SPMLINFRA - SPML Infra

📊 NSE: SPMLINFRA 🏢 Construction 📅 Last Updated: 12/14/2025 13:38

💰 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 Previous 'D' ratings from Acuité were withdrawn following the satisfaction of charges.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.