SPML Infra Limited — Investor Meet, 20-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

SPML Infra reported H1 FY26 standalone revenue of INR 363 Cr, EBITDA of INR 35 Cr (9.8% margin), and PAT of INR 27 Cr (7.6% margin). Q2 revenue was INR 199 Cr, with margins at 10% (EBITDA) and 7.7% (PAT). Management highlighted strong order inflows and strategic progress in water, power, and the emerging BESS segments.

The company secured over INR 3,772 Cr in new water infrastructure projects and holds an L1 position for INR 1,125 Cr in tenders, targeting INR 5,000 Cr in new orders this fiscal. An existing order book of INR 1,600 Cr provides revenue visibility. The water infrastructure market is valued over INR 170,000 Cr, and BESS market potential exceeds INR 50,000 Cr by 2031-32. SPML aims for a 50:50 revenue mix between water and power/BESS by 2029-30.

Operational updates include the 2.5 GWh BESS plant at Pune progressing for Q1 FY27 commissioning. New projects carry higher margins (>10%) compared to legacy orders (5-7%), which are expected to boost profitability from Q3 FY26. Enhanced bank facilities and expected arbitration awards of INR 645 Cr strengthen the balance sheet. Management expressed a confident outlook on growth.