Any current/future new fundraising through debt or equity?

The company has raised liquidity through preferential allotment and internal accruals to fund the BESS manufacturing plant (Rs. 175 crore capex). Two potential warrants issues are planned: one in November and another in April, including promoter participation. These warrant proceeds aim to provide funding well before scheduled needs. The lock-in period for these warrants is 6 months as per law. The company has existing regular sanction of Rs. 205 crore from a nationalized bank for bank guarantees. Additional enhancement of banking limits is in process to support new business. Current debt stan

Any current/future capex/capital investment/strategic investment?

Capex of Rs. 125 crore planned for establishing a 2.5 GW BESS manufacturing plant in Pune, including land cost. Total capex for scaling the plant to 5 GW is Rs. 175 crore, funded through preferential allotment and internal accruals. Preferential allotment funds have already been generated to fund the capex phases. Plant commissioning timeline: 2.5 GW capacity by Q1 FY27 and 5 GW capacity by FY28. Plans to ramp up further to 10 GW post 5 GW capacity expansion in the medium to long term. Strategic technology tie-up with NASDAQ-listed Energy Vault for advanced BESS technology and suppor

Future growth expectations in sales/revenue/volumes?

SPML Infra expects strong revenue growth driven by both water and power segments, aiming for equal turnover contribution by 2029-2030. Target order inflows of Rs. 4,000-Rs. 5,000 crore annually in water projects, with execution over 3-4 years. BESS (Battery Energy Storage Systems) plant ramp-up to: - 2.5 GW capacity by Q1 FY27 - 5 GW capacity by FY28 - Plans to scale further to 10 GW and beyond in the longer term. Revenue from BESS is expected to rise progressively: - Rs. 1,000 crore per 1 GW of capacity - Approx. Rs. 2,500 crore from 2.5 GW capacity next year - Rs. 5,000 crore po

Future growth expectations in earnings/operating earnings/profits/EPS?

SPML Infra expects sustained revenue growth driven by both water and power sectors, targeting Rs. 5,000 crore order inflows annually in water projects with improving margins (7%-10% in next 2 years, moving to ~10% for new orders). The Battery Energy Storage System (BESS) business is anticipated to contribute significantly starting FY27, with ramp-up from 2.5 GW plant in FY27 to 5 GW by FY28 and eventually 10 GW, targeting Rs. 5,000 crore revenue capacity from BESS by 2028. Operating margins in BESS EPC are targeted above 10%, increasing to 15%-16% with in-house battery pack manufacturing, with

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately Rs. 4,500 crore (Page 6). Legacy orders within this order book amount to around Rs. 2,000 crore, expected to be completed in 2-3 years (Page 6). New orders valued at about Rs. 2,500 crore to be completed in 3-4 years (Page 6). Pending L1 orders are about Rs. 2,200 crore, expected to be converted into confirmed orders by September/October (Page 6-7). Company targets annual order inflows of Rs. 4,000 to Rs. 5,000 crore for FY26 (Page 4). Orders converted in Q1 FY26 include Rs. 1,500 crore out of Rs. 3,000 crore discussed previously (Page 7). Order selec

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SPML Infra LtdQ2 FY25

SPML Infra Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹189P/E: 30.8Market Cap: ₹1.8K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→SPML Infra expects strong revenue growth driven by both water and power segments, aiming for equal turnover contribution by 2029-2030.
→Target order inflows of Rs. 4,000-Rs. 5,000 crore annually in water projects, with execution over 3-4 years.
→BESS (Battery Energy Storage Systems) plant ramp-up to:
→ - 2.5 GW capacity by Q1 FY27
→ - 5 GW capacity by FY28
→ - Plans to scale further to 10 GW and beyond in the longer term.
→Revenue from BESS is expected to rise progressively:
→ - Rs. 1,000 crore per 1 GW of capacity
→ - Approx. Rs. 2,500 crore from 2.5 GW capacity next year
→ - Rs. 5,000 crore potential from 5 GW plant at full capacity
→Strong order book (~Rs. 4,500 crore) and L1 orders (~Rs. 2,200 crore) support healthy sales pipeline.
→Orders and revenue targets supported by government schemes and strategic partnerships, with expectations for robust ramp-up and margin improvements.

Margin guidance

Category 3

→SPML Infra expects sustained revenue growth driven by both water and power sectors, targeting Rs. 5,000 crore order inflows annually in water projects with improving margins (7%-10% in next 2 years, moving to ~10% for new orders).
→The Battery Energy Storage System (BESS) business is anticipated to contribute significantly starting FY27, with ramp-up from 2.5 GW plant in FY27 to 5 GW by FY28 and eventually 10 GW, targeting Rs. 5,000 crore revenue capacity from BESS by 2028.
→Operating margins in BESS EPC are targeted above 10%, increasing to 15%-16% with in-house battery pack manufacturing, with break-even expected within 1 year.
→The combination of strong order book, L1 positions, and selective high-margin projects underpin optimism for profitability and earnings improvement.
→EBITDA margin in Q1 FY26 improved to 14% with PAT margins at 7%, indicating margin expansion trend.

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Fundraise plans

Yes

→The company has raised liquidity through preferential allotment and internal accruals to fund the BESS manufacturing plant (Rs. 175 crore capex).
→Two potential warrants issues are planned: one in November and another in April, including promoter participation.
→These warrant proceeds aim to provide funding well before scheduled needs.
→The lock-in period for these warrants is 6 months as per law.
→The company has existing regular sanction of Rs. 205 crore from a nationalized bank for bank guarantees.
→Additional enhancement of banking limits is in process to support new business.
→Current debt stands at approximately Rs. 407 crore payable over 6 years, backed by arbitration awards and claims, with no cash outflow pressure from operating cash flows.
→The company has repaid Rs. 23 crore ahead of schedule to NARCL and plans continued repayments supported by improved liquidity.

Order book

Yes

→Current order book stands at approximately Rs. 4,500 crore (Page 6).
→Legacy orders within this order book amount to around Rs. 2,000 crore, expected to be completed in 2-3 years (Page 6).
→New orders valued at about Rs. 2,500 crore to be completed in 3-4 years (Page 6).
→Pending L1 orders are about Rs. 2,200 crore, expected to be converted into confirmed orders by September/October (Page 6-7).
→Company targets annual order inflows of Rs. 4,000 to Rs. 5,000 crore for FY26 (Page 4).
→Orders converted in Q1 FY26 include Rs. 1,500 crore out of Rs. 3,000 crore discussed previously (Page 7).
→Order selection is based on project quality, funding support, margin (>10%), and operational ease (Page 7).

Capex plans

Yes

→Capex of Rs. 125 crore planned for establishing a 2.5 GW BESS manufacturing plant in Pune, including land cost.
→Total capex for scaling the plant to 5 GW is Rs. 175 crore, funded through preferential allotment and internal accruals.
→Preferential allotment funds have already been generated to fund the capex phases.
→Plant commissioning timeline: 2.5 GW capacity by Q1 FY27 and 5 GW capacity by FY28.
→Plans to ramp up further to 10 GW post 5 GW capacity expansion in the medium to long term.
→Strategic technology tie-up with NASDAQ-listed Energy Vault for advanced BESS technology and support.
→Targeted investment supports the shift towards localization of BESS components, reducing imports over the next 2-3 years.
→Capex supports entry into high-margin, technology-driven BESS projects aimed at robust revenue growth.

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