SPML Infra standalone profit rises 46% in September quarter

SPML Infra Limited reported standalone profit after tax of Rs 22.23 crore for the quarter ended September 30, 2026, 46% above a year earlier, as revenue from operations rose 23% to Rs 234.35 crore. The unaudited standalone results were approved by the board on November 12, 2026.

How did SPML Infra perform in the September quarter?

SPML Infra’s revenue from operations increased to Rs 234.35 crore in the three months ended September 30, 2026, from Rs 190.14 crore in the corresponding quarter of 2025. Total income rose to Rs 238.70 crore from Rs 198.56 crore. The company reported one operating segment, engineering, procurement and construction, or EPC, and identified India as its single geographical segment.

Profit before tax was Rs 22.23 crore, compared with Rs 19.23 crore a year earlier, while profit after tax rose from Rs 15.25 crore to Rs 22.23 crore. The faster increase in post-tax profit coincided with no tax expense reported for the September 2026 quarter, compared with current tax of Rs 3.97 crore in the September 2025 quarter. Basic earnings per share increased to Rs 2.52 from Rs 2.13, and diluted earnings per share rose to Rs 2.25 from Rs 1.81.

What changed in SPML Infra’s first-half income and costs?

SPML Infra reported revenue from operations of Rs 518.63 crore for the six months ended September 30, 2026, compared with Rs 348.19 crore in the corresponding 2025 period. Total income reached Rs 524.37 crore, up from Rs 362.82 crore, while profit after tax increased to Rs 44.94 crore from Rs 27.40 crore. Total comprehensive income was Rs 44.65 crore, against Rs 27.48 crore a year earlier.

Materials consumed and other construction expenses rose to Rs 417.70 crore in the first half from Rs 291.81 crore in the prior-year period. Employee benefits expense increased to Rs 22.00 crore from Rs 14.53 crore, while other expenses increased to Rs 30.10 crore from Rs 21.07 crore. Finance costs for the six months were Rs 8.39 crore, and depreciation and amortisation expense was Rs 1.23 crore.

The filing said Rs 7.09 crore of first-half finance costs comprised Rs 5.31 crore of interest on mobilisation advances received from customers, Rs 1.25 crore of bank-guarantee commission and Rs 53.29 lakh of Indian Accounting Standard, or Ind AS, adjustments on right-of-use assets. Other income included a net Rs 84.73 lakh from accounting linked to debt restructuring under the master restructuring agreement with National Asset Reconstruction Co. Ltd., or NARCL, dated May 17, 2024.

That net other-income amount reflected Rs 21.06 crore of deferred-income unwinding offset by Rs 20.21 crore of discount amortisation on sustainable debt during the six months ended September 30, 2026. SPML Infra said both accounting adjustments arose from the early repayment option and effective-interest-rate treatment specified under the debt restructuring arrangement with NARCL.

How did SPML Infra’s funding and equity base change?

SPML Infra issued 309,141 equity shares to non-promoters during the September 2026 quarter at Rs 186 each, raising Rs 5.75 crore. It also issued 384,858 equity shares at Rs 186 each to NARCL through conversion of Rs 7.16 crore of existing company loan. Each share carried a face value of Rs 2 and a premium of Rs 184.

SPML Infra additionally allotted 9,539,449 warrants to promoter-group and non-promoter holders. Each warrant can be converted into one fully paid equity share within 18 months from the allotment date under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations, 2018. The company disclosed an upfront infusion of Rs 44.36 crore, representing 25% of the warrant value, with the remaining 75% payable when warrant holders exercise their rights.

Paid-up equity share capital was Rs 17.83 crore at September 30, 2026, compared with Rs 16.63 crore at March 31, 2026. Other equity rose to Rs 1,166.76 crore from Rs 982.22 crore, taking total equity to Rs 1,184.59 crore from Rs 998.85 crore. The six-month cash-flow statement separately recorded Rs 126.51 crore of proceeds from warrants and Rs 6.48 crore from issue of share capital.

What do SPML Infra’s balance sheet and cash flows show?

SPML Infra’s total assets stood at Rs 2,491.29 crore at September 30, 2026, compared with Rs 2,255.60 crore at March 31, 2026. Capital work-in-progress increased to Rs 156.81 crore from Rs 64.21 crore, while cash and cash equivalents rose to Rs 119.24 crore from Rs 63.41 crore. Trade receivables increased to Rs 535.84 crore from Rs 436.05 crore over the same period.

Non-current borrowings declined to Rs 201.56 crore at September 30, 2026 from Rs 304.37 crore at March 31, 2026. Current borrowings increased to Rs 112.07 crore from Rs 41.25 crore, while other current liabilities rose to Rs 203.64 crore from Rs 68.90 crore. Current trade payables to creditors other than micro and small enterprises declined to Rs 495.97 crore from Rs 511.49 crore.

SPML Infra generated operating cash of Rs 82.36 crore in the six months ended September 30, 2026, compared with an operating cash outflow of Rs 44.12 crore in the year-earlier period. Investing cash outflow was Rs 108.65 crore, including Rs 94.68 crore spent on property, plant, equipment and capital work-in-progress. Net cash from financing activities was Rs 32.12 crore, and cash and cash equivalents rose by Rs 55.83 crore during the half year.

Conclusion

SPML Infra’s first-half figures show higher EPC income, a move from operating cash use to operating cash generation, and significantly higher investment in capital work-in-progress. The equity-share issue, NARCL loan conversion and warrant allotment also increased reported equity, while the balance sheet showed lower non-current borrowings alongside higher current borrowings and receivables.

The disclosed item to watch next is the potential conversion of 9,539,449 warrants within 18 months of allotment, with the remaining 75% of warrant value due upon exercise. Subsequent results will also show how the Rs 156.81 crore capital work-in-progress, Rs 535.84 crore of trade receivables and the changed borrowing mix develop.