According to reports from Live Mint, SPML Infra shares rose 2.3% to ₹191 following the company's robust June quarter results. The infrastructure developer reported 74% year-on-year revenue growth to ₹286 crore and an impressive 87% increase in net profit to ₹22.7 crore. EBITDA grew 81% to ₹28.3 crore, with the EBITDA margin improving to 9.9% from 9.5% in the corresponding quarter of the previous year.
Arihant Capital Markets initiated coverage on SPML Infra with a 'Buy' rating and target price of ₹366, implying a potential upside of around 92.6% from the previous closing price of ₹190. As per Arihant Capital, the brokerage believes SPML Infra is entering FY27 with key balance-sheet and funding constraints largely resolved, shifting focus towards execution and order-book conversion. The company expects revenue to more than double by FY28, supported by its ₹5,369 crore order book, while improving margins and stronger financial position could further drive earnings growth.
The company maintains a robust order book of ₹5,369 crore, focusing on sustainable growth through FY27. During the quarter, SPML Infra secured ₹1,293 crore of new orders, further strengthening its medium-term revenue visibility. According to Arihant Capital, around 75% of the order book comprises newer projects secured after 2024, carrying targeted margins of 10-12%, while the balance comprises legacy projects with expected operating margins of 10% or higher. This shift is expected to support structural margin expansion as the lower-margin legacy order book is expected to taper off.
According to Live Mint, the company provided an update on its Battery Energy Storage Systems (BESS) manufacturing facility at SUPA MIDC, Pune. SPML Infra has completed Phase 1 of its 2.5 GWh assembly line, while IEC/UL certifications are currently underway for battery packs to be supplied against the company's NTPC order. The facility is planned to scale up to 5 GWh, along with an annual container manufacturing capacity of 600 units, by H1 FY28, with billing targeted for Q4 subject to necessary approvals. The company is also expanding into BESS backed by a ₹1,128-crore NTPC order.
The company's financial position has improved significantly, with consolidated borrowings declining to ₹358 crore while net worth increased to ₹948 crore in FY26. Debt-to-equity improved to 0.38x, with CRISIL and ICRA upgrading the company to BBB (Stable) rating. According to latest market data, SPML Infra shares opened at ₹194.80 on Monday, touching an intraday high of ₹196.05 and low of ₹187.20. The stock has gained 3.68% over the past week and 3.71% in six months, though it declined 2.24% over the past month. Renowned investor Vijay Kedia, through his brokerage firm Kedia Securities Private Limited, held a 1.77% stake at the end of June 2026 quarter, with his wife Manju Kedia participating in the company's ₹190-crore fundraising exercise.
