SPL Industries' revenue halved in FY26. Q4 profit rose, but the year was a write-off.
The textile maker's full-year revenue fell 50% to ₹69.54 crore. A Q4 profit lift masks an annual top-line collapse for the nano-cap.
— 1 earlier story on SPL Industries Ltd. →What's new
- Full-year revenue plunged 50% to ₹69.54 crore from ₹139.42 crore a year ago.
- Annual net profit fell to ₹7.06 crore from ₹9.79 crore in the prior fiscal.
- Q4 net profit rose to ₹3.96 crore from ₹2.94 crore, even as quarterly revenue slipped to ₹23.28 crore.
Why this matters
Revenue halved for a nano-cap with a market cap of just ₹93 crore. That’s not a blip; it’s a strategic reset. The Q4 margin improvement is a single-quarter bright spot in what was otherwise a deeply challenging year, raising questions about the sustainability of that profitability if sales don't recover.
What we're watching
- Whether the Q4 margin improvement carries into the new fiscal year.
- Management commentary on the scale-down in textile and garment segments.
- Any guidance on revenue recovery paths for FY27.
The full read
SPL Industries' revenue fell 50% in FY26 to ₹69.54 crore. Down from ₹139.42 crore. For a nano-cap with a market capitalization of ₹93 crore, that top-line shrinkage is the main event. Annual net profit slipped to ₹7.06 crore from ₹9.79 crore, and the board skipped a dividend. The one bright spot was the fourth quarter, where net profit jumped to ₹3.96 crore from ₹2.94 crore even as quarterly revenue dropped to ₹23.28 crore. That points to better margins, but a single strong quarter can't mask an annual trajectory that went straight down. The open question is whether the Q4 margin gains can hold as the company tries to rebuild its top line from a much smaller base.
Questions answered
- How severe was the revenue decline?
- Full-year revenue fell exactly 50%, from ₹139.42 crore in FY25 to ₹69.54 crore in FY26. For a company with a ₹93 crore market cap, that top-line shrinkage is outsized.
- Did the company remain profitable?
- Yes, but profitability shrank. Net profit for the full year was ₹7.06 crore, down from ₹9.79 crore a year earlier. The company also did not recommend a dividend.
- What happened in the fourth quarter?
- Q4 net profit rose to ₹3.96 crore from ₹2.94 crore despite revenue declining. This indicates a significant margin improvement in the final three months of the year, though it wasn't enough to offset the annual revenue collapse.
- What does the audit report say?
- The board approved the accounts with an unmodified audit opinion, meaning the auditors found no material qualifications with the financial statements.
Story so far
All notes on SPLIL →- 29 May 2026 · 7:50 PM IST SPL Industries' revenue halved in FY26. Q4 profit rose, but the year was a write-off.
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