| Market Cap | ₹1,894.66 CrMid-cap |
|---|---|
| Revenue TTM | ₹762.46 CrOperating Income |
| RSI | 61.4Neutral Zone |
| Order from | NTPC Limited |
| Execution period | 18 months |
| Deal value | ₹1,128 Cr |
| Share of market cap | 59.5% |
| Share of annual revenue | 147.9% |
Key highlights
- Contract value of ₹1,128 crore for a 250 MW/1,000 MWh BESS facility
- Execution timeline of 18 months followed by a 15-year O&M period
- Technical collaboration with NYSE-listed technology provider Energy Vault
- Scope includes supply, civil works, 5 MWh DC containers, and a 220 kV switchyard
- Ranked among the largest single BESS orders awarded in India to date
Project Scope and Execution Timeline
The project at NTPC’s Barauni Thermal Power Station involves the supply, civil works, and erection of a 250 MW/1,000 MWh Battery Energy Storage System. The configuration includes 5 MWh DC containers equipped with advanced Battery Management Systems and Thermal Management Systems. The infrastructure will also feature 33 kV panel boards and 220 kV DC and AC cabling connected to a dedicated 220 kV switchyard.
SPML Infra will manage the facility through an 18-month construction phase, transitioning into a long-term 15-year operation and maintenance commitment. This hybrid approach leverages existing thermal assets to facilitate smoother renewable energy integration into India’s power grid.
Strategic Partnership and Technical Strength
To deliver this high-capacity storage solution, SPML Infra is collaborating with Energy Vault (NYSE: NRGV), a global leader in energy storage technologies. This partnership aims to deploy cutting-edge battery solutions tailored for the scale of India's evolving electricity grid. By integrating Energy Vault’s technology, SPML Infra positions itself to address the growing demand for grid stability and frequency regulation.
The order anchors a broader strategic push into energy storage infrastructure, which the company now considers a core pillar of growth. This win strengthens SPML's competitive standing in the emerging battery ecosystem, moving beyond traditional water and power transmission segments.
Financial Performance and Market Position
SPML Infra currently operates as a mid-range performer with a market capitalization of approximately ₹1,894.66 crore. The company has demonstrated significant financial recovery, with annual net profit growing by over 787% and quarterly net profit rising 104.6% year-on-year. While annual revenue had seen a prior decline, the latest trailing twelve months (TTM) revenue stands at ₹762.46 crore, making this ₹1,128 crore contract a substantial addition to its order book relative to current turnover.
The stock has shown strong momentum recently, gaining over 31% in the past month, while maintaining a price-to-earnings (PE) ratio of 31.84, which aligns closely with the industry average of 32.31.
Industry Landscape and Sector Tailwinds
- The Indian government is aggressively promoting Battery Energy Storage Systems to balance the intermittency of solar and wind power generation
- NTPC is leading the transition by integrating large-scale storage with thermal plants to manage peak load requirements and grid stability
- The BESS market in India is poised for exponential growth as the national grid targets a higher share of renewable energy by 2030
- Infrastructure companies with specialized energy storage capabilities are gaining a significant edge in federal and state-level tenders
- Recent policy shifts emphasize domestic manufacturing and large-scale grid-connected storage to ensure a stable, future-ready electricity backbone
Management Perspective
This order marks a defining moment for SPML Infra, a firm commitment to the large-scale battery energy storage sector. Energy storage will define how India powers its future, and we intend to be architects of that transformation.
“Energy storage is no longer a future priority for SPML Infra; it is a core pillar of growth today. With this order, SPML Infra strengthens its position in India’s emerging battery energy storage ecosystem.”
| Share price | ₹225.78 |
|---|---|
| Market capitalisation | ₹1,894.66 Cr |
| Revenue (annual) | ₹770.64 Cr |
| Net profit (annual) | ₹47.94 Cr |
| Revenue (latest quarter) | ₹229.76 Cr+22.37% vs previous quarter |
| Net profit (latest quarter) | ₹20.34 Cr+35.26% vs previous quarter |
| P/E (TTM) | 31.84×Sector 35.88× |
| Promoter holding | 40.96%+3.17% QoQ |
| FII holding | 0.52%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 securing of a landmark ₹1,128 crore BESS contract from NTPC. Market figures from a third-party data provider.
