SPML Infra Ltd

Financial Performance

• Q1 FY27 revenue INR 286 crores, up 74% YoY; EBITDA INR 28 crores, up 81%.
• PAT INR 22.7 crores; EBITDA margin 10% vs 9% YoY.
• Q-on-Q revenue flat; PAT down 20% due to one-time tax reversal in Q4 FY26.
• Q1 order intake INR 1,293 crores; L1 in INR 212 crores.
• Total order book INR 5,100 crores; legacy orders INR 1,251 crores.

Order Book & Pipeline

• 134 upcoming projects worth INR 98,725 crores across 11 states; water focus.
• Key projects: Wainganga-Nalganga river link; Marathwada Water Grid; Ken-Betwa; Tapi Basin.
• JV vs standalone: SPML's share includes JV orders; standalone share not disclosed.
• FY27 guidance: order intake target INR 5,000 crores; Q1 contribution INR 1,293 crores.
• Margins: no order below 10% margin; BESS/ water/ substation timelines noted.

Capex & BESS

• Supa MIDC Pune BESS plant: 2.5 GW first phase ready; 600 containers/year.
• NTPC order: design/drawings approvals by Q3 FY27; container approvals by December; supply in Q4 FY27; complete FY28.
• Capacity expansion to 5 GW; completion in H1 FY28; 208 GW potential by 2030 (34.72 in FY27).
• BESS revenue potential: 2.5 GW ~ INR 2,000–2,500 crores; 5 GW ~ INR 4,500–5,000 crores.
• Exclusive Energy Vault tie-up; cells imported from China; battery packs produced for containers.
• Capex for BESS facility: INR 236 crores; 25 acres land acquired; expansion beyond 5 GW considered.

Balance Sheet & Liquidity

• Debt-to-equity improved to 0.4x from 1.1x; promoter infusion ~INR 400 crores; net worth > INR 1,000 crores.
• Arbitration/ NARCL: outstanding ~INR 700 crores; repaid INR 325 crores; balance INR 375 crores backed by arbitration award ~INR 678 crores.
• NARCL claims ~INR 4,526 crores; ~40% accepted to convert into awards.
• Liquidity: RA bill realization healthy; escrow mechanism reduces working capital requirement; fixed deposits bolster liquidity.
• Credit facilities raised to INR 860 crores; INR 300 crores surety line.

Guidance & Outlook

• Guidance reaffirmed: turnover growth more than 25% for FY27; quarterly upgrades as orders evolve.
• Order intake target INR 5,000 crores for FY27; Q1 contributed INR 1,293 crores.
• NTPC: advance received; design approvals by December; NTPC container approvals; supply in FY27; project completion FY28.
• AMRUT: Indore project remains in funded pipeline; BESS expansion expected to contribute meaningfully.

Q&A Highlights

• FY27 revenue target: growth >25% YoY; quarterly updates as orders come in.
• BESS: 200–300 crores revenue in FY27; margins >10% on new orders.
• NTPC timeline: design approvals by Q3 FY27; container approvals by December; supply in Q4 FY27.
• 50–80 crores spillover from FY26 billed in Q1; cadence depends on cash flow.
• Three segments: water, power substation, and BESS; BESS to contribute meaningfully as capacity scales.

Filing Status

• No substantive transcript body present in this chunk.
• Wrapper-only filing for SPML Infra Ltd; audio recording of Q1 FY2026-27 call uploaded.

Business Overview

• Core focus on water, power EPC with expanding BESS and grid infra capabilities.
• Strategic Energy Vault tie-up enables scalable storage deployment and local manufacturing.
• Order book supports long-term, high-margin opportunities through escrow-backed projects.
• Water and energy segments aligned with government infra spend and policy tailwinds.

Key Operational Highlights

• Secured ₹1,128 Cr BESS order from NTPC for Barauni 1 GWh project.
• Won ₹165.4 Cr transmission order for 400 kV substation in Kota, Rajasthan.
• Order book as of 30 Jun 2026 totals ₹5,094 Cr (Legacy ₹1,251 Cr; New ₹3,843 Cr).
• Phase 1 BESS capacity 2.5 GWh; 5 GWh by FY28; ~40% of Phase 1 tied.
• Exclusive 10-year partnership with Energy Vault for storage tech.
• BESS project scope includes 250 MW / 1000 MWh delivery.

Financial Performance

• Q1FY27 EBITDA margin noted; tax reversal Rs 6.77 Cr excluded.
• Total OB ₹5,094 Cr; New ₹3,843 Cr; Legacy ₹1,251 Cr.
• Credit rating upgraded to BBB (Stable) by CRISIL/ICRA.
• Promoter equity infusion ₹388 Cr; total equity ₹650 Cr since 2022.
• Debt-to-Equity 0.34x; net worth ~₹1000 Cr.
• Liquidity supported by ₹860 Cr bank guarantees and ₹300 Cr surety bonds.
• SUPA MIDC, Pune Phase 1 ready; IEC/UL certifications underway.
• Capex funded by arbitration awards for project execution.
• Projected margins on new orders 10-12%.
• Order bid pipeline ₹10,000 Cr; 50+ projects under execution (FY25).

Capital Structure & Liquidity

• Debt-to-equity ratio 0.34x.
• Promoter equity infusion ₹388 Cr; total ₹650 Cr since 2022.
• Credit facility uplift ₹860 Cr; ~₹300 Cr draw secured via sureties.
• Arbitration awards ₹678 Cr in hand; claims ₹4,526 Cr filed.
• Promoter equity contribution ~₹400 Cr; total equity raised ₹819 Cr since 2022.
• CRISIL/ICRA upgraded rating to BBB; improved credit profile.
• Liquidity buffers: enhanced facilities and surety limits.

Strategic Priorities & Outlook

• Aim for 10-12% margins on new high-margin orders.
• Scale BESS capacity to 5 GWh by FY28; target 600 container units annually.
• Capex funded via arbitration proceeds; cashflow resilience.
• Continue focus on water, power, and BESS with high-margin, long-term O&M.
• Prequalification credentials and robust order pipeline support growth.
• Energy Vault partnership strengthens storage technology and execution capabilities.

Risks & Mitigation

• Reliance on NTPC BESS project; mitigated by diversified order book and escrow.
• Arbitration risk; ₹678 Cr awards and ~40% conversion expectation aid liquidity.
• Execution risk in long-cycle projects; mitigated by escrow-backed contracts and O&M.

Governance & Leadership

• Promoter-led equity infusion; ~₹400 Cr contributed; total ₹819 Cr since 2022.
• Credit rating actions: CRISIL/ICRA upgrade to BBB with Stable outlook.
• Liquidity strengthened via enhanced credit facilities and surety limits.

Issue overview

• Type: Preferential issue; securities: Equity shares and warrants.
• Total issue size revised to 292.58 crore; net proceeds 292.58 crore due to under-subscription.
• Main objectives: Margin money, working capital, general corporate purposes (GCP).

Utilisation of proceeds

• Utilisation as per offer document: aligned; no material deviations reported by MA.
• Change in allocation: pro rata reallocation among objects due to equity undersubscription.
• Object-wise status: Margin Money 42.15 utilized; Working Capital 138.27 utilized; GCP 30.01 utilized; total utilized 210.43.
• Total unutilised funds: 82.15 crore; unutilised components: Working Capital 39.02 and GCP 43.13.
• Unutilised funds deployment: no investments reported; funds held in proceeds account.

Governance & compliance

• Approvals: shareholder approvals not applicable; management confirms approvals as applicable.
• Material events: no adverse events or regulatory actions reported; MA notes not audit; no conflict of interest observed.
• Overall: MA commentary indicates no assumptions of ongoing viability beyond provided information; board comments: No Comments.

GCP details

• GCP total: 73.14 crore; sub-heads include NARCL repayments (Q3 FY2025), MIDC lease, BESS payments (Q4 FY2026 and Q1 FY2027), NARCL (Q1 FY2027).
• Utilisation under GCP: 30.01 crore used; 43.13 crore remaining unutilised.
• Board comments: No Comments; approvals for allocation not explicitly reported.

Financial highlights

• Revenue: 3286 crore, up 74% YoY.
• EBITDA: 328 crore, up 81% YoY.
• PAT: 22.7 crore, up 87% YoY.
• EBITDA margin: 9.9% vs 9.5% in Q1 FY26.
• Q1 order inflow: 31,293 crore.
• Order book: ~35,094 crore.
• FY27 growth guidance: minimum 25% growth.

Operational & strategic updates

• Q1 order inflow reinforces momentum for SPML 2.0 execution.
• BESS facility at SUPA MIDC, Pune Phase 1 of 2.5 GWh completed; IEC/UL certifications underway.
• Target to scale to 5 GWh and 600 containers by H1 FY28.
• L1 in projects aggregating ~265 crore.
• Legacy projects ~31,251 crore; newer projects with margins ~10%+.

Balance sheet & credit

• Total outstanding debt ~700 crore; portion repaid; balance backed by arbitration award and interest.
• Arbitration claims ~34,526 crore with visibility on realization.
• ICRA upgraded long-term rating to BBB (Stable); CRISIL BBB (Stable) on facilities.

Financial results

• Standalone Q1: Revenue from operations Rs 28,428.11 lakh; Total income Rs 28,567.20 lakh.
• Standalone PAT Rs 2,270.42 lakh.
• Standalone EPS: basic Rs 2.74, diluted Rs 2.70.
• Consolidated total income Rs 28,567.23 lakh; PAT Rs 2,267.61 lakh; EPS Rs 2.74 / 2.70.
• Materials consumed and other construction expenses Rs 23,170.17 lakh.
• ESOP: Rs 72.93 lakh receipt; 2,33,744 shares issued under ESOP.
• Converted 50,94,844 warrants; equity capital +Rs101.90 lakh; securities premium +Rs10,852.02 lakh.
• Board approved unaudited standalone and consolidated results.
• 45th AGM scheduled Sep 25, 2026; Register closure Sep 19–25, 2026.
• Independent Director Rajeev Kumar Iain reappointed for five years from Sep 3, 2026.
• Company operates in a single EPC segment in India.

Meeting Details

• Date and time: 17 August 2026 at 03:00 pm IST; virtual group earnings call.
• Organiser: Arihant Capital Markets Ltd hosting the SPML Infra Q1 FY27 earnings call.

Participants

• Company management attending: CFO & Director Commercial; VP Finance & Accounts; EVP Projects; DGM Investor Relations.

Purpose

• Purpose: discuss Q1 FY27 earnings results and interact with investors.

Additional Notes

• Intimation will be available on SPML Infra's website.

Purpose & resolution

• Special resolution to re-appoint Sivashankar as Independent Director for one-year term.
• Term: 08 Jun 2026 to 07 Jun 2027; not liable to retirement by rotation.
• Independence confirmed per Section 149(6) and applicable Listing Regulations.
• Remuneration: sitting fees and reimbursement of meeting expenses.
• Cut-off date for eligibility: 24 Jul 2026.
• Board recommended the Special Resolution for member approval.

Timeline & voting mechanics

• E-voting window: 29 Jul 2026 09:00 IST to 27 Aug 2026 17:00 IST.
• Last date of voting: 27 Aug 2026; results within two working days.
• Scrutinizer: Mr. Tumul Maheshwari; e-voting via NSDL platform.
• Record date/cut-off: 24 Jul 2026.

Director background & governance

• Experience: 35 years in financial services; former CFO, Tonbo Imaging.
• Independence: meets independence criteria under Section 149(6).
• First appointment: 08 Jun 2021; term ended 07 Jun 2026.
• Proposed second term: 08 Jun 2026 to 07 Jun 2027.
• Board recommends Special Resolution for re-appointment.