SPML Infra LimitedInfrastructure & ConstructionSPMLINFRA
Q1 FY27 earnings callSPML Infra Limited
SPML Infra delivered strong Y-o-Y growth and is executing on its transformation, with a focus on high-margin water, power, and BESS projects, backed by a strengthened balance sheet and a robust order book.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR286 crores | 74% | |
| EBITDA | INR28 crores | 81% | |
| PAT | INR22.7 crores | 87% | |
| EBITDA Margin | 10% | 1% | |
| Order Book | INR5,100 crores | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹186.27 Cr-26.2% YoY-1.2% QoQ | ₹9.91 Cr+769.3% YoY-24.1% QoQ | ₹1.20+421.7% YoY-51.6% QoQ |
| Q2 FY25 | ₹188.57 Cr-25.7% YoY-8.8% QoQ | ₹13.06 Cr+3429.7% YoY+1.1% QoQ | ₹2.48+3442.9% YoY-3.9% QoQ |
| Q1 FY25 | ₹206.76 Cr-41.2% YoY-55.2% QoQ | ₹12.92 Cr+2771.1% YoYTurned profitable QoQ | ₹2.58+2766.7% YoYTurned positive QoQ |
| Q4 FY24 | ₹461.21 Cr-0.5% YoY+82.8% QoQ | ₹-3.56 CrTurned loss-making YoYTurned loss-making QoQ | ₹-1.81Turned negative YoYTurned negative QoQ |
| Q3 FY24 | ₹252.24 Cr+64.6% YoY-0.7% QoQ | ₹1.14 CrTurned profitable YoY+208.1% QoQ | ₹0.23Turned positive YoY+228.6% QoQ |
TL;DR
- Revenue grew 74% Y-o-Y to INR286 crores with an EBITDA margin of 10%.
- Order book stands at ~INR5,100 crores, of which only ~INR1,251 crores is legacy low-margin work.
- Targeting >INR5,000 crores of new order intake in FY27; secured INR1,293 crores in Q1.
- BESS manufacturing facility's first phase is ready; targeting INR200-300 crores revenue from NTPC order in Q4 FY27.
- Net worth doubled to >INR1,000 crores; debt-to-equity improved to 0.4x.
- Maintaining guidance of >25% growth in revenue and profit for FY27.
Said on the call
“This quarter reflects the tangible progress of our transformation journey, a stronger balance sheet and improved order book quality, encouraging momentum at our base manufacturing facility and consistent execution across our water and power projects.”
From the Q&A
| Topic | What management said |
|---|---|
| Order Book Details | Clarified that the INR3,843 crores figure for new orders is the company's share in JVs, not the total JV value. |
| Margin Targets | Stated current strategy is to not take any order with less than a 10% margin, and recent orders have margins above 10%. |
| BESS Revenue Guidance | Expects INR200-300 crores of revenue from the NTPC BESS order in Q4 FY27, subject to design approvals. |
| FY27 Growth Drivers | Attributed expected >25% growth to execution of new high-margin orders, with BESS contributing later in the year; sees no major constraint to achieving this target. |
| NARCL Debt Repayment | Of INR700 crores total, INR325 crores repaid; balance INR375 crores is backed by an arbitration award. Aiming to reduce liability to ~INR300 crores by end of FY27. |
| BESS Competitive Advantage | Highlighted exclusive technology tie-up with Energy Vault and first-mover manufacturing advantage as key differentiators in the BESS space. |
Guidance
- Targeting more than INR5,000 crores in new order intake for FY27.
- Expects revenue and profit growth of more than 25% compared to last financial year.
- Anticipates INR200-300 crores of BESS revenue in Q4 FY27 from the NTPC order.
Source
Summary written from the transcript filed by SPML Infra Limited for the call held on 17 Aug 2026; published 20 Aug 2026, 17:33 IST.