SPMLINFRA

SPML Infra share price & financials

Price
₹198.3
Market cap
₹1.6k Cr
Sector
Construction
Calls analysed
6
Latest concall · Q1 FY27 · call held 17 Aug 2026

SPML Infra Q1 FY27

Revenue ₹286 cr +74%EBITDA ₹28 cr +81%EBITDA Margin 10% PAT ₹22.7 cr +87%

What went well

  • 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.

What to watch

  • 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.
Read the full call →

What SPML Infra does

SPML Infra is an integrated EPC (engineering, procurement, construction) contractor that designs, builds and operates infrastructure for water supply and bulk water transmission, wastewater and sewerage treatment, smart metering and urban utilities, and power distribution and rural electrification. It earns through turnkey EPC contracts and long-term operations & maintenance (O&M) mandates awarded by government bodies, municipalities and state DISCOMs, typically bundling multi-year O&M into project contracts for revenue visibility. It has recently entered Battery Energy Storage Systems (BESS), building utility-scale and distributed storage projects under a technology-transfer partnership with Energy Vault (USA) using B-VAULT hardware and VaultOS energy-management software.

Segments

  • Water Infrastructure
  • Wastewater & Sewerage Management
  • Smart Metering & Urban Utilities
  • Power Distribution & Electrification
  • Battery Energy Storage Systems (BESS)
Turnkey projects executed
700+
States with projects delivered
20+
Global private water company ranking
Ranked 14th worldwide by Global Water Intelligence (UK)
Water & sewerage pipelines laid
10,000+ km
Cumulative sewage treatment capacity delivered
240+ MLD
Largest single water treatment plant delivered
200 MLD
Founded 1981Headquarters Kolkata, West Bengal Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 4 delivered 2 missed 11 open
  • BESS Phase 1 Commissioning Timeline delivered said Q4 FY25 Promised: by March '26 or by early FY'26-'27 Q1 FY27: The first phase of the 2.5 gigawatt assembly line is 'fully ready' as of the call date (Aug 2026), meeting the 'end of June 2026' target.
  • BESS Capacity Expansion delayed said Q4 FY26 Promised: The capacity is further planned to be expanded to 5 gigawatts... by the end of this year. Q1 FY27: Timeline pushed back. New target for 5 GW completion is H1 FY28 (Apr-Sep 2027), a delay from the original 'end of 2026' target.
  • FY26 Topline Growth missed said Q4 FY25 Promised: targeting 50% topline... growth if things remains normal Q4 FY26: Achieved 13% YoY growth (₹868 cr) against the last revised guidance of 25-30%.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 82.1%, net profit up 91.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue189 188 189 156 190 +1%230 +22%291 +54%284 +82%
EBITDA13 10 10 7 11 −15%25 +150%20 +100%27 +286%
Net profit13 10 12 12 15 +15%20 +100%27 +125%23 +92%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −39.6% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 17 Feb 2026Q4 FY26 — 1 Jun 2026Q1 FY27 — 17 Aug 2026

1Y: ₹283.95 on 10 Sept 2025 → ₹171.63. High ₹283.95 (10 Sept 2025), low ₹153.73 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+3.4%
17 Aug
Q4 FY26
−2.7%
1 Jun
Q3 FY26
+0.4%
17 Feb
Q2 FY26
+3.1%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 0.6% a year over 3 years, FY23 to FY26. Operating margin widened to 7.3%.

Year endingFY23FY24FY25FY26
Revenue₹883 Cr₹1.3k Cr₹773 Cr₹867 Cr
Operating profit₹33 Cr₹13 Cr₹45 Cr₹63 Cr
Operating margin3.7%1.0%5.8%7.3%
Interest₹54 Cr₹57 Cr₹30 Cr₹16 Cr
Depreciation₹4 Cr₹4 Cr₹0 Cr₹2 Cr
Net profit₹0 Cr₹-3 Cr₹48 Cr₹74 Cr
Net margin0.0%-0.2%6.2%8.5%
Cash from operations₹20 Cr₹594 Cr₹-84 Cr₹-113 Cr
Free cash flow₹30 Cr₹561 Cr₹-85 Cr₹-179 Cr
ROCE3.0%4.0%9.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹8 Cr₹9 Cr₹10 Cr₹11 Cr₹15 Cr₹17 Cr
Reserves₹254 Cr₹277 Cr₹315 Cr₹450 Cr₹788 Cr₹932 Cr
Borrowings₹1.8k Cr₹1.8k Cr₹1.8k Cr₹549 Cr₹351 Cr₹358 Cr
Other liabilities₹615 Cr₹667 Cr₹696 Cr₹883 Cr₹872 Cr₹990 Cr
Total liabilities₹2.7k Cr₹2.8k Cr₹2.8k Cr₹1.9k Cr₹2.0k Cr₹2.3k Cr
Fixed assets₹117 Cr₹133 Cr₹129 Cr₹42 Cr₹31 Cr₹43 Cr
Capital work in progress₹56 Cr₹56 Cr₹56 Cr₹0 Cr₹38 Cr₹64 Cr
Investments₹70 Cr₹65 Cr₹59 Cr₹38 Cr₹39 Cr₹36 Cr
Other assets₹2.5k Cr₹2.5k Cr₹2.5k Cr₹1.8k Cr₹1.9k Cr₹2.2k Cr
Total assets₹2.7k Cr₹2.8k Cr₹2.8k Cr₹1.9k Cr₹2.0k Cr₹2.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jul 2026

Since Jun 2025, the public trimmed −5.54 pp while promoters added +5.39 pp. The shareholder count grew 65% to 26,036.

Promoters
40.5%
FIIs
0.4%
DIIs
1.8%
Public
57.3%

Since Jun 2025

  • Public −5.54 pp
  • Promoters +5.39 pp
  • DIIs +0.08 pp

How it drifted, 12 quarters

Over this window promoters went from 39.4% to 40.5% — +1.2 pp.

Dec '23Mar '25Jul '26

Ownership split by quarter, oldest first. Dec '23: Promoters 39.4%, DIIs 2.3%, Public 58.3%.Mar '24: Promoters 39.4%, FIIs 0.4%, DIIs 2.3%, Public 57.9%.Jun '24: Promoters 35.9%, FIIs 0.6%, DIIs 1.9%, Public 61.5%.Sep '24: Promoters 35.9%, FIIs 1.0%, DIIs 1.9%, Public 61.2%.Dec '24: Promoters 34.8%, FIIs 0.8%, DIIs 1.7%, Public 62.7%.Mar '25: Promoters 35.2%, FIIs 0.7%, DIIs 1.7%, Public 62.4%.Jun '25: Promoters 35.1%, FIIs 0.3%, DIIs 1.8%, Public 62.8%.Sep '25: Promoters 35.1%, FIIs 0.3%, DIIs 2.0%, Public 62.6%.Dec '25: Promoters 37.8%, FIIs 0.1%, DIIs 1.8%, Public 60.3%.Mar '26: Promoters 40.2%, FIIs 0.4%, DIIs 1.9%, Public 57.6%.Jun '26: Promoters 40.9%, FIIs 0.3%, DIIs 1.8%, Public 57.0%.Jul '26: Promoters 40.5%, FIIs 0.4%, DIIs 1.8%, Public 57.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jul 2026 filing

Every holder of SPML Infra above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Zoom Industrial Services Ltd 17.20%−0.15 pp
National Asset Reconstruction Company Ltd 12.87%+0.35 pp
Niral Enterprises Private Limited 8.95%−0.08 pp
Spml India Limited 7.84%−0.06 pp
Delhi Waste Management Limited 2.24%unchanged
Anil Kumar Sethi 2.09%unchanged
Subhash Chand Sethi 2.01%+2.01 pp
Procheta Consultants Private Limited 1.86%unchanged
Kedia Securities Private Limited 1.77%unchanged
Sushil Kumar Sethi 1.59%newly disclosed
ICICI Bank Bank1.35%unchanged
20Th Century Engineering Limited 1.18%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse SPML Infra

Guides on how to read this kind of business and the numbers that matter.