SPML Infra Limited , a leading infrastructure development company, has reported stable quarterly results for Q2, while setting ambitious targets for future growth and expansion into the Battery Energy Storage Systems (BESS) sector.

Q2 Financial Highlights

SPML Infra delivered a steady performance in the second quarter:

The company's performance remained consistent with its guided margin range, despite the traditionally slower second quarter for infrastructure companies due to extended monsoons and other seasonal factors.

Order Book and New Projects

SPML Infra has secured significant new orders, strengthening its position in the water infrastructure sector:

• New orders worth Rs 3,772.00 crore across multiple states including Jharkhand, Madhya Pradesh, Rajasthan, and Tamil Nadu
• Current L1 (lowest bidder) position in tenders worth approximately Rs 1,125.00 crore
• Existing order book of around Rs 1,600.00 crore

The company is targeting a total order book of Rs 5,000.00 crore for the current fiscal year, with a focus on fully funded projects that meet its strategic criteria.

Expansion into BESS Sector

In a significant move to diversify its portfolio, SPML Infra is advancing its entry into the Battery Energy Storage Systems (BESS) sector:

• Phase I of a 2.5 GWh BESS manufacturing facility at Pune MIDC is progressing on schedule
• Targeted commissioning by Q1 FY27
• Phase II expansion planned for FY28

The company sees substantial potential in the BESS market, which is projected to reach 236 GWh by 2031-32, representing an investment opportunity of approximately USD 57.00 billion.

Financial Position and Future Outlook

SPML Infra has strengthened its financial footing:

• Bank facilities enhanced from Rs 205.00 crore to Rs 505.00 crore
• Received approval for a Surety Bond from a leading insurance company
• Recognized as a "Stable" firm by ICRA for its financial and banking facilities

The company expects its revenue contribution from new orders to increase significantly in the coming quarters, potentially improving overall profitability due to higher margins on these projects.

Management Commentary

Manoj Digga, Director Commercials & Chief Financial Officer, stated, "The first half of the current fiscal has been a defining period for SPML Infra, reflecting strong order inflows and strategic progress across both our core water and power infrastructure business and the emerging energy storage segment."

He added, "Our focus remains on profitable growth, selective bidding, and strong project execution. This disciplined approach has enabled SPML to sustain healthy margins and strengthen our project mix, building a foundation for long-term growth."

SPML Infra's expansion into the BESS sector, coupled with its strong performance in its core infrastructure business, positions the company for sustained growth in the coming years. As the company executes its order book and capitalizes on new opportunities in water, power, and energy storage, investors will be watching closely to see if SPML Infra can deliver on its ambitious targets.

SPML Infra Limited has successfully completed the allotment of 11,44,436 equity shares to National Asset Reconstruction Company Limited (NARCL) through a debt-to-equity conversion worth Rs. 31.58 crores. The Board of Directors approved the allotment through a Circular Resolution passed on December 31, 2025.

Allotment Details

Regulatory Compliance

The allotment has been undertaken in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended and other applicable rules and regulations prescribed by regulatory or statutory authorities. NARCL, being a non-promoter entity, received the shares on a preferential basis as part of the debt conversion arrangement.

Background and Strategic Context

This allotment was previously announced as part of SPML Infra's efforts to maintain NARCL's 12.5% shareholding in the company, as required under their Master Restructuring Agreement. The conversion was initially planned to be approved at an Extraordinary General Meeting, but has now been executed through board resolution, demonstrating the company's commitment to its restructuring agreement.

Shareholding Impact

With this allotment completed, NARCL's shareholding position in SPML Infra has been maintained as per the restructuring agreement terms. The debt-to-equity conversion helps optimize the company's capital structure while ensuring compliance with the agreed shareholding requirements.

Market Communication

The company has informed both NSE (Scrip Code: SPMLINFRA) and BSE (Scrip Code: 500402) about the allotment completion as per Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Company Secretary Swati Agarwal signed the regulatory filing confirming the allotment details.