SPML Infra Ltd(SPMLINFRA)

NSE: SPMLINFRABSE: 500402

₹ 128.8-6.53%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 1,093 crWebsite: www.spml.co.inUpdated: 24 Oct 2026

About

SPML Infra Ltd is an Indian civil construction company focused on water infrastructure EPC (drinking water, irrigation, wastewater) and energy infrastructure (power substations and battery energy storage systems). It is ranked 14th among the World's Top 50 Private Water Companies by Global Water Intelligence, London, and is recognised among India's 10 Best Infrastructure Companies.^[1][2][3]

Business segments

Water Infrastructure covers integrated water supply, treatment plants, transmission and distribution networks, and wastewater treatment; Energy Infrastructure covers power T&D, substations, and BESS.^[3]

Order book and inflows

Total order book stood at ₹5,094 crore in Q1 FY27, of which ₹3,843 crore (75%) are new orders carrying expected EBITDA margins of 10 - 12% and ₹1,251 crore (25%) are legacy orders.^[2]
Q1 FY27 order inflow was ₹1,293 crore; the company held L1 status on a further ₹212 crore and expects to surpass its FY27 order intake target of ₹5,000 crore.^[2]
FY26 full-year new order wins totalled ₹5,616 crore, comprising ₹4,324 crore in water EPC (seven projects), ₹1,128 crore NTPC BESS, and ₹165 crore grid substation from RRPVNL.^[4]
The company tracks a pipeline of 134 upcoming projects worth ~₹98,725 crore across 11 states, with irrigation and water supply making up over 80% of value; key mega-projects include Wainganga-Nalganga (~₹1 lakh crore) and Marathwada Water Grid (₹37,600 crore).^[2]

Key operating numbers

Revenue grew 74% YoY to ₹286 crore in Q1 FY27; EBITDA margin was 9.90% in Q1 FY27 vs 9% in Q1 FY26.^[2]
FY26 full-year EBITDA was ₹86 crore (9.73% margin), up ~37% YoY; PAT rose ~55% YoY to ₹76 crore.^[4]
Debt-to-equity improved to 0.34x as of June 2026 from 0.40x at FY26 end and 1.1x three years prior; net worth has doubled from ~₹500 crore to over ₹1,000 crore through ~₹400 crore of promoter infusions over three years.^[2]
Unbilled revenue grew to ₹25,023.61 lakhs in FY26 from ₹14,249.83 lakhs, and inventories rose to ₹12,402.46 lakhs from ₹5,004.61 lakhs, reflecting higher project activity.^[3]

BESS manufacturing facility

Phase 1 BESS battery-pack assembly line (2.5 GWh) at Supa MIDC, Pune is fully commissioned as of Q1 FY27; IEC/UL certifications are underway with battery-pack certification targeted by August 2026.^[2][3]
SPML holds an exclusive technology licence with Energy Vault (USA) for B-Vault BESS products, making it the first Indian company with this technology; BESS product certification is targeted by December 2026.^[3]
Phase 2 scale-up to 5 GWh plus 600 container units per year is targeted for completion in H1 FY28; planned BESS capex stands at ₹238 crore by end of FY2026-27.^[2][3]
The 2.5 GWh Phase 1 capacity is designed to serve both SPML's own BESS EPC contracts and third-party OEM supply to other EPC players.^[5]
LFP 314Ah cells from China/Indonesia constitute 28 - 30% of BESS bill of materials at ~$40 - 45/kWh; SPML positions as end-to-end turnkey integrator covering design, container manufacturing, assembly, EPC, and O&M.^[6]

Notable projects and customers

SPML was awarded a 250 MW / 1,000 MWh BESS EPC contract by NTPC at Barauni Thermal Power Station worth ₹1,128 crore - its first large-scale grid BESS order; supply of containers to commence Q4 FY27.^[2]
Water EPC portfolio includes a ₹1,438 crore JJM rural water-supply project in Bharatpur, Rajasthan (51% SPML share, 10-year O&M); ₹1,073 crore AMRUT 2.0 project for Indore Municipal Corporation (10-year O&M); and ₹618 crore Konar Irrigation Scheme, Jharkhand (12,599 ha, 10-year O&M).^[3]
A ₹344.64 crore Chennai AMRUT water project (SPML's 26% share, 15-year O&M) and a ₹165.4 crore 400 kV grid substation for RRPVNL at Kota, Rajasthan are also in the portfolio.^[3]
Clients are exclusively government bodies and public utilities in India; export turnover is 0%.^[3]

Legacy debt and arbitration

NARCL outstanding obligation stood at ₹375 crore (inclusive of interest) as of June 2026, down from ₹700 crore total; ₹325 crore has been repaid. The company targets reducing the balance to ~₹300 crore by FY27 end.^[2]
The residual ₹375 crore NARCL balance is fully backed by ₹678 crore of arbitration awards in hand; a further ~₹4,453 crore of claims are in active proceedings with a historical 41% conversion rate implying ~₹1,500 crore of additional future receipts.^[2][6]

Credit and banking

Both ICRA and CRISIL assigned BBB (Stable) ratings in FY26; banking limits stand at ₹505 crore (under further enhancement) with ₹305 crore of surety bond limits.^[3]

Market Cap

₹1,093 Cr

High / Low

₹240 / 127

Stock P/E

11.9

Price / Book

1.1

Book Value

₹119

EPS

₹9.4

No. of Shares

7.97 Cr

ROCE

6.3%

ROE

8.7%

OPM

9.4%

Debt / Equity

0.37

Sales

₹868 Cr

Net Profit

₹75 Cr

Promoter holding

40.5%

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