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SPL Industries Limited (SPLIL) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of SPL Industries Limited ₹38.75, price ₹28.50, upside +36.0%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Consumer Cyclical · IN · ISIN INE978G01016

SI Thin data Sep 27, 2026

SPL Industries Limited

SPLIL · NSE

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value ₹38.75 · Undervalued (+36.0%)
!Quality 48/100
!Weak Growth (revenue 5y −7.3 %/yr)
✓Solidly profitable · 10.2% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (5/11)
!Narrow moat 30/100
!Evidence only low, so the estimate is less certain
!Weak on past: 13 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹83.85 ₹21.50 Fair Value ₹38.75 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range ₹21.50 – ₹83.85 · fair‑value band ₹29.06 – ₹48.44 · the ₹28.50 price screens below the ₹38.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

SPL Industries Limited manufactures and sells knitted garments and fabrics in India and internationally. It operates through Manufacturing Cotton Knitted Garments and Made Ups and Processing Charges; and Trading of Garments segments.

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SPL Industries Limited manufactures and sells knitted garments and fabrics in India and internationally. It operates through Manufacturing Cotton Knitted Garments and Made Ups and Processing Charges; and Trading of Garments segments. The company offers a range of outerwear, such as T shirts, sweatshirts, and polo shirts, etc.; and knitted fabrics, including single jersey, jacquard, interlocks, flat backs, auto stripes fleece, double jersey jacquard, and waffles and various textures. It also trades in garments. In addition, the company is involved in processing activities, such as printing, dyeing, coloring, spinning, weaving, combing, knitting, and bleaching services. It exports its products to the United States and European markets. The company was formerly known as Shivalik Prints Private Limited and changed its name to SPL Industries Limited in September 1994. SPL Industries Limited was incorporated in 1991 and is based in Faridabad, India.

Stock analysis

SPL Industries Limited (SPLIL) currently trades at ₹28.50, while our model-based Fair Value estimate is ₹38.75, implying the stock looks roughly 26.4% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of ₹53.88 per share, and 6 of the 7 models we run sit above the ₹28.50 price.

Bear case: the Earnings-Based group reads lowest at ₹20.24, and 1 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹29.06 (bear) to ₹48.44 (bull), the price of ₹28.50 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

SPL Industries Limited reported revenue of ₹695M in FY2026 versus ₹1.9B in FY2022, a compound −22.1%/yr. Reported net income was ₹70.6M in FY2026, compounding −23.9%/yr from FY2022.

Key figures

Market cap ₹897M (≈ $9.3M) · P/E ratio 11.6 · P/S ratio 1.18 · EPS (TTM) ₹2.43 · Net margin 10.2% · Return on equity 3.3% · Return on assets (EBIT) 4.6% · Operating margin −5.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 35% below its 52-week high and 33% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −18% fair-value upside, at 36%, SPLIL screens cheaper than that median.

Fair Value models

Bear ₹29.06 Fair Value ₹38.75 Bull ₹48.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹1.23 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income ₹54.31 ₹53.88 ₹54.90 71
Graham-Dodd ₹16.56 ₹20.24 ₹22.77 67
Growth-Adj P/E ₹28.32 ₹40.46 ₹52.59 67
All 7 models by family
Earnings-Based
Graham-Dodd ₹16.56 ₹20.24 ₹22.77 67
Multiples
P/E Multiple ₹40.17 ₹53.57 ₹66.96 63
P/S Multiple ₹21.58 ₹28.78 ₹35.97 58
P/B Multiple ₹31.04 ₹41.39 ₹51.74 55
Asset-Based
NCAV (Graham) ₹37.25 ₹49.91 ₹74.50 54
Economic Profit
Residual Income ₹54.31 ₹53.88 ₹54.90 71
Growth Earnings
Growth-Adj P/E ₹28.32 ₹40.46 ₹52.59 67

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Quality Score breakdown

Overall quality 48/100

Of which business quality 51 · Market factors (momentum, volatility) 36

Profitability 24
Margins and returns on capital today
Quality Growth 7
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 91
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 13/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−50.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−36.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.3%
Start year 2021 (pandemic). Over 10 years: −6.8% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.9%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−19.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19.7% vs 17.1%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → −16%
Start year 2021 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Apparel Manufacturing · 215 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside +36.0% · Above median
Profitability
Return on equity (TTM) 3.3% · Below median
Return on assets −3.1% · Bottom 25%
Net margin (TTM) 10.2% · Top 25%
Operating margin (TTM) −5.1% · Bottom 25%
Growth and dividend
Revenue growth −24.2% · Bottom 25%

Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 11.6× · Cheaper than median
P/B 0.42× · Cheapest 25%
P/S (TTM) 1.29× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)81 · sector 33
FUTURE (revenue growth)0 · sector 5
PAST (return on equity)13 · sector 21
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 58

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Ralph Lauren Corporation RL $357.10 $225.10 −37%
Moncler S.p.A MONC €43.56 €50.69 +16%
LPP SA LPP 24,900 PLN 20,032 PLN −20%
Levi Strauss & Co LEVI $19.73 $16.26 −18%
Gildan Activewear Inc GIL $40.98 $45.08 +10%
Bosideng International Holdings 3998 HK$3.97 HK$7.44 +87%
Youngor Fashion Co 600177 ¥8.29 ¥5.59 −33%
V.F. Corporation VFC $14.42 $8.68 −40%
Page Industries Limited PAGEIND ₹37,695 ₹28,533 −24%
Hla Group 600398 ¥5.66 ¥11.97 +111%

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SPL Industries Limited · Fair Value
₹38.75 +26%Fair Value
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Cite: Fair Value Calculator (2026). "SPL Industries Limited Fair Value". https://www.fairvalue-calculator.com/stock/SPLIL

Frequently asked questions

Is SPL Industries Limited (SPLIL) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹38.75 versus a price of ₹28.50, about +36% upside (undervalued).
What is the fair value of SPLIL?
Our model-based fair value for SPL Industries Limited is ₹38.75 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹28.50.
What is the quality score of SPLIL?
SPL Industries Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SPL Industries Limited (SPLIL)?
Our model-based price target is the fair value of ₹38.75 (as of Sep 27, 2026) from 7 valuation models. Cautious scenario ₹29.06, optimistic scenario ₹48.44. It is a calculation from audited fundamentals, not an analyst target.
What is the SPL Industries Limited stock forecast for 2026?
Our models put fair value at ₹38.75, about +36% upside versus a price of ₹28.50 (undervalued). Cautious scenario ₹29.06, optimistic scenario ₹48.44. The calculation is refreshed regularly with new filings.
What is the revenue of SPL Industries Limited (SPLIL)?
SPL Industries Limited reported trailing-twelve-month revenue of about ₹695M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of SPL Industries Limited (SPLIL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SPL Industries Limited it is ₹38.75 per share (as of Sep 27, 2026), against a price of ₹28.50. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is SPL Industries Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, SPLIL trades below its calculated fair value: price ₹28.50, fair value ₹38.75, a gap of about +36% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SPLIL?
No. The price is what the market pays today (₹28.50); the fair value is what the company's own numbers justify (₹38.75). For SPL Industries Limited the two are ₹10.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is SPL Industries Limited worth?
The market values SPL Industries Limited at about ₹897M (market capitalisation, as of Sep 27, 2026). Per share that is ₹28.50; our models calculate a fair value of ₹38.75 per share.
What do the bullish and bearish scenarios say about SPLIL?
Our models span a range for SPL Industries Limited: cautious scenario ₹29.06, base ₹38.75, optimistic ₹48.44 per share (as of Sep 27, 2026, price ₹28.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPLIL?
SPL Industries Limited trades at a price-to-earnings ratio of 11.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹38.75 is built from several models across several years. Other multiples: P/B 0.4, P/S 1.3.
How solid is the balance sheet of SPL Industries Limited (SPLIL)?
Balance-sheet figures for SPL Industries Limited (as of Sep 27, 2026): return on equity 3.3%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is SPLIL from its 52-week high?
SPL Industries Limited trades at ₹28.50, about 35% below its 52-week high of ₹44.09 and 33% above the low of ₹21.50 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹38.75 is for.
Which stocks are comparable to SPL Industries Limited?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, LPP SA, Levi Strauss & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SPL Industries Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹28.50, calculated fair value ₹38.75 (+36%), Quality Score 48/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SPLIL calculated?
We run SPL Industries Limited through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹38.75, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. SPL Industries Limited currently trades 26 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SPL Industries Limited (SPLIL)?
The closing price on Oct 1, 2026 was ₹28.50. Our model-based fair value is ₹38.75, about +36% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SPL Industries Limited right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of SPL Industries Limited (SPLIL) come from?
Earnings per share at SPL Industries Limited grew +9.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.9 %, EBIT margin +3.2 %, tax rate −3.3 %, residual (interest, one-offs) +3.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of SPL Industries Limited

How large is the market capitalisation of SPL Industries Limited (SPLIL)?
The market capitalisation of SPL Industries Limited is ₹897M (≈ $9.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SPL Industries Limited (SPLIL)?
The price-to-sales ratio of SPL Industries Limited is 1.18 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SPL Industries Limited (SPLIL)?
Earnings per share at SPL Industries Limited are ₹2.43 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SPL Industries Limited (SPLIL)?
The net margin of SPL Industries Limited is 10.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SPL Industries Limited (SPLIL)?
The return on equity (ROE) of SPL Industries Limited is 3.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SPL Industries Limited (SPLIL)?
On an EBIT basis the return on assets of SPL Industries Limited is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SPL Industries Limited (SPLIL)?
The operating margin of SPL Industries Limited is −5.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SPL Industries Limited (SPLIL)?
Revenue at SPL Industries Limited is growing −24.2% versus a year earlier (3y avg −36.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SPL Industries Limited (SPLIL)?
Earnings per share at SPL Industries Limited are growing +35.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SPL Industries Limited (SPLIL) generate?
The free cash flow of SPL Industries Limited is −₹193M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does SPL Industries Limited (SPLIL) hold?
SPL Industries Limited holds more cash than debt, ₹105M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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