S.p. Apparels Ltd. · NSE:SPAL
S.p. Apparels — Q3 FY26 Earnings Presentation
47 slides from S.p. Apparels's earnings presentation, Feb 12, 2026
Slide 1: Covering letter to stock exchanges
February 12, 2026 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 – Q3 & 9M FY26 Investor Presentation
S. P. APPARELS LIMITED Dressing the Future.... Q3 & 9M FY26 | Investor Presentation
Slide 3: 9MFY26 consolidated growth highlights
Revenue from PAT EBITDA Operations 21.9% YoY 29.7% YoY 27.3% YoY 9MFY26 9MFY26 9MFY26 Consolidated Consolidated Consolidated SPUK Division reported Positive EBITDA of Rs. 18.7 Mn during 9MFY26 vs loss of Rs. (17.2) Mn in 9MFY25 Retail Division continued to report Positive EBITDA during the quarter
Slide 4: Table of Content
TABLE OF CONTENT 1 Quarter Highlights: Q3 & 9M 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
Quarter Highlights Q3 & 9M FY26 Dressing the Future....
Slide 6: Q3 & 9M FY26: Consolidated Performance Highlights
Q3 & 9M FY26: Consolidated Performance Highlights Revenue from Operations (Rs. Mn) EBITDA (Rs. Mn) PAT (Rs. Mn) 5,000.0 750.0 400.0 700.0 4,500.0 350.0 650.0 3,829.5 566.0 3,593.2 4,000.0 600.0 300.0 270.0 550.0 508.9 247.5 6.6% YoY 11.2% YoY 9.1% YoY 3,500.0 500.0 250.0 3,000.0 450.0 200.0 Q3FY26 2
Slide 7: Q3 & 9M FY26: Standalone Performance Highlights
Q3 & 9M FY26: Standalone Performance Highlights Adj. Operational Revenue (Rs. Mn) Adj. EBITDA (Rs. Mn) PAT (Rs. Mn) 600.0 300.0 3,400.0 280.0 550.0 3,200.0 260.0 500.0 10.9% YoY 240.0 3,000.0 4.1% YoY 220.0 7.2% YoY 193.0 450.0 2,800.0 404.0 180.1 2,587.8 388.0 200.0 Q3FY26 400.0 2,600.0 180.0 2,400
Slide 8: Segmental Highlights
Segmental Highlights Garmenting Division1 SPUK Retail Adj. Operational Revenue (Rs. Mn) 16.7% Operational Revenue (Rs. Mn) Operational Revenue (Rs. Mn) YoY 7.6% YoY 11,057.3 9,471.5 566.9 520.1 561.6 537.8 3,194.6 3,435.9 250.8 186.6 192.4 172.4 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY2
Slide 9: Garment Division – Operational Update
Garment Division – Operational Update Capacity Utilization Export Volumes & Realisation Export Volumes (mn pcs) & 85.0% 25.0 Net Sales Realisation (per pcs) in INR 160.00 142.3 71.0% 130.3 128.9 133.0 126.2 140.00 20.0 120.00 15.0 100.00 80.00 10.0 18.9 18.6 18.6 18.2 60.00 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) Q3FY26 Q3FY25 YoY% 9MFY26 9MFY25 YoY% Revenue from Operations 3,829.5 3,593.2 6.6% 12,137.3 9,959.3 21.9% COGS 1,590.9 1,481.1 5,122.8 4,040.1 Gross Profit 2,238.5 2,112.1 6.0% 7,014.5 5,919.2 18.5% Gross Margin % 58.5% 58.8% 57.8% 59.4%
Slide 11: P&L Statement Highlights (Standalone – SPAL Tirupur)
P&L Statement Highlights (Standalone – SPAL Tirupur) Particulars (In Rs Mn) Q3FY26 Q3FY25 YoY% 9MFY26 9MFY25 YoY% Revenue from Operations 2,644.2 2,335.6 13.2% 8,619.1 7,036.5 22.5% Gain on account of Foreign Currency Fluctuations (56.4) (1.3) (105.6) 11.6 Adj. Operational Revenue 2,587.8 2,334.3 10
Slide 12: P&L Statement Highlights - Young Brand Apparel
P&L Statement Highlights - Young Brand Apparel Particulars (In Rs Mn) Q3FY26 Q3FY25 YoY% 9MFY26 9MFY25 YoY% Revenue from Operations 831.5 840.6 - 2,502.7 2,378.7 5.2% Gain on account of Foreign Currency Fluctuations 16.5 19.6 41.1 44.9 Adj. Operational Revenue 848.0 860.2 - 2,543.8 2,423.5 5.0% COGS
Slide 13: Growth Strategies
Growth Strategies Expanding Growth in Existing Growth in Acquired Geographical Verticals Business Footprint
Slide 14: 1. Growing Existing Verticals
1. Growing Existing Verticals 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 growth i
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 Mrs S. Shantha Chairman and Managing Director Joint Managing Dire
Slide 21: 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 20
Slide 22: Garment Division
Garment Division Established Global Player Dressing the Future....
Slide 23: 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 24: Improving Operating leverage to thrust growth
Improving Operating leverage to thrust growth Capacity Utilization Trend Adj. EBITDA Margin (%) 85.0% 76.0% 18% 18% 72.0% 71.0% 17% 16% FY23 FY24 FY25 9MFY26 FY23 FY24 FY25 9MFY26 Consistently increasing utilisation levels from 60% in FY21 Adj. EBITDA Margin (%) to remain sustainable to 85% in FY25,
Slide 25: 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 26: 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 27: 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 28: 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 29: Young Brand Apparels
Young Brand Apparels Established Global Player Dressing the Future....
Slide 30: 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 31: S.P. Retail
S.P. Retail Building a Brand for Future Dressing the Future....
Slide 32: 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 33: 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 34: S. P. Retail – The Brand Portfolio
S. P. Retail – The Brand Portfolio Leading Apparel brand with a presence 51 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 35: S.P. Apparels (UK) (P) Ltd
S.P. Apparels (UK) (P) Ltd Tapping the Global Market Dressing the Future....
Slide 36: 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 37: Promising Industry Opportunities
Promising Industry Opportunities Dressing the Future....
Slide 38: 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 39: Annual Financial Highlights
Annual Financial Highlights Dressing the Future....
Slide 40: 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% 6.8% 14,073.3 18.6% 7.5% 8.1% 16.2% 15.8% 6.6% 11,008.9 11,036.7 15.0% 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 41: 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 42: Shareholding Structure
Shareholding Structure SHAREHOLDING PATTERN – 31st Dec 2025 KEY SHAREHOLDERS – 31st Dec 2025 DSP Mutual Fund 7.7% Quant Mutual Fund 3.2% Franklin Templeton Mutual Fund 2.2% UTI Asset Management 2.0% Mahindra Manulife Mutual Fund 1.6% Promoter (61.9%) Alternate Invst Funds (0.8%) Body Corporate (2.06
Slide 43: Annexure
Annexure Dressing the Future....
Slide 44: 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 45: 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 46: 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 47: 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