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    SPML Infra Q1 FY27 earnings call

    SPMLINFRA
    Construction·17 Aug 2026
    Management Summary

    SPML Infra reported a strong Q1 FY27 with significant YoY growth in revenue, EBITDA, and PAT, driven by execution of new orders and improved margins. The company's order book remains robust at INR5,100 crores, with substantial new order intake this quarter. Financial health has improved with deleveraging and credit rating upgrades, positioning SPML for continued growth in infrastructure and battery energy storage segments.

    Highlights

    6

    • Revenue grew 74% Y-on-Y to INR286 crores, indicating strong execution of new orders.

    • EBITDA increased 81% to INR28 crores, and PAT rose 87% to INR22.7 crores, demonstrating improved profitability.

    • EBITDA margin improved to 10% in Q1 FY27 from 9% in the corresponding quarter last year.

    • Order book stands at approximately INR5,100 crores, with INR1,293 crores order intake in Q1 FY27, providing healthy medium-term revenue visibility.

    • Promoter infusion of INR400 crores over 3 years helped net worth double to over INR1,000 crores and debt-to-equity improve from 1.1x to 0.4x.

    • Credit ratings upgraded by ICRA to BBB (Stable) and assigned by CRISIL to BBB (Stable), reflecting improved financial health.

    Concerns

    2

    • PAT declined 20% Q-on-Q largely due to a one-time tax reversal in Q4 FY26 numbers, impacting sequential profitability.

    • New orders will only reflect limited revenue in Q4 FY27, with the majority impacting next fiscal year due to design and drawing approval timelines.

    Key financials

    Single quarter

    04 metrics
    1. 01Revenue₹286 Cr+74%YoY
    2. 02EBITDA₹28 Cr+81%YoY
    3. 03PAT₹22.7 Cr+87%YoY
    4. 04EBITDA Margin10%

    Order Book

    high confidence

    Total Value

    ₹ 5,100 crores

    as of 2026-06-30

    quantified

    Inflow this qtr

    ₹ 1,293 crores

    Execution

    Legacy orders to be executed this year and next year. New orders have design and drawing approval obtained.

    Composition

    Mix2 project types
    • Legacy Projects24.5%
    • New Projects (10%+ operating margins)75.5%

    Share of order book by project type

    Pipeline

    L1 awaiting loa

    L1 in orders worth INR212 crores. Pipeline of 134 upcoming projects worth INR98,725 crores.

    "Order book quality continues to improve with a focus on projects with 10% or higher operating margins, providing strong revenue visibility."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Equity raised and term loan sanctioned for BESS facility.

    Debt

    Debt disclosed

    Liquidity

    Undrawn ₹860 crores

    Credit facility enhanced from INR505 crores to INR860 crores from reputed PSU banks, with documentation in process. Also, INR300 crores surety bond line ensures adequate liquidity.

    Guidance & targets

    7
    CategoryTargetPriority
    Order Inflow
    Order intake
    surpassing INR5,000 crores
    		High
    Revenue
    Turnover growth
    more than 25%
    		High
    Profitability
    Profit growth
    more than 25%
    		High
    Profitability
    EBITDA Margin for new projects
    more than 10%
    		High
    BESS Revenue
    BESS order execution revenue
    200 crores to 300 crores
    		Medium
    BESS Capacity
    Capacity enhancement (2.5 GW to 5 GW)
    completed
    		High
    NARCL Payment
    Remaining NARCL payment
    around INR300 crores
    		Medium

    What to watch in Q2 FY27

    5

    Order intake for FY27

    current financial year
    CurrentINR1,293 crores in Q1
    TargetSurpassing INR5,000 crores

    Why it matters

    Indicates future revenue visibility and market share gains in a growing infrastructure sector.

    And the company is hopeful of surpassing its guidance of more than INR5,000 crores in order intake in the current financial year

    Risks & concerns

    3
    RiskSeverity

    One-time tax reversal impact on PAT

    PAT declined 20% Q-on-Q largely on account of a one-time tax reversal in Q4 FY26 numbers. — Management acknowledged

    low

    Execution timeline for new orders

    New orders require design and drawing approvals, meaning limited revenue reflection in Q4 FY27 and majority in the next fiscal year. — Management acknowledged

    medium

    Dollar devaluation impacting battery imports

    Company uses a price variation (PV) clause in all contracts to neutralize the impact of raw material and currency fluctuations. — Analyst acknowledged

    low

    Q&A highlights

    7

    “So if everything goes right, then we can expect 200 crores to 300 crores of BESS order execution into this financial year.”

    Provides specific revenue guidance for the new BESS segment for the current fiscal year, crucial for assessing its contribution.

    asked by Shubhi Gupta

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Q1 FY27 Financial Performance

    SPML Infra delivered robust financial results in Q1 FY27, with revenue growing by 74% year-on-year to INR286 crores. EBITDA saw an 81% increase to INR28 crores, leading to an improved EBITDA margin of 10% compared to 9% in the prior year. Net profit also surged by 87% year-on-year to INR22.7 crores, despite a 20% sequential decline attributed to a one-time📎 tax reversal in the previous quarter.

    02

    Robust Order Book and Inflow

    The company's order book stands at approximately INR5,100 crores, providing strong revenue visibility. In Q1 FY27 alone, SPML Infra secured new orders worth INR1,293 crores and is L1 in bids totaling INR212 crores. Management is optimistic about surpassing its annual order intake guidance of INR5,000 crores. The order book quality has improved, with new projects predominantly carrying operating margins of 10% or higher.

    03

    Strategic Focus on Water and Energy Transition

    SPML Infra continues to align with India's infrastructure development goals, particularly in water security and energy transition. The company tracks a substantial pipeline of 134 upcoming projects worth INR98,725 crores in water and power. Key government initiatives like Jal Jeevan Mission 2.0 and significant allocations to the energy sector (INR1,09,029 crores in Union Budget 2026-27) are expected to drive future growth.

    04

    Advancements in Battery Energy Storage Systems (BESS)

    Progress at the Supa MIDC, Pune BESS manufacturing facility is encouraging, with the first phase of the 2.5 gigawatt assembly line fully ready. The company aims to achieve INR200-300 crores in BESS order execution in FY27, subject to NTPC approvals. Capacity is planned to expand to 5 gigawatts by H1 FY28, with an estimated revenue potential of INR4,500-5,000 crores at full capacity. SPML leverages an exclusive technology partnership with Energy Vault, US, positioning it as an early mover in advanced grid-scale battery systems.

    05

    Improved Financial Health and Deleveraging

    The company has significantly strengthened its financial position through disciplined deleveraging. Promoter infusion of approximately INR400 crores over the last three years has doubled net worth to over INR1,000 crores and improved the debt-to-equity ratio from 1.1x to 0.4x. Legacy debt of INR700 crores has seen INR325 crores repaid, with the balance backed by arbitration awards. Credit facilities have been enhanced from INR505 crores to INR860 crores, and credit ratings upgraded to BBB (Stable) by ICRA and CRISIL.

    06

    NARCL Debt Resolution Update

    Regarding the NARCL liability, which totaled INR700 crores including interest, SPML Infra has already paid INR325 crores. The remaining INR375 crores is linked to an arbitration award of INR678 crores. The company anticipates reducing the outstanding NARCL payment to approximately INR300 crores by the end of the current financial year through further arbitration awards.

    This is an AI-generated summary of a publicly available earnings call transcript.