SPML Infra Limited – Investor Presentation Summary
Key Operational Highlights
Secured ₹1,128 Cr contract from NTPC for 250 MW / 1,000 MWh Battery Energy Storage System (BESS) at Barauni Thermal Power Station, Bihar.
Won ₹165.4 Cr order from RRVPNL for 400 kV Grid Substation and Transmission Infrastructure at Kota, Rajasthan.
Total New Order Wins till date: ₹5,616 Cr across water, irrigation, and energy projects.
Key drivers: Strategic focus on funded projects in cash-rich states and partnership with Energy Vault for BESS technology.
Segment-wise Performance
Water EPC: Multiple orders under Jal Jeevan Mission (₹1,438 Cr, ₹385 Cr, ₹207 Cr) and AMRUT 2.0 (₹1,073 Cr, ₹344 Cr).
Irrigation: ₹618 Cr Konar Irrigation Project in Jharkhand.
Power/BESS: ₹1,128 Cr BESS project and ₹165.4 Cr transmission project.
Explanation: Growth driven by government allocations (₹84,000+ Cr for water sector, ₹1,09,029 Cr for energy sector) and company's prequalification status.
Financial Highlights
Not specified for Q1FY27. Presentation focuses on order wins and strategic updates.
Geographical Revenue Split
Domestic: All projects are within India (Rajasthan, Madhya Pradesh, Jharkhand, Tamil Nadu, Bihar).
Export: Not specified.
Balance Sheet Snapshot (Standalone)
Net Worth: ~₹1000 Cr.
Debt to Equity: 0.34x.
Financial Health: Strong liquidity with ₹819 Cr equity raised since 2022 (promoters contributed ~₹400 Cr), ₹860 Cr credit facility enhancement, and ~₹300 Cr surety bond limits.
Capex & Cash Flow Health
Capital Expenditure: Setting up BESS manufacturing facility with Phase 1 capacity of 2.5 GWh targeted in Q1 FY27 and full 5 GWh capacity by FY28.
Investment Rationale: Focus on BESS capacity expansion and backward integration through in-house container manufacturing.
Strategic & R&D Initiatives
Investments: Partnership with Energy Vault for BESS technology; manufacturing facility at SUPA MIDC, Pune (2.5 GWh Phase 1 ready, scaling to 5 GWh).
Expected Impact: BESS order ties up ~40% of Phase 1 capacity; targeting billing for NTPC order in Q4 FY27.
Strategic Rationale: Expand into high-growth BESS market (208 GWh by 2030 from 34.72 GWh in FY27) and leverage government's ₹1,000 Cr Viability Gap Funding for BESS.
Industry Trends & Business Environment
Macro Trends: Government allocations of ₹84,000+ Cr for water sector and ₹1,09,029 Cr for energy sector; customs duty exemptions on BESS and solar inputs.
Impact on Company: Improved project economics and large pipeline of tenders converting to orders.
Management Commentary & Growth Outlook
Strategic Outlook: Focus on higher margin (10-12%) projects with 3-4 year execution speed; order bid pipeline of ₹10,000 Cr.
FY Guidance: Not specified.
Risks: Legacy projects with lower margins (₹1,251 Cr in order book of ₹5,094 Cr); arbitration ongoing for legacy debt resolution.
