SPML Infra Reports Strong FY26 Results, Boosted by New Orders

SPML Infra Limited announced its audited financial results for the fiscal year ending March 31, 2026, showcasing significant growth in both revenue and profitability.

Key Highlights:

• FY26 Revenue: ₹887.86 crore (up 12.64% from FY25)
• FY26 Profit After Tax (PAT): ₹76.25 crore (up 54.73% from FY25)
• Total Outstanding Orderbook: ₹5,369 crore
• New Order Win: ₹1,128 crore (NTPC BESS Project)

What just happened

SPML Infra has reported its audited financial results for the fiscal year 2026 and the fourth quarter. The company saw a substantial increase in its Profit After Tax (PAT) for the full year, which grew by 54.73% to ₹76.25 crore compared to ₹49.28 crore in FY25. Revenue from operations also rose by 12.64% to ₹887.86 crore. The company also secured a significant new order worth ₹1,128 crore from NTPC for a Battery Energy Storage System (BESS) project.

Why this matters

This strong financial performance, particularly the significant jump in PAT and revenue, indicates improved operational efficiency and profitability. The substantial new order from NTPC signals a successful expansion into the growing BESS market, which is crucial for future growth and diversification. The healthy order book provides visibility for future revenue streams.

The backstory

In fiscal year 2025, SPML Infra had reported revenues of ₹788.20 crore and a PAT of ₹49.28 crore. The company has been working on managing its legacy debt, with ₹380 crore outstanding and arbitration awards of ₹627 crore in hand. Promoters have also infused capital, with a preferential allotment of ₹190 crore in FY26.

What changes now

The company's strategic pivot towards new orders, which carry higher margins (10-12%) and shorter execution times (3-4 years), is expected to drive future profitability. The entry into the BESS sector via the NTPC order is a key development. Improved debt management and promoter confidence through capital infusion are positive signs.

Risks to watch

While the outlook is positive, investors will watch the successful execution of new orders and the conversion of arbitration awards into cash to settle legacy debt. Fluctuations in quarterly margins, as seen in Q4FY26 due to one-time costs like legal expenses and provisions, will also be monitored.

Peer comparison

SPML Infra operates in the infrastructure development and construction sector. Its peers include companies involved in power transmission, distribution, and increasingly, renewable energy projects. The company's focus on BESS projects positions it in a segment with significant growth potential, which may differentiate it from peers focused solely on traditional infrastructure.

Context metrics (time-bound)

As of March 31, 2026, SPML Infra's standalone Debt/Equity ratio was 0.40x. The company reported ₹5,369 crore in its total outstanding order book, comprising ₹1,369 crore of legacy orders and ₹4,000 crore of new orders. As of October 2025, the company had arbitration awards totaling ₹627 crore.

What to track next

Investors will be keen to monitor the progress on the NTPC BESS project, the conversion of legacy orders, and the company's ability to manage its debt effectively. Future quarterly results will indicate the sustainability of margin improvements and the impact of the strategic shift towards newer, higher-margin segments.