SPMLINFRA - SPML Infra
π’ Recent Corporate Announcements
SPML Infra Limited has approved the allotment of 6,65,000 equity shares following the exercise of warrants by a promoter group entity, Niral Enterprises Pvt Ltd. The shares, with a face value of Rs 2, were issued at a price of Rs 215 per share, including a premium of Rs 213. This conversion results in a capital infusion of approximately Rs 14.30 crore into the company. Such actions typically indicate promoter confidence and strengthen the company's balance sheet.
- Allotment of 6,65,000 equity shares of face value Rs 2 each
- Issue price set at Rs 215 per share, including a premium of Rs 213
- Allottee is Niral Enterprises Pvt Ltd, a promoter group entity
- Allotment follows the exercise of rights attached to 6,65,000 warrants previously issued on a preferential basis
SPML Infra Limited has approved the allotment of 6,65,000 equity shares following the exercise of warrants by a promoter group entity, Niral Enterprises Pvt Ltd. The shares were issued at a price of Rs 215 each, which includes a premium of Rs 213 per share. This move results in a capital infusion of approximately Rs 14.3 crore into the company. The allotment was conducted on a preferential basis, signaling strong promoter commitment and providing the company with additional liquidity.
- Allotment of 6,65,000 equity shares of face value Rs 2 each
- Issue price of Rs 215 per share, including a premium of Rs 213
- Total capital infusion of approximately Rs 14.3 crore
- Shares allotted to Niral Enterprises Pvt Ltd, a promoter group entity
- Allotment follows the exercise of rights attached to previously issued warrants
SPML Infra Limited has announced its participation in a virtual investor meeting scheduled for March 10, 2026. The management will engage with analysts and investors during the 'Bharat Connect Conference Rising Star 2026' hosted by Arihant Capital. The interaction is set to take place from 10:00 AM to 11:00 AM. The company clarified that discussions will be based on publicly available information and no unpublished price sensitive information will be shared.
- Virtual meeting scheduled with Arihant Capital on March 10, 2026
- Participation in the Bharat Connect Conference Rising Star 2026 group meeting
- Interaction window fixed between 10:00 AM and 11:00 AM
- Company confirms no unpublished price sensitive information (UPSI) will be discussed
SPML Infra Limited has approved the allotment of 3,25,000 equity shares following the exercise of warrants by a promoter group entity. The shares, with a face value of Rs 2, were issued at a price of Rs 215 each, including a premium of Rs 213. The allottee is Niral Enterprises Pvt Ltd, which strengthens the promoter's stake and provides capital to the company. This move reflects continued promoter confidence and financial support for the infrastructure firm.
- Allotment of 3,25,000 equity shares of face value Rs 2 each.
- Issue price fixed at Rs 215 per share, including a premium of Rs 213.
- Shares allotted to Niral Enterprises Pvt Ltd, a promoter group entity.
- Allotment resulted from the exercise of rights attached to 3,25,000 warrants.
- Approved by the Board of Directors via circular resolution on March 2, 2026.
SPML Infra reported a robust Q3 FY26 with PAT surging 97% YoY to βΉ20.5 crore and revenue growing 21% to βΉ231 crore. The company's order book has strengthened to βΉ4,358 crore, backed by βΉ4,324 crore in fresh inflows during 9M FY26. Management is aggressively pivoting toward the Battery Energy Storage System (BESS) segment, with a 2.5 GW manufacturing facility in Pune expected to be operational by Q1 FY27. Financial health is improving with βΉ317 crore in debt repaid over two years and βΉ621 crore in arbitration awards covering the residual NARCL debt of βΉ383 crore.
- Q3 FY26 PAT increased 97% YoY to βΉ20.5 crore with EBITDA margins improving to 11.4%.
- Total order book stands at βΉ4,358 crore, including βΉ2,800 crore from newly secured projects.
- Residual debt of βΉ383 crore to NARCL is fully covered by βΉ621 crore in hand arbitration awards.
- Phase 1 of the 2.5 GW BESS manufacturing facility is on track for Q1 FY27 commissioning.
- Management guided for 25-30% revenue growth and 40-50% PAT growth for the full year FY26.
SPML Infra Limited has officially released the audio recording of its earnings conference call for the third quarter ended December 31, 2025. The call, held on February 17, 2026, involved discussions with analysts and institutional investors regarding the company's un-audited financial performance. This disclosure is part of the company's regulatory compliance to ensure transparency for all shareholders. Investors can access the full recording via the provided link on the company's official website to gain insights into management's commentary.
- Earnings conference call for Q3 FY2025-26 concluded on February 17, 2026.
- Audio recording of the session has been uploaded to the company's website for public access.
- The discussion focused on the un-audited financial results for the quarter ended December 31, 2025.
- The recording is available at the specific URL: https://www.spml.co.in/download/earning-calls/audio/SPML-Concall-Q3-2025-2026.mp3.
SPML Infra reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue from operations rising 22.3% YoY to βΉ229.76 crore. Net profit for the quarter more than doubled to βΉ20.34 crore, up from βΉ9.94 crore in the previous year's corresponding quarter. The company also strengthened its capital base by allotting equity shares worth approximately βΉ76.25 crore to promoters and NARCL through preferential issues and debt conversion. While nine-month revenue remained flat, the significant improvement in quarterly margins and debt restructuring progress are positive indicators.
- Consolidated Net Profit surged 104.6% YoY to βΉ20.34 crore in Q3 FY26.
- Revenue from operations grew 22.3% YoY to βΉ229.76 crore compared to βΉ187.86 crore in Q3 FY25.
- Allotted 37.67 lakh equity shares to Promoter Group at βΉ118.56 per share, aggregating to βΉ44.67 crore.
- Converted existing loan from NARCL into 11.44 lakh equity shares at a premium price of βΉ276 per share.
- Quarterly Earnings Per Share (EPS) increased significantly to βΉ2.10 from βΉ1.20 YoY.
SPML Infra reported a strong performance for Q3 FY26, with PAT nearly doubling to βΉ20.5 crore compared to βΉ10.4 crore in the previous year. The company has secured a massive new order book of βΉ4,324 crore, driven by major wins in the water supply and irrigation sectors under JJM and AMRUT 2.0. Significant balance sheet deleveraging is evident, with the debt-to-equity ratio improving to 0.41x from 1.10x in FY24. The company is also resolving legacy debt through NARCL, with outstanding debt of βΉ383 crore now well-covered by βΉ621 crore in arbitration awards in hand.
- Q3 FY26 PAT increased by 97% YoY to βΉ20.5 crore, while EBITDA margins expanded to 11.4% from 7.4%.
- Secured new orders worth βΉ4,324 crore, including a βΉ1,438 crore JJM project in Rajasthan and a βΉ1,073 crore AMRUT 2.0 project in Indore.
- Debt-to-equity ratio significantly improved to 0.41x as of December 2025, down from 1.10x in FY24.
- Successfully raised βΉ346 crore through preferential allotment, including a βΉ190 crore infusion from promoters.
- Total arbitration awards in hand stand at βΉ621 crore, comfortably covering the outstanding debt of βΉ383 crore.
SPML Infra reported a strong performance for Q3 FY26, with consolidated revenue growing 22.3% YoY to βΉ229.76 crore. Net profit for the quarter surged by 104.6% to βΉ20.34 crore compared to βΉ9.94 crore in the same period last year. The company also completed significant fund-raising and debt-restructuring activities, including a βΉ31.58 crore debt-to-equity conversion with NARCL. These results reflect improved operational efficiency and a strengthening balance sheet following the Master Restructuring Agreement.
- Consolidated Revenue from Operations increased to βΉ229.76 crore in Q3 FY26 from βΉ187.86 crore in Q3 FY25.
- Net Profit after Tax doubled YoY, reaching βΉ20.34 crore for the quarter ended December 31, 2025.
- Allotted 11.44 lakh equity shares to NARCL at βΉ276 per share to convert βΉ31.58 crore of existing debt into equity.
- Issued 37.67 lakh equity shares to the Promoter Group at βΉ118.56 per share, aggregating to βΉ44.67 crore.
- Basic EPS improved significantly to βΉ2.75 for the quarter, up from βΉ1.20 in the previous year's corresponding quarter.
SPML Infra, as part of a consortium, has secured a significant βΉ344.64 crore contract from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). The project involves implementing a 24x7 pressurized water supply system under the AMRUT scheme using the Hybrid Annuity Model (HAM). The contract includes a 2-year construction phase followed by a long-term 15-year operation and maintenance (O&M) period, providing extended revenue visibility. This project aims to serve approximately half a million people and significantly reduce non-revenue water levels.
- Awarded a βΉ344.64 crore contract for water infrastructure in Chennai under the AMRUT scheme.
- Project includes a 2-year construction period and a 15-year long-term O&M phase.
- Secured via a consortium with JWIL Infra and Vishnusurya Projects & Infra.
- Targets reducing non-revenue water to less than 20% for two major distribution stations.
- Utilizes the Hybrid Annuity Model (HAM) for project delivery and asset management.
SPML Infra reported a robust performance for Q3 FY26, with standalone revenue from operations growing 22.3% year-on-year to βΉ229.76 crore. Net profit for the quarter saw a significant jump of 96.7%, reaching βΉ20.47 crore compared to βΉ10.41 crore in the same period last year. The company also strengthened its capital structure by allotting 11.44 lakh shares to NARCL via debt-to-equity conversion at βΉ276 per share and 37.67 lakh shares to promoters through warrant conversion. For the nine-month period, the company maintained a steady profit growth of 27.8%, totaling βΉ47.87 crore.
- Standalone Revenue from Operations increased by 22.3% YoY to βΉ22,976.11 lakhs in Q3 FY26.
- Net Profit (PAT) for Q3 FY26 surged 96.7% YoY to βΉ2,047.15 lakhs from βΉ1,040.76 lakhs.
- Allotted 11.44 lakh equity shares to NARCL at βΉ276 per share, converting βΉ3,158.64 lakhs of debt into equity.
- Promoter group infused βΉ4,466.67 lakhs through the conversion of 37.67 lakh warrants into equity at βΉ118.56 per share.
- Basic EPS for the quarter improved significantly to βΉ2.77 compared to βΉ1.26 in the corresponding previous year quarter.
SPML Infra Limited has announced a one-day postponement of its Q3 and 9M FY 2026 earnings conference call. Originally scheduled for February 16, 2026, the call will now be held on Tuesday, February 17, 2026, at 12:30 PM IST. The management cited unforeseen exigencies as the reason for this rescheduling. The call will focus on the company's financial performance for the quarter ended December 31, 2025.
- Earnings call rescheduled from February 16 to February 17, 2026
- Revised call time is set for 12:30 PM IST
- Management participants include CFO Manoj Digga and VP-Finance Arun Agarwal
- Discussion will cover performance for the quarter and nine months ended December 31, 2025
SPML Infra Limited has announced its earnings conference call for the third quarter and nine months ended December 31, 2025, scheduled for February 16, 2026, at 3:30 PM IST. The management team, including the CFO and the Chief of Technology & Operations for BESS, will discuss the company's financial performance and operational updates. This call is a key event for investors to understand the company's progress in the infrastructure and energy storage sectors. Pre-registration is mandatory for all participants to receive the access details.
- Earnings conference call scheduled for February 16, 2026, at 03:30 PM IST.
- Management participants include CFO Manoj Digga and BESS Technology Chief Samir Patel.
- Discussion will focus on financial results for the quarter and nine-month period ended December 31, 2025.
- Universal dial-in numbers for the call are +91 22 6280 1557 and +91 22 7115 8383.
SPML Infra Limited has approved the allotment of 6,70,000 equity shares following the exercise of warrants by a promoter group entity. The shares, with a face value of Rs 2, were issued at a price of Rs 215 each, including a premium of Rs 213. The recipient of this allotment is Niral Enterprises Pvt Ltd, which strengthens the promoter's stake in the company. This capital infusion reflects promoter confidence and provides liquidity to the infrastructure firm.
- Allotment of 6,70,000 equity shares upon exercise of 6,70,000 warrants
- Issue price set at Rs 215 per share, including a premium of Rs 213
- Allotment made on a preferential basis to promoter group entity Niral Enterprises Pvt Ltd
- Board approval granted via circular resolution on January 21, 2026
SPML Infra Limited has officially appointed Go India Advisors as its Investor Relations (IR) agency to manage its communications with the financial community. The appointment is set to become effective from February 1, 2026, as disclosed under Regulation 30 of SEBI Listing Regulations. This move typically indicates a company's intent to improve transparency, enhance market visibility, and engage more proactively with shareholders. While administrative in nature, it reflects a positive step toward professionalizing investor outreach.
- Appointment of Go India Advisors as the official Investor Relations agency
- The engagement is effective starting February 1, 2026
- Formal disclosure made under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Strategic move to improve corporate communication and investor engagement
Financial Performance
Revenue Growth by Segment
Operating income grew 44.5% YoY from INR 851.7 Cr in FY2023 to INR 1,230.4 Cr in FY2024. H1 FY2025 operating income stood at INR 395.3 Cr. The company is transitioning from legacy water/power projects to high-margin new orders and the emerging Battery Energy Storage Systems (BESS) segment.
Geographic Revenue Split
Pan-India presence with major ongoing projects and new order wins in Jharkhand, Madhya Pradesh, Rajasthan, Tamil Nadu, and Delhi. Specific regional percentage splits are not disclosed.
Profitability Margins
PAT margin improved from 0.2% in FY2023 to 1.6% in FY2024, reaching 6.8% in H1 FY2025. Profitability is increasing as legacy projects (5-7% margins) are replaced by new orders carrying margins exceeding 10%.
EBITDA Margin
EBITDA margin reached 10% in Q2 FY2026 (INR 20 Cr EBITDA on INR 200 Cr estimated revenue) compared to 2.5% in FY2024. This 7.5 percentage point improvement is driven by a shift in the order mix toward higher-margin EPC contracts.
Capital Expenditure
Promoters infused INR 202 Cr in 7M FY2024, with planned infusions of INR 37.5 Cr by March 2025 and INR 118 Cr by FY2026 to support business growth and the BESS plant construction in Pune.
Credit Rating & Borrowing
ICRA assigned [ICRA]BBB- (Stable) and [ICRA]A3 in December 2024, reflecting improved liquidity. Sanctioned bank facilities were enhanced from INR 205 Cr to INR 505 Cr. Previous 'D' ratings from AcuitΓ© were withdrawn following the satisfaction of charges.
Operational Drivers
Raw Materials
Pipes, pumps, electrical components, and construction materials for water and power infrastructure; specific percentage of total cost for each is not disclosed.
Import Sources
Sourced primarily from domestic markets in India to support pan-India EPC projects; specific state-wise sourcing is not disclosed.
Key Suppliers
Maintains a network of empaneled, credible suppliers and contractors associated with the organization for over 40 years; specific company names are not disclosed.
Capacity Expansion
BESS manufacturing plant at Supa, Pune is in advanced stages; Phase I is targeted for commissioning by Q1 FY2027, with Phase II following in FY2028.
Raw Material Costs
Raw material costs are managed through long-standing supplier relationships and price escalation clauses in most contracts to mitigate price volatility risks.
Manufacturing Efficiency
Focus on execution efficiency for nearly 700 commissioned projects; BESS plant efficiency metrics will be established post-commissioning in FY2027.
Logistics & Distribution
Distribution costs are integrated into EPC project execution costs; specific percentage of revenue is not disclosed.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Targeting INR 5,000 Cr in new water sector orders annually and participating in INR 5,000 Cr of BESS tenders. Growth is supported by a current order book of INR 3,772 Cr and an L1 position in tenders worth INR 1,125 Cr.
Products & Services
Drinking water distribution systems, wastewater treatment plants, integrated sewerage networks, power transmission and distribution lines, and Battery Energy Storage Systems (BESS).
Brand Portfolio
SPML Infra
New Products/Services
Battery Energy Storage Systems (BESS) manufacturing and smart power infrastructure solutions; BESS tenders represent a key target area of over INR 5,000 Cr.
Market Expansion
Expanding into the clean energy storage market via the BESS plant in Pune and targeting smart power infrastructure projects across India.
Market Share & Ranking
Recognized among the Worldβs Top 50 Private Water Companies.
Strategic Alliances
Utilizes Joint Ventures (JVs) for large-scale projects in Jharkhand, MP, Rajasthan, and Tamil Nadu to manage capital constraints and meet technical qualifications.
External Factors
Industry Trends
The water sector is growing due to massive government funding; the power sector is shifting toward smart infrastructure and energy storage (BESS).
Competitive Landscape
Operates in a tender-based competitive environment against other large EPC players in the water and power segments.
Competitive Moat
Durable moat built on a 40-year track record, technical know-how for complex projects, and pre-qualifications required for large government tenders.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, with ~INR 10 trillion allocated for water and sanitation projects in India.
Consumer Behavior
Shift in government procurement toward sustainable infrastructure, sanitation, and renewable energy storage solutions.
Geopolitical Risks
Low risk due to domestic focus on Indian national priorities like water access and clean energy.
Regulatory & Governance
Industry Regulations
Adheres to pollution norms, health and safety standards for workers, and municipal waste management regulations.
Environmental Compliance
ESG-compliant organization; projects include environmental risk mitigation and price escalation for regulatory delays.
Taxation Policy Impact
Utilized the Vivad se Vishwas scheme for settlement of long-standing receivables; specific tax rate % is not disclosed.
Legal Contingencies
Total arbitration receivables of INR 613 Cr pending at various levels; ~30% are in advanced stages of realization.
Risk Analysis
Key Uncertainties
Risk of Bank Guarantee (BG) invocation for contractual performance; however, no BGs were invoked in the 24 months ending November 2024.
Geographic Concentration Risk
100% of revenue is derived from projects within India, spread across multiple states.
Third Party Dependencies
Sizeable creditors of ~INR 505 Cr as of September 2024; liquidity depends on timely asset monetization and arbitration awards.
Technology Obsolescence Risk
Mitigated by diversifying into future-ready BESS technology and smart power infrastructure.
Credit & Counterparty Risk
Exposure to government departments; risk lies in the stretch of the working capital cycle due to delayed payments or arbitration.