S.P. Apparels Ltd (BOM:540048)

Q2 2026 S.P.Apparels Ltd Earnings Call Transcript

Nov 17, 2025 / 06:30 AM GMT

Release Date Price: ₹828.1 (+5.08%)

Transcript

Key Points

Positve

S.P. Apparels Ltd (BOM:540048) reported strong performance across all divisions, including SPAL Garment Division, Brand Apparels, SPU UK, and retail division.
The company achieved a 25% year-on-year growth in exports, with export quantities increasing from 15.3 million pieces in Q2 FY25 to 18.9 million pieces in Q2 FY26.
The retail division reported positive EBITDA for the first time in a long period, driven by strong performance of the Crocodile brand and Angel and Rocket.
The SPUK division turned positive this quarter, reporting positive EBITDA after several challenging years.
The company added 3 to 4 new European customers, strengthening its presence in key markets and positioning for sustained growth.

Negative

The company deferred the Salem expansion due to uncertainty around EU tariffs, indicating potential delays in growth plans.
Capacity utilization in India is expected to be lower in Q3 due to tariff issues, impacting production efficiency.
The US tariff situation remains a concern, with potential impacts on future orders and customer relationships.
The company is cautious about expanding capacity in India due to ongoing tariff issues, which may limit growth opportunities.
The integration of the young brand apparel has experienced a marginal revenue impact due to the prevailing US tariff situation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SPAP.NS - S.P.Apparels Ltd
Q2 2026 S.P.Apparels Ltd Earnings Call
Nov 17, 2025 / 06:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the SP Apparels Limited Q2 FY26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing, then 0 on your touchstone phone.

I now hand the conference over to Ms. Prietna Junjanwala from Elara Securities.

Thank you and over to you, ma'am.

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Unidentified_2 [2]
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Thank you, Huda. Good

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