We hereby disclose the Revised Annual Report for FY 2025-26.

September 22, 2026 Bombay Stock Exchange Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, 'Exchange Plaza', Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 540048 Symbol: SPAL Dear Sirs, Sub: Revised Annual report for the financial year 2025-2026. We referring to our Submission of Annual Report dated August 28, 2026, pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), We hereby enclose a copy of the Revised Annual Report of the Company for the financial year 2025-26, with the correction of the following typological errors made inadvertently, the date of signing in the Annual General Meeting (“AGM”) Notice and the total share capital value for the issued, subscribed and paid-up equity share capital in the post sub-division column for item no. 4 and 5 at the explanatory statement of the AGM Notice. A copy of the updated Annual Report is also available on the Company’s website at https://www.s-p-apparels.com/wp/financial-information/. Kindly take the above information on record. Thanking You, For S.P.Apparels Limited, K.Vinodhini Company Secretary and Compliance Officer S.P. APPARELS LIMITED C O N T E N T S PROFILE BOARD OF DIRECTORS REGISTERED OFFICE Mr. P. Sundararajan 39-A, Extension Street, Chairman and Managing Director Kaikattipudur, Avinashi – 641 654, Tirupur District Mrs. S. Latha Executive Director REGISTRAR AND SHARE TRANSFER AGENTS Mr. S. Chenduran MUFG Intime India Private Limited Joint Managing Director (formerly Link Intime India Private Limited) Coimbatore Branch Mrs. S.Shantha No. 35, Surya, Mayflower Avenue, Joint Managing Director Behind Senthil Nagar, Sowripalayalam Road, Mr. B. Ravishankar Coimbatore – 641028 Independent Director Phone: 0422 – 2314792 Mr.Srinivas Chidambaram Email id: investor.helpdesk@in.mpms.mufg.com Independent Director BANKERS Mr.C.R. Rajagopal State Bank of India, Coimbatore Independent Director IDBI Bank Limited, Coimbatore Mrs.H.Lakshmi Priya The Hongkong and Shanghai Banking Corporation Independent Director Limited, Coimbatore MANAGEMENT TEAM HDFC Bank, Coimbatore Mrs. P.V. Jeeva COMPANY CIN : L18101TZ2005PLC012295 Chief Executive Officer - Garment Division Mr. V. Balaji Chief Financial Officer Mrs. K. Vinodhini Company Secretary and Compliance Officer STATUTORY AUDITORS ASA & Associates LLP Chartered Accountants Unit 709 & 710, 7th Floor, 'BETA Wing', Raheja Towers, New Number 177, Annasalai, Chennai – 600 002. SECRETARIAL AUDITOR MDS & Associates LLP Coimbatore – 641 028 INTERNAL AUDITORS BM & Associates Chartered Accountants Coimbatore - 641044. S.P. APPARELS LIMITED 5 ANNUAL REPORT 2025-26 MANAGEMENT DISCUSSION AND ANALYSIS public capital expenditure. Inflation remained well contained Sr. No. Table of Contents: throughout the year, providing a key pillar of macroeconomic 1. Global Economy and Outlook stability, supported by favorable food price dynamics and 2. Indian Economic Overview and Outlook adequate agricultural output. While inflation is expected to Textile firm modestly towards the latter part of the fiscal year due 3. Global Textile Industry to base effects, underlying price pressures are assessed to 4. Indian Textile Industry remain muted. 5. Exports As per PIB, real GDP growth is estimated at 7.4% in FY26, Apparel & Retail driven by robust consumption and investment demand, 6. Global Industry reaffirming India’s position as one of the fastest-growing 7. Indian Market major economies. Manufacturing and service sector remained Company Section key growth drivers, with manufacturing expanding by 8.4% in 8. Company Overview the first half of FY26. For the textile sector, steady domestic 9. Employee Welfare demand and policy support aided performance, as India’s 10. Risks & Concerns textile exports increased by 2.1% to Rs. 3.2 lakh crore in FY26 11. Financial Performance amid global trade uncertainty. Looking ahead, India’s FY27 Global Economy and Outlook growth outlook remains positive with GDP projected in the range of 6.8%–7.2%, driven by increasing domestic demand, The global economy demonstrated resilience in public capital expenditure, and ongoing structural reforms. FY 26-27, supported by continued investments in technology and infrastructure, although growth moderated amid Source: International Monetary Fund | Press Information heightened uncertainties. The year was characterized by Bureau escalating trade tensions, tariff imposition, and geopolitical Textile conflicts, particularly in the Middle East, which contributed Global Textile Industry to volatility in energy markets and global supply chains. Uncertainty around key trade routes, such as the Strait The global textile industry remains a key pillar of the of Hormuz, resulted in fluctuations in oil prices, freight international manufacturing ecosystem, supported by strong costs, and insurance premiums, affecting global business linkages with the apparel, home furnishing, and industrial sentiment. According to the International Monetary Fund sectors. The sector has demonstrated steady growth and is (IMF), global growth is projected at 3.1% in 2026, with a expected to expand from USD 660.1 billion in 2025 to USD marginal improvement to 3.2% in 2027 under a contained 703.0 billion in 2026, growing at a CAGR of ~7% to USD 919.1 conflict scenario. Despite these near-term challenges, billion by 2030. continued investments in artificial intelligence and sustained This growth is driven by rising disposable incomes, public spending on infrastructure, energy security, and urbanization, and evolving consumer preferences, transportation networks are expected to support economic particularly in the Asia-Pacific region, which accounts for stability and long-term growth. nearly half of global textile consumption and production. Source: International Monetary Fund However, the industry has faced heightened volatility due to macroeconomic pressures and shifting global trade Indian Economic Overview and Outlook dynamics. Ongoing geopolitical tensions, between the United India’s economy maintained a strong growth trajectory in States and China, have led to tariff impositions on textile FY 25-26, supported by favorable domestic conditions such and apparel products, prompting global brands to diversify as easing inflation, monetary policy support, and sustained sourcing away from traditional hubs. This shift as resulted S.P. APPARELS LIMITED 6 ANNUAL REPORT 2025-26 MANAGEMENT DISCUSSION AND ANALYSIS in diversification of supply chains to countries such as India, global destinations. Bangladesh, Indonesia, Thailand, and Sri Lanka gaining India’s textile exports have reached Rs. 3 lakh crore and the prominence as alternative manufacturing bases. Despite government aim to triple exports to Rs. 9 lakh crore by 2030 near-term challenges from tariffs and trade disruptions, the by strengthening domestic manufacturing capabilities and long-term outlook remains positive, supported by favourable expanding India’s global reach. The sector is also expected to demographics, rising per capita consumption, and continued benefit from the “China Plus One” strategy, as global buyers technological advancements. increasingly diversify sourcing destinations. Source: The Business Research Company Trade agreements are expected to further enhance India’s Indian Textile Industry export competitiveness. The India-UK FTA, signed in July 2025, provides duty-free access for Indian textile exports, helping India’s textile industry remains a key manufacturing sector, remove the 10–12% tariff gap with competing exporters. This driven by a large domestic consumption base, diversified is expected to boost India’s textile exports to the UK from product portfolio and a growing presence in global trade. USD 1.79 billion to up to USD 5 billion, benefitting labor- The Indian textile market recorded a ~6% CAGR over FY22–26, intensive cate [Showing first 8,000 characters — download PDF for full document]