SPML Infra FY26: PAT up 55%, order book ₹5,369cr

The update in brief

SPML Infra Limited has announced its audited financial results for the year ended March 31, 2026, reporting higher revenue, a sharp improvement in profit after tax, and stronger operating margins. The company also disclosed an outstanding order book of ₹5,369 crore as of March 31, 2026, supported by fresh project wins across water and energy-related segments. A key headline order was a ₹1,128 crore Battery Energy Storage System (BESS) project from NTPC for a 250 MW / 1,000 MWh installation at Baruni, Bihar. The numbers underline stronger execution in the March quarter and a higher full-year profit base versus FY25.

Macro backdrop: crude and supply chain disruptions

In management commentary captured in the provided text, Asia’s geopolitical situation was described as creating “headwinds” through elevated crude prices and supply chain disruption. At the same time, the company’s view was that India’s infrastructure cycle has been reinforced by the same environment, with spending and investment-led activity remaining central to growth.

The same section also referenced growth expectations for India. Agencies including the RBI, S&P Global, and the World Bank were cited as projecting India’s GDP growth in the 6.6% to 6.9% range for FY27. The commentary linked this to growth being supported by structure and investment rather than consumption alone.

FY26 financial performance: revenue, EBITDA, PAT

For FY26, SPML Infra reported revenue from operations of ₹887.86 crore, up from ₹788.2 crore in FY25. Profit after tax (PAT) for FY26 came in at ₹76.25 crore, up 54.73% from ₹49.28 crore in FY25, according to the figures included in the provided material.

The text also includes an alternate FY26 snapshot stating revenue of ₹868 crore, EBITDA of ₹86 crore with a 9.7% margin, and PAT of ₹76 crore. Since multiple figures appear in the source text, the audited revenue from operations of ₹887.86 crore and PAT of ₹76.25 crore are used as the primary full-year reference points, with the rest treated as additional context from the same input.

Q4 FY26 performance: sharp year-on-year improvement

For the quarter ended March 31, 2026, the company reported revenue from operations of ₹293.9 crore versus ₹191.93 crore in Q4 FY25. Net profit rose to ₹28.37 crore compared with ₹11.81 crore in the year-ago quarter. EBITDA was reported at ₹24.65 crore versus ₹13.66 crore, and EBITDA margin improved to 8.39% from 7.12%.

The input also includes a narrative summary that Q4 FY26 revenue rose 53% year-on-year and 27% quarter-on-quarter to ₹293.9 crore, with EBITDA around ₹25 crore and PAT around ₹28 crore. These figures align broadly with the quarterly table values shared in the text.

Order book position and what it signals

SPML Infra reported an outstanding order book of ₹5,369 crore as of March 31, 2026. The same disclosure split this into ₹4,000 crore of new orders and ₹1,369 crore of legacy orders. For infrastructure contractors, the order book is a key indicator of execution runway, but it does not automatically translate into near-term revenue because project timing depends on mobilization, approvals, milestone billing, and working capital cycles.

The company’s commentary in the provided content links performance to “strong execution and healthy project momentum,” suggesting the March quarter benefited from faster conversion of orders into billed revenue.

Strategic entry into BESS and the NTPC project win

A major new order highlighted in the text is a ₹1,128 crore BESS order from NTPC for a 250 MW / 1,000 MWh project at Baruni, Bihar. The company also referred to a strategic entry into the BESS sector, positioning this as a driver supporting its performance narrative.

While the article input does not provide project timelines, margins, or funding terms, the disclosed size and specifications make it one of the more prominent recent wins mentioned. BESS projects are increasingly being used to support grid stability and renewable integration, and this order indicates SPML Infra is pursuing opportunities beyond traditional water and civil EPC work.

Water segment visibility: Jal Jeevan Mission and AMRUT 2.0

Beyond BESS, the text references additional orders in water supply under the Jal Jeevan Mission and AMRUT 2.0 across Rajasthan, Madhya Pradesh, and Tamil Nadu. No project values are provided for these awards in the input, but their mention indicates continued participation in government-led water infrastructure programs.

Key numbers at a glance

Market impact: what investors typically track in such results

From the disclosed data points, three indicators stand out for market participants. First, the year-on-year jump in Q4 profit alongside a strong revenue increase suggests operating leverage in a higher execution quarter. Second, the improvement in quarterly EBITDA margin from 7.12% to 8.39% points to better cost absorption and project mix compared with the year-ago period. Third, the ₹5,369 crore order book provides medium-term revenue visibility, with the ₹1,128 crore NTPC BESS award adding a clear, named driver.

The macro note on elevated crude and supply chain disruption matters because it can influence input costs and execution schedules, particularly in EPC work. However, the company’s commentary maintained that the infrastructure spending cycle remains supported by the broader investment-led growth environment.

Why this result matters: execution and diversification signals

The FY26 numbers show a company reporting higher revenue and a materially higher profit base, supported by improved margins and a strong March-quarter delivery. The BESS entry and the NTPC order represent a diversification step that the company itself highlighted, and which could change the mix of future execution if more such projects are won.

At the same time, the input includes multiple versions of certain FY26 line items. For readers and investors, that makes the audited “revenue from operations” and the explicitly stated FY25 comparison important anchors when assessing performance.

Conclusion

SPML Infra’s FY26 audited results show revenue from operations rising to ₹887.86 crore and PAT increasing to ₹76.25 crore, alongside improved quarterly margins in Q4. The ₹5,369 crore order book and the ₹1,128 crore NTPC BESS project provide clear visibility markers disclosed by the company. The next set of updates to watch will be further execution progress on the named BESS order and additional order inflows from water and energy-related programs referenced in the results commentary.