SPML Infra Limited reported a profit after tax (PAT) of ₹76.25 crore for the financial year ended March 31, 2026, a 55% increase from ₹49.28 crore in the previous year. Revenue from operations for FY26 stood at ₹887.86 crore, up from ₹788.2 crore in FY25. The company's strong performance was supported by a robust order book and strategic entry into the battery energy storage system (BESS) sector. The statutory auditors, M/s. Maheshwari & Associates, issued an audit report with an unmodified opinion on the standalone and consolidated financial statements.

Financial Performance

The company recorded a total income of ₹887.86 crore for FY26, while EBITDA rose to ₹86.37 crore from ₹62.89 crore in the prior year. Earnings per share (EPS) for the year increased to ₹10.36 on a basic basis from ₹7.61 in FY25. The table below summarises the full-year standalone financial performance:

Q4 Standalone Performance

For the quarter ended March 31, 2026, SPML Infra delivered a strong year-on-year improvement across key metrics. Revenue from operations stood at ₹293.9 crore, compared to ₹191.93 crore in the same quarter of the previous year. Net profit came in at ₹28.37 crore versus ₹11.81 crore in the year-ago period. EBITDA for the quarter was ₹24.65 crore against ₹13.66 crore previously. The table below captures the Q4 standalone performance at a glance:

Order Book and New Wins

The company reported an outstanding order book of ₹5,369 crore as of March 31, 2026, comprising ₹4,000 crore in new orders and ₹1,369 crore in legacy orders. Recent strategic wins include a ₹1,128 crore BESS order from NTPC for a 250 MW / 1,000 MWh project at Baruni, Bihar. Other significant orders include water supply projects under the Jal Jeevan Mission and AMRUT 2.0 in Rajasthan, Madhya Pradesh, and Tamil Nadu. The new orders are expected to improve blended margins to 10-12% with execution speeds of 3-4 years.

Debt Reduction and Financial Health

SPML Infra significantly reduced its total debt from ₹700 crore to ₹380 crore, with the balance repayable amount backed by arbitration awards of ₹627 crore. The company's net-worth strengthened to ₹999 crore in FY26 from ₹819 crore in FY25, while the debt-equity ratio declined to 0.4x from 0.5x. The promoters infused ₹275 crore through preferential allotments, including a recent ₹190 crore raise, demonstrating confidence in the business. ICRA assigned a credit rating of [ICRA] BBB-(Stable) to the company's long-term fund-based and non-fund-based facilities.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE937A01023/1734a696ce3047e6.pdf

SPML Infra Limited has complied with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial year ended March 31, 2026. A secretarial audit report by MT & Co., Company Secretaries, confirmed the listed entity's adherence to regulations including the SEBI Act, 1992, and the Securities Contracts (Regulation) Act, 1956. The report noted that no action was taken by SEBI or Stock Exchanges against the entity, its promoters, or directors during the review period.

The report addressed deviations observed in previous periods regarding the constitution of board committees. Specifically, there was non-compliance with the proper constitution of the nomination and remuneration committee and the stakeholder relationship committee during Q2 and Q3. These lapses persisted for a total period of 32 days. While potential fines were initially quantified, the Stock Exchanges accepted waiver requests submitted by the company, resulting in no fine or penalty being imposed.

Compliance Status and Governance

The company confirmed compliance with various governance requirements during the review period. The status of key compliance parameters is detailed below:

Additional Disclosures

The report confirmed that no additional non-compliances were observed for any SEBI regulation or circular during FY26. The company is in charge of the upkeep of the Structured Digital Database. Furthermore, SPML Infra Limited complied with the disclosure requirements for Employee Benefit Scheme Documents under Regulation 46(2)(za) of the LODR Regulations, specifically regarding the Employee Stock Option Scheme 2021.

The audit scope did not include verification of financial records or an expression of opinion on the future viability of the entity. The report is intended solely for compliance purposes under Regulation 24A(2) of the SEBI LODR Regulations, 2015.