Financial Performance Summary

Revenue Growth:

  • Q1 FY27 Revenue: ₹286 crore, up 74% year-on-year (YoY)

Profitability Metrics:

  • EBITDA: ₹28 crore, up 81% YoY
  • PAT: ₹22.7 crore, up 87% YoY
  • EBITDA Margin: 9.9% (improved from 9.5% in Q1 FY26)

Order Book Position:

  • Q1 Order Inflow: ₹1,293 crore
  • Total Order Book: Approximately ₹5,094 crore
  • Legacy projects in order book: Approximately ₹1,251 crore
  • Newer projects with expected operating margins of 10% or higher: Predominant portion of order book
  • Currently L1 (lowest bidder) in projects aggregating approximately ₹265 crore

Operational Highlights

Execution Performance:

  • Strong execution driven by new orders secured under SPML 2.0 strategy
  • Transition from order wins to revenue and earnings growth demonstrated
  • Improving project mix with higher margin projects

BESS Manufacturing Update:

  • Battery Energy Storage Systems (BESS) manufacturing facility at SUPA MIDC, Pune
  • Phase 1 of 2.5 GWh assembly line completed
  • IEC/UL certifications underway for battery packs for NTPC order
  • Targeting Q4 billing subject to necessary approvals
  • Planned scaling to 5 GWh capacity with annual container manufacturing capacity of 600 units by H1 FY28

Strategic Outlook

Growth Guidance:

  • Maintains minimum 25% growth guidance for FY27
  • Expects to sustain growth momentum through FY27
  • Core Water and Power Infrastructure businesses to remain key growth drivers
  • Emerging contribution expected from BESS platform as it progresses toward commercial operations

Market Positioning:

  • Focused on disciplined execution of expanding order book
  • Continued improvement in operating margins
  • Selective pursuit of opportunities across Water and Power Infrastructure
  • Building a diversified and sustainable infrastructure platform

Balance Sheet and Financial Position

Debt Position:

  • Total outstanding obligation: Approximately ₹700 crore
  • Amount repaid: ₹325 crore
  • Remaining debt: ₹375 crore fully backed by arbitration award of approximately ₹678 crore plus accumulating interest

Arbitration Claims:

  • Holds arbitration claims of approximately ₹4,526 crore
  • Substantial visibility on their realization into awards over time

Credit Ratings:

  • ICRA upgraded long-term credit rating to BBB (Stable)
  • CRISIL assigned BBB (Stable) to company's credit facilities

Management Commentary

Abhinandan Sethi, Managing Director, stated: "Our Q1 FY27 performance marks another important step in SPML's growth journey. Revenue growth of 74%, EBITDA growth of 81% and PAT growth of 87% demonstrate that the new orders secured under SPML 2.0 are now translating into execution, revenue and earnings. The quality of our business is also improving, supported by a stronger order book, better-margin projects and continued strengthening of our balance sheet, reflected in our BBB (Stable) credit ratings."

Company Background

SPML Infra Limited (CIN: L40106WB1981PLC276372) is an infrastructure development company with over four decades of expertise across power, water, environment and technology sectors. The company has executed over 700 projects, creating critical infrastructure across drinking water, wastewater treatment, integrated sewerage networks, municipal waste management, power transmission & distribution, substations, rural electrification and smart city solutions. SPML has contributed to providing clean drinking water to over 50 million people across urban and rural India.