21 FY22 FY23 FY24 FY25 Garment Revenue Garment EBIT
Slide 44: Shareholding Structure
Shareholding Structure SHAREHOLDING PATTERN – 30th Sep 2025 KEY SHAREHOLDERS – 30th Sep 2025 DSP Mutual Fund 8.4 Quant Mutual Fund 3.4 Franklin Templeton Mutual Fund 2.4 UTI Asset Management 2.0 Mahindra Manulife Mutual Fund 1.6 Promoter (61.9%) Alternate Invst Funds (0.8%) Body Corporate (1.3%) Ins
Slide 45: Annexure
Annexure Dressing the Future....
Slide 46: ESG
ESG Mission Statement: Vision Statement: "To achieve carbon neutrality by the year 2033" “To be a sustainable practise leader by promoting the use of renewable energy and prioritising the usage of recycled materials in order to protect our world for future generations” Our Pillars Sustainable Respon
Slide 47: Creating Impact Beyond Business
Creating Impact Beyond Business Our company is committed to conducting business activities in an environmentally responsible manner. We focus on reducing our environmental footprint across the value chain and returning back to nature what we consume. Making a Difference for the Environment Building
Slide 48: Disclaimer
Disclaimer This presentation has been prepared by S. P. Apparels Limited solely to provide information about the Company. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or o
Slide 49: Let's Connect!
LET’S CONNECT! Mr. V. Balaji, Chief Financial Officer Balaji.V@spapparels.com Mr. Vikash Verma Mr. Abhishek Bhatt Vikash.verma1@in.ey.com Abhishek.bhatt3@in.ey.com Shrishti Tandon Shrishti.tandon@in.ey.com
Slide 50: S. P. Apparels Limited - Q2 & H1 FY26
S. P. APPARELS LIMITED Dressing the Future.... Q2 & H1 FY26 | Investor Presentation
Slide 51: Standalone Q2 FY26 headline growth
Adj. EBITDA Adj. EBITDA PAT Margin at 23.6% YoY 51.4% YoY 17.8% Standalone Standalone Standalone Retail Division reported Positive EBITDA in Q2FY26, Expect to sustain the momentum SPUK Division delivered a Positive EBITDA in Q2FY26, Poised to maintain growth trajectory
Slide 52: Table of Content
TABLE OF CONTENT 1 Quarter Highlights: Q2 & H1 FY26 2 Growth Strategies 3 Company Overview 4 Garment Division 5 S. P. Retail 6 S.P. Apparels (UK) 7 Promising Industry Opportunities 8 Financial Highlights 9 Annexure
Slide 53: Quarter Highlights Q2 & H1 FY26
Quarter Highlights Q2 & H1 FY26 Dressing the Future....
Slide 54: Consolidated Performance Highlights
Q2 & H1 FY26: Consolidated Performance Highlights Total Revenue (Rs. Mn) EBITDA (Rs. Mn) PAT (Rs. Mn) 5,000.0 750.0 400.0 4,273.4 700.0 347.0 4,500.0 636.5 350.0 3,913.0 650.0 4,000.0 600.0 300.0 496.8 550.0 9.2% YoY 28.1% YoY 58.3% YoY 3,500.0 219.2 500.0 250.0 3,000.0 450.0 200.0 Q2FY26 2,500.0 40
Slide 55: Standalone Performance Highlights
Q2 & H1 FY26: Standalone Performance Highlights Adj. Total Revenue (Rs. Mn) Adj. EBITDA (Rs. Mn) PAT (Rs. Mn) 600.0 300.0 3,400.0 543.5 280.0 273.0 550.0 3,200.0 3,048.7 500.0 260.0 18.4% YoY 240.0 3,000.0 439.9 23.6% YoY 220.0 51.4% YoY 450.0 2,800.0 2,575.1 200.0 180.3 Q2FY26 400.0 2,600.0 180.0 1
Slide 56: Segmental Highlights
Segmental Highlights Garment Exports SPUK Retail (Including Young Brand Apparel) Adj. Operational Revenue (Rs. Mn) Operational Revenue (Rs. Mn) 21.4% Operational Revenue (Rs. Mn) 10.2% YoY YoY 7,621.4 327.7 316.1 375.1 365.4 6,277.0 3,892.1 199.0 226.6 216.8 3,531.3 179.9 Q2FY25 Q2FY26 H1FY25 H1FY26
Slide 57: Garment Division – Operational Update
Garment Division – Operational Update Capacity Utilization Export Volumes & Realisation Export Volumes (mn pcs) & Net Sales Realisation (per pcs) in INR 83.0% 25.0 160.00 147.2 142.3 130.3 133.0 140.00 128.9 20.0 120.00 82.0% 100.00 15.0 80.00 10.0 18.6 18.6 18.9 60.00 15.3 15.8 40.00 5.0 20.00 - 0.
Slide 58: P&L Statement Highlights (Consolidated)
P&L Statement Highlights (Consolidated) Particulars (In Rs Mn) Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from Operations 4,273.4 3,913.0 8,307.8 6,366.1 Total Revenues 4,273.4 3,913.0 9.2% 8,307.8 6,366.1 30.5% COGS 1,807.3 1,709.7 3,531.8 2,559.0 Gross Profit 2,466.1 2,203.3 11.9% 4,776.0 3
Slide 59: P&L Statement Highlights (Standalone)
P&L Statement Highlights (Standalone) Particulars (In Rs Mn) Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from Operations 3,078.1 2,560.4 20.2% 5,974.9 4,700.9 27.1% Gain on account of Foreign Currency Fluctuations (29.4) 14.7 (49.2) 12.8 Adj. Total Revenues 3,048.7 2,575.1 18.4% 5,925.7 4,713.
Slide 60: P&L Statement Highlights - Young Brand Apparel
P&L Statement Highlights - Young Brand Apparel Particulars (In Rs Mn) Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from Operations 822.5 942.3 - 1,671.1 1,538.1 8.7% Gain on account of Foreign Currency Fluctuations 20.8 14.0 24.6 25.2 Adj. Total Revenues 843.4 956.2 - 1,695.7 1,563.3 8.5% COGS
Slide 61: Balance Sheet Highlights (Consolidated)
Balance Sheet Highlights (Consolidated) ASSETS (Rs. Mn) Sep’25 Mar’25 EQUITY AND LIABILITIES (Rs. Mn) Sep’25 Mar’25 Non-Current Assets Equity a. Property, Plant and Equipment 5,957.9 5,353.1 a. Equity Share capital 250.9 250.9 b. Other Equity 8,733.2 8,312.5 b. Right of Use Assets 95.2 224.0 Total E
Slide 62: Cashflow Statement (Consolidated)
Cashflow Statement (Consolidated) Cashflow Statement (Consolidated) (In Rs Mn) Sep'25 Mar’25 (Cont…) Cashflow Statement (Consolidated) (In Rs Mn) Sep'25 Mar’25 A. Cashflow from Activities B. Cashflow from Investing Activities Profit Before Tax 775.8 1,232.2 Capital expenditure on property, plant and
Slide 63: Growth Strategies
Growth Strategies Growth in Existing Expanding Growth in Acquired Verticals Geographical Footprint Business
Slide 64: 1. Growing Existing Verticals (1/2)
1. Growing Existing Verticals (1/2) Traditional SPAL Garment Division SPUK SP Retail Ventures Enhance Capacity Utilization within the Current FTA UK Advantage 01 Operational setup ▪ Competitive Pricing Opportunity Seeking Strategic Investor: Actively looking for a strategic partner to support our gr
Slide 65: 2. Expanding Geographical Footprints – Entry into Sri Lanka
2. Expanding Geographical Footprints – Entry into Sri Lanka Locational Advantage in moving to Capacity Expansion to 2,000 Sri Lanka for SPAL Machines by FY27E Efficient raw material transfer with overnight shipments from Tuticorin Capacity (No. of Machines) Port to Colombo 2,000 Duty free trade to E
Slide 66: 3. Strong Growth from New Acquisition – Young Brand Apparels
3. Strong Growth from New Acquisition – Young Brand Apparels Expanding Capacities Will lead to… Future Growth Plans ▪ Installed Machines: 1,400 total; 1,150 utilized in FY25 ▪ Expansion in India: Once Salem is Capacity expansion Cross-selling with operational, plan to add capacity in nearby ▪ Capaci
Slide 67: Company Overview
Company Overview S. P. Apparels Limited (SPAL) founded in 1989, is India's biggest manufacturer and exporter of knitted clothes for infants and children. These are produced in integrated facilities that enable end- to-end garment manufacturing services. SPAL offers complete garment production servic
Slide 68: Preferred Vendor To Reputed International Brands
Preferred Vendor To Reputed International Brands Strong Leadership Brand of Choice Integrated Manufacturing Location Advantage Specialized player in the Infant & Preferred vendor for major 100% Backward integrated right Located near Tirupur – the hub for children wear knitted garment children wear b
Slide 69: Journey So Far
Journey So Far 1989-2003 2016 2017-2023 1989 2016 2017-23 Started export operations as Listed on BSE / NSE Integration/expansion of a partnership firm manufacturing facilities to Repayment of Loans to increase operational efficiency 1998 03 reduce leverage Expansion of Crocodile brand in Set-up manu
Slide 70: Effective Management Structure
Effective Management Structure Board of Directors Mrs H. Lakshmi Priya Mr C. R. Rajagopal Mr B. Ravishankar Mr Srinivas Chidambaram Independent Director Independent Director Independent Director Independent Director Mr P. Sundararajan Chairman and Managing Director Garment Export Division ▪ Founder
Slide 71: Integrated Facilities – Right from Yarn to Garment
Integrated Facilities – Right from Yarn to Garment SPINNING KNITTING DYEING CUTTING PRINTING AUTOMATED AUTOMATED SEWING SEMI-AUTOMATED SEWING EMBROIDERY ASSEMBLY LINE INVENTORY MANAGEMENT 22
Slide 72: Garment Division
Garment Division Established Global Player Dressing the Future....
Slide 73: Garment Division at Glance
Garment Division at Glance Well Established Garment Export Business (Kids & Infants) Leading exporter Leading Kids and Infants Exporter Globally 80%+ Absolute Growth | 16%+ CAGR Growth +80% Growth in Garment Exports Revenue from and 16%+ CAGR Growth (FY21 to FY25) 15-20% Margins Consistently Deliver
Slide 74: Improving Operating leverage to thrust growth
Improving Operating leverage to thrust growth Capacity Utilization Trend Adj. EBITDA Margin (%) 85.0% 83.0% 18% 18% 17% 17% 76.0% 72.0% FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 Consistently increasing utilisation levels from 60% in FY21 Adj. EBITDA Margin (%) to remain sustainable to currently 85
Slide 75: Infants and Kids Segment a Critical Sector to Cater
Infants and Kids Segment a Critical Sector to Cater Key Entry Barriers Health & safety regulations • Stringent safety and quality requirements in developed markets • Severe restrictions on the use of hazardous chemicals, dyes, Products accessories, etc to prevent harming Manufacturing capabilities •
Slide 76: Complete Integration enables Quality Consistency and Timely Delivery
Complete Integration enables Quality Consistency and Timely Delivery Quality checks at every stage Product Order Spinning Knitting Dyeing Garmenting Export Development Packing of Purchase of Design Creation Sewing orders as per dyed yarn instructions Customer Yarn converted Fabric dyed and Final AQL
Slide 77: Developed Capabilities Over the Years
Developed Capabilities Over the Years Demonstrated manufacturing excellence for over 3 decades Proficient in-house design and merchandising team of designers located at SPUK and in India Ability to consistently deliver high quality products on timely basis Meeting stringent compliance requirements o
Slide 78: Quality is a key essence of our success
Quality is a key essence of our success Stringent quality control checks Rigorous inspections eliminate at every stage, from fabric to defects, ensuring exceptional garment, ensure top-notch quality, with an internal rejection product quality, free from any rate below international metal bits, needl
Slide 79: Young Brand Apparels
Young Brand Apparels Established Global Player Dressing the Future....
Slide 80: Young Brand Apparels – Entry into Intimate Wear Exports
Young Brand Apparels – Entry into Intimate Wear Exports The company offers innerwear and Core export customers are Marks & Intimate Marquee outerwear for men, women and kids. Spencer, PINK (Victoria’s Secret), Wear It specializes in intimate wear Customers Jockey, American Eagle Owns a 2,80,000 sq.
Slide 81: S.P. Retail
S.P. Retail Building a Brand for Future Dressing the Future....
Slide 82: Evolution of Retail Division
Evolution of Retail Division 2006 2008 - 2012 2013 - 2019 2020 - 2022 Acquisition of CPPL Revolutionizing Retail: Store Expansion and Acquired licensee of & exclusive Crocodile's Flagship Phase of Consolidation Angel & Rocket Crocodile license Stores Unveiled ▪ SPAL acquires major stake 2008 ▪ The p
Slide 83: Retail Division - A High Value Brand Play
Retail Division - A High Value Brand Play Fuelled by a robust distribution network, Crocodile is an Established and a SPAL an in-house design team, and a Crocodile profitable brand with Pan India Retail sustainable growth strategy, Retail is One Presence and Good Brand Recall of the fast-growing div
Slide 84: S. P. Retail – The Brand Portfolio
S. P. Retail – The Brand Portfolio Leading Apparel brand with a presence 49 Strategic acquisition of a premium kids wear 46 across India brand, to establish our very own kids and Standalone infants' brand in India In large stores format stores Crocodile is one of the largest fashion This move strate
Slide 85: S.P. Apparels (UK) (P) Ltd
S.P. Apparels (UK) (P) Ltd Tapping the Global Market Dressing the Future....
Slide 86: S.P. Apparels (UK) (P) Limited (SPUK)
S.P. Apparels (UK) (P) Limited (SPUK) SPUK – Cater to Designing for Faced various Challenges that European Clients impacted the growth Incorporated in 2014 to explore Since its beginning, the company has possible marketing opportunities and encountered numerous engage in trading activities with new
Slide 87: Promising Industry Opportunities
Promising Industry Opportunities Dressing the Future....
Slide 88: Macro Tailwinds – To boost Indian Garment Exports
Macro Tailwinds – To boost Indian Garment Exports 1 Export Promotion Mission (EPM) to Strengthen Exports Benefit for SPAL ▪ Central govt. has approved Export promotion scheme with an outlay of ~Rs. 25,060 Cr till FY31 ▪ The mission consolidates key export‐support schemes, (e.g. Interest Equalization
Slide 89: Annual Financial Highlights
Annual Financial Highlights Dressing the Future....
Slide 90: Consolidated Financial Highlights (1/2)
Consolidated Financial Highlights (1/2) Consolidated Figures (in Rs. Mn) Total Income EBITDA & Margin(%) Profit After Tax & Margin (%) 9.7% 14,073.3 18.6% 7.5% 8.1% 16.2% 6.6% 6.8% 11,036.7 15.0% 15.8% 11,008.9 14.2% 8,689.2 6,536.9 846.93 896.3 951.0 2,000.0 825.1 1,612.3 1,655.4 1,740.9 1,057.2 43
Slide 91: Financial Highlights (2/2)
Financial Highlights (2/2) Figures (in Rs. Mn) Garment Division (Including Young Brand Apparel) 20.2% 20.9% 18.7% 13,081.8 17.6% 14000 12000 16.2% 9,600.4 9,383.7 7,429.3 10000 5,368.7 8000 6000 4000 1,553.2 1,791.0 1,655.5 2,121.8 2000 1,083.3 0 FY21 FY22 FY23 FY24 FY25 Garment Revenue Garment EBIT
Slide 92: Shareholding Structure
Shareholding Structure SHAREHOLDING PATTERN – 30th Sep 2025 KEY SHAREHOLDERS – 30th Sep 2025 DSP Mutual Fund 8.4 Quant Mutual Fund 3.4 Franklin Templeton Mutual Fund 2.4 UTI Asset Management 2.0 Mahindra Manulife Mutual Fund 1.6 Promoter (61.9%) Alternate Invst Funds (0.8%) Body Corporate (1.3%) Ins
Slide 93: Annexure
Annexure Dressing the Future....
Slide 94: ESG
ESG Mission Statement: Vision Statement: "To achieve carbon neutrality by the year 2033" “To be a sustainable practise leader by promoting the use of renewable energy and prioritising the usage of recycled materials in order to protect our world for future generations” Our Pillars Sustainable Respon
Slide 95: Creating Impact Beyond Business
Creating Impact Beyond Business Our company is committed to conducting business activities in an environmentally responsible manner. We focus on reducing our environmental footprint across the value chain and returning back to nature what we consume. Making a Difference for the Environment Building
Slide 96: Disclaimer
Disclaimer This presentation has been prepared by S. P. Apparels Limited solely to provide information about the Company. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or o
Slide 97: Let's Connect!
LET’S CONNECT! Mr. V. Balaji, Chief Financial Officer Balaji.V@spapparels.com Mr. Vikash Verma Mr. Abhishek Bhatt Vikash.verma1@in.ey.com Abhishek.bhatt3@in.ey.com Shrishti Tandon Shrishti.tandon@in.ey.com