SPML Infra LtdQ1 FY27
SPML Infra Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹180P/E: 19.0Market Cap: ₹1.6K CrSector: Construction
Management growth scorecard
Revenue
Category 2
Margin
Category 1
Fundraise
Yes
Order
Yes
Capex
Yes
4 of 5 growth signals are positive — a strong management growth story.
Full analysisRevenue guidance
Category 2- →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.
- →Expansion beyond 5 gigawatt BESS capacity is planned based on capacity utilization and market demand but has not yet been formally discussed at the board level.
- →The company anticipates sizable capacity utilization growth in BESS over the next 2-3 years alongside steady execution of water and power projects.
- →Existing orders will primarily contribute to FY27 revenue, with new orders expected to reflect mostly in Q4 and the following year.
- →Order book guidance for FY27 is INR 5,000 crores or more, supporting sustained top-line growth.
Margin guidance
Category 1- →SPML Infra targets revenue growth of more than 25% in FY27 compared to the previous year.
- →EBITDA and PAT are also expected to grow by more than 25% YoY.
- →Improved order book quality and execution across water, power, and BESS projects underpin growth.
- →BESS segment expected to contribute ₹200-300 crores in revenue in FY27 with margins above 10%.
- →Ongoing enhancement in operational efficiency and focus on high-margin orders (>10%).
- →The company is leveraging strategic investments made in the past two years for sustained scale and profitability.
- →Arbitration awards and reduced legacy debt are improving financial stability, supporting profit growth.
- →Management confident in consistently upgrading guidance as order book and execution improve.
- →Long-term capacity expansion plans in BESS beyond 5 GW dependent on demand and utilization.
Fundraise plans
Yes- →Total capex for BESS 5 gigawatt and 600-unit container facility is INR 236 crores, already financed through equity raise and term loan sanction.
- →No additional debt or equity fundraising is currently required for existing capex and expansion plans.
- →LC limits and working capital bank sanctions are already in place to support execution; no further funding needed.
- →The company has enhanced credit facilities from INR 505 crores to INR 860 crores to support growing order book.
- →Adequate liquidity maintained via escrow mechanism and fixed deposits.
- →Management indicates comfortable financial position with sufficient banking limits and promoter support; no plans announced for new fundraising currently.
Order book
Yes- →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.
- →Orders include water infrastructure, power substations, and Battery Energy Storage System (BESS) projects.
- →Legacy orders totaling approximately INR 1,251 crores are expected to be executed by FY29, mostly within the current and next year.
Capex plans
Yes- →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.
- →Capacity expansion from 2.5 GW to 5 GW and container facility expansion expected to complete in first half of FY2028, targeting a growing market potential (projected 208 GW by 2030).
- →Focus on manufacturing advanced grid-scale BESS under the Make in India initiative, leveraging exclusive technology partnership with Energy Vault (US).
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Margin guidance
Category 1- →SPML Infra targets revenue growth of more than 25% in FY27 compared to the previous year.
- →EBITDA and PAT are also expected to grow by more than 25% YoY.
- →Improved order book quality and execution across water, power, and BESS projects underpin growth.
- →BESS segment expected to contribute ₹200-300 crores in revenue in FY27 with margins above 10%.
- →Ongoing enhancement in operational efficiency and focus on high-margin orders (>10%).
- →The company is leveraging strategic investments made in the past two years for sustained scale and profitability.
- →Arbitration awards and reduced legacy debt are improving financial stability, supporting profit growth.
- →Management confident in consistently upgrading guidance as order book and execution improve.
- →Long-term capacity expansion plans in BESS beyond 5 GW dependent on demand and utilization.
Order book
Yes- →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.
- →Orders include water infrastructure, power substations, and Battery Energy Storage System (BESS) projects.
- →Legacy orders totaling approximately INR 1,251 crores are expected to be executed by FY29, mostly within the current and next year.
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