NSE: SPMLINFRA · BSE: 500402
SPML INFRA LIMITED
Operates as an engineering, procurement and construction (EPC) contractor for Indian infrastructure, with 100% of FY26 segment revenue (₹868.46 cr) coming from the EPC segment. Activity is concentrated in water supply and power projects, with a 9M FY26 order inflow of ₹4,324 cr and a closing order book of ₹4,358 cr (₹2,800 cr new plus ₹1,540 cr legacy). Materials are the dominant cost, accounting for 82.6% of revenue, with employee cost at 3.7% and other operating expenses at 6.1%. The FY26 EBITDA margin is 9.83%, and management is applying a minimum 10% EBITDA margin floor across new bids in water, power and BESS (rejected below this). The business is entering battery energy storage with a 2.5 GWh phase-1 manufacturing facility at Supa MIDC Pune, commissioning targeted for Q1 FY27, with a stated bid pipeline of about ₹9,000 cr in BESS over the next 6-12 months. Q3 FY26 standalone revenue was ₹231 cr, EBITDA ₹26.3 cr (11.4%) and PAT ₹20.5 cr (8.9%); FY26 guidance is revenue growth of 25-30% and PAT growth of 40-50%. Bank limits have been raised from ₹205 cr to ₹505 cr, with ₹180 cr of surety bond capacity added. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC (100%). Cyclical, asset-heavy civil construction and EPC contractor
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 952 | 883 | 1,319 | 771 | 868 |
| EBITDA (ex other income) | 6 | 29 | 15 | 43 | 66 |
| margin % | 0.6 | 3.3 | 1.2 | 5.5 | 7.6 |
| Owners' profit | 0 | 0 | (7) | 48 | 75 |
| EPS, as reported (₹) | 0.09 | 0.08 | (1.42) | 7.61 | 10.14 |
| ROE % · ROCE % | (0.0) · 2.7 | 0.1 · 4.5 | (0.3) · 4.7 | 6.2 · 6.9 | 7.9 · 5.5 |
| Debt / equity (x) | 5.55 | 5.02 | 1.18 | 0.48 | 0.37 |
| Cash from operations | (19) | 20 | 624 | (84) | (113) |
| Capex | (1) | (1) | (67) | (1) | (66) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 189 | 186 | 189 | 156 | 188 | 230 | 291 | 284 |
| Profit before tax | 16 | 12 | 12 | 15 | 19 | 20 | 21 | 23 |
| Net profit | 13 | 10 | 12 | 12 | 15 | 20 | 27 | 23 |
| EPS (₹) | 2.48 | 1.20 | 1.15 | 1.69 | 2.10 | 2.75 | 3.39 | 2.74 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.9 | 14.6 | 49 of 101 | 52% |
| P/B | 1.4 | 1.4 | 44 of 85 | 48% |
| ROCE | 5.0 | 10.0 | 70 of 107 | 35% |
| ROE | 7.9 | 9.1 | 50 of 87 | 43% |
| Debt / Equity | 0.4 | 0.4 | 45 of 87 | 49% |
| EBITDA margin | 9.9 | 12.4 | 55 of 88 | 38% |
| Revenue growth | 82.3 | 6.2 | 7 of 86 | 93% |
| Profit growth | 87.1 | 2.7 | 14 of 84 | 84% |
| Market cap | 1355 | 468 | 41 of 107 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · SPML Infra AGM 2026 voting results: all 4 resolutions passed | compliance | minimal | — | — |
| 25 Sept 2026 · SPML Infra holds 45th AGM; voting results awaited | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 till Q2 results declaration | compliance | minimal | — | — |
| 21 Sept 2026 · SPML Infra to attend Arihant Capital Rising Star 2026 conference | board shareholder meetings | low | — | — |
| 4 Sept 2026 · SPML Infra develops proprietary 104.4 kWh battery pack, clears global certifications | business updates | high | — | — |
| 3 Sept 2026 · SPML Infra notifies AGM weblink to shareholders without registered email | compliance | low | — | — |
| 3 Sept 2026 · Newspaper notice on special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper publication of 45th AGM notice | compliance | minimal | — | — |
| 2 Sept 2026 · SPML Infra to attend virtual Analyst Meet on 9 Sep 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · SPML Infra to meet investors on 5 September 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.