SPALNSE15 November 2025

S. P. Apparels Limited has informed the Exchange about Investor Presentation

S. P. Apparels Limited

November 15, 2025

The Listing Department The Listing Department BSE Limited Phiroze Jeejeebhoy Towers, 'Exchange Plaza', Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051.

National Stock Exchange of India Limited

Scrip Code: 540048 Symbol: SPAL

Dear Sirs,

Sub: Financial Presentation

Please find enclosed herewith the copy of Financial Presentation for Q 2 & FY 26 results of the Company.

Kindly take the same on your records.

Thanking you,

For S.P.Apparels Limited,

K.Vinodhini Company Secretary and Compliance Officer

Encl: As above

S. P. APPARELS LIMITED

Dressing the Future....

Q2 & H1 FY26 | Investor Presentation

Adj. EBITDA

23.6% YoY

Standalone

Adj. EBITDA

Margin at

17.8%

Standalone

PAT

51.4% YoY

Standalone

Retail Division reported Positive EBITDA in Q2FY26, Expect to sustain the momentum

SPUK Division delivered a Positive EBITDA in Q2FY26, Poised to maintain growth trajectory

TABLE OF CONTENT

Quarter Highlights: Q2 & H1 FY26

Growth Strategies

Company Overview

Garment Division

S. P. Retail

S.P. Apparels (UK)

Promising Industry Opportunities

Financial Highlights

Annexure

Quarter Highlights

Q2 & H1 FY26

Dressing the Future....

d e t a d

i l

o s n o C

Q2 & H1 FY26: Consolidated Performance Highlights

Total Revenue (Rs. Mn)

EBITDA (Rs. Mn)

PAT (Rs. Mn)

Q2FY26

H1FY26

5,000.0

4,500.0

4,000.0

3,500.0

3,000.0

2,500.0

2,000.0

1,500.0

9,000.0

8,000.0

7,000.0

6,000.0

5,000.0

4,000.0

3,000.0

3,913.0

4,273.4

9.2% YoY

Q2FY25

Q2FY26

Total Revenue (Rs. Mn)

8,307.8

6,366.1

750.0

700.0

650.0

600.0

550.0

500.0

450.0

400.0

350.0

300.0

250.0

1,300.0

1,200.0

1,100.0

636.5

400.0

350.0

300.0

347.0

496.8

28.1% YoY

250.0

219.2

58.3% YoY

Q2FY25

Q2FY26

EBITDA (Rs. Mn)

1,165.8

200.0

150.0

100.0

600.0

550.0

500.0

Q2FY25

Q2FY26

PAT (Rs. Mn)

553.6

826.8

30.5% YoY

1,000.0

900.0

800.0

700.0

600.0

500.0

41.0% YoY

450.0

399.6

38.5% YoY

400.0

350.0

300.0

250.0

200.0

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

Q2FY26: YoY growth Q2FY26 vs Q2FY25 | H1FY26: YoY growth H1FY26 vs H1FY25

Q2 & H1 FY26: Standalone Performance Highlights

Adj. Total Revenue (Rs. Mn)

Adj. EBITDA (Rs. Mn)

PAT (Rs. Mn)

e n o a d n a t S

Q2FY26

H1FY26

3,400.0

3,200.0

3,000.0

2,800.0

2,600.0

2,400.0

2,200.0

2,000.0

6,500.0

6,000.0

5,500.0

5,000.0

4,500.0

4,000.0

3,500.0

3,000.0

2,500.0

2,000.0

543.5

300.0

280.0

260.0

240.0

439.9

23.6% YoY

220.0

273.0

51.4% YoY

2,575.1

3,048.7

600.0

550.0

18.4% YoY

500.0

450.0

400.0

350.0

300.0

250.0

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Adj. Total Revenue (Rs. Mn)

Adj. EBITDA (Rs. Mn)

4,713.7

5,925.7

1,000.0

900.0

25.7% YoY

800.0

801.5

980.0

200.0

180.0

160.0

140.0

120.0

100.0

500.0

450.0

180.3

Q2FY25

Q2FY26

PAT (Rs. Mn)

471.9

22.3% YoY

400.0

407.8

15.7% YoY

700.0

600.0

500.0

400.0

300.0

350.0

300.0

250.0

200.0

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

Q2FY26: YoY growth Q2FY26 vs Q2FY25 | H1FY26: YoY growth H1FY26 vs H1FY25

Segmental Highlights

Garment Exports (Including Young Brand Apparel)

Adj. Operational Revenue (Rs. Mn)

10.2% YoY

21.4% YoY

6,277.0

7,621.4

SPUK

Retail

Operational Revenue (Rs. Mn)

316.1

327.7

375.1

365.4

3,531.3

3,892.1

199.0

179.9

226.6

216.8

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Adj. EBITDA (Rs. Mn) & Margin (%)

EBITDA (Rs. Mn)

16.1%

17.1%

15.9%

16.7% YoY

570.3

665.5

21.1% YoY

997.6

1,208.2

15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 -30.00

11.3

11.0

-11.0

-17.1

5.3

-8.8

10.00 0.00 -10.00 -20.00 -30.00 -40.00 -50.00 -60.00 -70.00 -80.00

-15.4

-43.7

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Notes: 1. 2. 3. Going forward Young Brand Apparel will be considered as the part of Garment Export Division

Total revenues include realised gain on account of foreign exchange fluctuations (accounted in other income) In addition to (1), EBITDA calculation excludes unrealised MTM gain / loss on account of foreign exchange fluctuations (accounted in other expenses)

Garment Division – Operational Update

Capacity Utilization

Export Volumes & Realisation

83.0%

82.0%

Q2FY25

Q2FY26

25.0

20.0

15.0

10.0

5.0

Export Volumes (mn pcs) & Net Sales Realisation (per pcs) in INR

147.2

130.3

128.9

133.0

142.3

15.3

15.8

18.6

18.9

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Absolute Export Sales Realisation (per piece)

160.00

140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00

P&L Statement Highlights (Consolidated)

Particulars (In Rs Mn)

Revenue from Operations

Total Revenues

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses

EBITDA

EBITDA Margin %

Depreciation

Finance Cost

Other Income

PBT

Share Profit/(Loss) of the Associate Company

Tax Expense

PAT

PAT Margin %

Earnings Per Share (EPS) In Rs.

Notes: 1. PAT Margin = Reported PAT / Total Revenues 1 2.

Includes Consolidated Numbers of Young Brand Apparel Private Limited

Q2 FY26

Q2 FY25

YoY%

H1 FY26

H1 FY25

YoY%

4,273.4

1,807.3

2,466.1

57.7%

1,063.7

766.0

636.5

14.9%

117.5

103.2

68.0

483.8

(15.8)

121.0

347.0

8.1%

13.8

3,913.0

1,709.7

2,203.3

56.3%

916.1

790.3

496.8

12.7%

110.0

107.0

23.9

303.7

0.0

84.5

219.2

5.6%

8.7

9.2%

11.9%

28.1%

59.3%

58.4%

8,307.8

3,531.8

4,776.0

57.5%

2,096.5

1,513.6

1,165.8

14.0%

230.4

221.1

84.3

798.7

(22.9)

222.2

553.6

6.7%

22.1

6,366.1

2,559.0

3,807.1

59.8%

1,604.5

1,375.8

826.8

13.0%

208.0

160.1

51.0

509.7

0.0

110.1

399.6

6.3%

15.9

30.5%

25.4%

41.0%

56.7%

38.5%

P&L Statement Highlights (Standalone)

Particulars (In Rs Mn)

Revenue from Operations

Gain on account of Foreign Currency Fluctuations

Adj. Total Revenues

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses excl. MTM gain / loss on account of Foreign Currency Fluctuations

Adj. EBITDA

Adj. EBITDA Margin %

MTM Gain / (Loss) on account of Foreign Currency Fluctuations

Depreciation

Finance Cost

Other Income excl. Gain on account of Forex Fluctuations

PBT

Tax Expense

PAT

PAT Margin %

Earnings Per Share (EPS) In Rs.

Q2 FY26

Q2 FY25

3,078.1

(29.4)

3,048.7

1,065.2

1,983.5

65.1%

838.0

602.0

543.5

17.8%

(7.2)

99.3

80.8

17.5

373.6

100.7

273.0

9.0%

10.9

2,560.4

14.7

2,575.1

854.8

1,720.3

66.8%

701.2

579.3

439.9

17.1%

(27.5)

93.3

68.2

0.0

250.9

70.6

180.3

7.0%

7.2

YoY%

20.2%

18.4%

15.3%

23.6%

48.9%

51.4%

H1 FY26

5,974.9

(49.2)

5,925.7

2,079.4

3,846.3

64.9%

1,641.5

1,224.9

980.0

16.5%

1.7

194.6

152.9

30.5

664.6

192.7

471.9

8.0%

18.8

H1 FY25

4,700.9

12.8

4,713.7

1,481.4

3,232.3

68.6%

1,332.7

1,098.1

801.5

17.0%

(21.5)

183.1

99.3

24.9

522.4

114.6

407.8

8.7%

16.3

Notes: 1. 2. 3. PAT Margin = Reported PAT / Total Revenues 1

YoY%

27.1%

25.7%

19.0%

22.3%

27.2%

15.7%

P&L Statement Highlights - Young Brand Apparel

Particulars (In Rs Mn)

Revenue from Operations

Gain on account of Foreign Currency Fluctuations

Adj. Total Revenues

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses excl. MTM gain / loss on account of Foreign Currency Fluctuations

Adj. EBITDA

Adj. EBITDA Margin %

MTM Gain / (Loss) on account of Foreign Currency Fluctuations

Depreciation

Finance Cost

Other Income excl. Gain on account of Forex Fluctuations

PBT

Tax Expense

PAT

PAT Margin %

Q2 FY26

Q2 FY25

YoY%

H1 FY26

H1 FY25

822.5

20.8

843.4

466.9

376.5

44.6%

188.9

65.6

122.0

14.5%

1.1

11.1

3.6

5.8

114.1

21.6

92.6

11.0%

942.3

14.0

956.2

531.4

424.8

44.4%

174.8

119.7

130.4

13.6%

0.0

9.9

20.1

0.2

100.6

23.8

76.9

8.0%

13.4%

20.4%

1,671.1

24.6

1,695.7

963.5

732.2

43.2%

375.1

129.0

228.2

13.5%

1.1

21.5

25.8

9.8

191.7

43.7

148.0

8.7%

1,538.1

25.2

1,563.3

825.1

738.2

47.2%

346.5

195.6

196.1

12.5%

0.0

20.3

38.7

2.8

139.9

34.3

105.6

6.8%

Notes: 1. 2. 3. PAT Margin = Reported PAT / Total Revenues 1

YoY%

8.7%

8.5%

16.4%

37.1%

40.2%

Balance Sheet Highlights (Consolidated)

Sep’25

Mar’25

EQUITY AND LIABILITIES (Rs. Mn)

Sep’25

Mar’25

ASSETS (Rs. Mn)

Non-Current Assets

a. Property, Plant and Equipment

5,957.9

b. Right of Use Assets

c. Capital work-in-progress

d. Intangible Assets

e. Intangible Assets under development

f. Financial Assets

- Investments

- Loans and Advances

- Other financial assets

g. Other non-current assets

Total Non-Current Assets

Current Assets

a. Inventories

b. Financial Assets

- Current Investments

- Trade Receivables

- Cash and cash equivalents

- Bank Balances other than (1.9A) above

- Other financial assets

c. Other current assets

Total Current Assets

Total Assets

95.2

551.4

131.9

237.4

250.8

514.4

308.5

21.8

5,353.1

224.0

305.6

138.1

237.4

98.0

160.4

318.8

313.3

8,069.1

7,148.8

3,436.5

3,707.2

2,312.4

442.8

48.2

17.1

944.6

7,201.5

15,270.6

2,507.5

352.8

60.2

2.3

782.9

7,412.7

14,561.4

Equity a. Equity Share capital b. Other Equity Total Equity Minority Interest Liabilities Non-current liabilities a. Financial Liabilities - Borrowings - Lease Liabilities - Other financial liabilities b. Deferred tax liabilities (net) c. Other non-current liabilities Total Non-Current Liabilities Current liabilities a. Financial Liabilities - Borrowings - Lease Liabilities - Trade payables

(A) Total outstanding dues of micro enterprises and small

enterprises

(B) Total outstanding dues of creditors other than micro

enterprises and small enterprises - Other financial liabilities b. Other current liabilities c. Provisions Total Current Liabilities Total Equity and Liabilities

250.9 8,733.2 8,984.1 (63.5)

250.9 8,312.5 8,563.4 (63.9)

543.3 205.9 75.9 230.4 30.7 1,086.3

422.4 223.7 76.0 249.8 0.4 972.3

3,300.2 -

3,162.1 -

226.3

931.9

527.3 115.4 162.7 5,263.7 15,270.6

302.5

1,019.3

351.8 107.3 146.7 5,089.6 14,561.4

Cashflow Statement (Consolidated)

Cashflow Statement (Consolidated) (In Rs Mn)

Sep'25 Mar’25

(Cont…) Cashflow Statement (Consolidated) (In Rs Mn)

Sep'25 Mar’25

A. Cashflow from Activities Profit Before Tax Adjustments for: Depreciation and amortization expense (Profit)/Loss on Sale of property, plant and equipment (Profit)/Loss on Sale of investment Interest Recievable on investments Amortisation of lease prepayments Loss Allowance Other Adjustments / Release of deferred Income Finance Costs Interest Income Dividend Income Unrealised exchange (gain)/loss on forward contracts Provision for MTM (gain)/loss on forward contracts Provision for Employees Stock Option Scheme Operating Profits before working capital changes Changes in working capital: Adjustments for (increase)/decrease in operating assets: Inventories Trade receivables Loans and advances /Current Assets Adjustments for increase/(decrease) in operating assets: Trade payables/other current liabilities/Provisions Cash Generated from Operations Net income tax (paid) / refunds Net cashflow from / (used in) Operating Activities

775.8

1,232.2

230.4 0.4 - (1.2) (5.1) 0.0 22.9 200.5 (42.0) (0.1) (6.1) 1.7 8.0 1,185.1

433.0 2.8 (9.1) 0.0 (10.8) 4.3 (14.5) 329.2 (40.3) 0.0 20.5 16.6 3.7 1,967.5

270.7 (481.2) 233.9 (499.6) (382.9) (138.0)

181.5 (105.7) 1,446.0 785.4 (341.2) (185.8) 1,260.2 444.2

B. Cashflow from Investing Activities Capital expenditure on property, plant and equipment, including capital advances Proceeds from sale of property, plant and equipment

Loans to Subsidiary

Bank deposits not considered as cash and cash equivalents

Investment in Subsidiary

Purchase of Investments - Others

Proceeds from sale of Investments

Dividend Received - Others

Interest Received - Bank deposits

(669.1)

(882.4)

3.4

9.7

(352.8)

(2.0)

15.8

0.0

(35.2)

(1,373.1)

(172.6)

(380.1)

0.0

0.1

14.2

810.5

60.0

25.2

Net Cashflow from/(used in) Investing Activities

(1,161.1) (1,767.3)

C. Cashflow from Financing Activities

Proceeds from issue of equity share capital

Proceeds from/(repayment) of long term borrowings

Repayment of finance lease liabilities

Net Increase /(decrease) of working capital borrowings

Dividend Paid

Finance Costs

Net cashflow from /(used in) Financing Activities

Net increase / (decrease) in Cash and Cash Equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents acquired through business acquisition Effect of exchange differences on restatement of foreign currency Cash and bank balances Cash and Cash Equivalents for the Year

0.0

0.9

267.0

67.8

(27.1)

(54.0)

(14.8)

1,116.5

(50.2)

0.0

(184.0)

(306.1)

(9.2)

824.1

90.0 (499.0)

352.8

788.0

0.0

0.1

63.0

0.0

442.8

351.9

Growth Strategies

Growth in Existing Verticals

Expanding Geographical Footprint

Growth in Acquired Business

1. Growing Existing Verticals (1/2)

Traditional SPAL Garment Division

SPUK

SP Retail Ventures

Enhance Capacity Utilization within the Current Operational setup

FTA UK Advantage

▪ Competitive Pricing Opportunity

Utilization in FY25 85%

Scope to increase by ~10%

Plan to add ~1,000 Machines in India by FY26E

Greenfield Expansion in Sivakasi: Installed capacity of 450 machines with 100 machines currently operational

▪ Engage with UK retailers more effectively

Sourcing Flexibility

▪ SPUK can source products from both Sri Lanka and

India, depending on landed cost differences

Customer Addition to Drive Growth

Capacity (No. of Machines)

▪ Customer Contribution: Top 5-6 customers are

4,950

5,950

FY25

FY26E

expected to generate GBP 2-3 mn annually

▪ Growth Rate: Anticipate minimum growth of 10% per

customer each year

Diversifying Product Mix & Improving Efficiency

Revenue Mix (FY25)

Revenue Mix (FY27E)

Reducing dependency on Kids wear

Kids Wear Adult Wear

Seeking Strategic Investor: Actively looking for a

strategic partner to support our growth initiatives

Capital Market Fundraising: Planning to raise

funds from the capital market shortly

2. Expanding Geographical Footprints – Entry into Sri Lanka

Locational Advantage in moving to Sri Lanka for SPAL

Capacity Expansion to 2,000 Machines by FY27E

Efficient raw material transfer with overnight shipments from Tuticorin Port to Colombo

Duty free trade to Europe and UK markets

Abundant labour availability with easy access to skilled labour

Historically acclaimed for its skilled craftsmanship and quality in knitted and woven products

Capacity (No. of Machines)

2,000

650

200

Apr'25

Aug'25

Mar'26E

(Already Added)

SPAL’s Strategy to Grow in Sri Lanka

Subsidiary Established: Entered Sri Lanka in January 2025

Strategic Target: Targeting customer approved factories for acquisition

Reducing Gestation Period : Investing in operational factories in Sri Lanka to streamline setup and reduce turnaround time compared to establishing new facilities in Northeast India

Asset-Light Model: Avoiding greenfield investments

3. Strong Growth from New Acquisition – Young Brand Apparels

Expanding Capacities

Will lead to…

Future Growth Plans

▪

Installed Machines: 1,400 total; 1,150

utilized in FY25

Capacity Potential: Expand to 1,700

machines

Salem Expansion: Adding 300+ machines,

asset-light model; consciously deferred

the expansion until there is clarity on

tariffs, but are fully prepared to resume

once conditions stabilize

Capacity (No. of Machines)

Capacity expansion will lead to revenue growth

Cross-selling with Europe and USA Customers

1,400

1,150

1,700

1,500

From existing setup ~Rs. 420 Crores revenue potential

FY25

FY26E

No. of Machines

Utilized

▪ Expansion in India: Once Salem is

operational, plan to add capacity in nearby

areas

▪ Expansion in Sri Lanka: Evaluating to

expand capacity in Sri Lanka by leveraging

Sri Lanka's strengths in lingerie production

▪ Customer Synergies: Increase the

European customer base by leveraging

our relationship with SPAL

17 17

Company Overview

S. P. Apparels Limited (SPAL) founded in 1989, is India's biggest

manufacturer and exporter of knitted clothes for infants and

children. These are produced in integrated facilities that enable end-

to-end garment manufacturing services. SPAL offers complete

garment production services, from fibre to fashion.

Dressing the Future....

Preferred Vendor To Reputed International Brands

Strong Leadership

Brand of Choice

Integrated Manufacturing

Location Advantage

Specialized player in the Infant &

Preferred vendor for major

100% Backward integrated right

Located near Tirupur – the hub for

children wear knitted garment

children wear brands with a strong

from product development to

knitted children’s garments,

industry along with adult category

relationship of over 2 decades.

garmenting helps to deliver

convenient access to skilled labour,

superior quality

raw material, and proximity to the

international port

SPAL is the preferred vendor for knitted garments for infants and children to reputed international brands and retailers

WHY SPAL?

▪ Expertise in concurrently managing multiple large orders with a diversified product range including body suits,

sleepsuits, tops, and bottoms

▪ Ethically, Environmentally, and Socially compliant organization

▪ No bulk returns from customers since the inception

▪ Product Safety is the key focus of the company

▪ Exclusive Design support from dedicated in-house design team

Journey So Far

1989-2003

1989

Started export operations as a partnership firm

1998

Set-up manufacturing facility at Neelambur

2003

Set-up first in-house embroider facility at Thekkalur

2016

Listed on BSE / NSE

Repayment of Loans to reduce leverage

2004-2005

2004

Set-up of flagship factory at Avinashi

2005

Commissioned dying plant at Perundurai

2006-2008

2006

Investment by NYLIM

Investment in JV for manufacturing & marketing of the “Crocodile” Brand

2007-08

Amalgamation with Sri Balaji Bakkiam Spinning Mills

2008-2015

2008-13

Streamlining of operations to integrate factories, enhance efficiencies, and backward integration

2014

Incorporation of SP Apparels UK to cater to increasing integration, get a closer-to-client presence

2024 2024

Acquired Young Brand Apparel Pvt. Ltd

Entry into intimate wear exports

2017-2023 2017-23

Integration/expansion of manufacturing facilities to increase operational efficiency

Expansion of Crocodile brand in various states and cities in India

Incorporated Subsidiary in Sri Lanka

2025

Expanded Geography in Sri Lanka through Subsidiary

Commenced production in Sivakasi

Relocated SPUK HO to London; Restructured the team by onboarding new designers

Effective Management Structure

Board of Directors

Mrs H. Lakshmi Priya Independent Director

Mr C. R. Rajagopal Independent Director

Mr B. Ravishankar Independent Director

Mr Srinivas Chidambaram Independent Director

Garment Export Division (Infants & Kids)

Mr P. Sundararajan Chairman and Managing Director

▪ Founder director of SPAL with 40 years of experience in

the textile and apparel industry

▪ Bachelor of Science from the Bangalore University

Retail Division

Mrs P.V. Jeeva, Chief Executive Officer

Mrs S. Shantha Joint Managing Director

Mr S. Chenduran Joint Managing Director

▪ 35 years of experience in the textile and apparel industry

▪ Handles garments division and has been associated with

SPAL since July 1986

▪ B.Tech (Textiles) & MBA from PSG Institute of Management

▪ Six years of experience in the textile and apparel industry

▪ immense knowledge in marketing and textiles makes her

▪ MS in Business & Management from University of Strathclyde

contribution valuable to achieve the visions of the Company

Mr V. Balaji Chief Finance Officer

Mrs S. Latha Executive Director

▪ 21 years of experience in the field of finance and accounts

▪ Founder director of SPAL with 29 years of experience in the

▪ Qualified Chartered Accountant

▪ Plays a key role in managing banking relationships

textile and apparel industry

Integrated Facilities – Right from Yarn to Garment

SPINNING

KNITTING

DYEING

CUTTING

PRINTING

AUTOMATED EMBROIDERY

SEWING

AUTOMATED SEWING ASSEMBLY LINE

SEMI-AUTOMATED INVENTORY MANAGEMENT

Garment Division Established Global Player

Dressing the Future....

Garment Division at Glance

Well Established Garment Export Business (Kids & Infants)

Leading exporter Leading Kids and Infants Exporter Globally

80%+ Absolute Growth | 16%+ CAGR Growth

+80% Growth in Garment Exports Revenue from and 16%+ CAGR Growth (FY21 to FY25)

15-20% Margins Consistently Delivered EBITDA Margins between 17%-20%

Global Catering to leading global multinationals

SPUK Presence in UK through SPUK for Design support services

YBAL* Prominent brand in exports of intimate wear

* Young Brand Apparel Private Limited

Improving Operating leverage to thrust growth

Capacity Utilization Trend

Adj. EBITDA Margin (%)

85.0%

83.0%

18%

17%

76.0%

72.0%

FY23

FY24

FY25

H1FY26

FY23

FY24

FY25

H1FY26

Consistently increasing utilisation levels from 60% in FY21 to currently 85%, there is headroom for further expansion

Adj. EBITDA Margin (%) to remain sustainable at 17% to 20%*

Notes: 1. Projected EBITDA margin range is provided as guidance.

Infants and Kids Segment a Critical Sector to Cater

Key Entry Barriers

Health & safety regulations

• Stringent safety and quality

requirements in developed markets

• Severe restrictions on the use of

hazardous chemicals, dyes,

accessories, etc to prevent harming

Products

• Cater to infants and children

infants and children

• Manufacture high-fashion garments

Skilled labour

• Labour intensive operations

• Employee training & skill

development

• Employee occupational

health & welfare

Key Entry Barriers

Manufacturing capabilities

• Demands large variety and

small batch size orders

• Highly complex manufacturing

Ethics

• Ethical factories with best-in-

class standards

• Employee welfare initiatives

that align with industry-

leading standards

Complete Integration enables Quality Consistency and Timely Delivery

Product Development

Design Creation

Quality checks at every stage

Order

Spinning

Knitting

Dyeing

Garmenting

Export

Purchase of dyed yarn

Sewing

Packing of orders as per instructions

Development of Samples

Customer approval process

Converts cotton to greige yarn

Yarn converted to unprocessed fabric

Fabric dyed and finished as per order

Printing and Embroidery

Final AQL quality inspection

Customer places the order

Procures cotton and other raw materials

Unfinished fabric packed and batch fabric readied

Purchase of dyed fabric

Cutting

Export of garments to customers

Legend

Process Stage

In house

Partly Outsourced

Developed Capabilities Over the Years

Demonstrated manufacturing excellence for over 3 decades

Proficient in-house design and merchandising team of designers located at SPUK and in India

Ability to consistently deliver high quality products on timely basis

Meeting stringent compliance requirements of international customers

Use of latest technology for developing products and styles

Company is working towards sustainable growth by continuously working on improving its ESG matrix

Quality is a key essence of our success

Stringent quality control checks at every stage, from fabric to garment, ensure top-notch product quality, free from any metal bits, needle tips, or sharp edges

Rigorous inspections eliminate defects, ensuring exceptional quality, with an internal rejection rate below international standards, reflecting our commitment to quality control

SPAL places a strong emphasis on upholding highest standards of quality, assurance, and compliance throughout the apparel manufacturing processes

SPAL Lab's NABL accreditation is a testament to their unwavering commitment to upholding the highest standards of quality and reliability

SPAL has been awarded by the customer for quality for self- certification for safety, clearance, shade, and fit approvals, demonstrating our commitment to delivering high-quality and compliant products

TESCO ‘F&F Gold Rated Supplier Award’ 2013

Marks and Spencer

award 2011

Young Brand Apparels

Established Global Player

Dressing the Future....

Young Brand Apparels – Entry into Intimate Wear Exports

Intimate Wear

The company offers innerwear and outerwear for men, women and kids. It specializes in intimate wear

Marquee Customers

Core export customers are Marks & Spencer, PINK (Victoria’s Secret), Jockey, American Eagle

Plant

Owns a 2,80,000 sq. ft state of the art manufacturing facility on a 26-acre site in Chennai’s outskirts

Partners

Nurtured by direct 2,300 and 5,000 of indirect partners

Geographical Footprints

Young Brand Apparels - Revenue INR Crore

Marquee Customers

303

329

311

324

169

170

FY21

FY22

FY23

FY24

FY25 H1FY26

31 31

S.P. Retail Building a Brand for Future

Dressing the Future....

Evolution of Retail Division

2006

2008 - 2012

2013 - 2019

2020 - 2022

Acquisition of CPPL & exclusive Crocodile license

Revolutionizing Retail: Crocodile's Flagship Stores Unveiled

Store Expansion and Phase of Consolidation

Acquired licensee of Angel & Rocket

▪ SPAL acquires major stake

2008

in CPPL*

▪ SPAL is the manufacturer &

retailer of Crocodile menswear in India and also holds an exclusive license to manufacture and market sportswear and footwear under the Crocodile brand in the Indian market

▪ Ground-breaking sensor technology launched 1st Crocodile Exclusive Brand Outlet opened in Jayanagar, Bangalore.

▪

2010

▪ Flagship Crocodile

Exclusive Brand Outlet in Anna Nagar, Chennai, India

2012

▪ Crocodile apparel brand

launched in Globus stores.

▪ The period marked a phase of consolidation, utilizing IPO proceeds to bolster store and overall presence, enhance our brand, and drive growth.

▪ Launched Athleisure and

Undergarment distribution across India in 2015

2022

▪ Acquired licensee of Angel & Rocket a premium kids wear brand based in the UK 1st Flagship Angel & Rocket Exclusive Brand store opened in Indiranagar, Bengaluru, India

▪

*CPPL (Crocodile Products Private Limited) – Joint venture company between Crocodile International and S. P. Apparels Limited

Retail Division - A High Value Brand Play

SPAL Retail

Fuelled by a robust distribution network, an in-house design team, and a sustainable growth strategy, Retail is One of the fast-growing division of SPAL

Crocodile

Crocodile is an Established and a profitable brand with Pan India Presence and Good Brand Recall

Diversified portfolio

Diversified product portfolio entering into own kids and infants wear and high-end women wear brand

Angel & Rocket

Building a kids wear brand Angel & Rocket

Building a Retail Business for the Future

S. P. Retail Revenue Growth INR Crore

Marching toward Creating a Sustainable Brand

98% Growth

Growth in Retail Revenue from FY21 to FY25

Loyal Customers

Large Format Outlets | Company Owned Stories | Franchisee Stores

~107k

165 | 39 | 15

19% CAGR

CAGR Growth (FY21-FY25)

FY21

FY22

FY23

FY24

FY25 H1FY26

87,373 sq.ft

Distributor/SIS/DM

Retail Space

S. P. Retail – The Brand Portfolio

Leading Apparel brand with a presence across India

Crocodile is one of the largest fashion brands in India and has become a stylish synonym for timeless fashion, great quality & functionality in menswear

Standalone stores

Network of Large sales & distribution channels, physical Stores and several e- commerce platforms

Strategic acquisition of a premium kids wear brand, to establish our very own kids and infants' brand in India

This move strategically leverages the thriving demand in the Indian market.

In large format stores

Backed by a dedicated in-house design team in the UK, we are fully equipped to offer trendy and exclusive designs for children aged 0 to 14 years old.

Standalone stores

Additionally, we prioritize ethical manufacturing practices across factories worldwide.

Retail division undertakes manufacturing, distributing and marketing activities in relation to the ‘Crocodile’ brand in India

Natalia

Acquired the niche brand “Natalia" from Chennai garment exporter SM apparels with an aim to cater to a unique segment of the market, offering western wear with an ethnic flair targeting upwardly Indian women in the age group 20-35 years.

S.P. Apparels (UK) (P) Ltd Tapping the Global Market

Dressing the Future....

S.P. Apparels (UK) (P) Limited (SPUK)

SPUK – Cater to Designing for European Clients Incorporated in 2014 to explore possible marketing opportunities and engage in trading activities with new and existing customers with small quantities

Caters to Large European Brands Strong consumer ties to well-known businesses like Joules and Dunnes Stores. Currently caters to xx customers in Ireland, UK and other European Countries

Faced various Challenges that impacted the growth Since its beginning, the company has encountered numerous macroeconomic difficulties like Brexit and Covid-19, which have affected performance

Outlook SPUK is positioned to benefit from the upcoming India-UK FTA, enabling trading activities with new customers

in the U.K., Ireland, and other European countries

Promising Industry Opportunities

Dressing the Future....

Macro Tailwinds – To boost Indian Garment Exports

Export Promotion Mission (EPM) to Strengthen Exports

▪ Central govt. has approved Export promotion scheme with an outlay of ~Rs. 25,060 Cr till FY31

▪

The mission consolidates key export‐support schemes, (e.g. Interest Equalization Scheme,

Market Access Initiative) to help exporters enter new markets & strengthen existing one

FTA’s, RoSCTL / RoDTEP and Export Promotion Mission (EPM) to Push the Indian Garment Exports

FTA’s

▪

India and UAE have recently signed a Free Trade Agreement (FTA)

India is also in the process of negotiating FTAs with the EU, Australia, UK, Canada, Israel and others

RoDTEP / RoSCTL

▪ GOI has also approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies on the Export of Garments and Made-ups (RoSCTL scheme) up to March 2026 to boost the export competitiveness of Indian apparel and made-ups

China Plus One

India’s textile exports are expected to grow by 81% to $65 billion by 2026 from the pre-Covid level of ~$36 billion in 2019

Large chunk of the targeted increase, or ~$16 billion may come due to China Plus One as India has large production base compared with Vietnam or Bangladesh

Benefit for SPAL

Provide opportunities for exporting to newer geographies

Employee training Provide opportunities programmes to acquire and for exporting to newer retain skilled labour force geographies

Will enhance the demand and profitability of SPAL

Annual Financial Highlights

Dressing the Future....

Consolidated Financial Highlights (1/2)

Consolidated Figures (in Rs. Mn)

Total Income

EBITDA & Margin(%)

Profit After Tax & Margin (%)

8,689.2

6,536.9

11,008.9

11,036.7

14,073.3

16.2%

18.6%

15.0%

15.8%

14.2%

9.7%

6.6%

7.5%

8.1%

6.8%

1,612.3

1,655.4

1,740.9

2,000.0

1,057.2

431.72

846.93

825.1

896.3

951.0

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Leverage Analysis*

Return Metrics

0.20 5,583.9

6,377.7

0.22

6,736.1

7,636.4

8,563.4

0.24

1,135.7

1,414.8

0.06

402.5

0.07

527.4

2,049.6

14.1%

11.2%

20.2%

17.7%

18.3%

17.6%

17.9%

16.8%

16.2%

16.9%

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Equity

Net Debt

Net Debt/Equity

ROE %

Cash Adjusted ROCE%

Notes: 1. Net Debt = Total Debt – Cash & Current Investments 2. ROE = PAT before MI / Avg. Equity (Excl. preference shares) + MI (based on cash adjusted PAT) Cash Adj. ROCE = EBIT / Avg. Capital Employed (excl. cash & current investments), 3.

* Calculated on Standalone basis

Financial Highlights (2/2)

Figures (in Rs. Mn)

Garment Division (Including Young Brand Apparel)

14000

12000

10000

8000

6000

4000

2000

20.2%

5,368.7

1,083.3

FY21

20.9%

7,429.3

1,553.2

FY22

18.7%

9,600.4

17.6%

9,383.7

13,081.8

16.2%

1,791.0

1,655.5

2,121.8

Garment Revenue

Garment EBITDA

Margin

FY23

FY24

FY25

Retail Division

SPUK

805.6

829.1

794.1

768.1

762.4

750.4

580.0

571.6

395.0

480.2

-51.9

FY21

-51.5

FY22

-75.3

FY23

FY24

FY25

FY21

FY22

FY23

-14.2

FY24

-34.0

FY25

Retail Revenue

Retail EBITDA

SPUK Revenue

SPUK EBITDA

-81.9

-68.4

40.6

26.5

7.2

Notes: 1.

*FY25 Garment division numbers include Young Brand Apparel Numbers

Shareholding Structure

SHAREHOLDING PATTERN – 30th Sep 2025

KEY SHAREHOLDERS – 30th Sep 2025

Promoter (61.9%)

Body Corporate (1.3%)

Mutual Funds (18.4%)

Others (15.5%)

Alternate Invst Funds (0.8%)

Insurance Companies (0.6%)

FPI (1.5%)

DSP Mutual Fund

Quant Mutual Fund

Franklin Templeton Mutual Fund

UTI Asset Management

Mahindra Manulife Mutual Fund

Reliance General Insurance Company Limited

LIC Mutual Fund

8.4

3.4

2.4

2.0

1.6

0.6

0.7

Annexure

Dressing the Future....

ESG

Mission Statement:

"To achieve carbon neutrality by the year 2033"

Vision Statement:

“To be a sustainable practise leader by promoting the use of renewable

energy and prioritising the usage of recycled materials in order to protect

our world for future generations”

Our Pillars

Emphasis on procuring power from renewable energy solutions

Adoption of eco-friendly and best practices in manufacturing & focus on high quality products

Sustainable business

Responsible production

Creating social impact

Committed to social responsibility, including education, women's empowerment, occupational health and safety

Collaboration with stakeholders to create a greener future and a low carbon economy

Commitment to transparency in ESG disclosures, adherence to a business code of conduct and efficient business operations

Creating Impact Beyond Business

Our company is committed to conducting business activities in an environmentally responsible manner. We focus on reducing our environmental footprint across the value chain and returning back to nature what we consume.

Building Stronger Communities through Social Responsibility

Support for needy, access to education and skill development opportunities, etc

Workplace Safety and Sanitation Measures

Free Medical facilities

Women Empowerment with ~xx% of permanent women employees

Making a Difference for the Environment

100% Biological oxidation process.

80%

Share of renewable energy through wind power generation.

1 MW Invested into the solar energy,

committed to increase to 5MW

99.1 % Waste recovered and reused as

Process water

Promote Gender Equality and Conduct Awareness Programmes

Zero

We operate our effluent treatment plant as Zero Liquid Discharge plant

Disclaimer

This presentation has been prepared by S. P. Apparels Limited solely to provide information about the Company. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information contained in this presentation is only current as of its date. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements", including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India. Please note that this presentation is based on the publicly available information including but not limited to Company’s website and Annual Reports. This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

LET’S CONNECT!

Mr. V. Balaji, Chief Financial Officer Balaji.V@spapparels.com

Mr. Vikash Verma Vikash.verma1@in.ey.com

Mr. Abhishek Bhatt Abhishek.bhatt3@in.ey.com

Shrishti Tandon Shrishti.tandon@in.ey.com

S. P. APPARELS LIMITED

Dressing the Future....

Q2 & H1 FY26 | Investor Presentation

Adj. EBITDA

23.6% YoY

Standalone

Adj. EBITDA

Margin at

17.8%

Standalone

PAT

51.4% YoY

Standalone

Retail Division reported Positive EBITDA in Q2FY26, Expect to sustain the momentum

SPUK Division delivered a Positive EBITDA in Q2FY26, Poised to maintain growth trajectory

TABLE OF CONTENT

Quarter Highlights: Q2 & H1 FY26

Growth Strategies

Company Overview

Garment Division

S. P. Retail

S.P. Apparels (UK)

Promising Industry Opportunities

Financial Highlights

Annexure

Quarter Highlights

Q2 & H1 FY26

Dressing the Future....

d e t a d

i l

o s n o C

Q2 & H1 FY26: Consolidated Performance Highlights

Total Revenue (Rs. Mn)

EBITDA (Rs. Mn)

PAT (Rs. Mn)

Q2FY26

H1FY26

5,000.0

4,500.0

4,000.0

3,500.0

3,000.0

2,500.0

2,000.0

1,500.0

9,000.0

8,000.0

7,000.0

6,000.0

5,000.0

4,000.0

3,000.0

3,913.0

4,273.4

9.2% YoY

Q2FY25

Q2FY26

Total Revenue (Rs. Mn)

8,307.8

6,366.1

750.0

700.0

650.0

600.0

550.0

500.0

450.0

400.0

350.0

300.0

250.0

1,300.0

1,200.0

1,100.0

636.5

400.0

350.0

300.0

347.0

496.8

28.1% YoY

250.0

219.2

58.3% YoY

Q2FY25

Q2FY26

EBITDA (Rs. Mn)

1,165.8

200.0

150.0

100.0

600.0

550.0

500.0

Q2FY25

Q2FY26

PAT (Rs. Mn)

553.6

826.8

30.5% YoY

1,000.0

900.0

800.0

700.0

600.0

500.0

41.0% YoY

450.0

399.6

38.5% YoY

400.0

350.0

300.0

250.0

200.0

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

Q2FY26: YoY growth Q2FY26 vs Q2FY25 | H1FY26: YoY growth H1FY26 vs H1FY25

Q2 & H1 FY26: Standalone Performance Highlights

Adj. Total Revenue (Rs. Mn)

Adj. EBITDA (Rs. Mn)

PAT (Rs. Mn)

e n o a d n a t S

Q2FY26

H1FY26

3,400.0

3,200.0

3,000.0

2,800.0

2,600.0

2,400.0

2,200.0

2,000.0

6,500.0

6,000.0

5,500.0

5,000.0

4,500.0

4,000.0

3,500.0

3,000.0

2,500.0

2,000.0

543.5

300.0

280.0

260.0

240.0

439.9

23.6% YoY

220.0

273.0

51.4% YoY

2,575.1

3,048.7

600.0

550.0

18.4% YoY

500.0

450.0

400.0

350.0

300.0

250.0

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Adj. Total Revenue (Rs. Mn)

Adj. EBITDA (Rs. Mn)

4,713.7

5,925.7

1,000.0

900.0

25.7% YoY

800.0

801.5

980.0

200.0

180.0

160.0

140.0

120.0

100.0

500.0

450.0

180.3

Q2FY25

Q2FY26

PAT (Rs. Mn)

471.9

22.3% YoY

400.0

407.8

15.7% YoY

700.0

600.0

500.0

400.0

300.0

350.0

300.0

250.0

200.0

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

Q2FY26: YoY growth Q2FY26 vs Q2FY25 | H1FY26: YoY growth H1FY26 vs H1FY25

Segmental Highlights

Garment Exports (Including Young Brand Apparel)

Adj. Operational Revenue (Rs. Mn)

10.2% YoY

21.4% YoY

6,277.0

7,621.4

SPUK

Retail

Operational Revenue (Rs. Mn)

316.1

327.7

375.1

365.4

3,531.3

3,892.1

199.0

179.9

226.6

216.8

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Adj. EBITDA (Rs. Mn) & Margin (%)

EBITDA (Rs. Mn)

16.1%

17.1%

15.9%

16.7% YoY

570.3

665.5

21.1% YoY

997.6

1,208.2

15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 -30.00

11.3

11.0

-11.0

-17.1

5.3

-8.8

10.00 0.00 -10.00 -20.00 -30.00 -40.00 -50.00 -60.00 -70.00 -80.00

-15.4

-43.7

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Q2FY25

Q2FY26

H1FY25

H1FY26

Notes: 1. 2. 3. Going forward Young Brand Apparel will be considered as the part of Garment Export Division

Garment Division – Operational Update

Capacity Utilization

Export Volumes & Realisation

83.0%

82.0%

Q2FY25

Q2FY26

25.0

20.0

15.0

10.0

5.0

Export Volumes (mn pcs) & Net Sales Realisation (per pcs) in INR

147.2

130.3

128.9

133.0

142.3

15.3

15.8

18.6

18.9

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Absolute Export Sales Realisation (per piece)

160.00

140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00

P&L Statement Highlights (Consolidated)

Particulars (In Rs Mn)

Revenue from Operations

Total Revenues

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses

EBITDA

EBITDA Margin %

Depreciation

Finance Cost

Other Income

PBT

Share Profit/(Loss) of the Associate Company

Tax Expense

PAT

PAT Margin %

Earnings Per Share (EPS) In Rs.

Notes: 1. PAT Margin = Reported PAT / Total Revenues 1 2.

Includes Consolidated Numbers of Young Brand Apparel Private Limited

Q2 FY26

Q2 FY25

YoY%

H1 FY26

H1 FY25

YoY%

4,273.4

1,807.3

2,466.1

57.7%

1,063.7

766.0

636.5

14.9%

117.5

103.2

68.0

483.8

(15.8)

121.0

347.0

8.1%

13.8

3,913.0

1,709.7

2,203.3

56.3%

916.1

790.3

496.8

12.7%

110.0

107.0

23.9

303.7

0.0

84.5

219.2

5.6%

8.7

9.2%

11.9%

28.1%

59.3%

58.4%

8,307.8

3,531.8

4,776.0

57.5%

2,096.5

1,513.6

1,165.8

14.0%

230.4

221.1

84.3

798.7

(22.9)

222.2

553.6

6.7%

22.1

6,366.1

2,559.0

3,807.1

59.8%

1,604.5

1,375.8

826.8

13.0%

208.0

160.1

51.0

509.7

0.0

110.1

399.6

6.3%

15.9

30.5%

25.4%

41.0%

56.7%

38.5%

P&L Statement Highlights (Standalone)

Particulars (In Rs Mn)

Revenue from Operations

Gain on account of Foreign Currency Fluctuations

Adj. Total Revenues

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses excl. MTM gain / loss on account of Foreign Currency Fluctuations

Adj. EBITDA

Adj. EBITDA Margin %

MTM Gain / (Loss) on account of Foreign Currency Fluctuations

Depreciation

Finance Cost

Other Income excl. Gain on account of Forex Fluctuations

PBT

Tax Expense

PAT

PAT Margin %

Earnings Per Share (EPS) In Rs.

Q2 FY26

Q2 FY25

3,078.1

(29.4)

3,048.7

1,065.2

1,983.5

65.1%

838.0

602.0

543.5

17.8%

(7.2)

99.3

80.8

17.5

373.6

100.7

273.0

9.0%

10.9

2,560.4

14.7

2,575.1

854.8

1,720.3

66.8%

701.2

579.3

439.9

17.1%

(27.5)

93.3

68.2

0.0

250.9

70.6

180.3

7.0%

7.2

YoY%

20.2%

18.4%

15.3%

23.6%

48.9%

51.4%

H1 FY26

5,974.9

(49.2)

5,925.7

2,079.4

3,846.3

64.9%

1,641.5

1,224.9

980.0

16.5%

1.7

194.6

152.9

30.5

664.6

192.7

471.9

8.0%

18.8

H1 FY25

4,700.9

12.8

4,713.7

1,481.4

3,232.3

68.6%

1,332.7

1,098.1

801.5

17.0%

(21.5)

183.1

99.3

24.9

522.4

114.6

407.8

8.7%

16.3

Notes: 1. 2. 3. PAT Margin = Reported PAT / Total Revenues 1

YoY%

27.1%

25.7%

19.0%

22.3%

27.2%

15.7%

P&L Statement Highlights - Young Brand Apparel

Particulars (In Rs Mn)

Revenue from Operations

Gain on account of Foreign Currency Fluctuations

Adj. Total Revenues

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses excl. MTM gain / loss on account of Foreign Currency Fluctuations

Adj. EBITDA

Adj. EBITDA Margin %

MTM Gain / (Loss) on account of Foreign Currency Fluctuations

Depreciation

Finance Cost

Other Income excl. Gain on account of Forex Fluctuations

PBT

Tax Expense

PAT

PAT Margin %

Q2 FY26

Q2 FY25

YoY%

H1 FY26

H1 FY25

822.5

20.8

843.4

466.9

376.5

44.6%

188.9

65.6

122.0

14.5%

1.1

11.1

3.6

5.8

114.1

21.6

92.6

11.0%

942.3

14.0

956.2

531.4

424.8

44.4%

174.8

119.7

130.4

13.6%

0.0

9.9

20.1

0.2

100.6

23.8

76.9

8.0%

13.4%

20.4%

1,671.1

24.6

1,695.7

963.5

732.2

43.2%

375.1

129.0

228.2

13.5%

1.1

21.5

25.8

9.8

191.7

43.7

148.0

8.7%

1,538.1

25.2

1,563.3

825.1

738.2

47.2%

346.5

195.6

196.1

12.5%

0.0

20.3

38.7

2.8

139.9

34.3

105.6

6.8%

Notes: 1. 2. 3. PAT Margin = Reported PAT / Total Revenues 1

YoY%

8.7%

8.5%

16.4%

37.1%

40.2%

Balance Sheet Highlights (Consolidated)

Sep’25

Mar’25

EQUITY AND LIABILITIES (Rs. Mn)

Sep’25

Mar’25

ASSETS (Rs. Mn)

Non-Current Assets

a. Property, Plant and Equipment

5,957.9

b. Right of Use Assets

c. Capital work-in-progress

d. Intangible Assets

e. Intangible Assets under development

f. Financial Assets

- Investments

- Loans and Advances

- Other financial assets

g. Other non-current assets

Total Non-Current Assets

Current Assets

a. Inventories

b. Financial Assets

- Current Investments

- Trade Receivables

- Cash and cash equivalents

- Bank Balances other than (1.9A) above

- Other financial assets

c. Other current assets

Total Current Assets

Total Assets

95.2

551.4

131.9

237.4

250.8

514.4

308.5

21.8

5,353.1

224.0

305.6

138.1

237.4

98.0

160.4

318.8

313.3

8,069.1

7,148.8

3,436.5

3,707.2

2,312.4

442.8

48.2

17.1

944.6

7,201.5

15,270.6

2,507.5

352.8

60.2

2.3

782.9

7,412.7

14,561.4

(A) Total outstanding dues of micro enterprises and small

enterprises

(B) Total outstanding dues of creditors other than micro

enterprises and small enterprises - Other financial liabilities b. Other current liabilities c. Provisions Total Current Liabilities Total Equity and Liabilities

250.9 8,733.2 8,984.1 (63.5)

250.9 8,312.5 8,563.4 (63.9)

543.3 205.9 75.9 230.4 30.7 1,086.3

422.4 223.7 76.0 249.8 0.4 972.3

3,300.2 -

3,162.1 -

226.3

931.9

527.3 115.4 162.7 5,263.7 15,270.6

302.5

1,019.3

351.8 107.3 146.7 5,089.6 14,561.4

Cashflow Statement (Consolidated)

Cashflow Statement (Consolidated) (In Rs Mn)

Sep'25 Mar’25

(Cont…) Cashflow Statement (Consolidated) (In Rs Mn)

Sep'25 Mar’25

775.8

1,232.2

230.4 0.4 - (1.2) (5.1) 0.0 22.9 200.5 (42.0) (0.1) (6.1) 1.7 8.0 1,185.1

433.0 2.8 (9.1) 0.0 (10.8) 4.3 (14.5) 329.2 (40.3) 0.0 20.5 16.6 3.7 1,967.5

270.7 (481.2) 233.9 (499.6) (382.9) (138.0)

181.5 (105.7) 1,446.0 785.4 (341.2) (185.8) 1,260.2 444.2

B. Cashflow from Investing Activities Capital expenditure on property, plant and equipment, including capital advances Proceeds from sale of property, plant and equipment

Loans to Subsidiary

Bank deposits not considered as cash and cash equivalents

Investment in Subsidiary

Purchase of Investments - Others

Proceeds from sale of Investments

Dividend Received - Others

Interest Received - Bank deposits

(669.1)

(882.4)

3.4

9.7

(352.8)

(2.0)

15.8

0.0

(35.2)

(1,373.1)

(172.6)

(380.1)

0.0

0.1

14.2

810.5

60.0

25.2

Net Cashflow from/(used in) Investing Activities

(1,161.1) (1,767.3)

C. Cashflow from Financing Activities

Proceeds from issue of equity share capital

Proceeds from/(repayment) of long term borrowings

Repayment of finance lease liabilities

Net Increase /(decrease) of working capital borrowings

Dividend Paid

Finance Costs

Net cashflow from /(used in) Financing Activities

Net increase / (decrease) in Cash and Cash Equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents acquired through business acquisition Effect of exchange differences on restatement of foreign currency Cash and bank balances Cash and Cash Equivalents for the Year

0.0

0.9

267.0

67.8

(27.1)

(54.0)

(14.8)

1,116.5

(50.2)

0.0

(184.0)

(306.1)

(9.2)

824.1

90.0 (499.0)

352.8

788.0

0.0

0.1

63.0

0.0

442.8

351.9

Growth Strategies

Growth in Existing Verticals

Expanding Geographical Footprint

Growth in Acquired Business

1. Growing Existing Verticals (1/2)

Traditional SPAL Garment Division

SPUK

SP Retail Ventures

Enhance Capacity Utilization within the Current Operational setup

FTA UK Advantage

▪ Competitive Pricing Opportunity

Utilization in FY25 85%

Scope to increase by ~10%

Plan to add ~1,000 Machines in India by FY26E

Greenfield Expansion in Sivakasi: Installed capacity of 450 machines with 100 machines currently operational

▪ Engage with UK retailers more effectively

Sourcing Flexibility

▪ SPUK can source products from both Sri Lanka and

India, depending on landed cost differences

Customer Addition to Drive Growth

Capacity (No. of Machines)

▪ Customer Contribution: Top 5-6 customers are

4,950

5,950

FY25

FY26E

expected to generate GBP 2-3 mn annually

▪ Growth Rate: Anticipate minimum growth of 10% per

customer each year

Diversifying Product Mix & Improving Efficiency

Revenue Mix (FY25)

Revenue Mix (FY27E)

Reducing dependency on Kids wear

Kids Wear Adult Wear

Seeking Strategic Investor: Actively looking for a

strategic partner to support our growth initiatives

Capital Market Fundraising: Planning to raise

funds from the capital market shortly

2. Expanding Geographical Footprints – Entry into Sri Lanka

Locational Advantage in moving to Sri Lanka for SPAL

Capacity Expansion to 2,000 Machines by FY27E

Efficient raw material transfer with overnight shipments from Tuticorin Port to Colombo

Duty free trade to Europe and UK markets

Abundant labour availability with easy access to skilled labour

Historically acclaimed for its skilled craftsmanship and quality in knitted and woven products

Capacity (No. of Machines)

2,000

650

200

Apr'25

Aug'25

Mar'26E

(Already Added)

SPAL’s Strategy to Grow in Sri Lanka

Subsidiary Established: Entered Sri Lanka in January 2025

Strategic Target: Targeting customer approved factories for acquisition

Reducing Gestation Period : Investing in operational factories in Sri Lanka to streamline setup and reduce turnaround time compared to establishing new facilities in Northeast India

Asset-Light Model: Avoiding greenfield investments

3. Strong Growth from New Acquisition – Young Brand Apparels

Expanding Capacities

Will lead to…

Future Growth Plans

▪

Installed Machines: 1,400 total; 1,150

utilized in FY25

Capacity Potential: Expand to 1,700

machines

Salem Expansion: Adding 300+ machines,

asset-light model; consciously deferred

the expansion until there is clarity on

tariffs, but are fully prepared to resume

once conditions stabilize

Capacity (No. of Machines)

Capacity expansion will lead to revenue growth

Cross-selling with Europe and USA Customers

1,400

1,150

1,700

1,500

From existing setup ~Rs. 420 Crores revenue potential

FY25

FY26E

No. of Machines

Utilized

▪ Expansion in India: Once Salem is

operational, plan to add capacity in nearby

areas

▪ Expansion in Sri Lanka: Evaluating to

expand capacity in Sri Lanka by leveraging

Sri Lanka's strengths in lingerie production

▪ Customer Synergies: Increase the

European customer base by leveraging

our relationship with SPAL

17 17

Company Overview

S. P. Apparels Limited (SPAL) founded in 1989, is India's biggest

manufacturer and exporter of knitted clothes for infants and

children. These are produced in integrated facilities that enable end-

to-end garment manufacturing services. SPAL offers complete

garment production services, from fibre to fashion.

Dressing the Future....

Preferred Vendor To Reputed International Brands

Strong Leadership

Brand of Choice

Integrated Manufacturing

Location Advantage

Specialized player in the Infant &

Preferred vendor for major

100% Backward integrated right

Located near Tirupur – the hub for

children wear knitted garment

children wear brands with a strong

from product development to

knitted children’s garments,

industry along with adult category

relationship of over 2 decades.

garmenting helps to deliver

convenient access to skilled labour,

superior quality

raw material, and proximity to the

international port

SPAL is the preferred vendor for knitted garments for infants and children to reputed international brands and retailers

WHY SPAL?

▪ Expertise in concurrently managing multiple large orders with a diversified product range including body suits,

sleepsuits, tops, and bottoms

▪ Ethically, Environmentally, and Socially compliant organization

▪ No bulk returns from customers since the inception

▪ Product Safety is the key focus of the company

▪ Exclusive Design support from dedicated in-house design team

Journey So Far

1989-2003

1989

Started export operations as a partnership firm

1998

Set-up manufacturing facility at Neelambur

2003

Set-up first in-house embroider facility at Thekkalur

2016

Listed on BSE / NSE

Repayment of Loans to reduce leverage

2004-2005

2004

Set-up of flagship factory at Avinashi

2005

Commissioned dying plant at Perundurai

2006-2008

2006

Investment by NYLIM

Investment in JV for manufacturing & marketing of the “Crocodile” Brand

2007-08

Amalgamation with Sri Balaji Bakkiam Spinning Mills

2008-2015

2008-13

Streamlining of operations to integrate factories, enhance efficiencies, and backward integration

2014

Incorporation of SP Apparels UK to cater to increasing integration, get a closer-to-client presence

2024 2024

Acquired Young Brand Apparel Pvt. Ltd

Entry into intimate wear exports

2017-2023 2017-23

Integration/expansion of manufacturing facilities to increase operational efficiency

Expansion of Crocodile brand in various states and cities in India

Incorporated Subsidiary in Sri Lanka

2025

Expanded Geography in Sri Lanka through Subsidiary

Commenced production in Sivakasi

Relocated SPUK HO to London; Restructured the team by onboarding new designers

Effective Management Structure

Board of Directors

Mrs H. Lakshmi Priya Independent Director

Mr C. R. Rajagopal Independent Director

Mr B. Ravishankar Independent Director

Mr Srinivas Chidambaram Independent Director

Garment Export Division (Infants & Kids)

Mr P. Sundararajan Chairman and Managing Director

▪ Founder director of SPAL with 40 years of experience in

the textile and apparel industry

▪ Bachelor of Science from the Bangalore University

Retail Division

Mrs P.V. Jeeva, Chief Executive Officer

Mrs S. Shantha Joint Managing Director

Mr S. Chenduran Joint Managing Director

▪ 35 years of experience in the textile and apparel industry

▪ Handles garments division and has been associated with

SPAL since July 1986

▪ B.Tech (Textiles) & MBA from PSG Institute of Management

▪ Six years of experience in the textile and apparel industry

▪ immense knowledge in marketing and textiles makes her

▪ MS in Business & Management from University of Strathclyde

contribution valuable to achieve the visions of the Company

Mr V. Balaji Chief Finance Officer

Mrs S. Latha Executive Director

▪ 21 years of experience in the field of finance and accounts

▪ Founder director of SPAL with 29 years of experience in the

▪ Qualified Chartered Accountant

▪ Plays a key role in managing banking relationships

textile and apparel industry

Integrated Facilities – Right from Yarn to Garment

SPINNING

KNITTING

DYEING

CUTTING

PRINTING

AUTOMATED EMBROIDERY

SEWING

AUTOMATED SEWING ASSEMBLY LINE

SEMI-AUTOMATED INVENTORY MANAGEMENT

Garment Division Established Global Player

Dressing the Future....

Garment Division at Glance

Well Established Garment Export Business (Kids & Infants)

Leading exporter Leading Kids and Infants Exporter Globally

80%+ Absolute Growth | 16%+ CAGR Growth

+80% Growth in Garment Exports Revenue from and 16%+ CAGR Growth (FY21 to FY25)

15-20% Margins Consistently Delivered EBITDA Margins between 17%-20%

Global Catering to leading global multinationals

SPUK Presence in UK through SPUK for Design support services

YBAL* Prominent brand in exports of intimate wear

* Young Brand Apparel Private Limited

Improving Operating leverage to thrust growth

Capacity Utilization Trend

Adj. EBITDA Margin (%)

85.0%

83.0%

18%

17%

76.0%

72.0%

FY23

FY24

FY25

H1FY26

FY23

FY24

FY25

H1FY26

Consistently increasing utilisation levels from 60% in FY21 to currently 85%, there is headroom for further expansion

Adj. EBITDA Margin (%) to remain sustainable at 17% to 20%*

Notes: 1. Projected EBITDA margin range is provided as guidance.

Infants and Kids Segment a Critical Sector to Cater

Key Entry Barriers

Health & safety regulations

• Stringent safety and quality

requirements in developed markets

• Severe restrictions on the use of

hazardous chemicals, dyes,

accessories, etc to prevent harming

Products

• Cater to infants and children

infants and children

• Manufacture high-fashion garments

Skilled labour

• Labour intensive operations

• Employee training & skill

development

• Employee occupational

health & welfare

Key Entry Barriers

Manufacturing capabilities

• Demands large variety and

small batch size orders

• Highly complex manufacturing

Ethics

• Ethical factories with best-in-

class standards

• Employee welfare initiatives

that align with industry-

leading standards

Complete Integration enables Quality Consistency and Timely Delivery

Product Development

Design Creation

Quality checks at every stage

Order

Spinning

Knitting

Dyeing

Garmenting

Export

Purchase of dyed yarn

Sewing

Packing of orders as per instructions

Development of Samples

Customer approval process

Converts cotton to greige yarn

Yarn converted to unprocessed fabric

Fabric dyed and finished as per order

Printing and Embroidery

Final AQL quality inspection

Customer places the order

Procures cotton and other raw materials

Unfinished fabric packed and batch fabric readied

Purchase of dyed fabric

Cutting

Export of garments to customers

Legend

Process Stage

In house

Partly Outsourced

Developed Capabilities Over the Years

Demonstrated manufacturing excellence for over 3 decades

Proficient in-house design and merchandising team of designers located at SPUK and in India

Ability to consistently deliver high quality products on timely basis

Meeting stringent compliance requirements of international customers

Use of latest technology for developing products and styles

Company is working towards sustainable growth by continuously working on improving its ESG matrix

Quality is a key essence of our success

Stringent quality control checks at every stage, from fabric to garment, ensure top-notch product quality, free from any metal bits, needle tips, or sharp edges

Rigorous inspections eliminate defects, ensuring exceptional quality, with an internal rejection rate below international standards, reflecting our commitment to quality control

SPAL places a strong emphasis on upholding highest standards of quality, assurance, and compliance throughout the apparel manufacturing processes

SPAL Lab's NABL accreditation is a testament to their unwavering commitment to upholding the highest standards of quality and reliability

TESCO ‘F&F Gold Rated Supplier Award’ 2013

Marks and Spencer

award 2011

Young Brand Apparels

Established Global Player

Dressing the Future....

Young Brand Apparels – Entry into Intimate Wear Exports

Intimate Wear

The company offers innerwear and outerwear for men, women and kids. It specializes in intimate wear

Marquee Customers

Core export customers are Marks & Spencer, PINK (Victoria’s Secret), Jockey, American Eagle

Plant

Owns a 2,80,000 sq. ft state of the art manufacturing facility on a 26-acre site in Chennai’s outskirts

Partners

Nurtured by direct 2,300 and 5,000 of indirect partners

Geographical Footprints

Young Brand Apparels - Revenue INR Crore

Marquee Customers

303

329

311

324

169

170

FY21

FY22

FY23

FY24

FY25 H1FY26

31 31

S.P. Retail Building a Brand for Future

Dressing the Future....

Evolution of Retail Division

2006

2008 - 2012

2013 - 2019

2020 - 2022

Acquisition of CPPL & exclusive Crocodile license

Revolutionizing Retail: Crocodile's Flagship Stores Unveiled

Store Expansion and Phase of Consolidation

Acquired licensee of Angel & Rocket

▪ SPAL acquires major stake

2008

in CPPL*

▪ SPAL is the manufacturer &

retailer of Crocodile menswear in India and also holds an exclusive license to manufacture and market sportswear and footwear under the Crocodile brand in the Indian market

▪ Ground-breaking sensor technology launched 1st Crocodile Exclusive Brand Outlet opened in Jayanagar, Bangalore.

▪

2010

▪ Flagship Crocodile

Exclusive Brand Outlet in Anna Nagar, Chennai, India

2012

▪ Crocodile apparel brand

launched in Globus stores.

▪ The period marked a phase of consolidation, utilizing IPO proceeds to bolster store and overall presence, enhance our brand, and drive growth.

▪ Launched Athleisure and

Undergarment distribution across India in 2015

2022

▪ Acquired licensee of Angel & Rocket a premium kids wear brand based in the UK 1st Flagship Angel & Rocket Exclusive Brand store opened in Indiranagar, Bengaluru, India

▪

*CPPL (Crocodile Products Private Limited) – Joint venture company between Crocodile International and S. P. Apparels Limited

Retail Division - A High Value Brand Play

SPAL Retail

Fuelled by a robust distribution network, an in-house design team, and a sustainable growth strategy, Retail is One of the fast-growing division of SPAL

Crocodile

Crocodile is an Established and a profitable brand with Pan India Presence and Good Brand Recall

Diversified portfolio

Diversified product portfolio entering into own kids and infants wear and high-end women wear brand

Angel & Rocket

Building a kids wear brand Angel & Rocket

Building a Retail Business for the Future

S. P. Retail Revenue Growth INR Crore

Marching toward Creating a Sustainable Brand

98% Growth

Growth in Retail Revenue from FY21 to FY25

Loyal Customers

Large Format Outlets | Company Owned Stories | Franchisee Stores

~107k

165 | 39 | 15

19% CAGR

CAGR Growth (FY21-FY25)

FY21

FY22

FY23

FY24

FY25 H1FY26

87,373 sq.ft

Distributor/SIS/DM

Retail Space

S. P. Retail – The Brand Portfolio

Leading Apparel brand with a presence across India

Crocodile is one of the largest fashion brands in India and has become a stylish synonym for timeless fashion, great quality & functionality in menswear

Standalone stores

Network of Large sales & distribution channels, physical Stores and several e- commerce platforms

Strategic acquisition of a premium kids wear brand, to establish our very own kids and infants' brand in India

This move strategically leverages the thriving demand in the Indian market.

In large format stores

Backed by a dedicated in-house design team in the UK, we are fully equipped to offer trendy and exclusive designs for children aged 0 to 14 years old.

Standalone stores

Additionally, we prioritize ethical manufacturing practices across factories worldwide.

Retail division undertakes manufacturing, distributing and marketing activities in relation to the ‘Crocodile’ brand in India

Natalia

S.P. Apparels (UK) (P) Ltd Tapping the Global Market

Dressing the Future....

S.P. Apparels (UK) (P) Limited (SPUK)

Caters to Large European Brands Strong consumer ties to well-known businesses like Joules and Dunnes Stores. Currently caters to xx customers in Ireland, UK and other European Countries

Faced various Challenges that impacted the growth Since its beginning, the company has encountered numerous macroeconomic difficulties like Brexit and Covid-19, which have affected performance

Outlook SPUK is positioned to benefit from the upcoming India-UK FTA, enabling trading activities with new customers

in the U.K., Ireland, and other European countries

Promising Industry Opportunities

Dressing the Future....

Macro Tailwinds – To boost Indian Garment Exports

Export Promotion Mission (EPM) to Strengthen Exports

▪ Central govt. has approved Export promotion scheme with an outlay of ~Rs. 25,060 Cr till FY31

▪

The mission consolidates key export‐support schemes, (e.g. Interest Equalization Scheme,

Market Access Initiative) to help exporters enter new markets & strengthen existing one

FTA’s, RoSCTL / RoDTEP and Export Promotion Mission (EPM) to Push the Indian Garment Exports

FTA’s

▪

India and UAE have recently signed a Free Trade Agreement (FTA)

India is also in the process of negotiating FTAs with the EU, Australia, UK, Canada, Israel and others

RoDTEP / RoSCTL

China Plus One

India’s textile exports are expected to grow by 81% to $65 billion by 2026 from the pre-Covid level of ~$36 billion in 2019

Large chunk of the targeted increase, or ~$16 billion may come due to China Plus One as India has large production base compared with Vietnam or Bangladesh

Benefit for SPAL

Provide opportunities for exporting to newer geographies

Employee training Provide opportunities programmes to acquire and for exporting to newer retain skilled labour force geographies

Will enhance the demand and profitability of SPAL

Annual Financial Highlights

Dressing the Future....

Consolidated Financial Highlights (1/2)

Consolidated Figures (in Rs. Mn)

Total Income

EBITDA & Margin(%)

Profit After Tax & Margin (%)

8,689.2

6,536.9

11,008.9

11,036.7

14,073.3

16.2%

18.6%

15.0%

15.8%

14.2%

9.7%

6.6%

7.5%

8.1%

6.8%

1,612.3

1,655.4

1,740.9

2,000.0

1,057.2

431.72

846.93

825.1

896.3

951.0

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Leverage Analysis*

Return Metrics

0.20 5,583.9

6,377.7

0.22

6,736.1

7,636.4

8,563.4

0.24

1,135.7

1,414.8

0.06

402.5

0.07

527.4

2,049.6

14.1%

11.2%

20.2%

17.7%

18.3%

17.6%

17.9%

16.8%

16.2%

16.9%

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Equity

Net Debt

Net Debt/Equity

ROE %

Cash Adjusted ROCE%

* Calculated on Standalone basis

Financial Highlights (2/2)

Figures (in Rs. Mn)

Garment Division (Including Young Brand Apparel)

14000

12000

10000

8000

6000

4000

2000

20.2%

5,368.7

1,083.3

FY21

20.9%

7,429.3

1,553.2

FY22

18.7%

9,600.4

17.6%

9,383.7

13,081.8

16.2%

1,791.0

1,655.5

2,121.8

Garment Revenue

Garment EBITDA

Margin

FY23

FY24

FY25

Retail Division

SPUK

805.6

829.1

794.1

768.1

762.4

750.4

580.0

571.6

395.0

480.2

-51.9

FY21

-51.5

FY22

-75.3

FY23

FY24

FY25

FY21

FY22

FY23

-14.2

FY24

-34.0

FY25

Retail Revenue

Retail EBITDA

SPUK Revenue

SPUK EBITDA

-81.9

-68.4

40.6

26.5

7.2

Notes: 1.

*FY25 Garment division numbers include Young Brand Apparel Numbers

Shareholding Structure

SHAREHOLDING PATTERN – 30th Sep 2025

KEY SHAREHOLDERS – 30th Sep 2025

Promoter (61.9%)

Body Corporate (1.3%)

Mutual Funds (18.4%)

Others (15.5%)

Alternate Invst Funds (0.8%)

Insurance Companies (0.6%)

FPI (1.5%)

DSP Mutual Fund

Quant Mutual Fund

Franklin Templeton Mutual Fund

UTI Asset Management

Mahindra Manulife Mutual Fund

Reliance General Insurance Company Limited

LIC Mutual Fund

8.4

3.4

2.4

2.0

1.6

0.6

0.7

Annexure

Dressing the Future....

ESG

Mission Statement:

"To achieve carbon neutrality by the year 2033"

Vision Statement:

“To be a sustainable practise leader by promoting the use of renewable

energy and prioritising the usage of recycled materials in order to protect

our world for future generations”

Our Pillars

Emphasis on procuring power from renewable energy solutions

Adoption of eco-friendly and best practices in manufacturing & focus on high quality products

Sustainable business

Responsible production

Creating social impact

Committed to social responsibility, including education, women's empowerment, occupational health and safety

Collaboration with stakeholders to create a greener future and a low carbon economy

Commitment to transparency in ESG disclosures, adherence to a business code of conduct and efficient business operations

Creating Impact Beyond Business

Building Stronger Communities through Social Responsibility

Support for needy, access to education and skill development opportunities, etc

Workplace Safety and Sanitation Measures

Free Medical facilities

Women Empowerment with ~xx% of permanent women employees

Making a Difference for the Environment

100% Biological oxidation process.

80%

Share of renewable energy through wind power generation.

1 MW Invested into the solar energy,

committed to increase to 5MW

99.1 % Waste recovered and reused as

Process water

Promote Gender Equality and Conduct Awareness Programmes

Zero

We operate our effluent treatment plant as Zero Liquid Discharge plant

Disclaimer

LET’S CONNECT!

Mr. V. Balaji, Chief Financial Officer Balaji.V@spapparels.com

Mr. Vikash Verma Vikash.verma1@in.ey.com

Mr. Abhishek Bhatt Abhishek.bhatt3@in.ey.com

Shrishti Tandon Shrishti.tandon@in.ey.com

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