SPML Infra Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript SPML Infra Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SPML Infra reported Q4 FY26 revenue of INR293.9 crores, up 53% year-on-year, with EBITDA of INR25 crores at an 8.4% margin and PAT of INR28 crores, up 140% year-on-year. For the full year, revenue grew 13% to INR868 crores, EBITDA rose 37% to INR86 crores at a 9.7% margin, and PAT increased 55% to INR76 crores. Management attributed the quarter's lower margin to one-time legal and consultancy costs, a non-cash expected credit loss provision, and bank limit mobilization costs, and discussed order book, NARCL debt repayment, and BESS manufacturing plans.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR293.9 crores (Q4 FY26)
p. 5
“revenue rise 53% year-on-year and 27% Q-on-Q to INR293.9 crores”
Manoj Digga, page 5 of the filed PDF · View the filing
EBITDA: INR25 crores, 8.4% margin (Q4 FY26)
p. 5
“EBITDA was reported at INR25 crores with a margin of 8.4%, while PAT increased 140% year-on-year INR28 crores.”
Manoj Digga, page 5 of the filed PDF · View the filing
Revenue: INR868 crores (FY26)
p. 6
“Revenue grew 13% year-on-year, INR868 crores driven by strong execution and healthy projected momentum.”
Manoj Digga, page 6 of the filed PDF · View the filing
EBITDA: INR86 crores, 9.7% margin (FY26)
p. 6
“EBITDA increased 37% to INR86 crores with margin of 9.7%, while PAT rose 55% year-on-year to INR76 crores”
Manoj Digga, page 6 of the filed PDF · View the filing
Order book: INR5,369 crores (entering Q4 FY26)
p. 4
“Our consolidated order book entering Q4 2000 financial year stood at INR5,369 crores, comprising around INR4,000 crores of new projects and INR1,369 crores of legacy orders.”
Manoj Digga, page 4 of the filed PDF · View the filing
New project orders secured since FY25: INR4,280 crores (since FY25)
p. 4
“SPML secured over INR4,280 crores, including SPML shares in JV in new project orders since financial year 2025”
Manoj Digga, page 4 of the filed PDF · View the filing
Total capital raised: INR476 crores (since May 2024)
p. 5
“The company has raised INR476 crores since May 2024, of which the total promoter contribution is INR313.5 crores.”
Manoj Digga, page 5 of the filed PDF · View the filing
NARCL outstanding balance: INR380 crores (as on 31st March 2026)
p. 6
“The total outstanding balance with NARCL, inclusive of interest as on 31st March was INR380 crores against the agreed INR700 crores.”
Manoj Digga, page 6 of the filed PDF · View the filing
Debt-to-equity ratio: 0.4x (FY26)
p. 7
“our debt-to-equity ratio increased to 0.4x. Net debt-to EBITDA improves to 4.41 and ROE improves to 8%”
Manoj Digga, page 7 of the filed PDF · View the filing
Trade receivables: INR417.50 crores (FY26)
p. 6
“current trade receivable has moved up from INR299.55 crores to INR417.50 crores, which includes debtors of INR137 crores, which are back-to-back contracts”
Manoj Digga, page 6 of the filed PDF · View the filing
Surety bond exposure: INR305 crores (as on date)
p. 7
“The overall surety bond exposure at very favourable terms at a very low margin is INR305 crores as on date.”
Manoj Digga, page 7 of the filed PDF · View the filing
BESS capex: INR200 crores plus INR35 crores container facility
p. 16
“all practical, you can say INR200 crores is for our BESS capex and INR35 crores is our container facility”
Manoj Digga, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue and margin growth — more than 25% · FY27
stated firmly by Manoj Digga
p. 7
“the company is quite hopeful of achieving reasonable growth of more than 25% in financial year '27 at both the top line and margin level and expected this growth momentum to continue in the subsequent years.”
Manoj Digga, page 7 of the filed PDF · View the filing
BESS assembly line commissioning — 2.5 gigawatt facility operational · by end of June 2026
stated firmly by Manoj Digga
p. 5
“The company is expected to commence operation of 2.5 gigawatt BESS assembly line manufacturing facility at Supa MIDC Pune by the end of June 2026.”
Manoj Digga, page 5 of the filed PDF · View the filing
BESS capacity expansion — 5 gigawatts and 600 containerized BESS units · by end of this year
stated firmly by Manoj Digga
p. 5
“The capacity is further planned to be expanded to 5 gigawatts, along with the production of 600 containerized BESS units by the end of this year.”
Manoj Digga, page 5 of the filed PDF · View the filing
Water and power revenue mix — 50% water, 50% power · by 2029-'30
stated as an aspiration by Manoj Digga
p. 10
“we are thinking that by 2029-'30, our water and power volume will be 50%”
Manoj Digga, page 10 of the filed PDF · View the filing
Water order book target — INR5,000 crores total including JV, INR2,500-3,000 crores net · this year
stated firmly by Manoj Digga
p. 15
“This year also, our target should be the INR5,000 crores, where our orders should be INR2,500 crores to INR3,000 crores or more than that.”
Manoj Digga, page 15 of the filed PDF · View the filing
NARCL repayment — minimum INR45 crores · current financial year
stated firmly by Manoj Digga
p. 6
“the company further plans to pay a minimum of INR45 crores in the current financial year, which will make the 2027-'28 liability almost negligible.”
Manoj Digga, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the shortfall to fund availability timing near year-end and said margins would improve as new higher-margin orders' share increases.
Answered by Manoj Digga
Asked by Kamal Jeswani: Why was there a revenue shortfall versus the INR900-1000 crore guidance and what is the outlook for margins and H1 revenue?
p. 8
“there were some -- one is the March year-end pressure was there.”
Manoj Digga, page 8 of the filed PDF · View the filing
Management said the shortfall was due to cautious execution pacing linked to customer fund availability, with about INR50-100 crores expected to spill into the current year.
Answered by Manoj Digga
Asked by Hemant: Why did the company miss its FY26 revenue guidance and will there be spillover into Q1?
p. 10
“So that's only the movement of roughly around INR50 crores to INR100 crores, which will be added into the current financial year of the last year sorted.”
Manoj Digga, page 10 of the filed PDF · View the filing
Management said both EPC and OEM business would be done at a minimum of 10% margin, with OEM having a faster turnaround.
Answered by Manoj Digga
Asked by Hardik Gandhi: What margin difference exists between EPC and OEM BESS business?
p. 12
“EPC also, we will do 10%. OEM also, we will do a minimum 10%. OEM, the turnaround will be fast. EPC, the turnaround will be slightly longer.”
Manoj Digga, page 12 of the filed PDF · View the filing
Management said the new Labor Code had already been factored into accounts and no labor availability issues were being faced.
Answered by Manoj Digga
Asked by Saket Kapoor: How is the company managing labor availability and cost risk under the new Labor Code?
p. 12
“we don't have any impact on the cost because of the new Labor Code system.”
Manoj Digga, page 12 of the filed PDF · View the filing
Management said Jal Jeevan Mission payments had been delayed due to verification but were normalizing, with no funding issues in AMRUT, NABARD or World Bank-funded projects.
Answered by Manoj Digga
Asked by Saket Kapoor: Is government funding for Jal Jeevan Mission and other water schemes reliable given reported payment delays?
p. 13
“The backlog of the Jal Jeevan Mission is slowly and gradually is coming back to the normal.”
Manoj Digga, page 13 of the filed PDF · View the filing
Management explained repayments are linked to arbitration award receipts, with sufficient awards and claims in hand to cover remaining NARCL dues.
Answered by Manoj Digga
Asked by Kamal Jaswani: What is the NARCL repayment schedule and how is it funded?
p. 19
“almost for all practical purpose, my cash flow is fully free for our growth purpose.”
Manoj Digga, page 19 of the filed PDF · View the filing
Management stated the accumulated loss available for tax shield is over INR500 crores.
Answered by Manoj Digga
Asked by Deepak Sharma: What is the value of the company's accumulated tax loss shield?
p. 19
“It is more than INR500 crores.”
Manoj Digga, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict in West Asia causing elevated crude prices and supply chain disruption
p. 3
“the growing conflict in the West Asia has created genuine headwinds of elevated crude price and supply chain disruption”
Manoj Digga, page 3 of the filed PDF · View the filing
Revenue execution pace constrained by customer fund availability, particularly in March due to West Asia conflict
p. 6
“which was significant slightly constrained in March due to ongoing West Asia award”
Manoj Digga, page 6 of the filed PDF · View the filing
One-time increase in legal and consultancy costs related to arbitration and non-cash credit loss provision affecting margin
p. 5
“This quarter's EBITDA margin is affected by onetime increase in legal and consultancy costs related to our arbitration matter in non-cash regulatory provision for expected credit loss as per the Ind AS requirement and bank limit mobilization costs.”
Manoj Digga, page 5 of the filed PDF · View the filing
Increased competition in the BESS segment from new entrants
p. 8
“although there are a lot of players who came into the BESS”
Manoj Digga, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.