SPML Infra Ltd

- No immediate plans for institutional fundraises; liquidity is currently sufficient. - INR460 crores has already been infused over the last 2-3 years, partially via debt conversion. - An additional INR100 crores from warrant money is expected in Q4 and early April. - The company has INR500 crores of bank limits and INR180 crores of surety bond limits, indicating strong financial flexibility. - Current ratio stands at 1.81, showing healthy liquidity. - Any future fundraises will be considered based on business needs, but as of now, there is no plan for further debt or equity fundraises to support BESS capex or other projects.

- SPML Infra is setting up a Battery Energy Storage System (BESS) manufacturing facility with a 2.5 gigawatt hour capacity at Supa MIDC Pune, expected to be operational from Q1 FY’27. - Plans to scale up BESS capacity to 5 GWh and eventually to 10 GWh in future phases. - The company is evaluating setting up a container manufacturing facility to backward integrate the BESS operations. This is still under internal review and subject to approval. - No current plans for institutional fundraises; capex and investments are being funded through promoter infusion and internal accruals with sufficient liquidity and bank limits in place. - The strategic focus includes expanding in the BESS EPC segment, leveraging the own battery pack production capacity both for captive use and for supplying other EPC players.

- SPML Infra expects a revenue growth of roughly 25% to 30% for FY'26. - Execution momentum is accelerating with significant portions of projects entering the billing phase. - The company anticipates INR350-400 crores of execution in Q4 FY'26, indicating a strong finish to the year. - Order book as of December 31, 2025, stands at INR4,358 crores with potential inflows in Q1 FY'27 from current bids. - Expect sizeable orders from the Battery Energy Storage Systems (BESS) segment and power substations starting next year. - Long-term growth driven by large tender opportunities worth approximately INR5 lakh crores in water, power, and BESS sectors over the next five years. - BESS industry size in India expected to be about 236 gigawatt hours by FY'32, with SPML targeting at least 5 gigawatt hours in the next 1-2 years, expanding to 10 gigawatt hours eventually.

- SPML Infra expects revenue growth of **25% to 30%** for FY26. - PAT (profit after tax) is projected to grow by **40% to 50%** in FY26. - Operating EBITDA for FY26 is estimated around INR 60 crores+, up from INR 43 crores in nine months FY26. - Q4 FY26 is expected to be better with higher execution and approvals. - Legacy low-margin projects (~INR 1,540 crore) will complete by next 1-2 years, increasing the share of higher-margin new orders (~INR 2,800 crore). - Minimum project margin guidance is **10%**, including BESS, power, and water segments. - BESS and power substation orders visibility expected to boost future profitability. - EPS expected to improve aligned with the strong revenue and profit growth outlook. - Liquidity and strong balance sheet improve financial resilience, supporting consistent growth.

- Current order book as of December 31, 2025 is approximately INR 4,358 crores (including JV share), comprising: - INR 1,540 crores legacy low-margin orders expected to complete within 1-2 years - INR 2,800 crores new higher-margin orders secured in the last year - No significant expected change in order book by March 2026 as order conversions from tenders take 3-4 months - Bids submitted amount to around INR 8,000 crores across water, BESS, and power segments - Long-term visibility of approximately INR 5 lakh crores worth of tenders in various states - Actively bidding on tenders worth around INR 4,000 to 9,000 crores in BESS and power substation segments - Legacy power orders in order book roughly INR 200-300 crores; new power orders yet to enter book but expected from substations and BESS projects