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SP Apparels reported strong Q2 FY26 consolidated revenue of INR 427 Cr (+9.2% YoY) and PAT of INR 34.7 Cr (+58.4% YoY), with a 14.9% EBITDA margin. Retail and SPUK divisions turned profitable (Retail: INR 0.53 Cr EBITDA) due to strategic exits, D2C growth, and restructuring. The Garment division achieved 24% export growth and is expanding Sri Lanka operations (aiming >INR 100 Cr next year). While U.S. tariffs impact Young Brand, new European/U.K. customers and diversified sourcing mitigate risk. Management reaffirms the INR 2,000 Cr revenue target for FY27, prioritizing operational stability before further capacity expansion.