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Revenue
₹230 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹26.3 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SPML Infra reported a strong Q3 FY26 with revenue of ₹131 crore (+21% YoY), EBITDA of ₹26.3 crore (+86% YoY), and PAT of ₹20.5 crore (+97% YoY), driven by higher-margin new orders and completion of legacy projects. The order book stands at ₹4,358 crore, with ₹2,800 crore from new, higher-margin projects. Management guided for FY26 revenue growth of 25-30% and PAT growth of 40-50%, with Q4 expected to be stronger as design approvals for new projects are now secured. The BESS manufacturing facility is on track for Q1 FY27 commercial production. Key risk: execution delays in new projects or slower-than-expected order conversion could impact FY27 guidance.
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Guidance to track
- Management expects full-year revenue growth of 25-30% driven by execution of new orders and strong Q4.
- PAT growth expected to outpace revenue due to margin expansion from higher-margin new orders.
- Manufacturing facility at Supa MIDC Pune to commence commercial production in Q1 FY27, scalable to 10 GWh.
- Company maintains discipline of bidding only for projects with EBITDA margin of at least 10%.
Risks flagged
- Design and drawing approvals for new projects took longer than expected; any further delays could impact revenue recognition.
- Management declined to provide a win ratio for bids; conversion of ₹8,000 Cr bids into orders is uncertain.
- ₹1,540 Cr of legacy lower-margin orders still in order book; completion may take another year, pressuring overall margins.
- Many players entering BESS manufacturing; pricing pressure could impact margins despite minimum 10% threshold.
Key quotes
- We are very very selective on certain criteria of our order selection... we don't bid where the margin is less than 10%.
- The entire industry size is about 236 gawatt hour over the next 5 years... we are positioning for at least 5 gawatt hour in phase two.
- We have roughly around 200 cr of loss... next few years we don't have to pay tax.
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