SPEL SPEL Limited

SPEL Limited (SPEL) financial ratios

SPEL Limited earned a net margin of 12.1% in FY2026 against a five-year average of 10.1% (Paper, Board & Packaging median 3.6%). Return on equity was 16.9%, compared with a sector median of 5.5%. The current ratio stood at 2.97× and debt was 12.1% of equity. Cash took about 118 days to cycle through receivables, inventory and payables.

FY2026 vs the Paper, Board & Packaging median

Gross margin: 26.3%; Sector median 14.1%
Operating margin: 20.4%; Sector median 9.6%
Net margin: 12.1%; Sector median 3.6%
Return on equity (ROE): 16.9%; Sector median 5.5%
Return on assets (ROA): 12.6%; Sector median 2.5%
Current ratio: 2.97×; Sector median 1.50×
Debt to equity: 12.1%; Sector median 43.0%
Asset turnover: 1.04×; Sector median 0.87×
Dividend payout ratio: 15.0%; Sector median 22.6%

Median of the 12 companies in the sector with the figure for their latest fiscal year.

SPEL financial ratios (annual) (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014
Profitability
Gross margin	26.3%	26.9%	19.0%	20.4%	19.7%	21.5%	18.5%	16.7%	21.9%	26.5%	25.1%	22.8%	20.2%
EBITDA margin	24.4%	25.4%	18.1%	20.6%	19.7%	21.2%	18.5%	16.0%	20.0%	24.3%	21.8%	15.8%	13.3%
Operating margin	20.4%	21.8%	13.5%	15.6%	15.3%	16.7%	12.7%	10.6%	14.7%	19.4%	18.0%	15.8%	13.3%
Pre-tax margin	19.7%	20.7%	13.0%	13.4%	13.5%	15.3%	10.4%	8.4%	12.4%	17.2%	17.0%	13.4%	9.9%
Net margin	12.1%	13.0%	9.2%	7.6%	8.5%	11.0%	8.4%	7.0%	11.5%	15.4%	15.3%	10.7%	6.8%
Effective tax rate	38.8%	37.1%	29.4%	42.9%	36.8%	28.0%	19.6%	16.3%	7.1%	10.1%	9.6%	20.2%	31.1%
Returns
Return on equity (ROE)	16.9%	22.3%	13.1%	11.1%	14.2%	14.8%	9.4%	9.4%	15.0%	21.2%	21.0%	19.5%	—
Return on assets (ROA)	12.6%	16.1%	9.1%	7.5%	10.1%	11.0%	6.8%	6.7%	10.6%	15.3%	14.7%	11.9%	—
Return on invested capital (ROIC)	15.8%	20.8%	12.5%	10.3%	13.0%	13.2%	9.3%	9.4%	13.4%	18.4%	18.1%	15.5%	—
Liquidity
Current ratio	2.97×	3.27×	2.35×	2.27×	2.52×	2.64×	2.98×	2.41×	2.66×	2.13×	2.13×	2.23×	1.24×
Quick ratio	1.44×	1.80×	1.11×	0.89×	0.98×	1.48×	1.67×	1.41×	1.30×	1.25×	1.37×	1.66×	0.73×
Leverage
Debt to equity	12.1%	10.9%	17.8%	23.2%	25.2%	18.4%	21.9%	25.9%	25.2%	26.0%	19.2%	35.3%	59.6%
Debt to capital	10.8%	9.8%	15.1%	18.8%	20.1%	15.6%	18.0%	20.6%	20.1%	20.6%	16.1%	26.1%	37.4%
Debt to assets	9.0%	8.1%	12.5%	15.7%	17.4%	13.7%	16.2%	18.5%	18.1%	18.2%	14.2%	23.2%	32.2%
Assets to equity	1.34×	1.38×	1.45×	1.47×	1.41×	1.35×	1.38×	1.40×	1.41×	1.39×	1.43×	1.63×	—
Efficiency
Asset turnover	1.04×	1.24×	0.98×	0.99×	1.18×	0.99×	0.82×	0.95×	0.92×	0.99×	0.96×	1.12×	—
Receivable days days	47	38	35	35	35	48	59	45	44	44	43	37	—
Inventory days days	110	89	105	104	75	80	92	80	87	72	71	65	—
Payable days days	39	35	37	30	22	25	16	15	26	27	27	23	—
Cash conversion cycle days	118	92	103	108	87	103	134	110	105	90	87	79	—
Dividends
Dividend payout ratio	15.0%	21.2%	14.8%	9.9%	27.1%	19.9%	19.7%	21.2%	12.4%	38.0%	21.7%	0.0%	0.0%
Earnings retention rate	0.85×	0.79×	0.85×	0.90×	0.73×	0.80×	0.80×	0.79×	0.88×	0.62×	0.78×	1.00×	1.00×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

SPEL: frequently asked questions

What is SPEL's EPS?

SPEL Limited reported basic earnings per share of Rs 5.99 for FY2026 (Jul 2025 – Jun 2026).

What is SPEL's P/E ratio?

At the closing price of Rs 39.80 on 16 Oct 2026, SPEL trades at a P/E of 6.6× based on EPS of Rs 5.99 (FY2026).

Does SPEL pay dividends?

Yes. SPEL Limited declared a dividend of Rs 1.00 per share for FY2026. It has paid a dividend in each of the last 12 years. At Rs 39.80 that is a dividend yield of 2.5%.

What was SPEL's revenue and profit in FY2026?

SPEL Limited reported revenue of Rs 9.4 bn and profit attributable to shareholders of Rs 1.1 bn for FY2026 (Jul 2025 – Jun 2026).

What is SPEL's book value per share?

SPEL Limited's book value per share was Rs 38.56 at the end of FY2026. The shares trade at 1.03× book value.

Information only, not investment advice.