Any current/future new fundraising through debt or equity?

SPML Infra Ltd. has not specifically mentioned any new fundraising plans through debt or equity in the provided transcript. The company raised approximately Rs. 350 crore from promoters in the last 1 to 1.5 years, which is being partly utilized for CAPEX in BESS manufacturing. The planned CAPEX for the BESS manufacturing unit is Rs. 175 crore, with Rs. 125 crore funded fully through equity already. The company is confident in repaying existing debt (Rs. 700 crore owed to NARCL) through cash flow and arbitration awards, with Rs. 290 crore repaid so far. No new debt or equity fundraising announc

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

SPML Infra is setting up a 2.5 gigawatt Battery Energy Storage System (BESS) manufacturing facility in Maharashtra with a total CAPEX of Rs. 175 crore in two phases; the first phase of Rs. 125 crore will be fully funded through equity. The plant is expected to be commissioned by March 2026 or early FY 2026-27, with an anticipated 60%-75% capacity utilization a year after commissioning. This manufacturing unit will supply battery packs for their EPC projects and will also sell to other companies using renewable energy. Promoters have committed approximately Rs. 350 crore over the last 1-1.5 yea

Future growth expectations in sales/revenue/volumes?

Targeting around 50% growth in both topline (revenue) and bottom-line (profit) for FY'26, subject to order inflow and execution timelines. Current order book stands at approximately Rs. 3,000 crore with Rs. 2,571 crore in L1 orders expected to convert in Q1 and Q2 FY'26. Large market opportunity with monthly water sector tenders worth around Rs. 10,000 crore; annual water sector potential exceeds Rs. 1 lakh crore. Focused target of Rs. 3,000 to Rs. 5,000 crore in selected water projects. BESS segment targeted revenue of Rs. 1,500 to Rs. 2,500 crore over the next few years, with a manufacturing

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

The company targets a minimum EBITDA margin of 10% on new orders, with older orders at around 5%. For FY'26, management expects approximately 50% growth in both topline (revenue) and bottom-line (profit). FY'25 PAT grew 1.5x to Rs. 49 crore, with an EPS increase from Rs. 3.98 to Rs. 7.83, indicating strong earnings momentum. With a robust order book of Rs. 3,000 crore and L1 orders of Rs. 2,571 crore expected to convert in Q1 & Q2 FY'26, revenue and profit visibility is strong. The upcoming BESS manufacturing unit is expected to generate Rs. 1,000 to Rs. 1,500 crore revenue at full cap

Current/ Expected Orderbook/ Pending Orders?

Current order book as of 31st March 2025: Approximately Rs. 3,000 crore. Orders under L1 status: Rs. 2,571 crore, expected to convert to confirmed orders in Q1 and Q2 of FY'26 in tranches. Recent order wins include: - Konar Irrigation Project worth Rs. 617.98 crore (100% execution by SPML). - Rs. 258 crore consortium order from Chennai Metropolitan Water Supply and Sewerage Board (SPML’s share: 26%). Bidding tenders ongoing worth more than Rs. 9,000 crore across India. Future targets: - Rs. 3,000 to Rs. 5,000 crore in water business. - Rs. 1,500 to Rs. 2,000 crore in BESS segment. Orde

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SPML Infra LtdQ1 FY25

SPML Infra Ltd Q1 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 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

→Targeting around 50% growth in both topline (revenue) and bottom-line (profit) for FY'26, subject to order inflow and execution timelines.
→Current order book stands at approximately Rs. 3,000 crore with Rs. 2,571 crore in L1 orders expected to convert in Q1 and Q2 FY'26.
→Large market opportunity with monthly water sector tenders worth around Rs. 10,000 crore; annual water sector potential exceeds Rs. 1 lakh crore.
→Focused target of Rs. 3,000 to Rs. 5,000 crore in selected water projects.
→BESS segment targeted revenue of Rs. 1,500 to Rs. 2,500 crore over the next few years, with a manufacturing plant expected to contribute Rs. 1,000 to Rs. 1,500 crore at full capacity.
→Expect power and water business mix to reach around 50%-50% in coming years, up from current higher water proportion.
→Improved order inflow anticipated as government bidding activities resume and new tenders emerge.

Margin guidance

Category 3

→The company targets a minimum EBITDA margin of 10% on new orders, with older orders at around 5%.
→For FY'26, management expects approximately 50% growth in both topline (revenue) and bottom-line (profit).
→FY'25 PAT grew 1.5x to Rs. 49 crore, with an EPS increase from Rs. 3.98 to Rs. 7.83, indicating strong earnings momentum.
→With a robust order book of Rs. 3,000 crore and L1 orders of Rs. 2,571 crore expected to convert in Q1 & Q2 FY'26, revenue and profit visibility is strong.
→The upcoming BESS manufacturing unit is expected to generate Rs. 1,000 to Rs. 1,500 crore revenue at full capacity with improved margins.
→The company expects a balanced business mix of 50% power (including BESS) and 50% water going forward, enhancing profitability and growth prospects.
→Overall, SPML Infra remains optimistic about substantial growth in earnings and margins in FY'26 and beyond amidst improving market conditions.

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Fundraise plans

Yes

→SPML Infra Ltd. has not specifically mentioned any new fundraising plans through debt or equity in the provided transcript.
→The company raised approximately Rs. 350 crore from promoters in the last 1 to 1.5 years, which is being partly utilized for CAPEX in BESS manufacturing.
→The planned CAPEX for the BESS manufacturing unit is Rs. 175 crore, with Rs. 125 crore funded fully through equity already.
→The company is confident in repaying existing debt (Rs. 700 crore owed to NARCL) through cash flow and arbitration awards, with Rs. 290 crore repaid so far.
→No new debt or equity fundraising announcements were made during the call; focus remains on prudent financial management and utilizing existing funds for growth.

Order book

Yes

→Current order book as of 31st March 2025: Approximately Rs. 3,000 crore.
→Orders under L1 status: Rs. 2,571 crore, expected to convert to confirmed orders in Q1 and Q2 of FY'26 in tranches.
→Recent order wins include:
→ - Konar Irrigation Project worth Rs. 617.98 crore (100% execution by SPML).
→ - Rs. 258 crore consortium order from Chennai Metropolitan Water Supply and Sewerage Board (SPML’s share: 26%).
→Bidding tenders ongoing worth more than Rs. 9,000 crore across India.
→Future targets:
→ - Rs. 3,000 to Rs. 5,000 crore in water business.
→ - Rs. 1,500 to Rs. 2,000 crore in BESS segment.
→Order execution timeline typically spans 2-3 years.
→Order book includes Rs. 2,400 crore old orders (lower margin, to be executed in 2-3 years) and recent higher margin orders like Konar.

Capex plans

Yes

→SPML Infra is setting up a 2.5 gigawatt Battery Energy Storage System (BESS) manufacturing facility in Maharashtra with a total CAPEX of Rs. 175 crore in two phases; the first phase of Rs. 125 crore will be fully funded through equity.
→The plant is expected to be commissioned by March 2026 or early FY 2026-27, with an anticipated 60%-75% capacity utilization a year after commissioning.
→This manufacturing unit will supply battery packs for their EPC projects and will also sell to other companies using renewable energy.
→Promoters have committed approximately Rs. 350 crore over the last 1-1.5 years, part of which is being utilized for BESS CAPEX.
→The focus remains on critical sectors like water and clean energy, with continued investments to support growth in FY '26 and beyond.

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