SPML Infra Limited reported strong financial performance for Q3 FY26, demonstrating significant growth across key metrics during its earnings conference call held on February 17, 2026. The infrastructure company, with over 45 years of experience and 700+ milestone projects, continues its transition to SPML 2.0 focused on disciplined growth and higher margin opportunities.

Financial Performance Highlights

The company delivered robust quarterly results with substantial year-on-year improvements across all major financial parameters.

For the nine months of FY26, SPML Infra achieved stand-alone revenue of ₹594 crores with EBITDA of ₹62 crores, translating to margins of 10.4%. PAT stood at ₹48 crores with margins of 8.0%.

Strong Order Book and Business Pipeline

SPML Infra witnessed strong order momentum during 9M FY26, securing fresh order inflows of ₹4,324 crores across water projects in Jharkhand, Madhya Pradesh, Rajasthan, and Tamil Nadu. This figure represents total project value including orders awarded through joint ventures.

The company has bid for tenders worth approximately ₹8,000 crores in Q3 and Q4 across water, BESS, and power segments. Management highlighted a total estimated opportunity size of approximately ₹5.7 lakh crores across various markets including Maharashtra, Madhya Pradesh, Jharkhand, Bihar, and Kerala.

BESS Manufacturing Facility Progress

SPML Infra is strategically positioned in the Battery Energy Storage System segment with its 2.5 gigawatt phase one manufacturing facility at Supa MIDC Pune. The facility construction is progressing as planned with structural framework currently being erected. Machinery is expected to arrive in February and March 2026, with commissioning to commence in a phased manner.

The company is actively bidding for BESS opportunities with visible pipeline of approximately ₹9,000 crores over the next 6 to 12 months. India's battery energy storage capacity is projected at 236 gigawatts by FY32, translating into a $57 billion market opportunity.

Improved Financial Position and Credit Profile

SPML Infra has meaningfully strengthened its financial position with steady progress on de-leveraging. The company repaid around ₹317 crores of debt over the last 2 years, including ₹47 crores of prepayment. The residual ₹383 crores payable to NARCL is spread over 6 years.

The company expects sizeable cash flow after payment of agreed NARCL debt, which can be utilized for future growth. Credit profile was reaffirmed as stable by ICRA with further ratings under review.

Management Guidance and Outlook

For FY26, management provided guidance of 25% to 30% revenue growth and approximately 40% to 50% PAT growth. The completion of legacy lower margin projects and increasing contribution from higher margin new orders has begun to lift profitability. Most recently awarded projects have secured required design and drawing approvals, providing clear visibility on revenue recognition going forward.

The company maintains its disciplined approach of not accepting any business with margins less than 10%, whether in BESS, power substation, or water segments. With significant portion of projects entering billing phase and execution momentum accelerating, SPML Infra is confident of delivering strong Q4 performance.

SPML Infra Limited has announced the allotment of 5,60,000 equity shares through the exercise of warrants, as approved by its Board of Directors through a Circular Resolution on February 17, 2026. The company informed the stock exchanges about this development in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Share Allotment Details

The allotment involves the conversion of 5,60,000 warrants into an equal number of equity shares. The key parameters of this allotment are structured as follows:

Regulatory Compliance

The share allotment has been undertaken on a preferential basis to Niral Enterprises Pvt Ltd, which is identified as a promoter group entity of SPML Infra Limited. The company has ensured full compliance with regulatory requirements for this transaction.

The allotment process adheres to the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, along with other applicable rules and regulations prescribed by regulatory and statutory authorities. This compliance framework ensures that the preferential allotment meets all necessary legal and procedural requirements.

Financial Impact

The warrant conversion will result in an infusion of funds into the company. With 5,60,000 shares allotted at Rs. 215.00 per share, this transaction represents a significant capital raising exercise through the promoter group route.

The substantial premium of Rs. 213.00 per share over the face value of Rs. 2.00 indicates the market valuation at which these shares have been allotted. This preferential allotment to the promoter group entity demonstrates continued confidence and commitment from the company's promoters.