SPML Infra Q1FY27 net profit rises 87% to ₹22.7 crore
SPML Infra delivered strong Q1FY27 results with net profit rising 87% YoY to ₹22.7 crore on 74% revenue growth. The order book reached ₹5,094 crore with improved quality, and credit ratings were upgraded to BBB (Stable).
*this image is generated using AI for illustrative purposes only.
SPML Infra reported robust financial performance for the first quarter of FY27, with revenue surging 74% year-on-year to ₹286 crore and net profit jumping 87% to ₹22.7 crore. The Kolkata-based infrastructure developer attributed the growth to accelerated execution of projects secured under its SPML 2.0 transformation strategy, marking a significant shift from order acquisition to revenue realization.
Financial Highlights
The company’s operating efficiency also improved during the period. EBITDA grew 81% year-on-year to ₹28 crore, while the EBITDA margin expanded to 9.9% from 9.5% in the corresponding quarter of FY26. This margin improvement reflects a better project mix and disciplined execution. On a quarter-on-quarter basis, revenue remained largely flat, while EBITDA improved 17% over Q4FY26. The decline in PAT by 20% QoQ was primarily due to a one-time tax reversal in Q4FY26.
| Metric | Q1FY27 | YoY Change |
|---|---|---|
| Revenue | ₹286 crore | +74% |
| EBITDA | ₹28 crore | +81% |
| EBITDA Margin | 9.9% | +40 bps |
| Net Profit (PAT) | ₹22.7 crore | +87% |
Order Book and Inflow
SPML Infra secured ₹1,293 crore in new orders during Q1FY27, reinforcing its medium-term revenue visibility. The total order book now stands at approximately ₹5,094 crore. A key structural improvement is visible in the order book quality: only about ₹1,251 crore relates to legacy projects, while the remainder consists of newer projects with expected operating margins of 10% or higher. Additionally, the company is the lowest bidder (L1) in projects aggregating approximately ₹212 crore. Management expressed confidence in surpassing its guidance of more than ₹5,000 crore in order intake for the current financial year.
What the Numbers Show
The divergence between revenue growth (74%) and net profit growth (87%) highlights an operating leverage effect. As fixed costs are absorbed by higher volumes, profitability is outpacing top-line growth. Furthermore, the significant reduction in legacy project exposure within the order book suggests that future earnings will be less volatile and more margin-accretive compared to historical performance. The company has adopted a strict strategy of not accepting orders with margins below 10%, ensuring consistent profitability across new acquisitions.
BESS Manufacturing and Balance Sheet
Progress continues in the Battery Energy Storage Systems (BESS) segment. Phase 1 of the 2.5 GWh assembly line at SUPA MIDC, Pune, is complete, with IEC/UL certifications underway for battery packs destined for an NTPC order. The company targets billing in Q4FY27, subject to approvals, and plans to scale capacity to 5 GWh by H1FY28. Management estimates potential BESS revenue of ₹200 crore to ₹300 crore in the current financial year if approvals proceed as scheduled. The exclusive technology partnership with Energy Vault provides a competitive advantage in grid-scale storage solutions.
On the balance sheet, SPML Infra has repaid ₹325 crore of its approximately ₹700 crore outstanding obligation. The remaining ₹375 crore is fully backed by an arbitration award of roughly ₹678 crore, along with accumulating interest. The company also holds arbitration claims of approximately ₹4,526 crore. Promoters have infused approximately ₹400 crore over the last three years, helping the net worth double from approximately ₹500 crore to over ₹1,000 crore, while the debt-to-equity ratio improved from 1.1x to 0.4x.
Credit Ratings and Call Details
Reflecting these financial improvements, ICRA upgraded SPML Infra’s long-term credit rating to BBB (Stable), while CRISIL assigned a BBB (Stable) rating to the company’s credit facilities. The company has enhanced its credit facility from ₹505 crore to ₹860 crore from reputed PSU banks. Management has maintained its guidance for minimum 25% growth in FY27.
The company concluded its earnings conference call with analysts and institutional investors on August 17, 2026, to discuss these un-audited financial results.
Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE937A01023/cba78308-22fb-4c0e-b941-ef56fcc6027a.pdf
Historical Stock Returns for SPML Infra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.28% | -7.64% | -9.39% | +2.31% | -37.27% | +1,501.38% |
How will the successful certification and billing of the NTPC BESS order in Q4FY27 impact SPML Infra's revenue mix and margin profile in FY28?
What specific execution risks remain for the ₹5,094 crore order book, particularly regarding the transition from legacy projects to high-margin new acquisitions?
Will the improved debt-to-equity ratio of 0.4x enable SPML Infra to pursue aggressive inorganic growth opportunities or further expand its BESS manufacturing capacity beyond 5 GWh?
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