SP Apparels Limited has officially completed the postal ballot process for appointing Mr. Srinivas Chidambaram (DIN: 00514665) as a Non-executive Independent Director. The company submitted the scrutinizer report and declared voting results on December 30, 2025, confirming overwhelming shareholder support for the appointment.

Official Voting Results Declaration

The company formally declared the postal ballot results on December 27, 2025, with the resolution being passed as a Special Resolution. The voting process was conducted entirely through remote e-voting, overseen by scrutinizer Mr. M.D. Selvaraj, FCS, Managing Partner of MDS & Associates LLP.

Comprehensive Voting Statistics

The postal ballot witnessed strong participation from shareholders, with detailed voting statistics revealing unanimous support for the appointment.

Regulatory Compliance and Documentation

The company submitted the scrutinizer report and voting results to both BSE and NSE under Regulation 30 & 44 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015. The postal ballot notice was sent electronically to all eligible shareholders on November 27, 2025.

Director Profile and Expertise

Mr. Chidambaram brings over 35 years of corporate experience to SP Apparels, with more than 27 years specializing in private equity. His extensive investment portfolio spans across IT, Healthcare, Fintech, Financial Services, Manufacturing, and Infrastructure sectors, with involvement in investments exceeding $600 million across more than 30 companies.

Appointment Terms and Governance

The appointment becomes effective for a five-year term commencing from November 12, 2025. The company has confirmed that Mr. Chidambaram maintains independence from existing Directors and Key Managerial Personnel, ensuring compliance with governance standards and regulatory requirements.

With the successful completion of the postal ballot process and regulatory submissions, SP Apparels has strengthened its board composition with an experienced independent director, positioning the company to benefit from enhanced strategic decision-making capabilities in the competitive textile industry.

SP Apparels Limited , a leading textile manufacturer, has reported a strong financial performance for the second quarter of fiscal year 2026, with significant growth in revenue and profitability.

Key Financial Highlights

• Consolidated net profit jumped 58.3% year-over-year to ₹347.00 million, up from ₹219.20 million in Q2 FY25.
• Consolidated revenue grew by 10.3% to ₹4,273.43 million, compared to ₹3,936.80 million in the same quarter last year.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to ₹704.50 million, marking a substantial 35.3% increase from ₹520.70 million in Q2 FY25.
• EBITDA margin expanded to 16.5% from 13.2% in the corresponding quarter of the previous year.
• Earnings per share (EPS) for the quarter improved to ₹13.80, up from ₹8.70 in Q2 FY25.

Segment Performance

The company's performance across various segments showed positive trends:

• The Garment Division, including Young Brand Apparel, reported revenue of ₹3,892.10 million with an adjusted EBITDA of ₹665.50 million, maintaining a healthy EBITDA margin of 17.1%.
• SP Retail Ventures Limited contributed revenue of ₹216.80 million with an EBITDA of ₹5.30 million.
• SP Apparels UK (P) Limited generated revenue of ₹179.90 million and an EBITDA of ₹11.30 million.

Operational Highlights

• Export volumes increased significantly, with sales quantity reaching 18.9 million pieces compared to 15.3 million pieces in Q2 FY25.
• The company maintained strong operational efficiency, reflected in the improved EBITDA margins.

Balance Sheet and Cash Flow

As of September 30, 2025, SP Apparels reported:

• Total assets of ₹13,440.40 million, up from ₹12,688.70 million as of March 31, 2025.
• A robust equity position with total equity of ₹8,957.07 million.
• Healthy cash and cash equivalents of ₹342.49 million.

The company's cash flow from operating activities for the half-year ended September 30, 2025, stood at ₹990.89 million, indicating strong operational cash generation.

Management Commentary

P. Sundararajan, Managing Director of SP Apparels Limited, commented on the results: "We are pleased with our performance this quarter, which demonstrates the resilience of our business model and the effectiveness of our strategic initiatives. The significant growth in profitability and improved margins reflect our focus on operational excellence and cost management. We remain committed to delivering value to our shareholders and maintaining our growth trajectory."

Future Outlook

While the company has not provided specific forward-looking statements, the strong performance in Q2 FY26 positions SP Apparels well for continued growth. The increased export volumes and improved operational efficiencies suggest a positive outlook for the coming quarters.

Investors and analysts will likely watch for the company's ability to maintain its growth momentum and further improve its margins in the face of global economic uncertainties and potential fluctuations in raw material costs.

SP Apparels Limited continues to strengthen its position in the textile industry, leveraging its manufacturing capabilities and diverse product portfolio to drive sustainable growth.