Any current/future new fundraising through debt or equity?

The company has issued two warrants totaling roughly Rs. 155 crore to promoters and investors; Rs. 37.5 crore (promoter-exclusive) was issued earlier and expected in Q4 or Q1 next year, and Rs. 118 crore from the latest preferential offer expected in FY '25-26 and part of '26-27. Warrants will be converted at a price of Rs. 215 crore, except the promoter-exclusive Rs. 37.5 crore at Rs. 118 crore. No immediate need for fund-based limits as sufficient cash flow is available; however, bank guarantee limits are planned to increase from Rs. 200 crore to Rs. 400 crore for bidding. Debt on books is r

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

Currently, SPML Infra Ltd. is primarily focused on EPC (Engineering, Procurement, and Construction) business, including the battery energy storage system (BESS) segment. The company is planning to do EPC work for battery energy storage systems and supply these along with transformers in containers. There is a future possibility of setting up a manufacturing plant specifically for battery packs and containers related to BESS. No immediate mention of major capex; the capital expenditure will be part of normal EPC work. Funds being raised (via warrants) are intended for business expansion and not

Future growth expectations in sales/revenue/volumes?

Expecting a substantial growth in revenue starting Q4 FY25 and continuing into FY26, driven by new order inflow and tender wins. Targeting a revenue jump of 30% to 50% in FY26 compared to the current year. Order book currently Rs. 2,500 crore with additional Rs. 2,853 crore at L1 stage expected to convert to profitable orders in Q4 FY25 and Q1 FY26. Bidding aggressively on tenders worth about Rs. 9,000 crore, aiming for strong future order wins. Orders typically complete over 3 to 3.5 years with about one-third revenue conversion annually. New opportunities expected in water, irrigation, river

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

Expecting significant improvement in business from Q4 FY'25 and normalized performance from Q1 FY'26 onward, driven by new order inflows and better tender activity. Revenue guidance for FY'26 targets 30% to 50% growth compared to FY'25, depending on speed of order book conversion. Orders have a typical execution timeline of 3 to 3.5 years; around one-third of orders are converted to revenue each year. Targeting 10% to 15% EBITDA margins on new orders, translating to net margins of 8% to 10%, as depreciation and interest costs are minimal. Battery Energy Storage System (BESS) segment expected t

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at Rs. 2,500 crore. Additional Rs. 2,853 crore worth tenders where SPML Infra is qualified as L1; expected to convert into orders in Q4 FY ’25 and early Q1 FY ’26 in tranches. Around 12 to 15 tenders worth approximately Rs. 9,000 crore are in the bidding stage, expected to convert into orders within this year and early next year. Total order potential covers: existing Rs. 2,500 crore book, Rs. 2,853 crore L1 contracts, Rs. 9,000 crore tender pipeline, and upcoming tenders delayed due to government slowdown. For FY ’26, the target order inflow is Rs. 5,000 crore to Rs.

IN US

Sale is live|00:00:00left today

SPML Infra LtdQ4 FY26

SPML Infra Ltd Q4 FY26 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 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Expecting a substantial growth in revenue starting Q4 FY25 and continuing into FY26, driven by new order inflow and tender wins.
→Targeting a revenue jump of 30% to 50% in FY26 compared to the current year.
→Order book currently Rs. 2,500 crore with additional Rs. 2,853 crore at L1 stage expected to convert to profitable orders in Q4 FY25 and Q1 FY26.
→Bidding aggressively on tenders worth about Rs. 9,000 crore, aiming for strong future order wins.
→Orders typically complete over 3 to 3.5 years with about one-third revenue conversion annually.
→New opportunities expected in water, irrigation, river linking sectors and Battery Energy Storage System (BESS) segment.
→BESS orders expected to start in FY26, ranging from Rs. 300 crore to Rs. 1,000 crore per order.
→Focus on profitable, manageable orders targeting 10%-15% margins for sustainable growth.

Margin guidance

Category 3

→Expecting significant improvement in business from Q4 FY'25 and normalized performance from Q1 FY'26 onward, driven by new order inflows and better tender activity.
→Revenue guidance for FY'26 targets 30% to 50% growth compared to FY'25, depending on speed of order book conversion.
→Orders have a typical execution timeline of 3 to 3.5 years; around one-third of orders are converted to revenue each year.
→Targeting 10% to 15% EBITDA margins on new orders, translating to net margins of 8% to 10%, as depreciation and interest costs are minimal.
→Battery Energy Storage System (BESS) segment expected to contribute starting FY'25-26, with individual orders ranging from Rs. 300 crore to Rs. 1,000 crore.
→Order book target is Rs. 5,000 crore to Rs. 7,000 crore quarterly, focusing on profitable, easy-to-execute projects to sustain long-term growth in both top-line and bottom-line.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→The company has issued two warrants totaling roughly Rs. 155 crore to promoters and investors; Rs. 37.5 crore (promoter-exclusive) was issued earlier and expected in Q4 or Q1 next year, and Rs. 118 crore from the latest preferential offer expected in FY '25-26 and part of '26-27.
→Warrants will be converted at a price of Rs. 215 crore, except the promoter-exclusive Rs. 37.5 crore at Rs. 118 crore.
→No immediate need for fund-based limits as sufficient cash flow is available; however, bank guarantee limits are planned to increase from Rs. 200 crore to Rs. 400 crore for bidding.
→Debt on books is roughly Rs. 460 crore linked with arbitration awards payable through 2028; payment is structured and not expected to be paid from cash flow.
→No plans to pay NARCL dues from raised funds as all fundraising is to support business expansion.
→The company is exploring surety bonds with insurance companies to reduce non-fund-based limit costs, especially for certain water projects.

Order book

Yes

→Current order book stands at Rs. 2,500 crore.
→Additional Rs. 2,853 crore worth tenders where SPML Infra is qualified as L1; expected to convert into orders in Q4 FY ’25 and early Q1 FY ’26 in tranches.
→Around 12 to 15 tenders worth approximately Rs. 9,000 crore are in the bidding stage, expected to convert into orders within this year and early next year.
→Total order potential covers: existing Rs. 2,500 crore book, Rs. 2,853 crore L1 contracts, Rs. 9,000 crore tender pipeline, and upcoming tenders delayed due to government slowdown.
→For FY ’26, the target order inflow is Rs. 5,000 crore to Rs. 7,000 crore every quarter.
→The pipeline includes substantial tenders from water and power sectors, including Battery Energy Storage Systems (BESS).
→Order execution timeline is approximately 3 to 3.5 years with around one-third of orders converted into revenue annually.

Capex plans

Yes

→Currently, SPML Infra Ltd. is primarily focused on EPC (Engineering, Procurement, and Construction) business, including the battery energy storage system (BESS) segment.
→The company is planning to do EPC work for battery energy storage systems and supply these along with transformers in containers.
→There is a future possibility of setting up a manufacturing plant specifically for battery packs and containers related to BESS.
→No immediate mention of major capex; the capital expenditure will be part of normal EPC work.
→Funds being raised (via warrants) are intended for business expansion and not for debt repayment.
→The company is working on increasing bank guarantee (BG) limits (non-fund-based) from Rs. 200 crore to Rs. 400 crore to support bidding activities.
→No explicit mention of large-scale strategic capital investments currently underway; focus is on leveraging tender opportunities and improving order book profitably.

How does SPML Infra Ltd rank vs peers in ?

Pro feature

1SPML Infra Ltd

Rev 1Mar 3

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