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SPL Industries Limited (SPLIL)

₹27.62 -0.90% last close, 16 Oct

📊 NSE: SPLIL 🏢 Trading - Textile Products 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, SPL Industries' revenue was ₹19.4 Cr (+16.6% year on year, -16.7% on the previous quarter), and net profit ₹2.1 Cr (+134.1% year on year); the operating margin was -2.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹19.4	+16.6%	-16.7%
Operating profit	₹-0.5	loss narrowed	loss widened
Net profit	₹2.1	+134.1%	-46.2%
EPS (₹)	0.73	+135.5%	-46.7%
Operating margin	-2.8%	—	—

Full quarterly financials → Results calendar →

SPLIL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 78.54% of the SPLIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.13%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure.

78.54%Delivery, 16 Oct

80.13%Own 20-session average

1.0×Volume vs its average

₹27.62NSE close · -0.90%

Delivery in the last 5 sessions: 73.0% · 67.7% · 88.4% · 82.1% · 78.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

SPL Industries Submits Reg 74(5) Demat Compliance Certificate for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Oct 2026, 12:17 PM

SPL Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent KFin Technologies Limited on October 6, 2026. It confirms that all dematerialisation requests received between July 1, 2026, and September 30, 2026, were processed and confirmed within the prescribed 15-day limit. This is a standard administrative filing with no financial or operational impact.

Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
Confirmation that demat requests were processed within 15 days of receipt
Covers transaction period from July 1, 2026 to September 30, 2026
Certificate issued by RTA KFin Technologies Limited on October 6, 2026

💡 No action is required as this is a procedural filing; investors should track upcoming Q2 financial results for operational updates.

SPL Industries Applies for LOI to Develop Industrial Colony on 7.44-Acre Palwal Land

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 08 Oct 2026, 12:19 PM

SPL Industries has updated exchanges regarding its 7.4375-acre (59 Kanal 10 Marla) land parcel in Village Prithla, Palwal, Haryana, which has now been registered in the company's name. The company has applied to the Directorate of Town and Country Planning (DTCP), Haryana, for an industrial colony license under the Enterprises Promotion Policy, 2015. The application is in an advanced stage with the Letter of Intent (LOI) expected shortly. SPL Industries plans to develop the industrial colony via a development arrangement, with financial details to be disclosed later.

Applied for license to set up an industrial colony on 59 Kanal 10 Marla (7.4375 acres) land in Palwal, Haryana
Land has been successfully registered in the name of the company following the initial agreement on 3rd December, 2025
Application with DTCP Haryana under Enterprises Promotion Policy, 2015 is at an advanced stage with LOI expected shortly
Colony is proposed to be developed through a development arrangement with third-party details awaited

💡 Track the formal receipt of the Letter of Intent (LOI) from DTCP Haryana and subsequent disclosures detailing the commercial terms of the proposed development arrangement.

SPL Industries Clarifies Signatory Authority for March 2026 Financial Results

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 21 Aug 2026, 11:35 AM

SPL Industries has submitted a clarification to the stock exchange regarding the financial results for the period ended 31 March 2026. The exchange had queried whether the submitted results were signed by an authorized signatory. The company confirmed that the results were signed by Managing Director Mukesh Kumar Aggarwal, whose five-year re-appointment from 15 May 2026 to 14 May 2031 has been duly approved by both the Board of Directors and shareholders.

Clarification submitted in response to exchange query regarding results for period ended 31 March 2026
Results confirmed signed by Managing Director Mukesh Kumar Aggarwal
Managing Director re-appointed for a 5-year term from 15 May 2026 to 14 May 2031 with board and shareholder approval

💡 This is a routine administrative compliance response requiring no immediate investment action; track regular quarterly financial reporting and statutory filings.

SPL Industries Shareholders Approve All AGM Resolutions with Over 99.7% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 06:40 PM

SPL Industries Limited announced the voting results and scrutinizer's report for its 35th Annual General Meeting held on August 13, 2026. A total of 20,239,683 votes were cast, representing a 69.79% turnout of the 29,000,004 total equity shares. All 11 resolutions were passed with over 99.7% approval, including the adoption of FY26 financial statements, statutory auditor appointments, Section 180(1)(c) borrowing limits, material related-party transactions, and independent director appointments.

All 11 resolutions approved at the 35th AGM held on August 13, 2026.
Total voting turnout reached 69.792% with 20,239,683 valid votes cast out of 29,000,004 total shares.
Adoption of FY26 audited financial statements approved with 99.9747% votes in favor.
Material related-party transactions approved with 99.9502% in-favor votes (10,271,535 votes).

💡 Educational only: Track the company's upcoming quarterly earnings and operational execution in trading and job work capacity.

11 Resolutions Proposed at SPL Industries 35th AGM Including Material Related Party Transactions

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 13 Aug 2026, 04:03 PM

SPL Industries Limited conducted its 35th Annual General Meeting on August 13, 2026, to deliberate on 11 key resolutions. Significant items included the adoption of FY26 financial statements, the appointment of M/s Raghu Nath Rai and Co. as Statutory Auditors, and the re-appointment of Mukesh Kumar Aggarwal as Managing Director. Crucially, the company sought shareholder approval for Material Related Party Transactions and borrowing limits under Section 180(1)(c), which are vital given the company's zero-debt status but high operational dependency on group entities. The company reported TTM revenue of Rs 277 Cr and a net worth of Rs 216 Cr.

11 total resolutions were proposed for shareholder approval during the 35th AGM held on August 13, 2026.
Special resolutions included approvals for Material Related Party Transactions and inter-corporate loans/investments under Sections 185 and 186.
Proposed appointment of three new Independent Directors: Sudeepta Ranjan Rout, Varun Bansal, and Vikash Jalan.
Remote e-voting was conducted over a 4-day window from August 9 to August 12, 2026.
The company maintains a high promoter holding of 74.85% as of June 2026.

💡 Monitor the voting results to be disclosed within 48 hours to confirm approval of Material Related Party Transactions, as the company relies heavily on group entity Shivalik Prints Limited for job work and liquidity.

SPLIL Q1 FY27 Net Profit Surges 133% YoY to ₹2.13 Cr; Trading Segment Drives Growth

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 05:01 PM

SPL Industries Limited (SPLIL) reported a strong start to FY27 with a net profit of ₹2.13 Cr for the quarter ended June 30, 2026, a 133% increase from ₹0.91 Cr in the same period last year. Total income grew 15.7% YoY to ₹23.55 Cr, primarily fueled by the Trading of Garments segment which saw a 40.7% revenue jump. However, the Manufacturing/Processing segment experienced a 14% decline in revenue. The company's EPS improved significantly to ₹0.73 from ₹0.31 YoY, reflecting better operational efficiency despite a sequential dip in profit from Q4 FY26.

Net Profit for Q1 FY27 stood at ₹2.13 Cr, representing 71% of the total TTM PAT of ₹3 Cr.
Trading of Garments revenue increased to ₹15.57 Cr from ₹11.06 Cr in the year-ago quarter.
Manufacturing/Processing segment revenue declined to ₹7.99 Cr from ₹9.29 Cr YoY.
Earnings Per Share (EPS) rose to ₹0.73 compared to ₹0.31 in Q1 FY26.
Total expenses were contained at ₹21.04 Cr, down from ₹24.62 Cr in the preceding quarter (Q4 FY26).

💡 Investors should monitor the sustainability of the trading segment's growth and whether the manufacturing segment can stabilize its declining revenue trend in upcoming quarters.

SPL Industries Dispatches Annual Report Access Details to Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jul 2026, 03:34 PM

SPL Industries Limited has notified the exchanges regarding its compliance with SEBI Regulation 36(1)(b). The company has sent physical letters to shareholders who have not registered their email addresses with the company or depositories. These letters provide a web-link and a QR code to access the full Annual Report digitally. This is a standard administrative procedure typically preceding an Annual General Meeting.

Compliance with SEBI Regulation 36(1)(b) regarding the distribution of the Annual Report.
Letters dispatched on July 22, 2026, to shareholders without registered email addresses.
Digital access provided via a specific web-link and QR code for the report.
Company maintains a market capitalization of Rs 91 Cr as of the announcement date.

💡 Investors should ensure their email addresses are updated with their Depository Participant (DP) to receive future reports and notices digitally. No financial action is required based on this procedural filing.

35th AGM Scheduled for August 13, 2026; Annual Report Dispatched

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jul 2026, 12:52 PM

SPL Industries Limited has announced its 35th Annual General Meeting (AGM) scheduled for August 13, 2026, at 11:00 AM via Video Conferencing. The company confirmed that the Notice and Annual Report for the Financial Year 2025-26 were dispatched to shareholders via email on or before July 22, 2026. This is a standard regulatory filing and does not represent a change in business operations. Investors should use the upcoming AGM to seek updates on the company's transition toward a trading model and its high client concentration risks.

35th Annual General Meeting to be held on August 13, 2026, at 11:00 AM.
Notice and Annual Report for FY 2025-26 dispatched to shareholders by July 22, 2026.
Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
Company maintains a high promoter holding of 74.85% as of recent filings.

💡 Investors should review the Annual Report for updates on the 9,000 MTPA job work capacity expansion and the status of the land purchase in Palwal, Haryana.

SPLIL seeks ₹300 Cr Related Party Transaction limit and ₹100 Cr borrowing power

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 16 Jul 2026, 06:49 PM

SPL Industries has issued a notice for its 35th AGM on August 13, 2026, seeking approval for several high-value financial resolutions. Most notably, the company is requesting a ₹300 crore limit for related party transactions with Shivalik Prints Limited, which represents approximately 108% of its TTM revenue of ₹277 crore. Other key proposals include a ₹100 crore borrowing limit and a ₹250 crore limit for investments and loans. Additionally, the re-appointment of the Managing Director is proposed with a monthly remuneration of ₹41.67 lakh, which totals ~₹5 crore annually, exceeding the company's TTM PAT of ₹3 crore.

Proposed Material Related Party Transaction limit with Shivalik Prints Limited set at ₹300 crore, exceeding TTM revenue of ₹277 crore.
Seeking shareholder approval for a borrowing limit of up to ₹100 crore under Section 180(1)(c).
Proposed investment, loan, and guarantee limit of ₹250 crore, which is ~116% of the current net worth of ₹216 crore.
Re-appointment of MD Mukesh Kumar Aggarwal for 5 years with a monthly salary of ₹41,66,667.
AGM scheduled for August 13, 2026, to be held via video conferencing.

💡 Investors should closely monitor the voting results of the AGM, particularly regarding the high RPT limits and MD remuneration which appears high relative to current profitability. Watch for any subsequent disclosures regarding the utilization of the ₹100 crore borrowing limit for expansion.

SPLIL Appoints New Statutory Auditor for 5-Year Term; Schedules 35th AGM for Aug 13

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 15 Jul 2026, 03:49 PM

SPL Industries' board has approved the appointment of M/s Raghu Nath Rai and Co. as Statutory Auditors for a five-year term, pending shareholder approval at the 35th AGM. The board also appointed M/s. Vatss & Associates as Internal Auditors for FY 2026-27. Additionally, the board cleared resolutions for borrowing limits, material related party transactions (RPTs), and investment/loan limits under Sections 185 and 186 of the Companies Act. These are largely procedural governance steps ahead of the annual meeting scheduled for August 13, 2026.

Appointment of M/s Raghu Nath Rai and Co. as Statutory Auditors for a 5-year term starting from the 35th AGM.
35th Annual General Meeting (AGM) scheduled for August 13, 2026, via video conferencing.
Internal Auditor M/s. Vatss & Associates appointed specifically for the Financial Year 2026-27.
Approval sought for Material Related Party Transactions to be entered until the 2027 AGM.
Board meeting conducted within a 45-minute window from 2:45 PM to 3:30 PM on July 15, 2026.

💡 Investors should review the upcoming 35th AGM notice for specific details regarding the 'Material Related Party Transactions' and the proposed limits for loans and investments to ensure they align with the company's TTM revenue of Rs 277 Cr.

5-Year Statutory Auditor Term Approved by SPL Industries; AGM Set for August 13

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 15 Jul 2026, 03:40 PM

SPL Industries Limited held a board meeting on July 15, 2026, to approve several governance and regulatory items ahead of its 35th Annual General Meeting (AGM). Key approvals include the appointment of M/s Raghu Nath Rai and Co. as Statutory Auditors for a five-year term and M/s. Vatss & Associates as Internal Auditors for FY 2026-27. The board also cleared proposals for material related party transactions and limits for borrowings, investments, and loans under Sections 180, 185, and 186 of the Companies Act. These items are now subject to shareholder approval at the AGM scheduled for August 13, 2026.

Appointment of Statutory Auditor for a 5-year term from the 35th AGM to the 40th AGM
35th Annual General Meeting scheduled to be held on August 13, 2026, via video conferencing
Approval of Material Related Party Transactions (RPTs) for a period up to the 2027 AGM
Board meeting conducted within a 45-minute window from 2:45 PM to 3:30 PM
Renewal of limits for making investments, extending loans, and providing guarantees under Section 186

💡 Investors should review the upcoming 35th AGM notice for specific details regarding the 'Material Related Party Transactions' and borrowing limits, given the company's historical reliance on group entities.

SPL Industries Limited Submits Quarterly Compliance Certificate for Share Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jul 2026, 02:56 PM

SPL Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending June 30, 2026. The company's Registrar and Share Transfer Agent (RTA), KFIN Technologies Limited, confirmed that all dematerialization requests were processed within the mandated 15-day window. The filing confirms that physical certificates were mutilated and cancelled, and the names of depositories were updated in the register of members. This is a standard procedural disclosure required for all listed entities in India.

Compliance certificate issued for the quarter ended 30th June, 2026
Dematerialization requests processed within 15 days of receipt
Covers the reporting period from 1st April, 2026 to 30th June, 2026
Confirmation provided by RTA KFIN Technologies Limited

💡 This is a routine administrative filing. Investors should focus on upcoming quarterly financial results for material performance updates.

SPL Industries Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 05:28 PM

SPL Industries Limited has notified the exchanges that its trading window for dealing in equity shares will be closed starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the approval of financial results for the quarter ended June 30, 2026. The restriction applies to promoters, KMPs, and designated persons. The window will reopen 48 hours after the financial results are officially declared to the board.

Trading window closure commences on July 1, 2026
Closure is for the purpose of approving financial results for the quarter ended June 30, 2026
Restriction remains in place until 48 hours after the board meeting results are announced
Applies to all Promoters, Promoter Group, KMPs, and Designated Persons

💡 This is a routine regulatory filing; investors should watch for the upcoming announcement of the Board Meeting date to assess the company's Q1 FY27 financial performance.

SPL Industries Re-appoints MD Mukesh Kumar Aggarwal and 3 Independent Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 05 Jun 2026, 05:38 PM

SPL Industries Limited has approved the re-appointment of Mr. Mukesh Kumar Aggarwal as Managing Director for a five-year term effective May 15, 2026. Additionally, the Board has approved second five-year terms for three Independent Directors: Mr. Sudeepta Ranjan Rout, Mr. Varun Bansal, and Mr. Vikash Jalan, all starting July 10, 2026. These leadership decisions are aimed at maintaining management continuity and are subject to shareholder approval at the upcoming General Meeting. The company confirmed that all appointees meet the necessary regulatory criteria and are not debarred from holding office.

Mr. Mukesh Kumar Aggarwal re-appointed as Managing Director for a 5-year term starting May 15, 2026.
Three Independent Directors re-appointed for second consecutive 5-year terms starting July 10, 2026.
All re-appointments are subject to shareholder approval in the forthcoming General Meeting.
MD Mukesh Kumar Aggarwal has been on the board since 2004 and is related to Whole-time Director Shashi Agarwal.
The Board confirmed all Independent Directors fulfill conditions specified under the Companies Act, 2013 and SEBI Regulations.

💡 Investors should note this as a move for leadership stability and continuity; ensure to monitor the voting results of the upcoming General Meeting for shareholder confirmation.

SPL Industries Promoters Confirm Zero Share Pledging for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 03 Jun 2026, 01:01 PM

SPL Industries Limited has submitted a formal declaration under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The company's Promoter and Promoter Group, which includes 45 entities and individuals, confirmed that they have not created any encumbrance on their shares during the financial year 2025-26. This routine annual disclosure ensures transparency regarding the status of promoter-held equity and confirms that no shares were pledged as collateral.

Promoter group confirms zero encumbrance on shares for the entire financial year 2025-26.
The disclosure covers a total of 45 entities and individuals within the Promoter and Promoter Group.
Declaration submitted in compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
The filing provides assurance to shareholders that promoter equity remains unencumbered.

💡 Investors should view this as a routine regulatory confirmation of the status quo; no specific trading action is required based on this filing.

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.