EPC infrastructure company building water supply, sewerage, power distribution and BESS projects in India.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 284 | +82.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 9.0 | +4.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 23.0 | +91.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.89 | +0.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -20.62 | −9.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 37.81 | +52.8 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 6 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| BESS Phase 1 Commissioning Timeline | by March '26 or by early FY'26-'27 | Q4 FY25 | 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. | Achieved |
| BESS Capacity Expansion | The capacity is further planned to be expanded to 5 gigawatts... by the end of this year. | Q4 FY26 | Timeline pushed back. New target for 5 GW completion is H1 FY28 (Apr-Sep 2027), a delay from the original 'end of 2026' target. | Delayed |
| FY26 Topline Growth | targeting 50% topline... growth if things remains normal | Q4 FY25 | Achieved 13% YoY growth (₹868 cr) against the last revised guidance of 25-30%. | Missed |
2 of SPML Infra's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹222.09 on 24 Oct 2025 → ₹132.8. High ₹233.19 (4 Nov 2025), low ₹126.74 (26 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 6 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| BESS Phase 1 Commissioning Timeline | by March '26 or by early FY'26-'27 | Q4 FY25 | 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. | Achieved |
| BESS Capacity Expansion | The capacity is further planned to be expanded to 5 gigawatts... by the end of this year. | Q4 FY26 | Timeline pushed back. New target for 5 GW completion is H1 FY28 (Apr-Sep 2027), a delay from the original 'end of 2026' target. | Delayed |
| FY26 Topline Growth | targeting 50% topline... growth if things remains normal | Q4 FY25 | Achieved 13% YoY growth (₹868 cr) against the last revised guidance of 25-30%. | Missed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
SPML Infra Q1 FY27
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.
Read the full callSPML Infra Q4 FY26
SPML Infra delivered robust Q4 and FY26 financial performance, marked by strong revenue and PAT growth, supported by a healthy order book and strategic expansion into the BESS segment. While one-time costs impacted Q4 margins and turnover guidance was missed due to execution discipline, the company has significantly improved its capital structure through fundraising and NARCL debt resolution, positioning itself for sustained growth in infrastructure and energy transition sectors.
Read the full callSPML Infra Q3 FY26
SPML Infra reported a strong Q3 FY26, with significant year-on-year growth in revenue and profitability, driven by execution of new, higher-margin projects. The company secured substantial new orders, bolstering its order book, and is on track to commission its BESS manufacturing facility in Q1 FY27. Financial health improved with debt reduction and enhanced liquidity, positioning the company for continued growth in water, power, and BESS segments.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +92% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 189 | 188 | 189 | 156 | 190 | 230 | 291 | 284 |
| Expenses | 176 | 178 | 179 | 149 | 179 | 205 | 270 | 257 |
| Operating profit | 13 | 10 | 10 | 7 | 11 | 25 | 20 | 27 |
| Operating margin | 7.0% | 5.0% | 5.0% | 4.6% | 6.0% | 11.0% | 7.0% | 9.0% |
| Other income | 12 | 4 | 12 | 17 | 8 | 1 | 3 | 1 |
| Interest | 9 | 1 | 10 | 9 | 0 | 5 | 2 | 5 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before tax | 16 | 12 | 13 | 15 | 19 | 20 | 20 | 23 |
| Tax rate | 17.0% | 18.0% | 4.0% | 19.0% | 21.0% | 0.0% | −33.0% | 0.0% |
| Net profit | 13 | 10 | 12 | 12 | 15 | 20 | 27 | 23 |
| EPS (₹ per share) | 2.20 | 1.40 | 1.68 | 1.69 | 2.10 | 2.66 | 3.45 | 2.70 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 883 | 1,319 | 773 | 867 |
| Expenses | 852 | 1,307 | 728 | 803 |
| Operating profit | 33 | 13 | 45 | 63 |
| Other income | 28 | 46 | 43 | 29 |
| Interest | 54 | 57 | 30 | 16 |
| Depreciation | 4 | 4 | 0 | 2 |
| Profit before tax | 2 | 0 | 57 | 74 |
| Net profit | 0 | -3 | 48 | 74 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 9 | 10 | 11 | 15 | 15 | 17 |
| Reserves | 277 | 315 | 450 | 755 | 788 | 932 |
| Borrowings | 1,846 | 1,771 | 549 | 369 | 351 | 358 |
| Other liabilities | 667 | 696 | 883 | 828 | 872 | 990 |
| Total liabilities | 2,799 | 2,793 | 1,892 | 1,967 | 2,026 | 2,296 |
| Fixed assets | 133 | 129 | 42 | 6 | 31 | 43 |
| Capital work in progress | 56 | 56 | 0 | 0 | 38 | 64 |
| Investments | 65 | 59 | 38 | 39 | 39 | 36 |
| Other assets | 2,545 | 2,549 | 1,812 | 1,922 | 1,918 | 2,154 |
| Total assets | 2,799 | 2,793 | 1,892 | 1,967 | 2,026 | 2,296 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -302 | -19 | 20 | 594 | -85 | -113 |
| Cash from investing | 91 | 36 | 46 | 23 | -90 | -2 |
| Cash from financing | 231 | -16 | -87 | -410 | 77 | 49 |
| Net cash flow | 19 | 1 | -21 | 208 | -99 | -66 |
| Free cash flow | -300 | -16 | 30 | 561 | -85 | -179 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 651 | 468 | 190 | 112 | 186 | 216 |
| Inventory days | 155 | 153 | 549 | 136 | 287 | 414 |
| Days payable | 842 | 715 | 2581 | 1317 | 2735 | 2084 |
| Cash conversion cycle | -36 | -94 | -1842 | -1070 | -2262 | -1454 |
| Working capital days | 15 | 32 | 25 | 30 | 116 | 159 |
| Return on capital employed | 3.0% | 1.0% | 3.0% | 4.0% | 6.0% | 6.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The businesses behind the company’s reported revenue.
EPC contributes 100.0% of reported segment revenue.
Quarter ended 31 Dec 2025 · Consolidated
₹229.76 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| EPC | 229.76 | 100.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | YoY growth latest quarter |
|---|---|---|---|---|---|---|
| EPC | — | 100% | 100% | 100% | 100% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Public hold 57.17% as of Sept 2026; institutions added 0.09 pts since Jul 2026.
since Jul 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 7 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of SPML Infra above SEBI's 1% disclosure line, and what changed since Jul 2026.
| Holder | Stake | Change |
|---|---|---|
| 17.20% | unchanged | |
| 12.87% | unchanged | |
| 8.95% | unchanged | |
| 7.84% | unchanged | |
| 2.24% | newly disclosed | |
| 2.09% | newly disclosed | |
| 2.01% | newly disclosed | |
| 1.86% | unchanged | |
| 1.77% | unchanged | |
| 1.59% | newly disclosed | |
| Bank | 1.35% | unchanged |
| 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.
Your own record
Free account: one company. Everything above stays public.
Write why you follow SPML Infra and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Guides on how to read this kind of business and the numbers that matter.
