SPML Infra Limited (SPMLINFRA)
₹150.50 -0.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, SPML Infra's revenue was ₹284 Cr (+82.3% year on year, -2.3% on the previous quarter), and net profit ₹22.7 Cr (+87.1% year on year); the operating margin was 9.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹284 | +82.3% | -2.3% |
| Operating profit | ₹26.9 | +271.8% | +34.4% |
| Net profit | ₹22.7 | +87.1% | -16.0% |
| EPS (₹) | 2.74 | +62.1% | -20.6% |
| Operating margin | 9.5% | — | — |
SPMLINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.07% of the SPMLINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.83%. That is close to its usual level. Turnover was only ₹86 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 31.4% · 43.5% · 37.8% · 57.2% · 44.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SPML Infra announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack, developed under its own intellectual property, has successfully completed critical international safety, performance, and transportation certifications. The tested standards include UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000 series, and UN38.3. This milestone supports SPML's establishment of its BESS assembly and system integration capabilities in Pune, Maharashtra. The certification marks a step toward commercial deployment in India's utility-scale grid storage market against SPML's existing TTM revenue base of Rs 993 Cr.
- Developed proprietary 104.4 kWh BESS battery pack under in-house intellectual property.
- Completed global certifications covering thermal runaway, functional safety, and transport (UL9540A, IEC 62619, UN38.3).
- Establishing BESS manufacturing, assembly, and system integration facilities in Pune, Maharashtra.
- Aims to address India's expanding utility-scale renewable integration and grid-balancing market.
SPML Infra Limited has notified exchanges under Regulation 36(1)(b) of SEBI LODR regarding the dispatch of letters containing the weblink and QR code for its FY 2025-26 Annual Report. These intimations were sent to shareholders whose email addresses are not registered with the company or depositories. The company's 45th Annual General Meeting (AGM) is scheduled to be held on Friday, September 25, 2026, at 11:00 AM IST via video conferencing.
- 45th Annual General Meeting (AGM) scheduled for September 25, 2026, at 11:00 AM IST
- Notice of the 45th AGM dated August 12, 2026, transacted via VC/OAVM
- Dispatched weblink and QR access for FY 2025-26 Annual Report to unregistered email holders pursuant to SEBI circulars
SPML Infra Limited has scheduled an interaction with investors and analysts via a virtual Corporate Connect Series organized by Arihant Capital on September 5, 2026, at 11:00 AM. The interaction will discuss publicly available information without sharing any unpublished price sensitive information (UPSI). SPML Infra reported TTM revenue of ₹993 Cr and TTM PAT of ₹85 Cr for context.
- Management participating in Arihant Capital's virtual Corporate Connect Series.
- Interaction scheduled for September 5, 2026, at 11:00 AM.
- Discussions to be strictly based on publicly available documents with no UPSI shared.
SPML Infra Limited has announced that its management will participate in a virtual Corporate Connect Series organized by Arihant Capital on September 5, 2026, at 11:00 AM. The company clarified that interactions will be limited to publicly available documents and no unpublished price sensitive information (UPSI) will be discussed. This is a standard regulatory intimation under SEBI LODR Regulation 30. The company currently has a market capitalization of ₹1,398 Cr with TTM revenue of ₹993 Cr.
- Meeting scheduled for September 5, 2026, at 11:00 AM IST
- Virtual Corporate Connect Series organized by Arihant Capital
- Company confirmed only publicly available information will be discussed with no UPSI
SPML Infra Limited has informed the exchanges that its management will participate in a virtual Corporate Connect Series organized by Arihant Capital on September 5, 2026, at 11:00 AM. The interaction will involve a set of investors and analysts. The company clarified that only publicly available information will be discussed and no unpublished price sensitive information (UPSI) will be shared.
- Virtual Corporate Connect Series scheduled for September 5, 2026, at 11:00 AM
- Meeting organized by Arihant Capital with analysts and institutional investors
- Company affirmed discussion will be restricted to publicly available information with no UPSI
SPML Infra Limited has submitted its Annual Report for FY 2025-26 and the Notice convening its 45th Annual General Meeting (AGM), scheduled for September 25, 2026, via Video Conference. Key agenda items include adopting the audited standalone and consolidated financial statements for FY26 and re-appointing Mr. Manoj Kumar Digga as Director (retiring by rotation). Special business includes ratifying the remuneration of Rs 100,000 for the Cost Auditor and the re-appointment of Independent Director Mr. Rajeev Kumar Jain for a second 5-year term from September 3, 2026, to September 2, 2031.
- 45th AGM scheduled for Friday, September 25, 2026, at 11:00 AM via VC/OAVM
- Approval of FY 2025-26 audited standalone and consolidated financial statements on agenda
- Proposed re-appointment of Mr. Rajeev Kumar Jain as Independent Director for a 5-year term from September 3, 2026, to September 2, 2031
- Ratification of Cost Auditor remuneration of Rs 100,000 plus applicable taxes for FY 2026-27
SPML Infra Limited announced the completion and scrutinizer results of its Postal Ballot conducted via remote e-voting which concluded on August 27, 2026. Shareholders approved the special resolution for the re-appointment of Mr. Tiruvidaimarudhur Srivatsan Sivashankar as an Independent Director. A total of 2,77,68,591 votes were polled (32.73% of total equity shares), with 99.9982% (2,77,68,088 votes) cast in favor and 503 votes cast against.
- Special resolution passed for the re-appointment of Mr. Tiruvidaimarudhur Srivatsan Sivashankar as Independent Director
- 99.9982% votes cast in favor (2,77,68,088 votes) vs 503 votes against
- Overall voter turnout stood at 32.73% of total outstanding shares (8,48,43,922 shares)
- Remote e-voting period ran from July 29, 2026 to August 27, 2026
SPML Infra reported strong execution momentum in its Q1 FY27 earnings call, with quarterly revenue rising 74% YoY to ₹286 cr and PAT growing 87% YoY to ₹22.7 cr. The company's order book stands at approximately ₹5,100 cr (over 5.1x TTM revenue of ₹993 cr), driven by ₹1,293 cr of order intake in Q1 and an active L1 pipeline of ₹212 cr. Management highlighted that Phase 1 (2.5 GW) of its ₹236 cr BESS manufacturing facility in Pune is fully ready, with dispatches for its NTPC contract targeted to commence in Q4 FY27. Debt reduction continues with ₹325 cr of the ₹700 cr restructuring obligation repaid, backed by ₹678 cr in awarded arbitrations.
- Order book stood at ~₹5,100 cr (~5.1x TTM revenue), targeting over ₹5,000 cr of total order inflows in FY27 after securing ₹1,293 cr in Q1.
- Q1 FY27 revenue grew 74% YoY to ₹286 cr, EBITDA rose 81% YoY to ₹28 cr, and net profit grew 87% YoY to ₹22.7 cr.
- Phase 1 (2.5 GW) of the BESS manufacturing plant at Supa, Pune is ready under a ₹236 cr capex plan, targeting NTPC supply in Q4 FY27.
- Legacy debt obligation reduced to ₹375 cr after ₹325 cr repayment, with ₹678 cr in arbitration awards and ₹4,526 cr in pending claims.
- Banking credit facility enhanced from ₹505 cr to ₹860 cr alongside a ₹300 cr surety bond facility; credit rating upgraded to BBB (Stable).
SPML Infra Limited has announced the availability of the audio recording for its Q1 FY2026-27 earnings conference call held on 17th August 2026. The call reviewed the company's unaudited financial results for the quarter ended 30th June 2026. The audio link has been uploaded to the company's official website in compliance with exchange disclosure regulations. For context, SPML Infra reported revenue of Rs 284.28 Cr and net profit of Rs 22.68 Cr in the June 2026 quarter.
- Earnings conference call concluded with analysts and institutional investors on 17th August, 2026
- Pertains to un-audited financial results for the 1st quarter ended 30th June, 2026
- Audio recording accessible via web-link on the company website as per filing dated 17th August, 2026
SPML Infra reported Q1 FY27 revenue of ₹285.67 Cr, EBITDA of ₹28.27 Cr (9.90% margin), and PAT of ₹22.70 Cr (7.95% margin). The outstanding order book reached ₹5,094 Cr as of June 30, 2026 (approx. 5.1x TTM revenue of ₹993 Cr), with new higher-margin projects comprising 75% (₹3,843 Cr). Key wins highlighted include a ₹1,128 Cr 1 GWh NTPC BESS project and a ₹165.4 Cr RRVPNL transmission order. The company's credit rating was assigned/upgraded to BBB (Stable) by CRISIL and ICRA following progressive debt reduction, with ₹325 Cr already paid out of the ₹700 Cr settlement structure.
- Q1 FY27 revenue stood at ₹285.67 Cr with an EBITDA margin of 9.90% and PAT of ₹22.70 Cr.
- Total order book expanded to ₹5,094 Cr (5.1x TTM revenue), of which 75% (₹3,843 Cr) are new, higher-margin (10-12%) orders.
- Secured landmark ₹1,128 Cr 1 GWh BESS contract from NTPC with advance payment received.
- Phase 1 of 2.5 GWh BESS battery assembly line at SUPA MIDC Pune is fully ready, targeting full 5 GWh by FY28.
- Repaid ₹325 Cr out of the ₹700 Cr debt restructuring plan; remaining obligations supported by ₹678 Cr in arbitration awards.
SPML Infra reported a robust Q1 FY27 with revenue increasing 74% YoY to ₹286 crore and PAT jumping 87% to ₹22.7 crore. The company secured significant new orders worth ₹1,293 crore during the quarter, which is approximately 150% of its TTM revenue, taking the total order book to ₹5,094 crore. Operational efficiency improved as EBITDA margins expanded to 9.9% from 9.5% YoY. Furthermore, the company has repaid ₹325 crore of its ₹700 crore debt obligation and received credit rating upgrades to BBB (Stable) from ICRA and CRISIL.
- Revenue grew 74% YoY to ₹286 crore, while PAT increased 87% to ₹22.7 crore
- Order inflow of ₹1,293 crore in Q1 FY27 represents ~150% of TTM revenue
- Total order book stands at ₹5,094 crore, providing revenue visibility for several years
- EBITDA margins improved to 9.9% compared to 9.5% in the previous year's quarter
- Debt repayment of ₹325 crore completed out of the ₹700 crore total obligation
SPML Infra reported a strong performance for Q1 FY27, with consolidated revenue growing 65% YoY to ₹285.67 crore. Net profit surged 87% YoY to ₹22.68 crore, driven by improved execution. A significant capital infusion of ₹109.54 crore was completed through the conversion of 50.95 lakh warrants at ₹215 per share, which represents approximately 7.7% of the current market capitalization. The board also re-appointed Mr. Rajeev Kumar Jain as an Independent Director for a second five-year term, ensuring leadership continuity.
- Consolidated Revenue for Q1 FY27 grew 65% YoY to ₹285.67 crore compared to ₹172.94 crore in Q1 FY26.
- Net Profit increased 87% YoY to ₹22.68 crore from ₹12.12 crore in the previous year's corresponding quarter.
- Raised ₹109.54 crore through the conversion of 50,94,844 warrants into equity at ₹215 per share.
- Allotted 2,33,744 equity shares under the ESOP 2021 scheme at an exercise price of ₹31.20 per share.
- Re-appointed Independent Director Rajeev Kumar Jain for a second 5-year term effective September 3, 2026.
SPML Infra reported a strong performance for Q1 FY2027, with consolidated revenue rising 82.3% YoY to Rs 284.28 Cr. Net profit attributable to owners increased to Rs 22.68 Cr from Rs 12.12 Cr in the year-ago period. A major highlight is the conversion of 50.95 lakh warrants into equity, infusing Rs 109.54 Cr into the company at a price of Rs 215 per share. The company also re-appointed an Independent Director and set its AGM for September 25, 2026.
- Consolidated revenue grew 82.3% YoY to Rs 284.28 Cr compared to Rs 155.91 Cr in Q1 FY2026
- Net profit for the quarter rose 87.1% YoY to Rs 22.68 Cr from Rs 12.12 Cr
- Completed warrant conversion of 50,94,844 units at Rs 215 each, raising Rs 109.54 Cr
- Allotted 2,33,744 equity shares under ESOP at an exercise price of Rs 31.20 per share
- Finance costs for the quarter included Rs 3.54 Cr as interest on mobilization advances
SPML Infra has scheduled its Q1 FY2026-27 earnings conference call for August 17, 2026, at 3:00 PM IST. The management, including the CFO and EVP of Projects, will discuss the company's quarterly performance. This follows a strong FY26 where the company reported a net profit of ‡74.5 crore on revenue of ‡864.4 crore. Investors will be looking for updates on the execution of the ‡3,772 crore order book and the status of the BESS plant in Pune.
- Earnings call scheduled for August 17, 2026, at 15:00 IST via Arihant Capital Markets.
- Management representation includes CFO Manoj Digga and EVP-Projects Malay Kanti Chakraborty.
- Company is managing a current order book of ‡3,772 crore as per latest financial context.
- L1 position in tenders worth ‡1,125 crore provides additional revenue visibility.
- Phase I of the BESS manufacturing plant in Pune is targeted for commissioning in Q1 FY2027.
SPML Infra has issued a postal ballot notice to re-appoint Mr. T.S. Sivashankar as an Independent Director for a second term of one year, effective from June 8, 2026. Shareholders can cast their votes via remote e-voting between July 29 and August 27, 2026. Mr. Sivashankar, an IIM Lucknow alumnus, brings 35 years of experience in finance and private equity to the board. This re-appointment is a routine governance matter and requires a special resolution for approval.
- Proposed re-appointment of Mr. T.S. Sivashankar for a 1-year term ending June 7, 2027
- Remote e-voting period starts July 29, 2026, and concludes August 27, 2026
- Cut-off date for determining shareholder voting rights is July 24, 2026
- The appointee has 35 years of experience in private equity, capital markets, and corporate finance
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 Acuité 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 World’s 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.
