SP Apparels Share Price Target 2027: Can It Reach Rs 1,133? Base Case at Rs 932
- November 6, 2026
- Posted by: Ankit Jaiswal
- Category: Market
SP Apparels share price Rs 845.20 (6 November 2026). Base target Rs 932, bull Rs 1,133, downside risk Rs 704. PE 21.04. 52W range Rs 600.00 to Rs 1,221.90.
Quick Answer
The SP Apparels share price target for 2027 is Rs 932, about 10.3% above the current price of Rs 845.20. The bull case is Rs 1,133, and the downside risk level, which is not a target, is Rs 704. The base case assumes earnings per share grow 5.9% a year, the pace seen from FY24 to FY26, with the stock holding its PE of 21.04. These are model-based estimates built from reported financials, not guaranteed outcomes.
Investors weighing a SP Apparels target price for 2027 should start with where the stock sits today. At Rs 845.20 on 6 November 2026, it is 30.8% below its 52-week high of Rs 1,221.90 and 40.9% above its 52-week low of Rs 600.00. That range spans 104% from low to high, so the entry point matters as much as the SP Apparels price forecast itself.
This article builds the SP Apparels share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario states its assumptions, so you can trace how the base case, the bull case and the downside risk level were reached and test them against your own view.
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SP Apparels Stock Analysis: Company Overview and Key Stats
SP Apparels (NSE: SPAL) has a market capitalisation of Rs 2,212 crore. In FY26 it reported revenue of Rs 1,597 crore and net profit of Rs 100.94 crore. The table collects the figures the SP Apparels share price target is built on.
| Metric | Value |
|---|---|
| Company | SP Apparels |
| NSE Ticker | SPAL |
| CMP (6 November 2026) | Rs 845.20 |
| 52-Week High | Rs 1,221.90 |
| 52-Week Low | Rs 600.00 |
| Market Cap | Rs 2,212 crore |
| PE Ratio (TTM) | 21.04 |
| Industry PE | 34.82 |
| Price to Book | 2.34 |
| Return on Equity | 10.66% |
| Debt to Equity | 0.44 |
| EPS (TTM) | Rs 41.83 |
| Dividend Yield | 0.34% |
| 12-Month Base Target | Rs 932 |
| Bull Case | Rs 1,133 |
| Downside Risk Level (not a target) | Rs 704 |
Why Is SP Apparels Share Price Target Set at Rs 932 for 2027?
The arithmetic is short. Trailing EPS of Rs 41.83 grown for one year gives a forward EPS estimate of Rs 44.31, and multiplying it by the unchanged PE of 21.04 gives the Rs 932 base-case SP Apparels stock target. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.
Earnings Growth Behind the SP Apparels Target Price: Five Years of Results
SP Apparels grew revenue from Rs 868.92 crore in FY22 to Rs 1,597 crore in FY26, a compound annual growth rate of 16.4%. Net profit grew more slowly, from Rs 84.69 crore to Rs 100.94 crore (4.5% a year), which points to margin pressure alongside the sales growth.
| Financial Year | Revenue (Rs Cr) | Net Profit (Rs Cr) | EPS (Rs) | Dividend per Share (Rs) |
|---|---|---|---|---|
| FY22 | 868.92 | 84.69 | 32.96 | 0.00 |
| FY23 | 1,100.89 | 82.51 | 32.37 | 3.00 |
| FY24 | 1,103.67 | 89.62 | 35.72 | 0.00 |
| FY25 | 1,407.33 | 95.10 | 37.90 | 0.00 |
| FY26 | 1,596.76 | 100.94 | 40.09 | 3.00 |
FY26 revenue growth was 13.5%, slower than the four-year average of 16.4%, and net profit moved up 6.1%. EPS rose from Rs 35.72 in FY24 to Rs 40.09 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.
Margins and the Latest Quarter
SP Apparels converted 6.3% of FY26 revenue into net profit, against 6.8% in FY25, within a five-year range of 6.3% to 9.7%. EBITDA margin was 14.4% in FY26 versus 14.2% in FY25.
In the June 2026 quarter, revenue was Rs 404.63 crore, down 0.1% from the same quarter a year earlier, while net profit of Rs 24.87 crore was up 16.4%. EBITDA came in at Rs 64.92 crore, up 19.0% year on year. The next quarterly result is the first test of whether the earnings assumption holds.
Balance Sheet and Cash Flow
Debt to equity stands at 0.44, and shareholders’ equity grew from Rs 631.25 crore in FY22 to Rs 939.62 crore in FY26. Operating cash flow in FY26 was Rs 208.69 crore against capital expenditure of Rs 107.55 crore, leaving free cash flow of Rs 101.14 crore, or 4.6% of the current market capitalisation. In FY25 free cash flow was negative at Rs 37.82 crore, so cash generation has not been steady year to year.
Valuation Check for the SP Apparels Stock Target: PE, Price to Book and ROE
At a PE of 21.04 against an industry PE of 34.82, SP Apparels trades at a discount to its industry. Price to book is 2.34 on a book value of Rs 376.36 per share, and return on equity is 10.66%. A PE of 21.04 equals an earnings yield of 4.8%, and the FY26 dividend of Rs 3.00 per share gives a yield of 0.34%.
Shareholding Pattern and Institutional Holding
Promoters held 59.82% of SP Apparels in September 2026, and promoter holding fell from 61.93% in September 2025 to 59.82% in September 2026. Foreign institutional investors (FII) held 2.00% and domestic institutions (DII) held 15.84%, which puts total institutional holding at 17.84%. FII holding rose from 1.48% in September 2025 to 2.00% in September 2026. Public shareholders own the remaining 22.33%. A meaningful institutional holding adds a layer of research coverage and trading depth.
SP Apparels Share Price Targets for the Short Term and 12 Months
Short Term SP Apparels Stock Target Levels: Technical Setup
At Rs 845.20 on 6 November 2026, SP Apparels trades below its 50-day simple moving average of Rs 946.33 and below its 200-day exponential moving average of Rs 891.13. The 14-day RSI reads 34.0, which is neutral territory, and the MACD line sits above its signal line. The nearest resistance level is Rs 891.13 (200-day exponential moving average) and the nearest support is Rs 600.00 (52-week low). A sustained move above Rs 891.13 would improve the short-term setup, while a close below Rs 600.00 would shift attention to the next support.
12 Month SP Apparels Target Price for 2027
The 12-month target of Rs 932 means a move of 10.3% up from Rs 845.20 over the next 12 months. It would still leave the stock 23.7% below its 52-week high of Rs 1,221.90. Anyone checking the SP Apparels share price target against their own view should focus on two inputs: the EPS estimate and the PE multiple.
How EPS Growth and PE Multiple Change the SP Apparels Target Price
| EPS Growth | PE 16.83 | PE 21.04 | PE 24.20 |
|---|---|---|---|
| 0.0% (EPS Rs 41.83) | Rs 704 | Rs 880 | Rs 1,012 |
| 5.9% (EPS Rs 44.31) | Rs 746 | Rs 932 | Rs 1,072 |
| 11.9% (EPS Rs 46.82) | Rs 788 | Rs 985 | Rs 1,133 |
Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the SP Apparels price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.
Bull Case and Downside Risk for SP Apparels Stock Target in 2027
Bull Case Rs 1,133
The bull case SP Apparels price target needs EPS growth of 11.9%, which lifts forward EPS to Rs 46.82, and a PE multiple that rises 15% to 24.20. That gives Rs 1,133, 34.1% above the current price and below the 52-week high of Rs 1,221.90.
Downside Risk Level Rs 704
The downside risk level is not a target. It assumes EPS stays flat at Rs 41.83 and the PE falls 20% to 16.83. That gives Rs 704, 16.7% below the current price and above the 52-week low of Rs 600.00.
| Scenario | EPS Growth | PE Multiple | Price (Rs) | Change vs CMP |
|---|---|---|---|---|
| Bull Case | 11.9% | 24.20 | Rs 1,133 | +34.1% |
| Base Case | 5.9% | 21.04 | Rs 932 | +10.3% |
| Downside Risk | 0.0% | 16.83 | Rs 704 | -16.7% |
Key Risks to the SP Apparels Target Price for 2027
Growth Slowdown Risk for the SP Apparels Price Target
Revenue in the June 2026 quarter was down 0.1% year on year, and FY26 revenue growth was 13.5%. A fall in sales would make the EPS growth behind the SP Apparels stock target harder to reach.
Liquidity and Size Risk
SP Apparels has a market capitalisation of Rs 2,212 crore. Institutional holding is 17.84%, and promoters hold 59.82%. Stocks of this size can move sharply on small volumes, and exits can take longer than entries.
Valuation and Margin Risk
Net margin was 6.3% in FY26, so a small slip in costs moves profit noticeably. At a PE of 21.04 versus an industry PE of 34.82, a de-rating toward the downside-risk PE of 16.83 would cut the price even if earnings hold.
Market and Technical Risk
Technical indicators add short-term risk: the 14-day RSI is 34.0 and the MACD sits above its signal line. A broad fall in the Nifty 50 or the Sensex can override company fundamentals for weeks at a time.
How to Invest in SP Apparels
Start with the live price and volume. Any SP Apparels share price target is only as current as the data behind it, and the data here is as of 6 November 2026, so refresh the Rs 845.20 price before acting on any level.
Next, review the fundamentals yourself. The Univest Screener lets you check SP Apparels’ PE, ROE, debt and shareholding in one place.
Check SP Apparels fundamentals on the Univest Screener
Then compare the three SP Apparels target price scenarios with your own view. If you expect EPS growth below 5.9%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.
Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.
Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.
Download the Univest iOS App or Univest Android App to track SP Apparels live price and get daily stock recommendations.
Conclusion
The SP Apparels share price target for 2027 is Rs 932 in the base case, with Rs 1,133 as the bull case. The support for that view is arithmetic you can check: EPS grew 5.9% a year over FY24 to FY26, and the stock trades at a PE of 21.04. The risks are equally concrete, including a net margin of just 6.3% that leaves profit sensitive to costs and a downside scenario that cuts the price 17% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on SP Apparels Share Price Target 2027
What is the SP Apparels share price target for 2027?
Ans. The base-case SP Apparels share price target for 2027 is Rs 932, which is 10.3% above the price of Rs 845.20 on 6 November 2026. The bull case is Rs 1,133 and the downside risk level, which is not a target, is Rs 704. All three come from one method: forward EPS multiplied by a PE multiple, using only reported results. They are model estimates and not guaranteed outcomes, and the next quarterly result is the first check on the EPS assumption.
What is the SP Apparels share price today?
Ans. As of 6 November 2026, 9:49 AM IST, SP Apparels (NSE: SPAL) trades at Rs 845.20, down 3.99% on the day. That is 30.8% below the 52-week high of Rs 1,221.90 and 40.9% above the 52-week low of Rs 600.00. The market capitalisation of Rs 2,212 crore places it among small-cap stocks. Prices change through the trading session, so check the live quote before acting on any level in this article.
Is SP Apparels a buy or sell at the current price?
Ans. The data points both ways. On the positive side, EPS has grown 5.9% a year over FY24 to FY26 and the base case implies 10.3% upside; on the cautious side, the net margin is a thin 6.3%, and the downside risk level of Rs 704 is 17% below the current price. Whether SP Apparels fits your portfolio depends on your time horizon, position size and risk appetite. Consult a SEBI-registered advisor before investing, as this article is not investment advice.
What are the bull case target and downside risk level for SP Apparels shares?
Ans. The bull case in the SP Apparels share price target for 2027 is Rs 1,133, which assumes 11.9% EPS growth and a PE of 24.20, a 15% re-rating from today’s multiple. That is 34.1% above the current price and below the 52-week high of Rs 1,221.90. The downside risk level is Rs 704, which assumes flat EPS and a PE of 16.83, 20% lower than today. It sits 16.7% below the current price and above the 52-week low of Rs 600.00, and it marks a risk to watch, not a target.
What are the main risks to the SP Apparels price target?
Ans. Four risks matter most for the SP Apparels share price target: slower revenue or profit growth, a PE de-rating, thin liquidity or size risk, and weakness in the broader market. With a market capitalisation of Rs 2,212 crore, the stock can move sharply on small volumes, and exits can take longer than entries. A fall to the downside-risk PE of 16.83 would cut the price even if earnings hold.
What is the PE ratio of SP Apparels and how does it compare with the industry?
Ans. The PE ratio of SP Apparels is 21.04, against an industry PE of 34.82, which is a discount to the industry. Price to book is 2.34 and return on equity is 10.66%, and the PE equals an earnings yield of 4.8%. The base case holds the PE unchanged, so the SP Apparels share price target moves only with earnings, while the bull and downside scenarios change the multiple by +15% and -20%.
Who owns SP Apparels, and what is the promoter holding?
Ans. Promoters held 59.82% of SP Apparels in September 2026. FII held 2.00%, DII held 15.84% and the public held 22.33%. Together the two institutional groups hold 17.84%. Shareholding is filed every quarter, so it is worth rechecking after each result.
What were SP Apparels’ latest quarterly results?
Ans. In the June 2026 quarter, SP Apparels reported revenue of Rs 404.63 crore (down 0.1% year on year) and net profit of Rs 24.87 crore (up 16.4%). For comparison, FY26 full-year revenue growth was 13.5% and net profit moved up 6.1%. Each new quarter either supports or weakens the EPS growth of 5.9% assumed in the base case.
