🔍

SPLIL - SPL Industries

📊 NSE: SPLIL 🏢 Trading 📅 Last Updated: 12/14/2025 13:38

📢 Recent Corporate Announcements

SPL Industries Q3 Net Profit Rises to ₹2.38 Cr Aided by Tax Credits Despite 45% Revenue Slump

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:27 PM

SPL Industries reported a challenging third quarter for FY 2025-26, with revenue from operations dropping 45.2% YoY to ₹14.65 crore. While Net Profit appears to have grown to ₹2.38 crore from ₹0.30 crore in the same period last year, this was primarily due to a significant deferred tax credit of ₹2.08 crore. Operationally, the company weakened as Profit Before Tax (PBT) fell 66.3% YoY to ₹0.48 crore. For the nine-month period, revenue is down over 57% compared to the previous year, indicating a sharp contraction in business scale.

Revenue from operations declined 45.2% YoY to ₹1,465.09 lakhs from ₹2,673.92 lakhs.
Profit Before Tax (PBT) crashed 66.3% YoY to ₹48.60 lakhs compared to ₹144.40 lakhs in Q3 FY25.
Net Profit of ₹238.42 lakhs was bolstered by a deferred tax credit of ₹208.60 lakhs.
Nine-month (9M FY26) revenue stands at ₹4,626.15 lakhs, a massive drop from ₹10,870.22 lakhs in 9M FY25.
Trading of Garments segment revenue fell to ₹1,266.97 lakhs from ₹1,898.28 lakhs in the year-ago quarter.

💡 Investors should look past the headline net profit growth as it is driven by non-cash tax adjustments rather than core business performance. The significant decline in revenue and operating profits suggests fundamental business stress, making the stock a 'Watch' with a negative bias.

SPL Industries Rectifies CIN Change; Reaffirms Textile as Principal Business

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 23 Jan 2026, 05:53 PM

SPL Industries Limited has clarified a technical error regarding its Corporate Identification Number (CIN) which was incorrectly changed to a real estate classification. Following the addition of real estate activities to its object clause in November 2025, a system-driven error updated the NIC code to 68100. The company has now filed a rectification on January 20, 2026, to restore its CIN to L13139DL1991PLC062744, reflecting its core textile operations. Management emphasized that textiles remain the primary business and no operations have been discontinued.

CIN restored to L13139DL1991PLC062744 following a rectification filing on January 20, 2026
Technical error had briefly changed the NIC code to 68100 (Real Estate activities)
Real Estate was added to the Object Clause on November 14, 2025, for future business flexibility
Management confirms Textile remains the principal business activity with no operational changes

💡 This is a routine regulatory correction of a technical error and does not impact the company's fundamentals. Investors should continue to focus on the performance of the core textile segment.

SPL Industries Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 12:40 PM

SPL Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending December 31, 2025. The certificate, issued by KFIN Technologies Limited, confirms that all share certificates received for dematerialization were processed within the mandated 15-day timeframe. It further verifies that the securities have been listed on the relevant stock exchanges and the physical certificates were mutilated and cancelled. This filing is a standard administrative requirement to ensure the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar KFIN Technologies confirmed dematerialization processing within 15 days of receipt.
Verification that dematerialized securities are listed on NSE and BSE where earlier shares are listed.
Physical security certificates were mutilated and cancelled after due verification per SEBI norms.

💡 This is a routine regulatory filing confirming administrative compliance regarding share dematerialization. No action is required from investors as it does not impact company fundamentals or financial performance.

SPL Industries Reports Nil Physical Share Transfer Re-lodgement Requests (July 2025 - Jan 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 11:53 AM

SPL Industries Limited has filed a routine compliance report regarding the re-lodgement of transfer requests for physical shares. For the six-month period spanning July 07, 2025, to January 06, 2026, the company reported zero requests received. Consequently, no transfers were processed, approved, or rejected during this timeframe. This filing is a standard regulatory requirement under SEBI circulars and reflects no activity in physical share transfers.

Reporting period covers six months from July 07, 2025, to January 06, 2026
Total number of physical share transfer re-lodgement requests received was Nil
Zero requests were processed, approved, or rejected during the period
Average time taken for processing requests was recorded as Nil
Compliance filing submitted as per SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97

💡 No action is required from investors as this is a routine regulatory disclosure with no impact on the company's financial health or operations.

SPL Industries Announces Trading Window Closure from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 03:28 PM

SPL Industries Limited has officially notified the stock exchanges regarding the closure of its trading window starting January 1, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the review and approval of financial results for the quarter ended December 31, 2025. The restriction applies to all promoters, KMPs, and designated persons, preventing them from trading in the company's equity shares. The window will remain closed until 48 hours after the board meeting results are publicly disclosed.

Trading window closure to commence from Thursday, January 1, 2026.
Closure is mandated for the approval of financial results for the quarter ended December 31, 2025.
Restriction applies to Promoters, Promoter Group, KMPs, and Designated Persons/insiders.
Trading window will reopen 48 hours after the Board of Directors approves the financial results.
Specific date for the Board Meeting to be announced in due course.

💡 This is a routine regulatory announcement with no immediate impact on stock fundamentals. Investors should watch for the upcoming board meeting date to assess the company's Q3 performance.

SPL Industries to Purchase Land for ₹34.21 Crore

🟡 NEUTRAL ⭐ 6/10

EXPANSION 📅 03 Dec 2025, 05:58 PM

SPL Industries Limited has announced an agreement to purchase land in Village Prithla, Haryana, for ₹34,21,25,000 (exclusive of stamp duty and registration fees). The land, measuring 59 Kanal 10 Marle, was initially intended to be purchased by Elkay Overseas India, a related party. SPL Industries will reimburse Elkay Overseas India ₹3,42,12,501 for the advance amount already paid to the sellers. This acquisition is intended for business expansion.

Land purchase agreement for ₹34,21,25,000
Land area: 59 Kanal 10 Marle in Village Prithla, Haryana
Reimbursement of ₹3,42,12,501 to Elkay Overseas India
Elkay Overseas India is a related party (Promoter Group)

💡 Investors should monitor the progress of this land acquisition and its impact on SPL Industries' future expansion plans. Keep an eye on related party transactions and ensure they are conducted at arm's length.

View All SPLIL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew at a CAGR of 60% from INR 60.24 Cr in FY15 to INR 154.55 Cr in FY17. In FY18, job work revenue grew 51% to INR 56.28 Cr from INR 37.27 Cr in FY17. Total income for FY25 was INR 153.20 Cr.

Geographic Revenue Split

The company is predominantly export-oriented, with exports accounting for 72% of total production in FY17. Primary markets include the USA (majority), Europe, Canada, and Japan.

Profitability Margins

Net profit ratio improved to 7.02% in FY25 from 5.90% in FY24. Historically, PAT margins deteriorated from 5.87% in FY16 to 0.21% in FY17 due to a 23% increase in volume being offset by higher employee costs and rupee appreciation.

EBITDA Margin

PBILDT margin was 3.97% in FY17 (down from 8.95% in FY16). By FY19, PBILDT reached INR 31.95 Cr on a revenue of INR 159.77 Cr, representing a margin of approximately 20%.

Capital Expenditure

The company invested INR 12 Cr between FY15 and FY17 to increase garmenting capacity. An additional INR 4 Cr was spent in FY18 to enhance job work capacity from 7200 MTPA to 9000 MTPA.

Credit Rating & Borrowing

As of October 2018, the company held a CARE BBB-; Stable rating for long-term facilities and CARE A3 for short-term facilities. Ratings were withdrawn in December 2019 as the company surrendered its bank facilities and repaid term loans in full.

⚙️ Operational Drivers

Raw Materials

Textiles, fabrics, and dyes (used for stitching and dying job work) represent the primary raw material inputs, though specific cost percentages are not disclosed.

Key Suppliers

Shivalik Prints Limited is a key group company supplier that provides liberal credit terms to SPLIL to manage liquidity mismatches.

Capacity Expansion

Current garmenting capacity is 60 lakh pieces per annum (increased from 2.5 lakh pieces in FY15). Job work capacity was expanded to 9000 MTPA in FY18.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the company shifted from manufacturing to trading and job work in September 2017 to manage operational costs.

Manufacturing Efficiency

Capacity utilization in the garmenting division improved from 89% in FY16 to 99% in FY17.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the expansion of job work capacity (9000 MTPA), geographic diversification in textiles, and a strategic shift toward trading. The company also entered an agreement in late 2025 to purchase land in Palwal, Haryana, for future operational expansion.

Products & Services

Knitted garments, apparel, and job work services including stitching and dying.

Brand Portfolio

Shivalik Prints (Group Brand).

Market Expansion

Geographic diversification into new international markets for textiles to reduce dependency on the USA.

Strategic Alliances

Strategic partnership with group company Shivalik Prints Limited for job work and financial support.

🌍 External Factors

Industry Trends

The apparel industry is fragmented and highly competitive; SPLIL is positioning itself by moving toward a less capital-intensive trading and job work model.

Competitive Landscape

Operates in a highly fragmented and competitive textile industry with low barriers to entry and high bargaining power of international buyers.

Competitive Moat

Moat is derived from 22 years of promoter experience and long-standing relationships with global retail chains, though sustainability is challenged by high client concentration.

Macro Economic Sensitivity

Highly sensitive to US economic cycles and global apparel demand; also sensitive to Indian minimum wage regulations which increased employee expenses in FY17.

Consumer Behavior

Increasing focus on sustainability and transparency in the supply chain, which the company is addressing through its Corporate Governance and green initiatives.

Geopolitical Risks

Exposure to trade dynamics in the USA, Europe, Canada, and Japan, which are the primary export destinations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to minimum wage laws (which increased costs in FY17) and Ministry of Corporate Affairs (MCA) directives regarding company naming conventions.

Environmental Compliance

The company has implemented digital and green initiatives that are pro-environment, though specific ESG costs are not disclosed.

Legal Contingencies

A writ petition is pending before the Hon’ble High Court of Delhi challenging a December 3, 2024, order from the Regional Director (MCA) directing a change in the company's name.