SPML Infra Limited, a prominent player in India's infrastructure sector, has announced significant leadership changes subject to shareholder approval through a postal ballot. The company is seeking votes on three crucial resolutions that could reshape its top management and board composition.

Abhinandan Sethi Proposed as New Managing Director

The first resolution proposes the appointment of Mr. Abhinandan Sethi as the Managing Director for a five-year term from September 3, 2025, to September 2, 2030. Mr. Sethi, currently serving as the Chief Operating Officer, is set to take on a more pivotal role in steering the company's future. His proposed remuneration package includes:

• Fixed CTC: Rs. 2.00 crore per annum
• Variable Pay: 1% of the Net Profit if it exceeds the previous year's figure
• Additional perquisites including club fees, leave travel concession, and other standard benefits

Mr. Sethi, an alumnus of Boston University and London Business School, brings 14 years of experience to the role. He has been instrumental in shaping SPML Infra's strategic business and financial plans, overseeing project management, and driving the company's expansion into emerging sectors like Battery Energy Storage Systems (BESS).

Subhash Chand Sethi's Role Transition

The second resolution proposes changing Mr. Subhash Chand Sethi's designation from Chairman and Whole Time Director to Non-Executive Chairman and Director, effective September 3, 2025. Mr. Sethi, a veteran with 44 years of experience, has expressed his desire to transition into a strategic advisory role, focusing on mentoring the management team and guiding critical areas such as arbitration and claims settlement.

Notably, Mr. Subhash Chand Sethi has voluntarily waived his entitlement to remuneration and sitting fees for the upcoming year, considering it's the first year of the company's revival.

Appointment of Independent Director

The third resolution seeks approval for the appointment of Mr. Rajeev Kumar Jain as an Independent Director for a one-year term from September 3, 2025, to September 2, 2026. Mr. Jain, a distinguished civil servant from the 1991 batch of the Indian Information Service, brings over 33 years of experience as a communications specialist and media strategist.

E-Voting Details

SPML Infra has opened the e-voting period from September 12, 2025, to October 11, 2025, allowing shareholders to cast their votes on these resolutions. The company has appointed Mr. Tumul Maheshwari, a Practising Company Secretary, as the scrutinizer to ensure a fair and transparent voting process.

These proposed changes come at a crucial time for SPML Infra as it navigates through its revival phase and aims to strengthen its position in the infrastructure sector. The outcome of this postal ballot could significantly influence the company's strategic direction and governance structure in the coming years.

Shareholders are encouraged to review the detailed postal ballot notice and cast their votes before the deadline to participate in these important corporate decisions.

SPML Infra Limited , a leading infrastructure development company, reported mixed results for the first quarter, with revenue declining but margins improving. The company also announced significant developments in its Battery Energy Storage Systems (BESS) business and a robust order book in its core water infrastructure segment.

Q1 Financial Performance

SPML Infra reported a revenue of Rs. 172.90 crore for Q1, down from Rs. 200.70 crore in the previous quarter. Despite the revenue decline, the company saw improvements in profitability:

The company attributed the softer performance to heavy rainfall impacting project execution.

Strong Order Book and Future Outlook

SPML Infra's order book stands at Rs. 4,500.00 crore, including Rs. 2,500.00 crore in new orders. The company expects to convert Rs. 2,200.00 crore worth of L1 positions by October. Notable recent wins include:

• Rs. 1,073.00 crore project from Indore Municipal Corporation for water supply system augmentation
• Rs. 385.00 crore project in Kekri, Rajasthan
• Rs. 254.00 crore JV project in Chennai

The company is targeting annual order inflows of Rs. 4,000.00-5,000.00 crore, focusing on high-margin projects with full funding visibility.

Entry into Battery Energy Storage Systems (BESS)

In a significant strategic move, SPML Infra is entering the Battery Energy Storage Systems market:

• Partnership with Energy Vault, a NASDAQ-listed US company
• Setting up a manufacturing facility in Pune MIDC
• Initial capacity of 2.5 GW planned by Q1 FY27, expandable to 5 GW
• Total investment of Rs. 175.00 crore, funded through preferential allotment and internal accruals

The company expects the BESS segment to contribute significantly to revenues from FY27 onwards, aiming for equal revenue contribution from water and power segments by 2029-30.

Management Commentary

Manoj Digga, Director Commercials & Chief Financial Officer, stated, "We have entered the new fiscal year on a strong footing both operationally and strategically. The momentum built over Financial Year 2025 has continued into this quarter, and we are happy with the progress across order inflow, execution, balance sheet strengthening, and new opportunities."

Debt Resolution and Financial Position

The company's current debt stands at approximately Rs. 407.00 crore, payable over 6 years. This debt is backed by arbitration awards amounting to Rs. 636.00 crore and additional claims totaling Rs. 4,609.00 crore. SPML Infra has already repaid Rs. 23.00 crore ahead of scheduled timelines to NARCL and plans to continue this practice.

Conclusion

Despite a temporary setback in Q1 revenues, SPML Infra's strong order book, strategic entry into the BESS market, and focus on high-margin projects position it well for future growth. The company's diversification into the energy storage sector, coupled with its established presence in water infrastructure, presents a balanced growth strategy aligned with India's infrastructure development needs.