Execution delays in new projects
Design and drawing approvals for new projects took longer than expected; any further delays could impact revenue recognition.
SPMLINFRA / Q3-FY26 / risks
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SPML Infra · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
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.