SPML Infra Order Book Strengthens to ₹5,100 Crore; Company Targets Over ₹5,000 Crore Fresh Orders in FY27
SPML Infra Limited reported a significant improvement in its order book during the Q1 FY27 earnings call held on August 17, 2026. The company said its current order book stands at approximately ₹5,100 crore, providing healthy medium-term revenue visibility. Importantly, the quality of the order book has improved, with only around ₹1,251 crore relating to legacy projects, while the balance largely comprises newer projects carrying expected operating margins of 10% or higher.
New Orders and FY27 Order Intake Target
SPML Infra has already secured around ₹1,293 crore of orders in Q1 FY27 and is currently L1 for another ₹212 crore. The company has maintained its guidance of securing more than ₹5,000 crore of order intake during FY27 and believes this target could be surpassed. The company is focusing on carefully selected projects where margins are above 10%, price-variation clauses are available, funding is secured and escrow mechanisms can support working-capital requirements.
Order Book Mix
The company’s order book is increasingly diversified across drinking water, irrigation, river linking, sewerage, power substations and battery energy storage systems (BESS). Management indicated that approximately ₹3,843 crore of new orders represents SPML’s share, including its share in joint-venture projects. The company clarified that the figure represents SPML’s own share rather than the full value attributable to JV partners.
Focus on Higher-Margin Orders
Management said SPML Infra has adopted a strategy of not taking orders with margins below 10%. Recent projects such as Konar, Kekri and Indore carry margins above 10%, and the company expects future orders selected under its current strategy to maintain similar margin characteristics. This shift toward better-quality orders is important because the company is simultaneously executing legacy projects while building a newer order book with improved profitability potential.
Water and Power Pipeline
Beyond the existing order book, SPML Infra is tracking a substantial pipeline of approximately 134 upcoming projects worth nearly ₹98,725 crore across 11 states. Irrigation and water-supply projects account for more than 80% of this pipeline. The company highlighted opportunities such as the Wainganga-Nalganga river link, Marathwada Water Grid, Ken-Betwa Link and Tapi Basin Mega Recharge scheme.
BESS Adds a New Growth Opportunity
The company’s Battery Energy Storage System business is expected to become an increasingly important contributor to its order book and revenue. SPML has commissioned the first phase of its 2.5 GW battery-pack assembly line and is working toward expanding capacity to 5 GW, along with a container manufacturing facility. The company has received an order from NTPC, with design and drawing approvals expected to be completed by December 2026. Subject to approvals, SPML expects approximately ₹200–300 crore of BESS execution during FY27, primarily in Q4.
Order Execution and Revenue Visibility
Management expects only limited revenue from newly won EPC orders during the earlier part of FY27 because new projects generally require three to six months for design and drawing approvals before execution begins. Water projects typically have an execution period of around 3–3.5 years, power-substation projects around 15–18 months, BESS projects around 18 months, while BESS OEM orders can have a much shorter execution period of approximately 3–4 months.
Legacy Order Book to be Executed
Of the approximately ₹5,100 crore order book, around ₹1,251 crore relates to legacy projects. Management expects most of these legacy orders to be executed during the current financial year and the following year. This should allow SPML to progressively replace older projects with newer, potentially higher-margin orders.
Revenue and Profitability Outlook
SPML Infra has maintained its FY27 guidance of more than 25% growth in turnover, with management also targeting more than 25% growth in EBITDA and PAT compared with the previous financial year. The company expects the impact of newly secured orders to become more visible toward the latter part of FY27, while the existing order book continues to support execution during the year.
Key Takeaways for Investors
SPML Infra’s order-book position shows a combination of scale, improving quality and diversification. The ₹5,100 crore order book provides medium-term visibility, while the company’s target of more than ₹5,000 crore fresh orders in FY27 could further strengthen its revenue pipeline. The shift toward projects with margins above 10%, the large water and power tender pipeline and the emerging BESS business are key factors to monitor. At the same time, execution timelines, government project approvals and the conversion of the large opportunity pipeline into actual orders remain important factors for future growth.
Disclaimer
This article is based on the information and management commentary provided in SPML Infra Limited’s Q1 FY27 earnings conference call transcript dated August 17, 2026. The discussion includes forward-looking statements and management expectations that are subject to business, execution, regulatory, market and other risks. This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Investors should conduct their own research and consult a qualified financial adviser before making investment decisions.