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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹382 Cr
verified against source
Revenue YoY
6.6%
reported change
EBITDA
₹56.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
S P Apparels delivered a steady Q3 FY26 with consolidated revenue of ₹382 crore (+6.6% YoY) and EBITDA of ₹56.6 crore (+11.2% YoY), driven by resilient garmenting operations and retail turnaround. The India-US trade deal (18% tariff) and India-EU FTA have restored buyer confidence, with order visibility improving from Q2 FY27. Management maintained its ₹2,000 crore revenue guidance for FY27 and 15% EBITDA margin for garmenting. Key risks include Q4 softness due to transitional discounts and delayed order placements, and potential competition from Bangladesh's zero-duty access using US-origin cotton. Overall, the multi-country manufacturing model and capacity expansion in Sri Lanka and Young Brand position the company for strong growth as demand normalizes.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the ₹2,000 crore revenue guidance for FY27, based on existing capacity and expected order inflows from US and EU.
- Management guided for 15% EBITDA margin for the garmenting division (including Sri Lanka) on a consolidated basis for FY27.
- Young Brand is expected to grow 15-20% in FY27, driven by better utilization and new customer additions.
- Capex for FY27 includes maintenance (₹10-15 Cr), solar capacity addition (₹10 Cr), and Salem project (₹5 Cr).
Risks flagged
- Management acknowledged Q4 will be soft due to discounts given to US customers and delayed order placements, impacting both revenue and margins.
- Analyst raised concern about Bangladesh's zero-duty access to US using US-origin cotton; management noted it's not attractive due to higher cotton cost but remains a monitorable risk.
- Sri Lanka operations expected to normalize only from Q1 FY27, with meaningful shipments from Q2; any delay could impact FY27 revenue.
Key quotes
- The signing of the India US agreement has restored visibility for customers who were in wait and watch mode.
- We are maintaining our revenue guidance of 2,000 crores by FY27 on consolidated basis.
- Our multi-country manufacturing model is at the heart of our strategy.
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