Execution delays in new projects
Design and drawing approvals for new projects took longer than expected; any further delays could impact revenue recognition.
SPMLINFRA / bear-case history
Track the concerns that keep returning.
SPML Infra · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Order conversion uncertainty
Management declined to provide a win ratio for bids; conversion of ₹8,000 Cr bids into orders is uncertain.
Legacy project margin drag
₹1,540 Cr of legacy lower-margin orders still in order book; completion may take another year, pressuring overall margins.
BESS market competition
Many players entering BESS manufacturing; pricing pressure could impact margins despite minimum 10% threshold.