SP Apparels

What SP Apparels does

S.P. Apparels Limited (NSE/BSE: SPAL) is a vertically integrated Indian apparel manufacturer and exporter, founded in 1989 by P. Sundararajan and headquartered in Avanashi, Tamil Nadu. The company's core business is manufacturing and exporting knitted garments for infants and children to global brands such as Tesco, Marks & Spencer, Mothercare, The Children's Place/Disney Store and F&F, with a stated UK revenue exposure above 50% (per Elara Capital). Operations span the full value chain — spinning, knitting, dyeing, processing, embroidery, printing and garmenting — supported by ETON conveyor systems, Orgatex dyeing automation, a zero-discharge dyeing plant at SIPCOT Perundurai, and an NABL-accredited in-house laboratory.

The company operates six subsidiaries: Crocodile Products Private Limited (exclusive Crocodile menswear trademark in India under a JV with Crocodile International Singapore), S.P. Retail Ventures Limited (Indian retail for Crocodile and Angel & Rocket), S.P. Apparels (UK) (P) Limited (UK/Europe trading arm since 2014), S.P. Apparels International (Private) Limited in Sri Lanka (4 factories, ~1,650 machines, incorporated 2023), Young Brand Apparel Private Limited (acquired February 2024 for Rs 223 crore, adding intimate wear capacity and American Eagle/Jockey/Benetton/Gelmart customers), and Young Brand Global Private Limited. FY26 consolidated revenue was Rs 1,578.64 crore (13.15% YoY growth) with Rs 100.84 crore net profit; management targets Rs 2,000 crore by FY27. Revenue is generated through quote-based B2B export contracts, license/royalty arrangements (Crocodile), and Indian retail, with no publicly disclosed pricing.

Name

SP Apparels

Legal name

S.P. Apparels Limited

Website

https://s-p-apparels.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

S.P. Apparels is a vertically integrated Indian apparel manufacturer and exporter (NSE/BSE: SPAL) producing knitted infant and children's garments for global brands including Tesco, M&S, and Mothercare, with FY26 revenue of Rs 1,578.64 crore and a stated Rs 2,000 crore FY27 target.

Ownership category

akta.pro rank

Product category

Knitted Apparel Manufacturing

NAICS

Apparel Manufacturing (315), Cut and Sew Apparel Manufacturing (3152), Knit Fabric Mills (31324), Apparel Knitting Mills (3151)

SIC

Knit Outerwear Mills (2253), Women's, Misses', Children's & Infants' Undergarments (2340), Retail-Apparel & Accessory Stores (5600)

akta.pro primary industry

Children’s & Infant Apparel Cut & Sew (IMAOAEAJ)

akta.pro secondary industries

Children’s, Baby & Maternity Apparel Brands (CRAAAAAG), Greige Woven Fabric Mills (IMAOABAA)

Keywords

• Knitted garment manufacturing
• Infants children apparel
• Apparel export manufacturing
• Vertically integrated textiles
• Intimate wear manufacturing

Headquarters

HQ city

Avanashi

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Apparel Manufacturing & Export: Manufacturing and export of knitted garments for infants and children to global brands. Revenue generated through direct export sales to international customers and through subsidiaries in UK and Sri Lanka.
2. Retail Operations: Retail sales of Crocodile menswear products in India under licensing agreement, and international kids wear brand Angel & Rocket through S.P. Retail Ventures Limited.
3. Vertical Integration Services: End-to-end garment manufacturing services from greige fabric to finished products, providing Spinning, Knitting, Dyeing, Processing, Embroidery, Printing, and Garmenting services.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels2 records

Core offering

SP Apparels is a vertically integrated apparel manufacturer producing knitted garments for infants and children, with end-to-end operations spanning spinning, knitting, dyeing, processing, embroidery, printing, and garmenting. The company serves global apparel brands and retailers through direct B2B export contracts, complemented by Indian retail sales under licensed brands (Crocodile menswear, Angel & Rocket kids wear).

Product overview

SP Apparels is a vertically integrated apparel manufacturing organization producing infants and children clothing for global brands. The company operates across the entire garment production value chain from spinning and knitting to dyeing, embroidery, printing, and garmenting. The portfolio consists of the core manufacturing business (infants and children apparel), retail operations (Crocodile brand menswear, Angel & Rocket kids wear brand), and international subsidiaries (UK trading entity, Sri Lanka manufacturing, and acquired intimate wear manufacturer Young Brand Apparel with its global subsidiary).

Differentiator

Problem solved

Functional benefit

Brands

• Crocodile: Menswear brand under Crocodile Products Private Limited joint venture with Crocodile International Pte. Ltd. Singapore, focused on manufacturing, distribution and marketing in India
• Angel & Rocket
• Natalia

Products and services

• Infants and Children Knitted Garment Manufacturing Vertically integrated contract manufacturing of knitted garments for the infants and children category, covering spinning, knitting, dyeing, processing, embroidery, printing, and garmenting, manufactured for global apparel brands and retailers under direct B2B export contracts.
• Crocodile Menswear (India Retail) Exclusive licensed manufacture, distribution and marketing of menswear products under the 'Crocodile' trademark in India through joint venture with Crocodile International Pte. Ltd. Singapore.
• Angel & Rocket Kids Wear Retail Retail operations of the international kids wear brand Angel & Rocket in India through S.P. Retail Ventures Limited, complementing the Crocodile licensed retail offering.
• Intimate Wear Contract Manufacturing Manufacturing and export of intimate wear products to global brands including American Eagle, Jockey International, Marks & Spencer, Gelmart, and Benetton, exporting to US, UK, Japan, and Canada markets, delivered through acquired subsidiary Young Brand Apparel Private Limited.

Quantifiable outcome

• Delivered a billion promises through integrated operations
• +2 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Crocodile International Pte. Ltd. (CIPL)coreStrategic or Co-development PartnerJoint venture between SP Apparels and CIPL Singapore for manufacturing, trading, dealing, importing and exporting garments under technology license agreement. SPAL acquired majority shareholding in Crocodile Products Private Limited (CPPL) in 2006 for exclusive manufacture, distribution and marketing of menswear products under 'Crocodile' trademark in India.
• Bannari Amman Spinning Mills LimitedminorOthersSeller of Young Brand Apparel Private Limited - SPAL acquired 100% stake in YBAPL for Rs. 223 crore including garment unit and land parcel. YBAPL was a subsidiary of Bannari Amman Spinning Mills Limited.
• S.P. Apparels (UK) (P) Limited (SPUK)coreChannel Partner/ Reseller/ DistributorWholly-owned subsidiary incorporated in 2014 to explore marketing opportunities and engage in trading activities with new customers in UK, Ireland and other European countries. Full service entity providing product development, sourcing, quality control, compliance and shipment services.
• S.P. Apparels International (Private) LimitedcoreStrategic or Co-development PartnerWholly-owned subsidiary incorporated in Sri Lanka in 2023 as strategy for cost-effective manufacturing. Operates 4 factories with approximately 1,650 machines installed capacity, providing duty-free access to UK and EU markets.
• S.P. Retail Ventures LimitedcoreChannel Partner/ Reseller/ DistributorWholly-owned subsidiary engaged in Indian retail since 2006 through licensing brand Crocodile. Has evolved to include international kids wear brand Angel & Rocket.
• Young Brand Apparel Private Limited (YBAPL)coreStrategic or Co-development PartnerBecame wholly-owned subsidiary of SPAL after acquisition in 2024 for Rs. 223 crore. Manufacturing and export company strategic partner of brands like American Eagle, Jockey International, Marks & Spencer, Gelmart and Benetton focused on intimate wear market.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• KPR Mill Limited: Indian vertically integrated textile and apparel manufacturer with end-to-end operations from spinning to garmenting, serving leading global apparel brands. Highly comparable business model and customer base to SP Apparels, with similar Tirupur/Tamil Nadu ecosystem exposure.
• Gokaldas Exports Limited: One of India's largest apparel exporters producing knitted and woven garments for global brands, headquartered in Bangalore. Directly comparable as an India-based apparel manufacturer exporting to UK, US and EU markets with similar B2B brand customer mix.
• Loyal Textile Mills Limited: Indian textile manufacturer with vertically integrated yarn-to-garment operations, producing knitwear and apparel for international markets. Comparable vertical integration approach and export-driven revenue model to SP Apparels.
• Pearl Global Industries Limited: Indian apparel manufacturer and exporter serving leading global fashion brands across knitted and woven product categories. Comparable as an India-based multi-country manufacturer serving similar tier-1 brand customers.
• Shahi Exports Private Limited: India's largest apparel exporter, producing knit and woven garments for global brands like H&M, Marks & Spencer and Primark. Closely comparable as a large Indian B2B apparel manufacturer serving marquee global customers.

Broad incumbents

• Trident Limited: Large Indian diversified textile manufacturer with spinning, weaving and home textile operations. A broader incumbent in Indian textiles with overlapping yarn-to-fabric integration but a heavier home textile focus than SP Apparels' apparel-centric model.
• Vardhman Textiles Limited: One of India's largest integrated textile manufacturers with significant yarn and fabric production. Comparable scale of vertical integration and Indian manufacturing footprint, though apparel is a smaller share of Vardhman's mix versus SP Apparels.
• Arvind Limited: Major Indian textile conglomerate with denim, woven and knitted fabric manufacturing plus apparel and retail operations. Comparable vertical integration and B2B customer relationships, though broader product portfolio than SP Apparels.
• Welspun India Limited: Large Indian textile manufacturer with global presence in home textiles, flooring and emerging apparel. Comparable scale of Indian textile operations and export orientation, but with a primarily home textile focus rather than apparel.

Regional players

• Page Industries Limited: Indian exclusive licensee of Jockey International and Speedo, manufacturing innerwear, athleisure and swimwear domestically. Comparable Indian apparel manufacturing scale and brand-licensing model (similar to SP Apparels' Crocodile license), though focused on innerwear rather than children's wear.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SP Apparels