SPML Infra Ltd (SPMLINFRA)

Construction · Infrastructure Developers & Operators · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹171.85 ↓ 35.97% (1Y)

🎯 Key Takeaways

SPML Infra is transitioning from a turnaround to a growth phase, driven by execution under its SPML 2.0 strategy.
Revenue declined 2.1% QoQ to ₹284 in Q1FY27.
⚠️ Execution risk in scaling up operations under SPML 2.0 remains if order intake slows or project delays occur.

Market Cap

₹1,458

P/E Ratio

15.7

P/B Ratio

2.03

ROE

11.8%

ROCE

8.7%

Debt/Equity

0.51

Promoter

40.9%

✨ Ask AI About SPMLINFRA 📊 Interactive Charts

📖 The Story

SPML Infra is transitioning from a turnaround to a growth phase, driven by execution under its SPML 2.0 strategy. The company has demonstrated consistent top-line expansion and margin improvement, supported by a strengthening order book and disciplined capital allocation. While still early in its recovery cycle, recent financial performance and management guidance suggest a sustainable upward trajectory in profitability and scale.

📰 What's Happening

In Q1 FY27, SPML Infra reported a 74% YoY revenue surge to ₹3,286 crores, with PAT up 87% to ₹22.7 crores and EBITDA margin expanding to 9.9%, reflecting improved order book quality and operational efficiency under SPML 2.0. Management reaffirmed its minimum 25% growth guidance for FY27, citing strong execution and pipeline visibility. The board reappointed Rajeev Kumar Jain as Independent Director for a five-year term, ensuring governance continuity, while shareholders approved all resolutions via e-voting, including the reappointment of Mr. Sivashankar as Independent Director with 99.9982% support. ICRA also validated the compliant utilization of funds from the preferential issue, reinforcing confidence in capital deployment.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	154	190	230	291	284
Operating Profit	5	11	24	19	26
OPM %	3.1%	5.8%	10.6%	6.6%	9.3%
Net Profit	12	15	20	27	23
EPS	₹1.69	₹2.10	₹2.75	₹3.39	₹2.74

The company has reversed its prior downward trend in revenue and profitability, with revenue growing from ₹154 crores in Jun 2025 to ₹284 crores in Jun 2026, and PAT rising from ₹12 crores to ₹23 crores over the same period. Operating and net profit margins have expanded notably, with OPM improving from 3.1% to 9.3% and EBITDA margin reaching 9.9% in Q1 FY27. This turnaround is underpinned by higher order wins and better execution, as highlighted in management commentary. The reappointment of key independent directors and shareholder approval of governance matters further stabilize leadership continuity during this growth phase.

🔮 Management Outlook & What's Next

Management has maintained a minimum 25% growth guidance for FY27, signaling confidence in sustained momentum despite macroeconomic headwinds. This guidance is anchored in improved order book quality, execution under SPML 2.0, and visibility into future project pipelines. While no detailed forward-looking metrics were provided beyond growth rates, the tone in the earnings call was constructive, emphasizing margin improvement and capital efficiency. Management also underscored the importance of disciplined fund deployment, particularly in light of the ICRA validation of preferential issue fund utilization.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	13	15	15	17
Reserves	561	704	788	932
Borrowings	400	369	351	358
Total Liabilities	1,813	1,967	2,026	2,296
Fixed Assets	3	6	28	39
Investments	38	39	39	36
Total Assets	1,813	1,967	2,026	2,296

The balance sheet shows a stable capital structure with equity growing from ₹15 crores to ₹17 crores and reserves increasing from ₹704 crores to ₹932 crores between March 2025 and March 2026, indicating retained earnings are being reinvested. Borrowings have remained relatively flat around ₹350–369 crores, suggesting limited new debt accumulation. Total assets have grown from ₹1,967 crores to ₹2,296 crores, reflecting asset base expansion in line with revenue growth. The company is not over-leveraged (D/E of 0.51), and capital is being used to fund operations and growth rather than aggressive debt-funded expansion.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-84
Investing	-90
Financing	+76
Net Cash Flow	-99

👥 Shareholding Pattern

Category	Q4FY26	Q1FY27
Promoters	40.2%	40.9%
FII	0.4%	0.3%
DII	15.1%	14.3%
Public	25.6%	26.5%
# Shareholders	22,442	26,079

Promoter holding has slightly declined from 40.19% to 40.85% in Q1FY27, while FII ownership remains minimal at 0.33–0.36%, and DII participation has increased from 15.11% to 14.34% (note: slight dip in absolute terms but higher relative share). The number of public shareholders has grown from 22,442 to 26,079, indicating rising retail interest. There are no signs of promoter pledging or significant exits, and the stable or slightly rising institutional interest, albeit from a small base, suggests improving investor confidence. The broad-based shareholder approval of governance matters further supports a stable ownership narrative.

⚖️ Peer Comparison — Infrastructure Developers & Operators

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LT	5.25 L Cr	31.7	17.8%	18.1%	0.90
RVNL	41,096	45.7	11.2%	9.1%	0.49
ACMESOLAR	29,505	42.6	13.8%	13.4%	2.31
KPIL	23,743	20.9	17.7%	14.5%	0.43
IRB	23,009	21.2	7.6%	4.5%	0.96
CEMPRO	21,248	35.3	31.4%	25.1%	0.40
JNPR	14,896	—	—	—	3.77
ENGINERSIN	14,638	18.7	32.7%	25.7%	0.00
WABAG	12,813	29.8	21.2%	15.3%	0.09
TECHNOE	11,294	26.2	13.7%	10.4%	0.02

🔗 Peer Stock Analyses

LT RVNL ACMESOLAR KPIL IRB

⚠️ Risk Factors

1. Execution risk in scaling up operations under SPML 2.0 remains if order intake slows or project delays occur. 2. Margin sustainability could be pressured by input cost volatility or competitive bidding environments, despite current improvements. 3. Low FII/DII participation may limit liquidity and institutional validation of the growth story. 4. Governance continuity is positive, but reliance on a small group of independent directors for key roles poses concentration risk if key personnel exits.

📋 Recent Filings

🧠 Analyst's Read

SPML Infra is showing early signs of a durable turnaround, with revenue and earnings growth accelerating and margins expanding meaningfully. The company’s ability to convert order wins into profitable revenue, coupled with disciplined capital allocation and governance stability, supports a constructive outlook. Investors should monitor order pipeline updates, margin trajectory, and management’s ability to sustain growth without compromising profitability in the coming quarters.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on SPMLINFRA

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when SPMLINFRA files new disclosures

Track SPMLINFRA filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track SPMLINFRA — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd