Any current/future new fundraising through debt or equity?

The company has recently raised Rs.346 crore through preferential allotment of shares and warrants. Out of this, Rs.290 crore will be received in cash, and the balance will come through conversion of loan to NARCL. Promoters contributed Rs.190 crore additionally, reinforcing confidence in the business. The current Fixed Deposit (FD) balance is around Rs.280 crore. Further equity issuance is planned, with Rs.1 crore expected within the next 18 months from warrants. Total FD is expected to reach approximately Rs.460 crore from the further equity issuance and expected Vivad se Vishwas amount. The

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

The company raised Rs.346 crore through preferential allotment of shares and warrants, of which Rs.290 crore will be received in cash, and balance via conversion of loan to NARCL. Rs.280 crore is currently held as fixed deposits (FD), expected to increase to around Rs.460 crore with further equity and Vivad se Vishwas scheme receipts. All funds raised, including promoter contributions, will be utilized **solely for business expansion and operations** in the water sector, not for debt repayment. The company plans to take advantage of growing opportunities in water EPC projects, targeting

Future growth expectations in sales/revenue/volumes?

The company expects gradual improvement in operations and tender flow from Q3 FY’25 onwards due to election-related slowdowns easing. Current order book stands around Rs.1,800 crore (SPML and JV), with execution expected over 2 years. Target to win Rs.1,500 to Rs.2,000 crore orders annually going forward, from a selective bid pipeline of around Rs.5,000 crore. The company aims to maintain a "boutique" order book, focusing on higher-margin, fully funded, and easy-to-execute orders. With increasing order wins and higher-margin projects, top line and profitability are expected to grow from FY’26.

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

SPML Infra targets Rs.1,500 to Rs.2,000 crore order book addition in the next 6 months, aiming to reach Rs.2,500 to Rs.3,000 crore closing order book for FY’25. Focused on boutique, high-margin orders with 10-12% targeted EBITDA margin for new orders, improving from current 5-6%. H2 FY’25 expected to see better performance, especially Q4 due to order inflows and JV commissions; Q3 expected to be stable. PAT guidance for FY’25 aims at Rs.60+ crore, requiring Rs.40+ crore in H2; however, Q3 may be muted, with better results projected in Q4. Long-term growth expected driven by government

Current/ Expected Orderbook/ Pending Orders?

Current order book is approximately Rs.1,800 crore, including SPML Infra and JV orders. Without JV, SPML's standalone order book is around Rs.900 crore (50-50 split between SPML and JV). Company has bid for around Rs.5,000 crore worth of tenders, selectively participating based on criteria such as profitability and funding. Out of Rs.5,000 crore bids, Rs.1,400-1,500 crore is L1 (lowest bidder), with some uncertainty in conversion to orders due to election delays and tender finalisation. Expect to receive Rs.1,500 to Rs.2,000 crore of confirmed orders in the next 6 months, leading to a

IN US

Sale is live|00:00:00left today

SPML Infra LtdQ3 FY24

SPML Infra Ltd Q3 FY24 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 3

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

N/A

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→The company expects gradual improvement in operations and tender flow from Q3 FY’25 onwards due to election-related slowdowns easing.
→Current order book stands around Rs.1,800 crore (SPML and JV), with execution expected over 2 years.
→Target to win Rs.1,500 to Rs.2,000 crore orders annually going forward, from a selective bid pipeline of around Rs.5,000 crore.
→The company aims to maintain a "boutique" order book, focusing on higher-margin, fully funded, and easy-to-execute orders.
→With increasing order wins and higher-margin projects, top line and profitability are expected to grow from FY’26.
→New orders are targeted at 10-12% EBITDA margin, potentially pushing overall margins closer to 8% in FY’26.
→The company sees substantial opportunity in the water sector driven by government schemes like Jal Jeevan Mission and other large-scale irrigation projects totaling over Rs.19 lakh crore.

Margin guidance

Category 1

→SPML Infra targets Rs.1,500 to Rs.2,000 crore order book addition in the next 6 months, aiming to reach Rs.2,500 to Rs.3,000 crore closing order book for FY’25.
→Focused on boutique, high-margin orders with 10-12% targeted EBITDA margin for new orders, improving from current 5-6%.
→H2 FY’25 expected to see better performance, especially Q4 due to order inflows and JV commissions; Q3 expected to be stable.
→PAT guidance for FY’25 aims at Rs.60+ crore, requiring Rs.40+ crore in H2; however, Q3 may be muted, with better results projected in Q4.
→Long-term growth expected driven by government initiatives like Jal Jeevan Mission, river linking, irrigation projects, and Rs.12 lakh crore water EPC schemes.
→The company plans selective bidding within Rs.5,000 crore tenders and may enter JVs to secure upfront equity revenue of 1.75-2.5%.
→Focus on sustainable water infrastructure, with a 10-year growth horizon in India’s water sector.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→The company has recently raised Rs.346 crore through preferential allotment of shares and warrants.
→Out of this, Rs.290 crore will be received in cash, and the balance will come through conversion of loan to NARCL.
→Promoters contributed Rs.190 crore additionally, reinforcing confidence in the business.
→The current Fixed Deposit (FD) balance is around Rs.280 crore.
→Further equity issuance is planned, with Rs.1 crore expected within the next 18 months from warrants.
→Total FD is expected to reach approximately Rs.460 crore from the further equity issuance and expected Vivad se Vishwas amount.
→The funds raised and anticipated will be utilized exclusively for business purposes.
→For future needs, the company can allot warrants (majority held by promoters) anytime if money is required.
→The company is also approaching banks to obtain further bank guarantees and limits for bidding larger projects.

Order book

→Current order book is approximately Rs.1,800 crore, including SPML Infra and JV orders.
→Without JV, SPML's standalone order book is around Rs.900 crore (50-50 split between SPML and JV).
→Company has bid for around Rs.5,000 crore worth of tenders, selectively participating based on criteria such as profitability and funding.
→Out of Rs.5,000 crore bids, Rs.1,400-1,500 crore is L1 (lowest bidder), with some uncertainty in conversion to orders due to election delays and tender finalisation.
→Expect to receive Rs.1,500 to Rs.2,000 crore of confirmed orders in the next 6 months, leading to a closing order book of about Rs.2,500 to Rs.3,000 crore by FY'25 end.
→Typical execution timeframe of orders is about 2 years.
→Order pipeline mainly targets bulk orders ranging from Rs.300 crore to over Rs.1,000 crore.
→JV revenue share recognized in top line is on average around 30%.

Capex plans

→The company raised Rs.346 crore through preferential allotment of shares and warrants, of which Rs.290 crore will be received in cash, and balance via conversion of loan to NARCL.
→Rs.280 crore is currently held as fixed deposits (FD), expected to increase to around Rs.460 crore with further equity and Vivad se Vishwas scheme receipts.
→All funds raised, including promoter contributions, will be utilized **solely for business expansion and operations** in the water sector, not for debt repayment.
→The company plans to take advantage of growing opportunities in water EPC projects, targeting selective, fully funded bulk water tenders with high profitability.
→No specific capex amount or detailed strategic investment outline has been disclosed, but focus is on expanding order book and bidding capability with liquidity support.

How does SPML Infra Ltd rank vs peers in ?

Pro feature

1SPML Infra Ltd

Rev 3Mar 1

See full sector rankings

Want more stocks like SPML Infra Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio