Order Book (SPAL)
₹353 Cr
N/A
Order book for SPAL division as of Q3 FY26.
SPAPPARELS
Other
10 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
FY27 consolidated revenue target of ₹2,000 crore
Management reaffirmed the ₹2,000 crore revenue guidance for FY27, based on existing capacity and expected order inflows from US and EU.
revenueGarmenting division EBITDA margin of 15%
Management guided for 15% EBITDA margin for the garmenting division (including Sri Lanka) on a consolidated basis for FY27.
marginsYoung Brand revenue growth of 15-20% in FY27
Young Brand is expected to grow 15-20% in FY27, driven by better utilization and new customer additions.
growthCapex of ~₹30 crore for FY27
Capex for FY27 includes maintenance (₹10-15 Cr), solar capacity addition (₹10 Cr), and Salem project (₹5 Cr).
capexKey Risks
Q4 FY26 revenue and margin pressure
Management acknowledged Q4 will be soft due to discounts given to US customers and delayed order placements, impacting both revenue and margins.
medium · management_commentaryBangladesh zero-duty competition using US cotton
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.
medium · analyst_questionSri Lanka ramp-up delays
Sri Lanka operations expected to normalize only from Q1 FY27, with meaningful shipments from Q2; any delay could impact FY27 revenue.
low · management_commentaryNotable 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.