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Q4 FY26 revenue and margin pressure
View Risks →S P Apparels Ltd — Q3 FY26
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.
bullish
high
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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.
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Order Book (SPAL)
₹353 Cr
N/A
Order book for SPAL division as of Q3 FY26.
Order Book (Young Brand)
₹87 Cr
N/A
Order book for Young Brand division as of Q3 FY26.
Order Book (SP UK)
₹30 Cr
N/A
Order book for SP UK division as of Q3 FY26.
Machine Utilization (India)
4,200 machines
N/A
Utilized machines in India; total installed capacity ~5,000 machines.
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Guidance and risk preview
Management reaffirmed the ₹2,000 crore revenue guidance for FY27, based on existing capacity and expected order inflows from US and EU.
Management acknowledged Q4 will be soft due to discounts given to US customers and delayed order placements, impacting both revenue and margins.
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