About S.P. Apparels Limited

S.P. Apparels Limited (SPAL) is a leading Indian manufacturer and exporter of knitted garments for infants and children, offering end-to-end manufacturing from grey fabric to finished products. The company serves global clients in children’s wear and has a domestic presence through the ‘Crocodile’ menswear brand. Headquartered at 39-A, Extension Street, Kaikattipudur, Avinashi – 641 654, Tirupur District, Tamilnadu, India, SPAL marked a milestone with its 20th Annual Report for the year ended March 31, 2025.

SPAL’s integrated capabilities cover dyeing, embroidery and printing, supported by a wide manufacturing footprint across Tamil Nadu. Its facilities span Avinashi, Coimbatore, Erode, Salem, Tuticorin, Virudhunagar and Tiruchirappalli, including a dyeing unit at Perundurai and spinning/knitting units in Salem, underscoring a robust, vertically integrated supply chain. The company has five subsidiaries (number only), reflecting its diversified structure across India and abroad.

Geographically, SPAL operates in India and through subsidiaries in the UK and Sri Lanka, and it expanded into the women’s intimate wear export segment—particularly to the USA—during FY 2024-25, enhancing its product portfolio and reach. Key milestones during the year included the acquisition of Young Brand Apparel Private Limited (YBAPL) on June 21, 2024, for a consideration of Rs 1,523.01 Million, resulting in goodwill of Rs 178.74 Million on consolidation. As of March 31, 2025, 100% of the company’s equity shares were dematerialised, marking a notable governance and shareholder-servicing achievement. The Board also noted that the company increased the number of factories and production capacity during the year, reinforcing its operational base. Employee strength stood at close to 14,004, reflecting the scale of operations.

S.P. Apparels Limited Business Segment and Geographic Presence 

The company operates primarily in the manufacturing and export of knitted garments for infants and children, covering end-to-end processes from grey fabric to finished products. Additionally, SPAL has a domestic presence through its ‘Crocodile’ menswear brand. Its business spans diversified garment manufacturing facilities across Tamil Nadu, including locations such as Avinashi, Coimbatore, Erode, Salem, Tuticorin, Virudhunagar and Tiruchirappalli, and covers dyeing and spinning units. Geographically, SPAL serves major export markets, including the US, UK, and Sri Lanka, with concentrated expansion into women’s intimate wear exports to the US during FY 2024-25.

Revenue is driven predominantly by exports with an emphasis on infantwear and children’s garments, supported by a diversified portfolio inclusive of the acquired Young Brand Apparel Private Limited. Domestic retail operations have been optimised through exit of non-core brands like “HEAD”. The company reported close to 14,004 employees supporting its diversified manufacturing and market footprint.

S.P. Apparels Limited Key Management

• P. Sundararajan – Managing Director (also Chairman and Managing Director)
• S. Latha – Executive Director
• S. Chenduran – Joint Managing Director
• S. Shantha – Joint Managing Director
• P. V. Jeeva – Chief Executive Officer (Garment Division)
• V. Balaji – Chief Financial Officer
• K. Vinodhini – Company Secretary and Compliance Officer

Latest Updates on S.P. Apparels Limited

• Strategic acquisition: SPAL acquired 100% of YBAPL on June 21, 2024, paying Rs 1,523.01 Million for 6,51,60,606 equity shares; the transaction generated goodwill of Rs 178.74 Million on consolidation. Acquisition-related costs of Rs 3.31 Million were expensed in the consolidated statement of profit and loss.
• International expansion: The Chairman highlighted an expansion strategy in Sri Lanka, focusing on buying customer-approved factories to shorten ramp-up time. During FY 2024-25, SPAL added three factories and increased capacity by 700 machines, with plans to add 300 more sewing machines by March 2026.
• Portfolio actions in retail: SPAL’s retail arm exited the brand “HEAD” effective December 2024, part of a portfolio optimisation drive during a challenging retail environment.
• People and governance: The company implemented the SPAL Employee Stock Option Plan 2024 (SPAL ESOP 2024), reinforcing long-term alignment between employees and shareholders. Additionally, MDS & Associates LLP was recommended as Secretarial Auditors for a five-year term beginning FY 2025-26, and BM & Associates was appointed as Internal Auditors for FY 2025-26.
• Shareholder services: As of March 31, 2025, all equity shares were dematerialised; the company confirmed there were no outstanding GDRs/ADRs or warrants, and provided its ISIN (INE212I01016) in its Corporate Governance report.