SPML Infra Limited announced its financial results for the quarter and half year ended September 30, 2026, following a board meeting held on November 12, 2026.

Key Financial Highlights - Q2 FY27

  • Revenue: ₹238.7 crore, representing 20% year-over-year growth
  • EBITDA: ₹26.3 crore, representing 33% year-over-year growth
  • PAT: ₹22.2 crore, representing 46% year-over-year growth
  • EBITDA Margin: Improved to 11.0% from 10% in Q2 FY26

Key Financial Highlights - H1 FY27

  • Revenue: ₹524.4 crore, representing 45% year-over-year growth
  • EBITDA: ₹54.6 crore, representing 54% year-over-year growth
  • PAT: ₹44.9 crore, representing 64% year-over-year growth
  • Operating Cash Flow: Net inflow of ₹82.4 crore, compared to outflow of ₹44.1 crore in H1 FY26
  • Cash & Cash Equivalents: ₹119.2 crore as of September 30, 2026, up 88% from ₹63.4 crore as of March 31, 2026
  • Net Worth: ₹1,184.6 crore

Operational and Business Developments

The performance reflects increasing contribution from new orders secured under SPML 2.0 strategy. The company recently secured a ₹186.41 crore order from Power Grid Corporation of India Limited (POWERGRID) for the extension of the 765/400/220 kV Bhadla-III Substation and Ramgarh Pooling Station, marking its entry into 765 KV transmission infrastructure.

Balance Sheet and Legacy Obligations

Net worth increased to ₹1,184.6 crore, supported by profit accretion and warrant conversion. Of the legacy obligation of approximately ₹700 crore, the company has repaid ₹330 crore, with the remaining ₹370 crore fully backed by an arbitration award of approximately ₹655 crore plus accumulating interest. The company also holds arbitration claims of approximately ₹3,827 crore.

Business Outlook and Guidance

Water and Power Infrastructure will remain the core growth drivers, complemented by emerging contribution from SPML's Battery Energy Storage Systems (BESS) division as it progresses towards commercial operations. With H1 revenue growth of 45% YoY, the company maintains its guidance of a minimum 25% growth for FY27.

Management Commentary

Abhinandan Sethi, Managing Director, stated that H1 FY27 marks an important milestone in SPML Infra's transformation journey, with growth under SPML 2.0 translating into stronger profitability, positive operating cash flows, and an increasingly resilient balance sheet. He emphasized focus on disciplined execution, prudent capital allocation, and sustainable, cash-backed growth.

Company Background

SPML Infra Limited 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 and is ranked 14th among the World's Top 50 Private Water Companies according to Global Water Intelligence (GWI), London survey. The company is expanding into Battery Energy Storage Systems as part of its strategy for India's energy infrastructure.