Order Book
₹4,358 Cr
+42% YoY
Includes ₹2,800 Cr new high-margin orders and ₹1,540 Cr legacy orders.
SPMLINFRA
Infrastructure
10 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY26 revenue growth 25-30%
Management expects full-year revenue growth of 25-30% driven by execution of new orders and strong Q4.
Management guidance revenueFY26 PAT growth 40-50%
PAT growth expected to outpace revenue due to margin expansion from higher-margin new orders.
Management guidance growthBESS plant operational from Q1 FY27
Manufacturing facility at Supa MIDC Pune to commence commercial production in Q1 FY27, scalable to 10 GWh.
Management guidance expansionMinimum 10% EBITDA margin on all new orders
Company maintains discipline of bidding only for projects with EBITDA margin of at least 10%.
Management guidance marginsKey Risks
Execution delays in new projects
Design and drawing approvals for new projects took longer than expected; any further delays could impact revenue recognition.
medium · management_commentaryOrder conversion uncertainty
Management declined to provide a win ratio for bids; conversion of ₹8,000 Cr bids into orders is uncertain.
medium · analyst_questionLegacy project margin drag
₹1,540 Cr of legacy lower-margin orders still in order book; completion may take another year, pressuring overall margins.
low · data_observationBESS market competition
Many players entering BESS manufacturing; pricing pressure could impact margins despite minimum 10% threshold.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was SPML Infra's revenue in Q3 FY26?
SPML Infra reported revenue of ₹230 Cr in Q3 FY26, representing a +21% change compared to the same quarter last year.
What guidance did SPML Infra management give for FY27?
FY26 revenue growth 25-30%: Management expects full-year revenue growth of 25-30% driven by execution of new orders and strong Q4. FY26 PAT growth 40-50%: PAT growth expected to outpace revenue due to margin expansion from higher-margin new orders. BESS plant operational from Q1 FY27: Manufacturing facility at Supa MIDC Pune to commence commercial production in Q1 FY27, scalable to 10 GWh. Minimum 10% EBITDA margin on all new orders: Company maintains discipline of bidding only for projects with EBITDA margin of at least 10%.
What are the key risks for SPML Infra in FY27?
Key risks include Execution delays in new projects — Design and drawing approvals for new projects took longer than expected; any further delays could impact revenue recognition.; 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..
Did SPML Infra meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full SPML Infra Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.