Spml Infra Limited (SPMLINFRA)

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Spml Infra Limited (SPMLINFRA) · mywealthgrid

About

Spml Infra Limited is a mid-cap civil construction company with ₹1,604 Cr market cap. Recent quarterly revenues of ₹280–290 Cr show the company operating at scale on active infrastructure projects, though it has experienced significant stock underperformance over the past year.

Face value: ₹2

Market cap

₹1,341 Cr

P/E

15.7×

P/B

1.4×

Dividend yield

ROE

8.7%

ROCE

5.7%

Debt / equity

0.37

OPM

7.6%

EPS (TTM)

₹10.3

Book value

₹114.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM swung from 4.69% (Sep 2025) to 10.85% (Dec 2025)—verify whether from project mix shifts, execution pace, or contract type differences

Revenue momentum stalled: Jun 2026 revenue fell 2.2% to ₹284.28 Cr from Mar 2026's ₹290.51 Cr—verify whether seasonal or reflects slower order intake

Stock significantly underperformed: down 36% from 52-week high of ₹297.95, with ROE of only 8.69%—verify if valuation reflects deteriorating fundamentals or market correction

Minimal institutional coverage: FII 0.33% and combined FII+DII 14.67% may signal weak analyst interest in order visibility

Generated analysis · source review pending

Growth drivers

Revenue grew 54% from Sep 2025 (₹187.76 Cr) to Mar 2026 (₹290.51 Cr), demonstrating execution capability at increasing project scale

Net profit scaled from ₹15.25 Cr (Sep 2025) to ₹28.37 Cr (Mar 2026), indicating operational leverage during revenue expansion

Conservative D/E ratio of 0.37 leaves room for working capital leverage or bid advances if order intake accelerates

Infrastructure sector tailwind from government spending—verify company's share of tender wins in roads, railways, or metro segments

Generated analysis · source review pending

2,509 historical price candles were omitted because the exchange source has not been verified.

₹159.3-1.7%1Y

Quick read

rule-based

Pros

+Profit CAGR of 476.4% over the last 3 years
+Comfortable interest coverage of 10.5×

Cons

−Low return on equity of 4.9% (3-yr avg)
−Thin operating margin of 7.6%
−Modest revenue growth of 4.9% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

61/100

Business quality: 35
Growth: 75
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,012	1,706	683	952	883	1,319	771	868
COGS	—	1,468	553	840	770	1,020	663	718
Gross profit	—	239	130	112	113	299	108	151
	1,843	158	136	106	84	285	65	85
	169	81	-7	6	29	14	43	65
OPM %	8.4%	4.7%	-1%	0.7%	3.3%	1.1%	5.6%	7.5%
Depreciation	11	11	6	4	3	2	1	2
Interest	161	157	67	33	50	57	39	8
	65	109	-43	29	28	45	53	19
Profit before tax	65	21	-122	-1	3	-0	57	75
Tax	25	15	-5	-1	3	1	9	0
Tax %	38.5%	68.8%	-3.7%	-88.9%	88.7%	600%	15.2%	0%
	40	7	-118	-0	0	-2	48	75
PAT margin %	2%	0.4%	-17.3%	-0%	0%	-0.1%	6.2%	8.6%
EPS (₹)	—	1.8	-32	0.1	0.1	-1.4	7.6	10.1
EPS adjusted (₹)	9.7	-1	-28.8	-0	0.1	-1.3	6.3	9
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	43	10	11	15	17
Reserves	457	412	376	254	277	333	450	755	932
Minority interest	111	185	16	15	7	7	3	—	—
	1,311	1,395	1,494	1,843	1,811	1,754	549	369	346
	1,481	1,496	1,104	600	667	690	880	828	1,002
Total equity & liabilities	3,367	3,496	2,998	2,720	2,805	2,793	1,892	1,967	2,296
	294	282	120	116	133	129	42	6	43
CWIP	—	46	56	56	56	56	—	0	64
Investments	152	172	119	70	65	59	38	39	36
	2,921	2,996	2,703	2,478	2,551	2,549	1,812	1,922	2,154
Total assets	3,367	3,496	2,998	2,720	2,805	2,793	1,892	1,967	2,296

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
EPC	868.46	82.6	2,296.25	2,296.25

SegmentFigure

Construction · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	14%	19%	11.8%	12.8%	22.7%	14%	17.4%
EBITDA margin %	8.4%	4.9%	-0.3%	0.6%	3.3%	1%	5.5%	7.6%
EBIT margin %	7.8%	4.3%	-1.2%	0.2%	2.9%	0.8%	5.4%	7.3%
PAT margin %	2%	0.4%	-17.3%	-0%	0%	-0.1%	6.2%	8.6%
Working capital
Receivable days	176	164	651	468	495	112	187	216
Inventory days	13	16	47	39	44	13	28	63
Payable days	0	0	255	184	206	130	263	318
NWC days	189	179	443	323	333	-5	-48	-39
Leverage
Current ratio	1.03	1.05	1.05	1.08	1.05	1.45	1.78	1.7
Debt to EBITDA	8.27	17.81	—	322.32	60.89	41.38	8.63	5.25
Debt to equity	3.32	3.89	7.03	5.66	5.12	1.19	0.48	0.37
Interest coverage	1.4	1.2	0.8	0.9	1.1	0.9	2.4	10.5
Asset turnover	0.58	0.57	0.25	0.34	0.32	0.7	0.39	0.38
Return ratios
Return on assets %	1.1%	0.2%	-4.3%	-0%	0%	-0.1%	2.4%	3.3%
Return on capital employed %	15.3%	13.5%	4.9%	2.9%	4.6%	4.5%	7.4%	5.7%
Return on equity %	9.5%	1.7%	-44.9%	-0%	0.1%	-0.3%	6.2%	7.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	39.35%	39.35%	39.35%	35.93%	35.93%	34.8%	35.21%	35.12%	35.12%	37.79%	40.19%	40.85%
	0%	0%	0.41%	0.59%	0.97%	0.76%	0.7%	0.34%	0.26%	0.15%	0.36%	0.33%
	2.34%	2.34%	2.34%	14.57%	14.57%	14.93%	14.84%	14.86%	15.07%	15.54%	15.11%	14.34%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	58.31%	58.31%	57.9%	48.91%	48.53%	49.51%	49.25%	49.68%	49.55%	46.52%	44.34%	44.48%
No. of shareholders	—	—	—	—	—	—	—	—	20,788	20,590	22,442	26,079

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Spml Infra Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

5

Dividend dividend26 Sept 2011 · ex-date₹0.5
Dividend dividend27 Sept 2010 · ex-date₹0.8
Dividend dividend24 Sept 2009 · ex-date₹1.2
Dividend dividend25 Sept 2008 · ex-date₹1.2
Dividend dividend25 Sept 2007 · ex-date₹1

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

21 Sept 2026, 2:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	14%	19%	11.8%	12.8%	22.7%	14%	17.4%
EBITDA margin %	8.4%	4.9%	-0.3%	0.6%	3.3%	1%	5.5%	7.6%
EBIT margin %	7.8%	4.3%	-1.2%	0.2%	2.9%	0.8%	5.4%	7.3%
PAT margin %	2%	0.4%	-17.3%	-0%	0%	-0.1%	6.2%	8.6%
Working capital
Receivable days	176	164	651	468	495	112	187	216
Inventory days	13	16	47	39	44	13	28	63
Payable days	0	0	255	184	206	130	263	318
NWC days	189	179	443	323	333	-5	-48	-39
Leverage
Current ratio	1.03	1.05	1.05	1.08	1.05	1.45	1.78	1.7
Debt to EBITDA	8.27	17.81	—	322.32	60.89	41.38	8.63	5.25
Debt to equity	3.32	3.89	7.03	5.66	5.12	1.19	0.48	0.37
Interest coverage	1.4	1.2	0.8	0.9	1.1	0.9	2.4	10.5
Asset turnover	0.58	0.57	0.25	0.34	0.32	0.7	0.39	0.38
Return ratios
Return on assets %	1.1%	0.2%	-4.3%	-0%	0%	-0.1%	2.4%	3.3%
Return on capital employed %	15.3%	13.5%	4.9%	2.9%	4.6%	4.5%	7.4%	5.7%
Return on equity %	9.5%	1.7%	-44.9%	-0%	0.1%	-0.3%	6.2%	7.9%

55 deals · 18 Nov 2021 – 11 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	5,30,498	₹183.34	₹9.73 Cr
11 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	4,00,736	₹183.47	₹7.35 Cr
5 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	8,04,227	₹190.72	₹15.34 Cr
5 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	8,04,227	₹190.60	₹15.33 Cr
5 Mar 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	8,00,415	₹190.13	₹15.22 Cr
5 Mar 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	7,98,874	₹190.23	₹15.20 Cr
5 Mar 2026	DHARMIK VITHTHALBHAI KAPURIYA	Bulk	NSE	Buy	4,25,294	₹189.12	₹8.04 Cr
5 Mar 2026	DHARMIK VITHTHALBHAI KAPURIYA	Bulk	NSE	Sell	4,12,607	₹189.24	₹7.81 Cr
4 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	15,67,474	₹183.54	₹28.77 Cr
4 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	15,67,474	₹183.70	₹28.79 Cr

1–10 of 55

1 / 6

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
21 Sept 2026, 2:34 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
4 Sept 2026, 9:56 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
3 Sept 2026, 6:04 pm	Company Update General	In Terms Of The Regulation 36(1) (B) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, We Would Like To Inform You That A Letter, Provides The Weblink For Accessing The Annual Report For The Financial Year 2025-26 On The Company'S Website, Has Been Sent To Those Shareholders Whose E-Mail Addresses Are Not Registered With The Company, Registrar And Transfer Agent, Or Depository Participants. A Copy Of The Said Letter Is Enclosed Herewith For Your Reference	PDF
3 Sept 2026, 1:29 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 1:24 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
2 Sept 2026, 1:12 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
2 Sept 2026, 1:03 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
2 Sept 2026, 12:09 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-161	234	-3	-302	-19	20	624	-84	-113
	108	68	282	91	36	46	-7	-91	-32
	69	-330	-273	231	-16	-87	-410	76	79
Net cash flow	-3	-18	-17	19	1	-21	208	-99	-66
Free cash flow	—	—	—	-303	-20	20	558	-85	-179
CFO / Operating profit %	—	—	-3.1%	—	-337.4%	69.6%	—	-197.6%	-170.6%

Spml Infra Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Construction · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

5

1

Announcements

Not in the F&O segment

No fund holdings on record

5

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Construction · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Spml Infra Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Construction · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends5

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends5

Board meetings1

Announcements

Quarterly record

Annual reports

Credit ratings

Investor Presentation and earnings call

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Construction · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

5

1

5

1