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S. P. Apparels Limited Q3 FY26 earnings call summary

NSE: SPAL · BSE: 540048

Earnings call of 13 Feb 2026, summarised by AI from the filing.

S.P. Apparels maintains FY27 revenue guidance of ₹2,000 cr as India-U.S. tariff clarity at 18% restores U.S. demand, with recovery expected from Q2 FY27.

Key takeaways

  1. Growth driver U.S. buyers reengaging and new customers added; recovery expected from Q2 FY27.
  2. Main risk Q4 under pressure from U.S. tariff issue and discounts; Q1 FY27 a transition quarter.

Original filing on BSE

S. P. Apparels Limited Q1 FY27 results

As filed: Revenue ₹401 cr (0% year on year), EBITDA ₹61.4 cr (+16% year on year), PAT ₹24.9 cr (+18% year on year), EBITDA margin 15.3% (+215 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹365 cr (−9% year on year), EBITDA ₹44.6 cr (−17% year on year), PAT ₹18.6 cr (−38% year on year), EBITDA margin 12.2% (−130 bps). Score 18 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 130 bps year on year. Revenue fell 5% from last quarter. Share price after the results: +29.8% in 30 days (Nifty 500: +2.5%).
  • Q3 FY26: Revenue ₹383 cr (+7% year on year), EBITDA ₹56.6 cr (+11% year on year), PAT ₹27.0 cr (+8% year on year), EBITDA margin 14.8% (+57 bps). Score 36 of 100, Below trend. Revenue, EBITDA and profit growth were below the company's own trend. EBITDA margin rose 57 bps year on year. Revenue fell 10% from last quarter. Share price after the results: −8.5% in 30 days (Nifty 500: −9.9%).
  • Q2 FY26: Revenue ₹427 cr (+9% year on year), EBITDA ₹63.0 cr (+26% year on year), PAT ₹35.0 cr (+59% year on year), EBITDA margin 14.8% (+197 bps). Score 55 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA growth was in line with it; profit growth was well above it. EBITDA margin rose 197 bps year on year. Share price after the results: −2.2% in 28 days (Nifty 500: −0.4%).
  • Q1 FY26: Revenue ₹403 cr (+64% year on year), EBITDA ₹53.0 cr (+61% year on year), PAT ₹21.0 cr (+17% year on year), EBITDA margin 13.2% (−32 bps). Score 71 of 100, Above trend. Revenue and EBITDA growth were well above the company's own trend; profit growth was in line with it. EBITDA margin fell 32 bps year on year. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Profit fell 30% from last quarter. Share price after the results: −3.4% in 29 days (Nifty 500: +2.2%).
  • Q4 FY25: Revenue ₹399 cr (+35% year on year), EBITDA ₹54.0 cr (+35% year on year), PAT ₹30.0 cr (+7% year on year), EBITDA margin 13.5% (−3 bps). Score 57 of 100, In line with trend. Revenue and EBITDA growth were above the company's own trend; profit growth was below it. EBITDA margin was flat year on year. Share price after the results: −2.4% in 30 days (Nifty 500: +3.1%).
  • Q3 FY25: Revenue ₹359 cr (+42% year on year), EBITDA ₹51.0 cr (+50% year on year), PAT ₹25.0 cr (+39% year on year), EBITDA margin 14.2% (+71 bps). Score 71 of 100, Above trend. Revenue and EBITDA growth were well above the company's own trend; profit growth was above it. EBITDA margin rose 71 bps year on year. Consolidated profit +39% but standalone -18%. Revenue fell 8% from last quarter. Profit rose ₹7.0 cr on a year ago, more than the ₹5.0 cr it added the year before.
  • Q2 FY25: Revenue ₹391 cr (+34% year on year), EBITDA ₹50.0 cr (+9% year on year), PAT ₹22.0 cr (−24% year on year), EBITDA margin 12.8% (−297 bps). Score 46 of 100, In line with trend. EBITDA margin fell 297 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

S. P. Apparels Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.