SPML Infra Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 28 May 2026 | Construction | Market Cap: ₹1.6K Cr
Expecting a substantial growth in revenue starting Q4 FY25 and continuing into FY26, driven by new order inflow and tender wins. - Targeting a revenue jump of 30% to 50% in FY26 compared to the current year. - Order book currently Rs. Expecting significant improvement in business from Q4 FY'25 and normalized performance from Q1 FY'26 onward, driven by new order inflows and better tender activity. - Revenue guidance for FY'26 targets 30% to 50% growth compared to FY'25, depending on speed of order book conversion. - Orders have a typical execution timeline of 3 to 3.5 years; around one-third of orders are converted to revenue each year. - Targeting 10% to 15% EBITDA margins on new orders, translating to net margins of 8% to 10%, as depreciation and interest costs are minimal. - Battery Energy Storage System (BESS) segment expected to contribute starting FY'25-26, with individual orders ranging from Rs.
From SPML Infra Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹193
Market Cap
₹1.6K Cr
P/E Ratio
19.0
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SPML Infra Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹291 Cr, net profit ₹27 Cr.
Full financials →📊 Revenue & Sales Performance
- →Expecting a substantial growth in revenue starting Q4 FY25 and continuing into FY26, driven by new order inflow and tender wins.
- →Targeting a revenue jump of 30% to 50% in FY26 compared to the current year.
- →Order book currently Rs. 2,500 crore with additional Rs. 2,853 crore at L1 stage expected to convert to profitable orders in Q4 FY25 and Q1 FY26.
- →Bidding aggressively on tenders worth about Rs. 9,000 crore, aiming for strong future order wins.
- →Orders typically complete over 3 to 3.5 years with about one-third revenue conversion annually.
- →New opportunities expected in water, irrigation, river linking sectors and Battery Energy Storage System (BESS) segment.
- →BESS orders expected to start in FY26, ranging from Rs. 300 crore to Rs. 1,000 crore per order.
- →Focus on profitable, manageable orders targeting 10%-15% margins for sustainable growth.
📈 Profitability & Margins
- →Expecting significant improvement in business from Q4 FY'25 and normalized performance from Q1 FY'26 onward, driven by new order inflows and better tender activity.
- →Revenue guidance for FY'26 targets 30% to 50% growth compared to FY'25, depending on speed of order book conversion.
- →Orders have a typical execution timeline of 3 to 3.5 years; around one-third of orders are converted to revenue each year.
- →Targeting 10% to 15% EBITDA margins on new orders, translating to net margins of 8% to 10%, as depreciation and interest costs are minimal.
- →Battery Energy Storage System (BESS) segment expected to contribute starting FY'25-26, with individual orders ranging from Rs. 300 crore to Rs. 1,000 crore.
- →Order book target is Rs. 5,000 crore to Rs. 7,000 crore quarterly, focusing on profitable, easy-to-execute projects to sustain long-term growth in both top-line and bottom-line.
🏗️ Capital Expenditure Plans
- →Currently, SPML Infra Ltd. is primarily focused on EPC (Engineering, Procurement, and Construction) business, including the battery energy storage system (BESS) segment.
- →The company is planning to do EPC work for battery energy storage systems and supply these along with transformers in containers.
- →There is a future possibility of setting up a manufacturing plant specifically for battery packs and containers related to BESS.
- →No immediate mention of major capex; the capital expenditure will be part of normal EPC work.
- →Funds being raised (via warrants) are intended for business expansion and not for debt repayment.
- →The company is working on increasing bank guarantee (BG) limits (non-fund-based) from Rs. 200 crore to Rs. 400 crore to support bidding activities.
- →No explicit mention of large-scale strategic capital investments currently underway; focus is on leveraging tender opportunities and improving order book profitably.
💰 Fundraising & Capital Structure
- →The company has issued two warrants totaling roughly Rs. 155 crore to promoters and investors; Rs. 37.5 crore (promoter-exclusive) was issued earlier and expected in Q4 or Q1 next year, and Rs. 118 crore from the latest preferential offer expected in FY '25-26 and part of '26-27.
- →Warrants will be converted at a price of Rs. 215 crore, except the promoter-exclusive Rs. 37.5 crore at Rs. 118 crore.
- →No immediate need for fund-based limits as sufficient cash flow is available; however, bank guarantee limits are planned to increase from Rs. 200 crore to Rs. 400 crore for bidding.
- →Debt on books is roughly Rs. 460 crore linked with arbitration awards payable through 2028; payment is structured and not expected to be paid from cash flow.
- →No plans to pay NARCL dues from raised funds as all fundraising is to support business expansion.
- →The company is exploring surety bonds with insurance companies to reduce non-fund-based limit costs, especially for certain water projects.
📋 Order Book & Pipeline
- →Current order book stands at Rs. 2,500 crore.
- →Additional Rs. 2,853 crore worth tenders where SPML Infra is qualified as L1; expected to convert into orders in Q4 FY ’25 and early Q1 FY ’26 in tranches.
- →Around 12 to 15 tenders worth approximately Rs. 9,000 crore are in the bidding stage, expected to convert into orders within this year and early next year.
- →Total order potential covers: existing Rs. 2,500 crore book, Rs. 2,853 crore L1 contracts, Rs. 9,000 crore tender pipeline, and upcoming tenders delayed due to government slowdown.
- →For FY ’26, the target order inflow is Rs. 5,000 crore to Rs. 7,000 crore every quarter.
- →The pipeline includes substantial tenders from water and power sectors, including Battery Energy Storage Systems (BESS).
- →Order execution timeline is approximately 3 to 3.5 years with around one-third of orders converted into revenue annually.
Key Metrics
Frequently Asked Questions
What were SPML Infra Ltd Q3 FY25 results?
Expecting a substantial growth in revenue starting Q4 FY25 and continuing into FY26, driven by new order inflow and tender wins. - Targeting a revenue jump of 30% to 50% in FY26 compared to the current year. - Order book currently Rs. Expecting significant improvement in business from Q4 FY'25 and normalized performance from Q1 FY'26 onward, driven by new order inflows and better tender activity. - Revenue guidance for FY'26 targets 30% to 50% growth compared to FY'25, depending on speed of order book conversion. - Orders have a typical execution timeline of 3 to 3.5 years; around one-third of orders are converted to revenue each year. - Targeting 10% to 15% EBITDA margins on new orders, translating to net margins of 8% to 10%, as depreciation and interest costs are minimal. - Battery Energy Storage System (BESS) segment expected to contribute starting FY'25-26, with individual orders ranging from Rs.
What is SPML Infra Ltd share price analysis?
SPML Infra Ltd currently shows a neutral. The stock trades at a P/E of 19.0 with a market cap of ₹1,617 Cr. Investors should review the full earnings analysis for detailed insights.
Is SPML Infra Ltd planning capital expenditure?
Currently, SPML Infra Ltd.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.