Sportking India Limited (SPORTKING)
₹222.15 +2.20% last close, 16 Oct
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Sportking India Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Sportking India's revenue was ₹704 Cr (+20.1% year on year, +10.5% on the previous quarter), and net profit ₹76.0 Cr (+123.5% year on year); the operating margin was 18.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹704 | +20.1% | +10.5% |
| Operating profit | ₹132 | +91.6% | +55.5% |
| Net profit | ₹76.0 | +123.5% | +130.2% |
| EPS (₹) | 5.98 | +123.1% | +131.8% |
| Operating margin | 18.8% | — | — |
SPORTKING delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.98% of the SPORTKING shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.4%. The price rose 2.20% on unusually low delivery, so more of the move than usual was intraday trading.
Delivery in the last 5 sessions: 56.5% · 55.5% · 25.1% · 50.2% · 41.0%
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
Sportking India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, Beetal Financial & Computer Services Private Limited, on October 5, 2026. It confirms that securities received for dematerialisation were duly processed, accepted or rejected, and listed on the exchanges. Additionally, physical certificates were mutilated and cancelled within the prescribed 15-day timeline.
- Compliance submission under Regulation 74(5) for the quarter ended September 30, 2026
- RTA confirmation issued on October 5, 2026 by Beetal Financial & Computer Services (P) Ltd
- Security certificates received were mutilated, cancelled, and updated in members register within 15 days
Sportking India Limited's shareholders have approved the re-designation of Mrs. Anjali Avasthi from Non-Executive Director to Whole-Time Director (Executive Director) at the 37th AGM on September 12, 2026. The appointment is effective retroactively from August 1, 2026, for a tenure of 3 years and is liable to retire by rotation. Mrs. Avasthi is related to Chairman and Managing Director Mr. Munish Avasthi, representing an operational executive role for a promoter family member.
- Shareholders approved change in designation for Mrs. Anjali Avasthi at the 37th AGM held on 12th September, 2026
- Appointed as Whole-Time Director (Executive Director) for a period of 3 years effective from 01st August 2026
- Mrs. Anjali Avasthi is related to Mr. Munish Avasthi, Chairman and Managing Director
- Meeting commenced at 10:30 A.M. and concluded at 12.10 P.M on 12th September, 2026
Sportking India Limited held its 37th Annual General Meeting (AGM) on September 12, 2026, which concluded at 12:10 PM at its Ludhiana registered office. The company submitted its Consolidated Scrutinizer Report (MGT-13) under Sections 108 and 109 of the Companies Act, 2013. This filing is a statutory compliance disclosure confirming the completion of shareholder voting proceedings.
- Held 37th Annual General Meeting on September 12, 2026
- AGM commenced at 10:30 AM and concluded at 12:10 PM
- Submitted Consolidated Scrutinizer Report (MGT-13) under Sections 108 and 109 of the Companies Act, 2013
Sportking India Limited has submitted the consolidated Scrutinizer Report (Form MGT-13) for its 37th Annual General Meeting held on September 12, 2026. The meeting was conducted between 10:30 AM and 12:10 PM at the company's registered office in Ludhiana. The filing serves as standard regulatory compliance under Sections 108 and 109 of the Companies Act, 2013. Specific voting results on individual resolutions were not detailed in the cover letter text.
- Held 37th Annual General Meeting on September 12, 2026
- Meeting commenced at 10:30 AM and concluded at 12:10 PM
- Consolidated Scrutinizer Report submitted in Form MGT-13 under Sections 108 and 109 of the Companies Act, 2013
Sportking India Limited concluded its 37th Annual General Meeting on September 12, 2026. The shareholders considered 5 agenda items, including adoption of FY26 financial statements, declaration of dividend for FY26, and ratification of cost auditor remuneration. Additionally, a special resolution was tabled to change the designation of Mrs. Anjali Avasthi from Non-Executive Director to Whole-time Director. Final e-voting and ballot results will be disclosed within 2 working days.
- 37th Annual General Meeting held on September 12, 2026, from 10:30 AM to 12:10 PM IST
- 5 total agenda items transacted: 3 ordinary resolutions and 2 special business resolutions (1 special, 1 ordinary)
- Proposed change in designation of Mrs. Anjali Avasthi from Non-Executive Director to Whole-time Director
- Combined voting results to be announced within 2 working days
CRISIL Ratings has reaffirmed Sportking India's bank loan credit rating at 'CRISIL A+/Positive' for long-term and 'CRISIL A1' for short-term facilities, while enhancing total rated facilities from ₹1,000 crore to ₹1,525 crore. The affirmation reflects expectations of strong operating margins reaching 15–16% in FY27 and capacity expansion in Odisha. The ongoing ₹960 crore greenfield expansion will increase spindle capacity by ~40% from 3.79 lakh to 5.29 lakh spindles, targeted to commence in Q3 FY27. Total debt is expected to increase to ₹1,050–1,150 crore during the capex cycle, but debt protection remains healthy with projected interest coverage above 6.5 times.
- CRISIL reaffirmed ratings at CRISIL A+/Positive / CRISIL A1 and enhanced rated facilities from ₹1,000 crore to ₹1,525 crore
- Undergoing ₹960 crore Odisha capex to expand spindle capacity by ~40% (adding 1.50 lakh spindles to reach 5.29 lakh spindles) by Q3 FY27
- Operating margin projected to expand to 15–16% in FY27 compared to 11.7% in FY26, aided by a ₹14–16 crore annual saving from a 40.3 MW solar project
- Adjusted debt expected to rise to ₹1,050–1,150 crore across FY27-FY28 with debt to EBITDA projected at 2.0–2.3 times
CRISIL Ratings has revised its outlook on Sportking India's long-term bank facilities (Rs 935 Cr) to 'Positive' from 'Stable' while reaffirming the rating at 'CRISIL A+', and reaffirmed 'CRISIL A1' on short-term facilities (Rs 65 Cr). The revision reflects expected business profile strengthening driven by sustained demand, high capacity utilisation of 95-97%, and the ongoing Rs 960 Cr Odisha expansion. The Odisha project will expand spinning capacity by ~40% to 5.29 lakh spindles by FY28, with operations starting from Q3 FY27.
- CRISIL revised long-term rating outlook to 'Positive' from 'Stable' and reaffirmed 'CRISIL A+' on Rs 935 Cr bank facilities.
- Ongoing greenfield Odisha expansion involves a Rs 960 Cr capex, adding 1.50 lakh spindles (expanding capacity ~40% to 5.29 lakh spindles).
- FY26 operating income stood at Rs 2,503 Cr with operating margin at 11.7%, expected to expand to 15-16% in FY27.
- Recently commissioned 40.3 MW solar project is estimated to generate annual power cost savings of Rs 14-16 Cr.
- Adjusted debt declined to Rs 463 Cr in FY26 (gearing at 0.41x), but is expected to peak at Rs 1,050-1,150 Cr during FY27-FY28 capex phase.
Sportking India Limited has issued a shareholder communication detailing Tax Deduction at Source (TDS) procedures for its recommended final dividend of Rs 1 per equity share (100% on face value Rs 1) for FY 2025-26. The record date to determine eligible shareholders is set as September 5, 2026. Eligible shareholders wishing to claim tax exemption or lower withholding rates under the IT Act or DTAA must submit the requisite documentation by August 31, 2026. TDS will be deducted at standard rates of 10% for resident shareholders with valid PAN (exempt up to Rs 10,000) and 20% for non-residents or unlinked PANs.
- Recommended final dividend of Rs 1 per equity share (100% on FV of Rs 1) for FY 2025-26
- Record date for determining dividend entitlement notified as September 5, 2026
- Submission deadline for tax exemption forms (Form 121, Form 41, TRC) is August 31, 2026
- Applicable TDS rate is 10% for resident shareholders with valid PAN, with an exemption limit of Rs 10,000 for individuals
- Higher TDS rate of 20% applies to non-residents (subject to DTAA) and resident accounts lacking a valid/linked PAN
Sportking India Limited has issued a statutory letter to shareholders whose email IDs are not registered, providing web links, paths, and QR codes to access the FY2025-26 Annual Report and AGM Notice. The company's 37th Annual General Meeting is scheduled to be held on Saturday, September 12, 2026, at 10:30 AM IST at its registered office in Ludhiana. The communication was issued pursuant to Regulation 36(1)(b) of the SEBI LODR Regulations. This is an administrative compliance disclosure with no direct financial or operational impact.
- 37th Annual General Meeting scheduled for September 12, 2026 at 10:30 AM IST
- Notice and FY2025-26 Annual Report weblinks dispatched to shareholders without registered emails
- Meeting venue confirmed at Registered Office in Ludhiana, Punjab
Sportking India Limited has fixed Saturday, September 5, 2026, as the record date to determine shareholder eligibility for a final dividend of ₹1 per equity share of face value ₹1 each (100%) for FY 2025-26. The Register of Members and Share Transfer Books will be closed from September 6, 2026, to September 12, 2026, for the 37th Annual General Meeting (AGM). The dividend payout remains subject to shareholder approval at the upcoming AGM.
- Final dividend of ₹1 per equity share of face value ₹1 each (100%) for FY 2025-26
- Record date set as Saturday, September 5, 2026
- Book closure scheduled from September 6, 2026, to September 12, 2026
- Dividend payment is subject to member approval at the 37th AGM
Sportking India Limited has fixed Saturday, September 5, 2026, as the record date for determining shareholder eligibility for a final dividend of ₹1 per equity share (face value ₹1, or 100%) for FY 2025-26. The Register of Members and Share Transfer Books will be closed from September 6 to September 12, 2026, for the 37th Annual General Meeting (AGM) and dividend payment. The payout remains subject to shareholder approval at the upcoming AGM.
- Final dividend of ₹1 per equity share of face value ₹1 (100%) for FY 2025-26
- Record date determined as Saturday, September 5, 2026
- Book closure period set from September 6, 2026 to September 12, 2026 (both days inclusive)
- Subject to approval of members at the 37th Annual General Meeting
Sportking India Limited has released the Notice for its 37th Annual General Meeting (AGM) scheduled for September 12, 2026, along with its FY26 Annual Report. The Board has recommended a dividend of Rs 1.00 per equity share of face value Rs 1.00. Key agenda items include adoption of standalone audited financials, director re-appointments, cost auditor remuneration ratification of Rs 1,72,000, and approval for redesignating Mrs. Anjali Avasthi as a Whole-time Director for a 3-year term starting August 1, 2026.
- 37th AGM scheduled for September 12, 2026 at 10:30 AM in Ludhiana
- Dividend recommended at Rs 1.00 per equity share (Face Value Rs 1.00)
- Remote e-voting cut-off date fixed as September 05, 2026
- E-voting window active from September 09, 2026 (9:00 AM) to September 11, 2026 (5:00 PM)
- Proposed change in designation of Mrs. Anjali Avasthi to Whole-time Director for 3 years w.e.f. August 01, 2026
Sportking reported a strong Q1 FY27 driven by high yarn realizations and robust exports to China. The company is executing a ₹1,000 Cr greenfield expansion in Odisha, which represents approximately 90% of its current net worth. Phase 1 commissioning is expected in Q3 FY27, with the facility projected to deliver 300-400 bps higher EBITDA margins than existing plants due to state incentives. Additionally, newly commissioned solar projects are expected to reduce annual power costs by 12-15%.
- ₹1,000 Cr greenfield expansion in Odisha for 150,000 spindles is currently underway.
- Phase 1 production in Odisha is expected to commence in Q3 FY27.
- New Odisha plant expected to deliver 300-400 bps higher EBITDA margins than existing units.
- Solar power projects commissioned, expected to reduce annual power costs by 12-15%.
- Cotton inventory secured for 4-5 months through strategic procurement cycles.
Sportking India has disclosed the audio recording link for its earnings call held on August 3, 2026, covering the quarter ended June 30, 2026. The call likely addressed the company's operational performance, where it recently achieved a 95% capacity utilization across its 3.79 lakh spindles. Investors should focus on management's commentary regarding the ongoing Rs 1,000 Cr greenfield expansion, which is a massive undertaking relative to the company's Rs 1,116 Cr net worth. The recording provides transparency on how the company is navigating cotton price volatility and its strategy for value-added yarns.
- Earnings call held on August 3, 2026, to discuss Q1 FY27 performance
- Company is managing a significant Rs 1,000 Cr greenfield spindle capacity expansion
- Current manufacturing capacity stands at 3.79 lakh spindles with ~95% utilization
- Export revenue grew 15% YoY in H1 FY26, reaching over 30 countries
- Debt levels currently stand at Rs 463 Cr against a net worth of Rs 1,116 Cr
Sportking India reported a robust Q1 FY27 with PAT surging 122.8% YoY to Rs 76.0 Cr and revenue rising 20.1% to Rs 703.7 Cr. EBITDA margins saw a significant expansion of 693 bps to 18.8%, driven by operational efficiencies and high capacity utilization of 96%. The company is undertaking a major Rs 1,000 Cr greenfield expansion in Odisha to add 1.5 lakh spindles, representing a 40% increase in total capacity. This expansion, funded by debt and internal accruals, is slated for commissioning in Q3 FY27.
- Profit After Tax (PAT) increased by 122.8% YoY to Rs 76.0 Cr in Q1 FY27
- EBITDA margins expanded significantly from 11.9% to 18.8% YoY
- Rs 1,000 Cr greenfield expansion in Odisha to increase spindle count by 40% (1.5 lakh spindles)
- Capacity utilization remains at a best-in-class level of 96% for Q1 FY27
- Revenue from operations grew 20.1% YoY to Rs 703.7 Cr
Financial Performance
Revenue Growth by Segment
Revenue from operations for H1 FY26 was INR 1,213.2 Cr, a decrease of 5.6% YoY from INR 1,285.7 Cr. Q2 FY26 revenue was INR 627.4 Cr, down 3.7% YoY. Volume grew 32% in FY24 following a 35% capacity expansion, but realizations fell 19% due to high cotton availability.
Geographic Revenue Split
Exports contributed 56% to overall revenue in H1 FY26 (growing 15% YoY) and 53% in Q2 FY26 (growing 11% YoY). Domestic sales account for the remaining ~44-47%.
Profitability Margins
Gross Profit Margin expanded to 25.3% in H1 FY26 (+233 bps) and 24.1% in Q2 FY26 (+197 bps). Net Profit Margin (PAT) stood at 5.1% for H1 FY26 (+53 bps) and 4.5% for Q2 FY26.
EBITDA Margin
EBITDA Margin improved to 11.1% in H1 FY26 (+70 bps) and 10.4% in Q2 FY26 (+82 bps). Core profitability is supported by stable cotton spreads and cost savings from solar power projects.
Capital Expenditure
The company has announced a greenfield capacity addition program with a planned investment of approximately INR 1,000 Cr to significantly expand spindle capacity.
Credit Rating & Borrowing
Credit rating upgraded to CRISIL A+/Stable from CRISIL A/Positive. Interest coverage ratio improved to 5.76x in FY25 from 4.08x in FY24. Debt/EBITDA stood at 2.17x as of March 31, 2025.
Operational Drivers
Raw Materials
Raw cotton (primary), synthetic fibers, and blended yarns. Cotton procurement is seasonal, leading to high inventory levels during peak seasons.
Import Sources
Primarily sourced domestically within India, particularly from cotton-growing regions to supply units in Ludhiana and Bathinda, Punjab.
Key Suppliers
Cotton Corporation of India (CCI) is a significant procurement source, which helped reduce short-term debt in FY25 by obviating the need for large private inventory holding.
Capacity Expansion
Current capacity is 3.79 lakh spindles and 20 tonnes per day dyeing capacity. Planned greenfield expansion of INR 1,000 Cr will significantly increase spindle count.
Raw Material Costs
Raw material costs are highly sensitive to cotton price cycles. In FY24, a 19% degrowth in realization occurred due to high cotton availability despite a 32% volume increase.
Manufacturing Efficiency
Capacity utilization is near full at approximately 95%. Total production volume for Q2 FY26 was 21,294 MT, up 9.5% from 19,446 MT in Q2 FY25.
Strategic Growth
Expected Growth Rate
1-3%
Growth Strategy
Growth will be achieved through a INR 1,000 Cr greenfield spindle capacity expansion, increasing the mix of value-added yarns (compact, sustainable), and expanding the export base which currently spans 30+ countries.
Products & Services
Cotton yarn, synthetic yarn, and blended yarn (counts 20s to 46s), including value-added compact, sustainable, and contamination-free yarns.
Brand Portfolio
Sportking
New Products/Services
Focusing on multi-twist and sustainable yarns to improve realizations and de-risk from basic commodity yarn products.
Market Expansion
Expanding export presence beyond the current 30 countries; export revenue grew 15% YoY in H1 FY26.
Market Share & Ranking
One of India's leading textile conglomerates with a large capacity of 3.79 lakh spindles.
External Factors
Industry Trends
Shift toward sustainable and contamination-free yarns. The industry is cyclical with frequent demand spirals followed by rapid falls.
Competitive Landscape
Competes in the compact cotton yarn industry against other large Indian and global spinning mills.
Competitive Moat
Moat is built on scale (3.79 lakh spindles), cost leadership through solar power, and a shift toward high-margin value-added products which are harder to commoditize.
Macro Economic Sensitivity
Highly sensitive to global textile demand and domestic cotton crop yields. Industry has seen 5 demand-supply cycles in the last decade.
Consumer Behavior
Evolving trends in customer preferences toward sustainable and high-quality compact yarns.
Geopolitical Risks
Exposed to international trade dynamics and demand-supply shifts in the global cotton yarn industry.
Regulatory & Governance
Industry Regulations
Complies with textile industry standards and SEBI listing regulations. No penalties or strictures imposed by stock exchanges or SEBI in the last three years.
Environmental Compliance
Investing in solar power projects to reduce carbon footprint and power costs.
Taxation Policy Impact
Not specifically disclosed, but the company complies with standard Indian corporate tax laws.
Legal Contingencies
A provision of INR 5 Cr was taken in Q2 FY26 for an old insurance loss. No other major pending litigation values disclosed.
Risk Analysis
Key Uncertainties
Raw material price volatility (cotton) and global demand cyclicality are the primary risks. Forex fluctuations on 56% export revenue also pose a risk.
Geographic Concentration Risk
Manufacturing units are concentrated in Punjab (Ludhiana and Bathinda), though sales are globally diversified across 30+ countries.
Third Party Dependencies
Dependent on cotton farmers and agencies like CCI for raw material supply.
Technology Obsolescence Risk
The company maintains modern spindle technology (compact yarn) to mitigate obsolescence risks.
Credit & Counterparty Risk
Receivables are part of a 178-day GCA cycle; however, liquidity is marked as 'Strong' by CRISIL with moderate bank limit utilization (35-52%).
