S.P. Apparels Limited (SPAL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13.3%

₹739.94

vs ₹853.20 price

Levered DCF

₹1,525.20

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.32×	18.48×	16.07×	9.94×	10.37×	9.11×	3.3×	11.04×
P/B	1.85×	2.05×	1.89×	1.22×	1.38×	0.7×	0.3×	1.67×
P/S	1.11×	1.26×	1.4×	0.8×	1.07×	0.62×	0.2×	0.98×
EV / EBITDA	9.18×	10.52×	9.25×	6.31×	6.62×	5.38×	4.1×	7.07×
Gross margin	28.8%	58.5%	48.9%	44.7%	48.0%	48.4%	51.2%	58.7%
Operating margin	10.8%	10.4%	12.4%	11.6%	13.6%	8.3%	8.0%	14.1%
Net margin	6.4%	6.8%	8.7%	8.0%	10.3%	6.8%	6.1%	8.9%
Current ratio	1.32×	1.46×	1.91×	1.61×	1.79×	1.66×	1.53×	1.46×
Debt / equity	0.44×	0.44×	0.27×	0.36×	0.36×	0.35×	0.43×	0.44×
Interest coverage	4.17×	4.53×	6.84×	6.78×	8.77×	3.68×	3.28×	7.67×
Dividend yield	0.3%	0.0%	0.5%	0.0%	0.7%	0.0%	0.0%	0.2%
Payout ratio	5.0%	0.0%	8.4%	0.0%	6.8%	0.0%	0.0%	1.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	11.1%	11.7%	12.2%	13.3%	7.7%	9.0%	15.2%
Return on invested capital	8.7%	8.8%	9.8%	9.3%	9.1%	4.8%	7.9%	10.6%
Return on assets	6.3%	6.5%	7.9%	7.5%	8.0%	4.7%	5.3%	8.3%
Free cash flow yield	3.9%	-2.2%	1.7%	20.0%	-0.7%	9.2%	20.1%	-0.5%
Earnings yield	5.8%	5.4%	6.2%	10.1%	9.6%	11.0%	30.3%	9.1%
Enterprise value	₹21.1B	₹21B	₹15.7B	₹10B	₹10.6B	₹5.6B	₹3.7B	₹10.1B
Net debt / EBITDA	1.57×	1.73×	0.74×	1.16×	1.12×	1.58×	2.37×	1.38×
Cash conversion cycle (days)	118	216	177	167	256	239	207	221