SPL Industries Ltd (SPLIL)
🎯 Key Takeaways
- SPL Industries Ltd is in a mature, cash-generating phase with stable operations and no debt, but faces modest growth headwinds. The company has maintained a debt-free balance sheet and consistent promoter holding, yet revenue growth has stalled over recent quarters, and net profit remains flat despite slight revenue increases.
- Revenue grew 39.1% QoQ to ₹68 in Q3FY08.
- ⚠️ 1) The proposed ₹300 crore related party transaction with Shivalik Prints raises governance concerns, especially without disclosed strategic rationale
📖 The Story
SPL Industries Ltd is in a mature, cash-generating phase with stable operations and no debt, but faces modest growth headwinds. The company has maintained a debt-free balance sheet and consistent promoter holding, yet revenue growth has stalled over recent quarters, and net profit remains flat despite slight revenue increases. Management continues to prioritize capital efficiency and shareholder approval for strategic moves, but operational momentum appears constrained.
📰 What's Happening
In Q1 FY2026-27, SPL Industries approved unaudited standalone financial results showing revenue of ₹2,355.34 lakhs and net profit of ₹213.06 lakhs, reflecting modest top-line growth but no meaningful profit expansion. The board also finalized plans for its 35th AGM on August 13, 2026, where shareholders will vote on a ₹100 crore borrowing limit, a ₹300 crore related party transaction with Shivalik Prints, and the reappointment of Managing Director Mukesh Kumar Aggarwal along with two independent directors. These approvals are critical for future capital deployment and governance continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Dec 2006 | Dec 2007 |
|---|---|---|
| Revenue | 49 | 68 |
| Operating Profit | 4 | 3 |
| OPM % | 8.3% | 4.4% |
| Net Profit | 2 | 1 |
| EPS | ₹0.76 | ₹0.25 |
The company's revenue has shown only marginal growth in recent periods, with flat net profit and stagnant margins indicating limited operational leverage. Despite a debt-free balance sheet and stable asset base, there is no clear upward trajectory in profitability. The lack of significant margin improvement or earnings acceleration suggests that growth initiatives have not yet translated into financial upside, keeping performance range-bound.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the latest filings. However, the upcoming AGM will serve as a key inflection point, where shareholder approval of the ₹100 crore borrowing limit and ₹300 crore related party transaction with Shivalik Prints will signal the board's capital allocation strategy. The reappointment of the MD and independent directors underscores continuity in leadership, but no new growth targets or timelines were disclosed.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 |
| Reserves | 177 | 180 | 181 | 187 |
| Borrowings | 0 | 0 | 0 | 0 |
| Total Liabilities | 215 | 222 | 223 | 235 |
| Fixed Assets | 58 | 57 | 57 | 43 |
| Investments | 78 | 106 | 116 | 142 |
| Total Assets | 215 | 222 | 223 | 235 |
The balance sheet remains exceptionally conservative, with zero net debt and equity of ₹29 crore supported by substantial reserves of ₹180–187 crore. Total assets have grown modestly to ₹235 crore, indicating capital-light operations. With no borrowings, the company has limited financial leverage to fund expansion, suggesting that future investments may rely on internal cash flows or equity-linked instruments if approved at the AGM.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +14 |
| Investing | -14 |
| Financing | -0 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 75.0% | 74.9% | 74.8% | 74.8% |
| FII | 0.1% | 0.1% | 0.1% | 0.1% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 21.9% | 22.1% | 22.2% | 22.3% |
| # Shareholders | 14,396 | 14,157 | 13,892 | 13,771 |
Promoter holding remains stable at approximately 74.85%, indicating long-term confidence, but foreign investor interest is negligible, with FII and DII ownership each at just 0.13%. The number of public shareholders has slightly declined, suggesting limited retail or institutional appetite. There are no signs of accumulation by non-promoter investors, and the low free float may constrain liquidity and price discovery.
⚖️ Peer Comparison — Textiles
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GRASIM | 2.23 L Cr | 39.1 | 9.6% | 10.8% | 2.16 |
| WELSPUNLIV | 19,632 | 68.1 | 8.0% | 5.8% | 0.37 |
| VTL | 16,423 | 19.0 | 10.7% | 8.7% | 0.13 |
| ARVIND | 15,649 | 36.4 | 14.3% | 10.6% | 0.36 |
| TRIDENT | 11,940 | 30.0 | 10.1% | 8.3% | 0.37 |
| SWANCORP | 9,288 | 44.6 | 4.2% | 2.9% | 0.29 |
| ICIL | 8,775 | 58.1 | 9.8% | 6.4% | 0.46 |
| GARFIBRES | 7,784 | 37.6 | 22.9% | 16.9% | 0.05 |
| KUSUMGAR | 5,957 | — | — | — | 0.45 |
| JINDWORLD | 5,314 | 63.1 | 10.2% | 9.8% | 0.65 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) The proposed ₹300 crore related party transaction with Shivalik Prints raises governance concerns, especially without disclosed strategic rationale or independent valuation. 2) Persistent flat profitability despite revenue stability suggests potential margin compression or pricing pressure in the textiles segment. 3) Minimal foreign institutional interest and low public float could lead to share price volatility and limited analyst coverage. 4) Lack of forward guidance leaves investors without clarity on growth expectations or capital deployment plans.
📋 Recent Filings
-
🟡 Board Meeting 13 August 2026SPL Industries held its 35th Annual General Meeting on August 13, 2026, where shareholders approved the audited financial statements for FY2025-26, re...
-
🟡 Board Meeting 12 August 2026SPL Industries announced the outcome of its board meeting held on 12 August 2026, approving unaudited standalone financial results for Q1 FY2026-27 en...
-
🔴 annual report 22 July 2026SPL Industries informed shareholders who have not registered their email addresses that the complete Annual Report is accessible via a provided web li...
-
🟡 Board Meeting 16 July 2026SPL Industries announced its 35th AGM on August 13, 2026, via video conference, seeking shareholder approval for key resolutions including a ₹100 cror...
-
🟡 Board Meeting 15 July 2026The Board of SPL Industries Limited appointed M/s Vatss & Associates as internal auditor for FY 2026-27 and M/s Raghu Nath Rai and Co. as statutory au...
-
🟡 Board Meeting 15 July 2026The Board of SPL Industries Limited approved key governance and compliance matters during its July 15, 2026 meeting, including the appointment of Vats...
-
share transfer 13 July 2026SPL Industries Limited received a SEBI-mandated confirmation certificate from KFIN Technologies Limited, its share transfer agent, verifying that all ...
-
🔴 Financial Results 27 June 2026No summary available
-
🟡 Board Meeting 5 June 2026SPL Industries announced the reappointment of Mukesh Kumar Aggarwal as Managing Director for five years starting May 15, 2026, subject to shareholder ...
-
regulation 31 3 June 2026SPL Industries Limited disclosed on April 4, 2026, that its promoter and promoter group have not created any encumbrance on their shares during the fi...
🧠 Analyst's Read
SPL Industries operates as a stable, debt-free textile manufacturer with strong promoter backing, but its lack of growth momentum and opaque capital plans create a cautious outlook. Investors should monitor the outcome of the upcoming AGM, particularly the related party transaction and borrowing approval, for clarity on future strategic direction. Until then, the stock is likely to trade in a narrow range without a clear catalyst.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when SPLIL files new disclosures
Track SPLIL filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track SPLIL — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd