SPML Infra Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,113 Cr
- P/E
- 13.06
- ROE
- 8.28%
- PEG
- 0.03
- Price to sales
- 1.12
- Debt to equity
- 0.38
- 52W high / low
- ₹233 / ₹127
- Sales growth (5Y)
- 4.93%
- EBITDA margin
- 8.33%
- Net profit margin
- 8.19%
- Promoter holding
- 40.51%
- Sales (last year)
- ₹995 Cr
Incorporated in 1981, SPML Infra Ltd is in the business of infrastructure development[1]
Guidance scorecard · Q1 FY27 call
What SPML Infra Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ1 FY27 call
20–40%- The company is on track to achieve more than 25% growth in revenue, EBITDA, and PAT in FY27 compared to the previous year.
- Revenue growth is supported by a strong and diversified order book across water, power, and BESS segments.
- BESS (Battery Energy Storage System) revenue is expected at INR 200-300 crores in Q4 FY27, with full utilization of 5 gigawatt capacity targeted by 2029-2030.
- The company anticipates sizable capacity utilization growth in BESS over the next 2-3 years alongside steady execution of water and power projects.
2 more points from SPML Infra Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what SPML Infra Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Total capex requirement for the 5 gigawatt BESS facility and 600-unit container manufacturing is INR 236 crores, which has already been financed through equity and term loans.
- Additional term loan of INR 10 crores for the container facility has been sanctioned.
- All funding requirements, including LC limits and working capital for BESS, are already sanctioned with banks; no further funding required currently.
- Land acquisition includes 25 acres for future expansions, which is not required for the current 5 gigawatt or container facility but is intended for future growth in BESS and container facilities.
2 more points from SPML Infra Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what SPML Infra Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book stands at approximately INR 5,100 crores, providing healthy medium-term revenue visibility.
- Of this, around INR 1,251 crores relate to legacy projects; the rest predominantly includes projects with expected operating margins of 10% or higher.
- The company has received INR 1,293 crores in new orders during Q1 FY27 and is L1 in orders worth INR 212 crores.
- The company targets to surpass INR 5,000 crores in order intake for the current financial year.
- Pipeline projects track about 134 upcoming opportunities worth close to INR 98,725 crores across 11 states, with over 80% focused on irrigation and water supply.
2 more points from SPML Infra Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of SPML Infra Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of SPML Infra Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 464 | 352 | 254 | 252 | 461 | 207 | 189 | 188 | 189 | 156 | 190 | 230 | 291 |
| Expenses + | 420 | 353 | 254 | 256 | 444 | 195 | 176 | 178 | 179 | 149 | 179 | 205 | 270 |
| Operating Profit | 44 | -1 | 0 | -4 | 18 | 12 | 13 | 10 | 10 | 7 | 11 | 25 | 20 |
| OPM % | 9% | -0% | 0% | -1% | 4% | 6% | 7% | 5% | 5% | 5% | 6% | 11% | 7% |
| Other Income + | 8 | 5 | 3 | 9 | 29 | 15 | 12 | 4 | 12 | 17 | 8 | 1 | 3 |
| Interest | 37 | 2 | 2 | 3 | 50 | 10 | 9 | 1 | 10 | 9 | 0 | 5 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 14 | 1 | 1 | 2 | -4 | 16 | 16 | 12 | 13 | 15 | 19 | 20 | 20 |
| Tax % | 6% | 18% | 68% | 40% | -7% | 19% | 17% | 18% | 4% | 19% | 21% | 0% | -33% |
| Net Profit + | 14 | 0 | 0 | 1 | -4 | 13 | 13 | 10 | 12 | 12 | 15 | 20 | 27 |
| EPS in Rs | 3.01 | 0.09 | 0.07 | 0.23 | -1.81 | 2.18 | 2.20 | 1.40 | 1.68 | 1.69 | 2.10 | 2.66 | 3.45 |
Financials of SPML Infra Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,824 | 2,035 | 2,276 | 2,049 | 2,012 | 1,706 | 683 | 952 | 883 | 1,319 | 771 | 868 |
| Expenses + | 1,672 | 1,833 | 2,100 | 1,833 | 1,843 | 1,630 | 690 | 957 | 854 | 1,301 | 728 | 803 |
| Operating Profit | 152 | 202 | 176 | 217 | 169 | 76 | -7 | -6 | 29 | 18 | 43 | 65 |
| OPM % | 8% | 10% | 8% | 11% | 8% | 4% | -1% | -1% | 3% | 1% | 6% | 8% |
| Other Income + | 83 | 53 | 99 | 73 | 68 | 112 | -43 | 30 | 28 | 41 | 54 | 19 |
| Interest | 198 | 225 | 260 | 214 | 161 | 157 | 67 | 22 | 50 | 57 | 39 | 8 |
| Depreciation | 24 | 27 | 21 | 17 | 11 | 11 | 6 | 4 | 3 | 2 | 1 | 2 |
| Profit before tax | 13 | 3 | -6 | 60 | 65 | 21 | -122 | -1 | 3 | -0 | 57 | 75 |
| Tax % | 69% | 361% | -100% | 19% | 38% | 71% | -4% | -89% | 88% | 600% | 15% | 0% |
| Net Profit + | 2 | -11 | -4 | 50 | 40 | 7 | -117 | -0 | 0 | -2 | 48 | 75 |
| EPS in Rs | 0.26 | -1.63 | -2.33 | 13.75 | 10.84 | 1.80 | -31.98 | 0.08 | 0.09 | -1.42 | 6.70 | 9.47 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of SPML Infra Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 10 | 11 | 15 | 17 |
| Reserves | 464 | 460 | 372 | 457 | 412 | 376 | 254 | 277 | 315 | 450 | 755 | 932 |
| Borrowings + | 842 | 1,206 | 1,236 | 1,406 | 1,446 | 1,528 | 1,844 | 1,846 | 1,771 | 549 | 369 | 358 |
| Other Liabilities + | 1,389 | 1,580 | 1,382 | 1,496 | 1,630 | 1,086 | 615 | 673 | 696 | 883 | 828 | 990 |
| Total Liabilities | 2,703 | 3,253 | 2,998 | 3,367 | 3,496 | 2,998 | 2,720 | 2,805 | 2,793 | 1,892 | 1,967 | 2,296 |
| Fixed Assets + | 319 | 643 | 308 | 303 | 291 | 122 | 117 | 133 | 129 | 42 | 6 | 43 |
| CWIP | 87 | 96 | 54 | 48 | 46 | 56 | 56 | 56 | 56 | 0 | 0 | 64 |
| Investments | 180 | 142 | 194 | 152 | 172 | 119 | 70 | 65 | 59 | 38 | 39 | 36 |
| Other Assets + | 2,116 | 2,372 | 2,442 | 2,863 | 2,986 | 2,701 | 2,478 | 2,551 | 2,549 | 1,812 | 1,922 | 2,154 |
| Total Assets | 2,703 | 3,253 | 2,998 | 3,367 | 3,496 | 2,998 | 2,720 | 2,805 | 2,793 | 1,892 | 1,967 | 2,296 |
Financials of SPML Infra Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 258 | 295 | -161 | 234 | 178 | -3 | -302 | -19 | 20 | 594 | -84 | |
| Cash from Investing Activity + | -69 | 99 | 89 | 78 | 3 | 259 | 91 | 36 | 46 | 23 | -90 | |
| Cash from Financing Activity + | -182 | -390 | 69 | -330 | -168 | -273 | 231 | -16 | -87 | -410 | 76 | |
| Net Cash Flow | 7 | 4 | -3 | -18 | 12 | -17 | 19 | 1 | -21 | 208 | -99 | |
| Free Cash Flow | 240 | 303 | -160 | 229 | 148 | 157 | -300 | -16 | 30 | 561 | -85 | |
| CFO/OP | 189% | 153% | -85% | 99% | 147% | 4% | 4,517% | 394% | 125% | 3,137% | -207% |
Financials of SPML Infra Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 141 | 166 | 104 | 116 | 123 | 100 | 651 | 468 | 190 | 112 | 187 | 216 |
| Inventory Days | 13 | 23 | 20 | 27 | 19 | 20 | 155 | 153 | 549 | 136 | 287 | 63 |
| Days Payable | 231 | 346 | 250 | 330 | 268 | 200 | 842 | 715 | 2,581 | 1,358 | 2,735 | 318 |
| Cash Conversion Cycle | -77 | -156 | -125 | -188 | -126 | -80 | -36 | -94 | -1,842 | -1,110 | -2,261 | -39 |
| Working Capital Days | -76 | -40 | -85 | -3 | -14 | 5 | 15 | 34 | 25 | 27 | 131 | 159 |
| ROCE % | 14% | 15% | 15% | 15% | 11% | 9% | 3% | 1% | 3% | 4% | 9% | 7% |
Guidance history
How SPML Infra Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 2%+ | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | None planned | Flat |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
3 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −42.0% | 9% |
| Last 6 months | −36.8% | 4% |
| Last 3 months | −31.8% | 3% |
The price is 76.8% below its all-time high of ₹565.55 (4 Jan 2008). Stocks more than 20% below their peak have their score halved, so 6 became 3.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For SPML Infra Ltd: 0.4 × 9 + 0.4 × 4 + 0.2 × 3 = 6, halved to 3 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What SPML Infra Ltd's management said in earlier quarters
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