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Execution delays in new projects
View Risks →SPML Infra Ltd — Q3 FY26
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.
bullish
high
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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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Order Book
₹4,358 Cr
+42% YoY
Includes ₹2,800 Cr new high-margin orders and ₹1,540 Cr legacy orders.
Order Inflows (9M FY26)
₹4,324 Cr
+85% YoY
Fresh orders across water projects in Jharkhand, MP, Rajasthan, and Tamil Nadu.
Debt Repaid (2 years)
₹317 Cr
-45%
Includes ₹47 Cr prepayment; residual NCLT debt of ₹383 Cr spread over 6 years.
BESS Tender Pipeline
₹9,000 Cr
New
Visible pipeline over next 6-12 months; company actively bidding for EPC contracts.
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Guidance and risk preview
Management expects full-year revenue growth of 25-30% driven by execution of new orders and strong Q4.
Design and drawing approvals for new projects took longer than expected; any further delays could impact revenue recognition.
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