Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹81 Cr.
Stock P/E
11.5
P/B
—
Current Price
₹27.9
Book Value
₹ 0
Face Value
10
52W High
₹46.5
52W Low
₹ 21
Dividend Yield
0%

SPL Industries Overview

Business

SPL Industries Ltd. is an Indian textile company primarily engaged in the manufacturing and export of knitted garments. The company operates as a vertically integrated unit, managing processes from knitting, dyeing, and processing of fabrics to the final production of ready-made garments. It caters to international brands and retailers, offering a range of knitted apparel products including t-shirts, polo shirts, and other casual wear. The core business model involves contract manufacturing and supplying high-quality garments to global markets, earning revenue through the sales of these finished products and fabrics.

Revenue Mix

The company primarily operates within the 'Textile' segment, with a strong focus on knitted garments and fabrics. While specific revenue contribution breakdowns between sub-segments like knitted fabrics versus finished garments, or domestic versus export sales, are not always explicitly detailed in public reports, its primary revenue stream is derived from the export of ready-made knitted garments. The product portfolio generally encompasses casual wear and sportswear categories for men, women, and children.

Industry

The Indian textile industry is extensive, fragmented, and highly competitive, comprising a mix of large integrated players and numerous smaller units. SPL Industries operates in the knitted garment export segment, a competitive space where success hinges on cost efficiency, product quality, timely delivery, and adherence to international compliance standards. The company positions itself as a quality-focused, vertically integrated manufacturer capable of handling diverse orders for international brands. It leverages India's advantages in raw material availability and a skilled labor force to compete with suppliers from other global textile hubs.

MOAT

SPL Industries' competitive advantages include:

Vertical Integration: Controlling processes from raw material (fabric) to finished garment allows for better quality control, reduced lead times, and potential cost efficiencies compared to fragmented supply chains.

Established Client Relationships: Long-standing partnerships with international buyers and brands demonstrate reliability, consistent quality, and adherence to ethical and environmental standards, building trust and repeat business.

Operational Expertise and Scale: Experience in managing diverse export orders and the ability to scale production for specific product categories contribute to operational efficiency and responsiveness.

Quality & Compliance: Adherence to international quality standards and certifications is crucial for export-oriented businesses and acts as an entry barrier for competitors.

Growth Drivers

Increasing Global Apparel Demand: Steady growth in global consumption of apparel, particularly in comfortable and casual wear categories, fuels demand.

Supply Chain Diversification: International brands seeking to diversify their sourcing away from single regions (e.g., China) could increasingly look to India, benefiting companies like SPL Industries.

Government Support: Indian government initiatives, such as the Production Linked Incentive (PLI) scheme for textiles, can incentivize capacity expansion, technology upgrades, and boost competitiveness.

Capacity Expansion and Modernization: Internal investments in increasing manufacturing capacity, improving technology, and enhancing efficiency can drive higher volumes and better margins.

Product and Market Diversification: Expanding into new product categories (e.g., performance wear) or penetrating new geographic markets.

Risks

Raw Material Price Volatility: Fluctuations in prices of key inputs like cotton yarn can significantly impact production costs and profit margins.

Currency Exchange Rate Fluctuations: As a significant exporter, adverse movements in the INR-USD exchange rate can affect revenue realization and competitiveness.

Intense Competition: Fierce competition from domestic players and other global textile exporters (e.g., Bangladesh, Vietnam) can put pressure on pricing and order volumes.

Global Economic Slowdown: A downturn in major export markets (e.g., US, Europe) can lead to reduced consumer spending, impacting order books and sales.

Changing Fashion Trends: Rapid shifts in fashion and consumer preferences necessitate quick adaptation, posing risks related to inventory obsolescence and design relevance.

Labor-Related Challenges: Dependence on a large labor force exposes the company to risks associated with labor availability, increasing wage costs, and potential industrial relations issues.

Management & Ownership

SPL Industries is a promoter-driven company, a common characteristic in the Indian business landscape. The promoter group typically holds a significant ownership stake, indicating a strong, vested interest in the company's long-term performance and strategic direction. While specific details on individual management track records would require deeper investigation, promoter-led companies often benefit from stable leadership and strategic continuity.

Outlook

SPL Industries operates within a dynamic and competitive textile export sector. The company's vertical integration and established relationships with international clients provide a solid foundation for its operations. Potential tailwinds include the global trend of supply chain diversification and supportive government policies for the Indian textile industry. However, the business is inherently exposed to risks such as raw material price and currency volatility, intense global competition, and sensitivity to macroeconomic conditions in its key export markets. The company's ability to effectively manage these challenges, alongside strategic capacity enhancements and product innovations, will be crucial for achieving sustained growth in a competitive global environment.

SPL Industries Share Price

Live · BSE / NSE · Inception: 1991
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

SPL Industries Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

SPL Industries Profit & Loss

#(Fig in Cr.) Mar 2011 TTM
Net Sales 158
Other Income 1
Total Income 159
Total Expenditure 213
Operating Profit -54
Interest 10
Depreciation 6
Exceptional Income / Expenses 1
Profit Before Tax -69
Provision for Tax 2
Profit After Tax -70
Adjustments 0
Profit After Adjustments -70
Adjusted Earnings Per Share -24.2

SPL Industries Balance Sheet

#(Fig in Cr.) Mar 2011
Shareholder's Funds 42
Minority's Interest 0
Borrowings 85
Other Non-Current Liabilities 4
Total Current Liabilities 33
Total Liabilities 164
Fixed Assets 62
Other Non-Current Assets -0
Total Current Assets 101
Total Assets 164

SPL Industries Cash Flow

#(Fig in Cr.) Mar 2011
Opening Cash & Cash Equivalents 0
Cash Flow from Operating Activities 0
Cash Flow from Investing Activities 0
Cash Flow from Financing Activities 0
Net Cash Inflow / Outflow 0
Closing Cash & Cash Equivalent 0

SPL Industries Ratios

# Mar 2011
Earnings Per Share (Rs) -24.17
CEPS(Rs) -22.17
DPS(Rs) 0
Book NAV/Share(Rs) 14.39
Core EBITDA Margin(%) -34.29
EBIT Margin(%) -37.2
Pre Tax Margin(%) -43.28
PAT Margin (%) -44.26
Cash Profit Margin (%) -40.6
ROA(%) -32.03
ROE(%) -91.3
ROCE(%) -35.47
Receivable days 76.92
Inventory Days 183.26
Payable days 94.94
PER(x) 0
Price/Book(x) 0.35
Dividend Yield(%) 0
EV/Net Sales(x) 0.62
EV/Core EBITDA(x) -1.82
Net Sales Growth(%) -43.77
EBIT Growth(%) -161.86
PAT Growth(%) -93.08
EPS Growth(%) -93.02
Debt/Equity(x) 2.04
Current Ratio(x) 3.12
Quick Ratio(x) 1.64
Interest Cover(x) -6.12
Total Debt/Mcap(x) 5.75

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR — — — —
Operating Profit CAGR — — — —
PAT CAGR — — — —
Share Price CAGR -27% -26% -9% 0%
ROE Average -91% -91% -91% -91%
ROCE Average -35% -35% -35% -35%

SPL Industries Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 74.85 %
FII 0.13 %
DII (MF + Insurance) 0.32 %
Public (retail) 24.7 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 68.9368.9368.9368.9368.9374.9774.9774.8874.8574.85
FII 0.180.140.130.130.130.130.130.130.130.13
DII 0.320.320.320.320.320.320.320.320.320.32
Public 30.5730.6130.6230.6230.6224.5824.5824.6624.724.7
Others 0000000000
Total 100100100100100100100100100100

SPL Industries Peer Comparison

SPL Industries Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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SPL Industries Pros & Cons

Pros

  • Debtor days have improved from 94.94 to days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of -91% over the last 3 years.
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