SPML Infra Ltd

- No immediate plans for further equity dilution as majority of claims will be through arbitration. - Additional shares issued during restructuring: 1 crore shares (including 75 lakh shares to NARCL and balance to promoters). - Visibility of liquidity of Rs. 150 crore to Rs. 170 crore via Vivad se Vishwas money, promoter infusion of Rs. 50 crore (warrants), and sale of some assets. - Internal target is to manage business via Escrow mechanism limiting need for external working capital loans. - The company is focused on boutique, fully funded projects to maintain healthy cash flows and limit debt requirements. - Debt standing at around Rs. 511 crore net present value; total Rs. 540-550 crore debt on books as of 31 March, with some repayments already made. - No interest payable on restructured NARCL debt as per agreement, reducing finance costs and limiting new debt needs.

- No specific mention of current or future capex or strategic investments was made in the transcript. - The company focuses on boutique, fully funded projects with high margins (15-20%), targeting Rs. 2,000 to Rs. 4,000 crore order book annually. - Liquidity of Rs. 150-170 crore is available primarily for bank guarantees (BG) and project execution, sourced from Vivad se Vishwas money, promoter infusion, and asset sales. - The company plans selective order acquisition within the water sector with proven expertise and strong pre-qualification. - Emphasis is on technology adoption (SAP HANA, Darwinbox) and efficient project management rather than large capital investments. - No equity dilution planned since most claims are expected from arbitration awards. - Cash flow and funding are managed through escrow mechanisms to reduce working capital needs. Overall, the firm’s approach is cautious and focused on high-quality, fund-secured projects rather than large-scale capital expenditure or strategic investment.

- Current order book stands at approximately Rs. 1,300 crore, expected to be executed over FY25 and FY26, roughly on a 50:50 basis. - Annual government water sector business opportunity estimated around Rs. 1 lakh crore to Rs. 1.5 lakh crore. - SPML Infra targets boutique, fully funded water projects mainly in bulk water (river to reservoir) with order sizes Rs. 700 crore and above. - Order inflow target is Rs. 2,000 crore to Rs. 4,000 crore per year, focusing on high-margin (15%-20%) projects with timely execution. - Company aims to build a strong order book consistently in this range, leveraging 43 years of water sector experience and pre-qualification credentials. - Revenue growth demonstrated with 50% YoY growth in FY24 to Rs. 1,318 crore, with plans to scale further by selective bidding and execution efficiency.

- The company targets an order inflow of Rs. 2,000 to Rs. 4,000 crore annually, focusing on boutique, fully funded projects with high margins and timely execution. - New projects are expected to generate EBITDA margins of 15%-20%, significantly higher than historical margins of 8%-11%. - Order book of Rs. 1,300 crore is planned to be executed over the next two years with roughly 50:50 completion between FY25 and FY26. - Ongoing government water sector projects present a large market opportunity estimated at Rs. 50,000 to Rs. 75,000 crore annually in their target segments. - Cash flows and working capital will be managed via escrow mechanisms, minimizing loan requirements and financial stress. - Resolution with lenders and better liquidity position underpin improved operational stability. - Management expects a focused, profitable growth trajectory with better margins and operating efficiencies going forward.

- Current order book stands at approximately Rs. 1,300 crore. - This existing order book is expected to be majorly executed within the current and next financial year (FY25 and FY26). - The company targets acquiring a new boutique order inflow of Rs. 2,000 crore to Rs. 4,000 crore annually. - Focus is on selective, fully funded, high-margin projects (15%-20%) with easier and timely execution. - The company aims to sustain an order book size of around Rs. 2,000 crore to Rs. 4,000 crore each year rather than chasing very large volumes. - Orders above Rs. 700 crore face limited competition, providing a strategic advantage. - The government’s water sector offers significant opportunities, with roughly Rs. 1 lakh crore to Rs. 1.5 lakh crore business available annually, out of which Rs. 50,000 crore to Rs. 75,000 crore is targetable for the company.