Key Metrics of Spml Infra Limited
About Spml Infra Limited
Sectors
Company details
- Registered office
- 22, Camac Street Block-a, 3rd Floor, Kolkata, West Bengal, India, Park Street, Kolkata, Kolkata, Wes, Kolkata, In-wb, 700016
- Listed
- NSE: SPMLINFRA · ₹131.16
Operational Areas of Spml Infra Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 03 Jul 2026 (from BBB-)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 03 Jul 2026 | ICRA | Upgraded (from BBB-) | BBB | A3+ | Stable | ₹1,595 Cr | View |
| 17 Feb 2015 | CARE | Withdrawn | — | — | — | ₹2,686 Cr | View |
| 17 Feb 2014 | CARE | Reaffirmed | BB+ | A4+ | — | ₹2,686 Cr | View |
| 29 Mar 2013 | CARE | Revised (from BBB-) | BB+ | A4+ | — | ₹2,832 Cr | View |
| 16 May 2011 | CARE | Other | — | — | — | — | View |
Credit strengths (ICRA, Jul 2026)
+ Established track record of over four decades in the EPC of water segment
SPML has an established track record of over four decades in the execution of water distribution projects, along with its demonstrated capability to undertake large and complex projects across diverse geographies.
+ Sizeable equity infusion to support the working capital requirements for taking new projects
SPML’s promoters have infused Rs. 2 93 crore from October 2024 through preference shares/warrant proceeds, which includes balance infusion of Rs. 82 crore in April 2026.
+ Improved profitability margins supported by execution of new orders
The core operating profitability margins (adjusted for arbitration income and interest) improved in FY2026, driven by the higher contribution from the recently secured high-margin orders, which has largely offset the impact of legacy projects, characterised by low margins, absence of billing from new projects in the earlier periods and elevated fixed overhead costs.
Credit challenges
− Stretched working capital position with large arbitration awards pending; risk of BG invocation
The company’s working capital profile is stretched, reflected in elevated receivables with Rs. 532.35 crore of debtors pending under arbitration and other legal cases as on March 31, 2026 .
Could lead to an upgrade
The ratings could be upgraded in case the company demonstrates material improvement in profitability, along with healthy revenue visibility while maintaining comfortable debt coverage metrics and
Could lead to a downgrade
The ratings could be downgraded if there is sustained pressure on earnings, which could impact the debt coverage metrics. Weakening in
Agency-reported financials (ICRA, 03 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹731 Cr | ₹829 Cr |
| PAT | ₹49.30 Cr | ₹76.20 Cr |
| OPBDIT/OI | 0.8% | 4.3% |
| PAT/OI | 6.7% | 9.2% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.10× |
| Total debt/OPBDIT (times) | 90.10× | 12.00× |
| Interest coverage (times) | 1.40× | 4.50× |
| Revenue growth (YoY) | — | 13.4% |
| EBITDA (margin × income) | ₹5.85 Cr | ₹35.66 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹527 Cr | ₹428 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹4.18 Cr | ₹7.92 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Bank facilities Ratings1 Remarks Long-term Bank Facilities | Working capital & bank lines | — | ₹2,236 Cr | — | BB+ | Reaffirmed | CARE |
| Short-term Bank Facilities | Working capital & bank lines | — | ₹450 Cr | — | A4+ | Reaffirmed | CARE |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 17 Feb 2015 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 19% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 19% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 4.5×
Rated limits by facility
Timeline
From the report
July 03, 2026 SPML Infra Limited: Ratings upgraded and assigned for enhanced amount Summary of rating action Previous rated Current rated Instrument* amount amount Rating action (Rs. crore) (Rs. crore) [ICRA]BBB (Stable);
From the report
The ratings factor in ICRA’s expectation of sustained improvement in operating performance, supported by the execution of a sizeable order book position of around Rs. 2,970 crore of own orders as on May 31, 2026, and strengthening of the net worth base with impeding proceeds of recently issued preference shares of Rs. 183 crore in April 2026.
From the report
The ratings are, however, constrained by the project execution risks, with significant capex of around Rs. 238 crore to be incurred by the end of FY2027 towards establishment of a 5-GWh Battery Energy Storage System (BESS) manufacturing facility in Pune, of which Rs. 100 crore of capex is already incurred as on date from the funds infused by Promoters.
From the report
Sizeable equity infusion to support the working capital requirements for taking new projects – SPML’s promoters have infused Rs. 2 93 crore from October 2024 through preference shares/warrant proceeds, which includes balance infusion of Rs. 82 crore in April 2026.
From the report
Liquidity position: Adequate The company’s liquidity position remains adequate with free cash balances amounting to Rs. 54.19 crore as on March 31, 2026.
From the report
Further, the liquidity position has improved by the receipt of balance Rs. 82 crore in April 2026 from the warrants raised in October 2024.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Spml Infra Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
| Tamil Nadu Power Distribution Corporation Limited | Power Generation & Utilities · Oil, Gas & Energy | — | — | Tamil Nadu, India |
 Adani Power |
Part of Adani Group. | adanipower.com | 1996 | Ahmedabad, India |
| Power Generation & Utilities · Oil, Gas & Energy | powergridindia.com | 1989 | New Delhi, India | |
| Discovered Companies · Other Industries | torrentpower.com | 1996 | Ahmedabad, India | |
 Adani Energy Solutions |
Part of Adani Group. | adanienergysolutions.com | 2013 | Ahmedabad, India |
| Outlets operated by Gujarat Energy. | gujarat-energy.com | — | Gandhinagar, Gujarat, India | |
| Power Generation & Utilities · Oil, Gas & Energy | cesc.co.in | — | Kolkata, India | |
| Tata Power Delhi Distribution Limited | Power Generation & Utilities · Oil, Gas & Energy | — | 2002 | Delhi, India |
 Reliance Power |
Power Generation & Utilities · Oil, Gas & Energy | reliancepower.co.in/home.htm | 1995 | Mumbai, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.