| Market Cap | ₹1,142 CrCement & Construction |
|---|---|
| P/E Ratio | 13.4xSector: 32.4x |
| 1-Year Return | -41.09%Stock performance |
| Order from | Power Grid Corporation of India Limited |
| Deal value | ₹186.41 Cr |
| Share of market cap | 16.3% |
| Share of annual revenue | 18.8% |
Key highlights
- Order valued at ₹186.41 crore awarded by Maharatna PSU Power Grid Corporation
- Project involves extension of 765/400/220 kV Bhadla-III and Ramgarh substations
- Scope includes installation of 765/400 kV 1500 MVA and 400/220 kV 500 MVA ICT bays
- Total order book stood at ₹5,094 crore as of June 30, 2026
- Company recently secured a ₹1,128 crore BESS contract from NTPC in May 2026
Expansion Into 765 kV Extra High Voltage Infrastructure
SPML Infra Limited has been awarded a technically demanding contract under the 765 kV AIS Extension Substation Package SS-155T from Power Grid Corporation of India Limited. The project focuses on augmenting the power transmission network in Western Rajasthan, a critical corridor for India's renewable energy hubs. The scope covers the extension of the Bhadla-III Substation and Ramgarh Pooling Station.
Key deliverables include the construction of two 765/400 kV 1500 MVA ICT bays and multiple 400/220 kV ICT and line bays. This award reinforces the company's engineering capabilities in the extra-high-voltage segment, facilitating the connection of solar power to the national grid.
Order Components and Technical Specifications
- Ramgarh Pooling Station: Extension includes 2 numbers of 765/400 kV 1500 MVA ICT Bays
- Bhadla-III Substation: Augmentation of 5 numbers of 400/220 kV 500 MVA ICT Bays
- Line Bays: Addition of four 400 kV line bays and seven 220 kV line bays across both sites
- Strategic Location: Infrastructure serves major solar and renewable energy hubs in Rajasthan
- Portfolio Strength: Company has connected more than 20,000 villages through electrification projects
Financial Standing and Recent Order Momentum
The ₹186.41 crore contract adds to a robust pipeline for SPML Infra, whose order book reached ₹5,094 crore by the end of June 2026. This new win follows several large-scale awards earlier in the year, including a ₹1,128 crore EPC contract from NTPC for a Battery Energy Storage System in Bihar and a ₹165.41 crore transmission project from RRVPNL in Rajasthan. Financially, the company reported a massive 82.33 percent YoY revenue growth in the June 2026 quarter, reaching ₹284.28 crore.
Despite a 1-year price decline of 41.09 percent, the company's TTM P/E ratio of 13.4x remains lower than the industry average of 29.26x.
Strategic Milestone in Power Transmission
This order from Power Grid marks an important milestone in SPML Infra’s journey as we expand our capabilities into the 765 kV extra-high-voltage transmission segment. We are grateful for the confidence placed in us by Power Grid and remain committed to delivering this strategically important project with the highest standards of engineering, quality and execution.
| Date | Announcement | Amount |
|---|---|---|
| 22 May 2026 | Contract from RRVPNL for construction of a 400 kV Grid Substation and Transmission Infrastructure at Dahra, Kota, RajasthanSource: sahi.com | ₹165.41 Cr |
| 06 May 2026 | EPC contract from NTPC for a 1 GWh Battery Energy Storage System (BESS) at Barauni Thermal Power Station, BiharSource: spml.co.in | ₹1,128.00 Cr |
| 13 Feb 2026 | Consortium contract from CMWSSB for continuous water supply infrastructure under AMRUT Scheme in ChennaiSource: BSE filing | ₹344.64 Cr |
| 07 Sep 2025 | Contract for new water supply project in RajasthanSource: spml.co.in | ₹1,438.00 Cr |
| 18 Aug 2025 | Contract for water supply project under AMRUT 2.0 for Indore CitySource: NSE filing | ₹1,073.00 Cr |
| 09 Jul 2025 | Contract for water infrastructure project under Jal Jeevan Mission in RajasthanSource: NSE filing | ₹385.00 Cr |
What to watch next
- Board meeting to approve Q2 and H1 FY27 financial results on November 12, 2026
- Execution progress on the ₹1,128 crore NTPC Battery Energy Storage project
- Updates on the ₹344.64 crore CMWSSB water infrastructure project in Chennai
“India’s energy transition requires a robust, resilient and future-ready power infrastructure, supported by advanced transmission networks and large-scale energy storage solutions.”
| Share price | ₹135.71 |
|---|---|
| Market capitalisation | ₹1,142.00 Cr |
| Revenue (annual) | ₹868.46 Cr |
| Net profit (annual) | ₹74.68 Cr |
| Revenue (latest quarter) | ₹284.28 Cr-2.14% vs previous quarter |
| Net profit (latest quarter) | ₹22.68 Cr-16.57% vs previous quarter |
| P/E (TTM) | 13.4×Sector 32.4× |
| Promoter holding | 40.52%-0.33% QoQ |
| FII holding | 0.42%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by SPML Infra Limited announcing the receipt of new orders worth ₹186.41 crore from Power Grid. Market figures from a third-party data provider.
