AI-generated · cited to primary sources · not investment advice
SPML Infra (500402) Feb 2026 Filing Analysis
Does management do what it says?
The company raised significantly more than the anticipated 100 crores through the preferential allotment process which included promoter contributions. (1 exceeded across 1 tracked commitment)
“Further, the company is expecting more than INR100 crores latest by 22nd April '26 from conversion of warrants which will improve the liquidity further.”
Recent quarterly performance shows the company is successfully hitting the 10% EBITDA margin threshold on a standalone basis. (1 met across 1 tracked commitment)
“So for all our new project including the BESS and power and water, you can consider 10% minimum as our margin.”
The company successfully obtained an investment-grade credit rating of [ICRA] BBB- (Stable) for its credit facilities. (4 met, 1 in progress across 5 tracked commitments)
“The residual around INR383 crores payable to NARCL is spread over 6 years and is expected to be fully settled through existing arbitration awards in hand of INR621 crores”
Targeting 25% to 30% revenue growth and 40% to 50% PAT growth for FY'26. — target: 25%-30% revenue growth, 40%-50% PAT growth (+4 more commitments)
“we remain well positioned to meet our full year growth for FY '26 and around 25% to 30% on the revenue and approximately 40% to 50% on the PAT.”
See the full cited Management analysis of SPML Infra
What could break the thesis?
The risk is easing as Q3 FY26 revenue (Rs. 231.1 Cr) shows growth over both Q3 FY25 and Q2 FY26, and EBITDA margins have improved significantly to 11.4%. (1 easing)
“Revenue (Rs. Cr) Q3FY26 231.1... EBITDA Margins (%) Q3FY26 11.4%”
See the full cited Risk analysis of SPML Infra
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