SPML Infra Ltd

- The transcript does not mention any current or planned fundraising through debt or equity. - The company reports improved liquidity and strong working capital management supported by longstanding supplier and contractor relationships. - Arbitration awards and claims are expected to generate cash inflows, enhancing liquidity further. - No explicit references were made to raising funds via debt or equity in the near future. - The focus remains on executing orders, selective bidding, and financial prudence. - Any major funding plans will likely be shared in official communications or stock exchange announcements as needed. In summary, SPML Infra Ltd. is currently managing liquidity internally with no disclosed plans for new debt or equity fundraising.

- SPML Infra is focusing on building and expanding its Battery Energy Storage Systems (BESS) manufacturing capacity. - The Phase I facility of 2.5 GWh at Pune MIDC is progressing on schedule. - Plans to enhance capacity of the Supa plant to 5 GWh are underway. - No immediate plans for additional BESS plants in Rajasthan or MP; expansion options kept open for the future. - Capitalization of BESS expenses will be done until commercial production starts, enhancing balance sheet and profitability. - Investments in technology for end-to-end turnkey integration covering design, manufacturing, installation, and maintenance of BESS. - Enhanced bank facilities—from INR 205 crore to INR 505 crore—support future larger project funding and working capital. - Overall, capex is targeted toward scaling BESS manufacturing and maintaining a strong order book in water and power infrastructure sectors.

- SPML Infra targets INR 5,000 crore in new orders for FY26 and plans to achieve over INR 5,000 crore annually in subsequent years. - The company expects significant revenue growth from new high-margin orders in water, power substations, and BESS segments starting Q3 FY26. - Revenue from new projects will contribute substantially in H2 FY26 and beyond, with expected EBITDA margins rising above 10% due to higher-margin contracts. - The BESS segment, with current EPC margins above 10%, is expected to improve margins further by 4-5% once in-house battery pack manufacturing is operational. - Long term, SPML aims for a balanced revenue mix of 50:50 between water and power (including BESS) by 2029-30, up from the current 90:10 skew towards water. - Market potential includes INR 17 lakh crore in water infrastructure and INR 5 lakh crore in BESS by 2030, underpinning strong growth opportunities.

- SPML Infra projects substantial growth driven by new high-margin water and power orders, and BESS segment expansion. - New orders targeted at INR 5,000 crore this year, with a similar or higher target for next year, supporting revenue scale-up. - EBITDA margins expected to rise from Q3 FY’26 onward, driven by execution of new orders with >10% margins, compared to lower-margin legacy projects. - BESS EPC margins targeted at minimum 10%, improving to 14–15% after commissioning own battery pack manufacturing. - Annual revenue from BESS estimated at ~INR 1,000 crore per gigawatt, with plans to scale to 5 GW (~INR 5,000 crore). - Outlook: steady EBITDA and PAT margin improvement, supported by strong order book, selective bidding, and effective project execution. - By 2029-30, the company aims for a 50:50 revenue mix between water and power (including BESS), enhancing diversification and profitability. - Earnings and EPS expected to see sustainable growth aligned with higher-margin order execution and growing BESS contribution.

- Opening order book for FY’26 was around INR 2,000 crore; INR 400 crore executed, leaving INR 1,600 crore of old orders. - New orders secured during the year amount to INR 3,772 crore. - L1 status orders stand at INR 1,125 crore, expected to convert into firm orders likely in Q3 or spilling into Q4 FY’26. - Pending Rajasthan awards total INR 700 crore (Pratapgarh and another), with one more L1 in Chennai. - Target for new order inflow this year is INR 5,000 crore, with potential to exceed. - Government tenders worth INR 25,000 crore (including INR 5,000 crore BESS orders) are being targeted, with an expectation of winning at least INR 2,000 crore from these. - Overall, the closing order book for FY’26 is expected to be substantial, supported by continued strong order inflows and conversion of L1 statuses.