SPML Infra Ltd.

•

spml.co.inBSE: 500402NSE: SPMLINFRA

Market Cap₹ 1,479 Cr.

Current Price

High / Low₹ 302 / 151

Stock P/E17.0

Book Value₹ 135

Price to Book1.48

Dividend Yield0.00 %

ROCE8.6 %

ROE8.7 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2020 • Construction: 84.8% • Trading: 15.2%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 82.7% CAGR over last 5 years
Promoters have been increasing their shareholding - up 4.9pp over 2 years
Latest quarter profit grew 86.9% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 7.43x)
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.2

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (91.3% of PBT)
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 5.4%
Company has a low return on equity of 5.0% over last 3 years
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3989.15	33.08	548853.62	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.95	47.74	42940.99	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.25	21.19	24083.20	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.18	24.28	23165.60	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1234.85	35.26	21213.19	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	276.40	19.81	15534.85	1.81	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	969.70	26.16	11277.57	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.30	21.25	11126.30	1.61	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	407.85	19.61	10856.97	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	284.95	72.43	10480.02	0.70	30.30	-77.95	2671.00	-20.75	12.88	9.42
11.	WELENT	741.55	33.58	10264.08	0.40	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	SPMLINFRA	174.30	17.35	1478.83	0.00	22.68	87.14	284.28	82.34	8.93	9.45

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	350	253	252	463	207	189	188	192	156	188	230	291	284
	350	251	254	398	195	175	178	178	149	179	205	269	263
Operating Profit	0	2	-3	69	12	14	10	13	7	9	25	21	27
OPM %	0.02%	0.84%	-1.10%	14.93%	5.89%	7.32%	5.41%	7.01%	4.64%	4.81%	10.85%	7.32%	9.46%
Other Income	4	1	8	1	15	6	4	0	17	11	1	3	1
Interest	2	2	3	50	10	3	1	1	9	0	5	2	5
Depreciation	1	1	1	0	0	0	0	0	0	0	1	1	1
	1	1	2	18	16	17	13	12	15	19	20	22	23
Tax %	14.10%	20.90%	42.35%	1.31%	19.09%	16.27%	17.77%	4.29%	18.73%	20.64%	0.00%	-31.33%	0.00%
Net Profit	1	1	1	17	13	14	10	12	12	15	20	28	23
	0	0	0	4	3	3	1	1	2	2	3	4	0
Equity Capital	11	11	11	11	13	13	15	15	15	15	16	17	18
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,407	1,701	1,356	1,433	824	615	853	878	1,318	771	992
	1,244	1,529	1,154	1,270	775	591	836	842	1,254	725	916
Operating Profit	216	214	258	224	154	67	34	55	78	98	—
OPM %	15	13	19	16	19	11	4	6	6	13	—
Other Income	52	42	56	60	105	43	17	19	13	53	17
Interest	187	205	196	153	147	68	21	50	57	39	12
Depreciation	12	10	8	4	6	5	4	3	2	1	3
	17	-1	55	67	2	-6	9	3	21	58	84
Tax %	21	197	22	26	-53	94	-13	21	6	15	-3
Net Profit	13	1	43	50	2	-0	10	2	20	49	87
EPS	0	0	0	0	0	-29	3	0	4	7	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	4	0	12	14	1	-0	3	0	4	7	—

COMPOUNDED SALES GROWTH

10 Years:: -6%
5 Years:: -1%
3 Years:: -3%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 83%
3 Years:: 70%

STOCK PRICE CAGR

10 Years:: 8%
5 Years:: 73%
3 Years:: 66%
1 Year:: -39%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 4%
3 Years:: 5%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	7	7	7	7	7	7	8	9	10	14
	470	384	427	371	378	266	289	322	358	752
	585	739	552	648	835	1,150	1,104	1,083	5	26
Trade Payables	701	609	568	658	484	264	303	324	270	381
	454	480	1,080	927	884	709	751	776	1,083	637
Total Liabilities	2,217	2,218	2,636	2,611	2,588	2,396	2,454	2,514	1,726	1,811
ASSETS	-	-	-	-	-	-	-	-	-	-
	59	112	106	104	103	97	94	90	4	3
	251	199	177	162	128	103	103	99	74	58
	40	40	39	55	63	71	90	92	37	50
	0	0	0	0	0	0	0	0	319	300
Cash & Bank	91	109	85	92	33	58	41	21	232	208
	1,776	1,758	2,229	2,198	2,262	2,067	2,125	2,211	1,060	1,192
Total Assets	2,217	2,218	2,636	2,611	2,588	2,396	2,454	2,514	1,726	1,811
Total Debt	707	948	1,283	1,311	1,486	1,810	1,742	1,704	558	379
Net Working Capital	58	-225	247	112	92	129	138	49	291	436
Contingent Liabilities	708	822	630	345	472	463	290	62	40	78
Book Value per Share	130.17	106.66	118.62	103.29	105.20	74.51	75.26	72.83	75.12	107.18
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	255	-183	136	94	-133	-272	29	73	490	-36
Cash from Investing	2	111	48	-5	78	15	13	-24	-5	-103
Cash from Financing	-270	82	-199	-98	67	276	-41	-71	-307	42
	-13	11	-14	-9	12	19	1	-21	179	-97
Free Cash Flow	252	-246	135	92	-137	-272	29	73	490	-37
OCF / Net Profit	19.50	-126.26	3.15	1.90	-55.13	664.30	2.94	34.81	25.10	-0.74
Cumulative 5-Year FCF	0	0	0	0	96	-429	-153	-214	183	284

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	3.56	0.39	11.76	13.54	0.66	-0.11	2.53	0.46	3.98	6.89
Book Value (₹)	130.17	106.66	118.62	103.29	105.20	74.51	75.26	72.83	75.12	107.18
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	6.82	3.22	13.85	14.55	2.19	1.37	3.52	1.12	4.41	7.01
PROFITABILITY
Operating Margin %	15.32%	12.60%	19.04%	15.60%	18.65%	10.96%	3.95%	6.32%	4.91%	5.88%
Net Margin %	0.93%	0.08%	3.18%	3.46%	0.29%	-0.07%	1.17%	0.24%	1.48%	6.39%
ROE %	2.78%	0.33%	10.44%	12.20%	0.63%	-0.12%	3.50%	0.67%	5.59%	8.69%
ROCE %	17.93%	16.16%	16.39%	12.90%	8.32%	3.14%	1.44%	2.54%	4.97%	8.59%
	0.60%	0.07%	1.78%	1.89%	0.09%	-0.02%	0.41%	0.08%	0.92%	2.79%
EFFICIENCY
Debtor Days	155	83	67	85	145	437	481	309	96	146
Inventory Days	10	9	11	12	26	40	35	38	18	21
Payable Days	284	236	336	269	533	804	490	1953	1108	1865
	-119	-145	-258	-172	-362	-327	25	-1606	-994	-1698
FINANCIAL HEALTH
Debt to Equity (x)	1.48x	2.42x	2.94x	3.45x	3.84x	6.61x	5.25x	4.88x	1.51x	0.49x
Interest Coverage (x)	1.09x	0.99x	1.28x	1.44x	1.01x	0.91x	1.42x	1.05x	1.36x	2.47x
	1.04x	0.85x	1.18x	1.07x	1.06x	1.09x	1.09x	1.03x	1.49x	1.89x
GROWTH
Revenue Growth %	2.20%	20.90%	-20.30%	5.71%	-42.50%	-25.34%	38.63%	2.90%	50.19%	-41.55%
Operating Profit Growth %	6.44%	-0.57%	20.47%	-13.41%	-31.23%	-56.14%	-49.99%	64.44%	40.03%	26.40%
Net Profit Growth %	-5.26%	-88.93%	2881.98%	15.08%	-95.13%	-116.94%	2536.67%	-78.85%	824.72%	152.50%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	757.60%	72.96%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	32.41x	23.03x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.72x	1.48x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.34x	13.30x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35.93	35.93	34.80	35.21	35.12	35.12	37.79	40.19	40.85
	0.59	0.97	0.76	0.70	0.34	0.27	0.15	0.36	0.33
	1.93	1.93	1.72	1.70	1.76	1.98	1.79	1.89	1.82
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	48.91	48.53	49.50	49.25	49.68	49.55	46.52	44.35	44.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

General Updates

2026-09-03 - 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

2026-09-03

Copy of Newspaper Publication

2026-09-03 - SPML Infra Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Copy of Newspaper Publication

2026-09-03 - SPML Infra Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - SPML Infra Limited has informed the Exchange about Schedule of meet

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - SPML Infra Limited has informed the Exchange about Schedule of meet

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - SPML Infra Limited has informed the Exchange about Schedule of meet

2026-09-02

Shareholders meeting

2026-09-02 - SPML Infra Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-08-31

Copy of Newspaper Publication

2026-08-31 - SPML Infra Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-29

Shareholders meeting

2026-08-29 - SPML Infra Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

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