SPML Infra Limited (SPMLINFRA) AI Stock Analysis

• Market Cap: ₹12.19B
• Dividend Yield: N/A
• Average Volume (3M): 8.49K
• Price to Earnings (P/E): 25.7
• Beta (1Y): 0.77
• Revenue Growth: -35.16%
• EPS Growth: 115.70%
• Country: IN
• Employees: 243
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 1.98
• Shares Outstanding: 72,251,770
• 10 Day Avg. Volume: 8,247
• 30 Day Avg. Volume: 8,491
• PEG Ratio: -0.04
• Price to Book (P/B): 1.72
• Price to Sales (P/S): 1.71
• P/FCF Ratio: -17.14
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1,052.63
• Revenue Forecast (FY): ₹1.34T

• Rating: 58 Neutral
• Price Target: ₹175.00 ▼(-9.70% Downside)

The score is led by moderately improving fundamentals (better balance sheet leverage and a return to profitability) but is held back by weak and volatile cash flows and declining revenue. Technicals are neutral-to-soft with a negative MACD and the stock still below longer-term moving averages. Valuation further limits upside with a P/E near 29 and no dividend yield data.

Positive Factors

Balance Sheet Strength

Improvement in debt-to-equity and higher shareholder equity reduces leverage and boosts financial resilience. This strengthens SPML's ability to support bid bonds, absorb project payment delays common in municipal EPC work, and lowers refinancing vulnerability over the medium term.

Return to Profitability

Net income turning positive in 2025 indicates operational recovery and possible structural cost controls. Sustained profitability can rebuild retained earnings, fund reinvestment in execution capacity and O&M services, and reduce reliance on external financing for working capital.

Gross Margin Stability

Stable gross margins suggest durable project-level pricing or effective cost management on EPC contracts. Margin stability supports long-term project profitability, helping the company absorb input-cost fluctuations and maintain sustainable operating performance when execution is steady.

Negative Factors

Declining Revenue

A sharp revenue decline reduces scale and backlog visibility, weakening fixed-cost absorption and procurement leverage. Persistent top-line contraction can erode market position in competitive municipal tenders and makes achieving consistent medium-term growth more challenging.

Weak Cash Generation

Volatile operating cash flow and recent negative free cash flow reflect working-capital stress from milestone-tied receipts and slow public collections. Poor cash generation increases dependency on external debt, raises funding costs and constrains capacity to fund new project execution or O&M expansion.

High Total Debt

Despite improved leverage ratios, elevated absolute debt levels pose refinancing and interest-service risks for an EPC firm with lumpy receivables. High gross debt can limit bidding flexibility, increase covenant/default risk if projects stall, and restrict strategic investments.

SPML Infra Limited Business Overview & Revenue Model

Company Description

SPML Infra Limited operates as an infrastructure development company in India. The company undertakes urban water supply and distribution, and water treatment projects; constructs pumping stations for water supply, irrigation, wastewater, and storm water drainage; and designs and supplies bulk and distribution pipeline networks, as well as provides services in various areas, including construction of dams, canals, lift irrigation, micro irrigation, and tunneling. It also undertakes power generation, transmission, and distribution projects, including the construction of hydro, solar, wind, gas turbine, and thermal power plants, as well as sub-transmission/distribution lines and substations; and provides rural electrification, and integrated and smart energy management solutions. In addition, the company develops bridges, flyovers, industrial infrastructure, tunnels, special economic zones, industrial/business/technology parks, airports, bus terminals, automated car parking facilities, and toll express roads/highways. Further, it provides integrated end-to-end waste management solutions, such as collection, segregation, transportation, treatment, reusability, processing, and scientific disposal of waste water and solid waste, as well as sewer rehabilitation solutions. Additionally, SPML Infra Limited develops an integrated management information system, a software solution for metering, billing, CRM, network analysis, demand forecasting and management, asset and inventory management, business intelligence, and operation and maintenance of the entire network. The company was formerly known as Subhash Projects and Marketing Limited and changed its name to SPML Infra Limited in April 2010. SPML Infra Limited was incorporated in 1981 and is headquartered in Kolkata, India.

How the Company Makes Money

SPML Infra generates revenue through multiple streams, primarily from project contracts in the public and private sectors. The company undertakes large-scale infrastructure projects, often funded by government initiatives or through public-private partnerships (PPPs), allowing it to secure contracts for construction and maintenance services. Key revenue streams include fixed-price contracts for infrastructure development, ongoing maintenance agreements, and consultancy services related to urban planning and resource management. Additionally, SPML Infra benefits from strategic partnerships with government agencies and private entities, enhancing its capability to bid for and execute large projects, ultimately contributing to its financial growth.

SPML Infra Limited Financial Statement Overview

Summary

Financials show improving stability and profitability, but remain constrained by inconsistent revenue and weak cash generation. Income statement improved with net income turning positive in 2025 despite declining revenue (Income Statement score 65). Balance sheet strengthened with better debt-to-equity and higher equity, though total debt is still a risk (Balance Sheet score 70). Cash flow is the main drag due to volatility and negative free cash flow in recent years (Cash Flow score 50).

Income Statement

SPML Infra Limited demonstrated stable gross profit margins, though there was a notable decline in total revenue over the years. The company turned net income positive in 2025, showing improvement from previous losses, but still faces challenges in achieving consistent revenue growth.

Balance Sheet

The company has shown improvement in its debt-to-equity ratio, indicating reduced leverage over time. Stockholders' equity has increased, enhancing the equity ratio and overall financial stability. However, the high total debt remains a potential risk.

Cash Flow

Cash flow results highlight volatility, with fluctuating operating cash flow and negative free cash flow in recent years. The ratio of operating cash flow to net income suggests room for improvement in cash generation capabilities.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.20B	7.71B	13.19B	8.83B	9.52B	6.56B
Gross Profit	919.27M	820.22M	2.98B	1.13B	672.56M	1.03B
EBITDA	850.48M	608.93M	590.57M	563.42M	236.57M	614.25M
Net Income	471.28M	479.36M	-69.70M	3.91M	3.22M	-1.17B
Balance Sheet
Total Assets	0.00	19.67B	18.92B	27.93B	27.99B	27.20B
Cash, Cash Equivalents and Short-Term Investments	2.09B	2.09B	2.28B	200.65M	406.87M	396.55M
Total Debt	0.00	3.69B	5.49B	17.54B	18.11B	18.44B
Total Liabilities	-7.70B	11.97B	14.28B	24.44B	24.72B	24.43B
Stockholders Equity	7.70B	7.70B	4.60B	3.42B	3.20B	2.62B
Cash Flow
Free Cash Flow	0.00	-770.82M	5.28B	195.31M	-196.13M	-3.03B
Operating Cash Flow	0.00	-765.08M	5.94B	200.36M	-189.60M	-3.02B
Investing Cash Flow	0.00	-1.05B	-66.35M	459.19M	359.61M	908.26M
Financing Cash Flow	0.00	831.48M	-4.10B	-865.77M	-159.69M	2.31B

SPML Infra Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 193.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPMLINFRA, the sentiment is Negative. The current price of 193.8 is above the 20-day moving average (MA) of 175.13, above the 50-day MA of 180.54, and below the 200-day MA of 223.49, indicating a bearish trend. The MACD of -3.39 indicates Negative momentum. The RSI at 44.67 is Neutral, neither overbought nor oversold. The STOCH value of 21.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SPMLINFRA.

SPML Infra Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SALASAR	69 Neutral	₹13.90B	44.22	―	―	27.20%	-45.92%
VASCONEQ	61 Neutral	₹9.48B	6.50	―	―	3.46%	159.96%
RPPINFRA	60 Neutral	₹4.21B	6.85	―	0.47%	-7.32%	-26.92%
SPMLINFRA	58 Neutral	₹12.19B	25.67	―	―	-35.16%	115.70%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
BLKASHYAP	52 Neutral	₹10.72B	12,507.89	―	―	-4.30%	-99.86%
SABTNL	51 Neutral	₹42.02B	-416.17	―	―	―	―

SPML Infra Limited Corporate Events

SPML Infra Files SEBI-Mandated SDD Compliance Certificate for December Quarter

SPML Infra Limited has submitted to the stock exchanges a Structured Digital Database (SDD) compliance certificate for the quarter ended 31 December 2025, in line with Regulation 3(5) and 3(6) of SEBI’s Prohibition of Insider Trading Regulations, 2015. The certificate, issued by an independent practising company secretary, confirms that the company has an SDD in place with controlled access, complete capture of unpublished price-sensitive information disseminated during the quarter, time-stamped records, an internal non-tamperable database with an audit trail and eight-year record-keeping capability, and that no instances of non-compliance were observed in the period, underscoring SPML Infra’s adherence to insider trading and data governance norms.

SPML Infra Files SEBI Demat Compliance Certificate for December Quarter

SPML Infra Limited has submitted to the stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025, issued by its registrar and share transfer agent Maheshwari Datamatics Pvt. Ltd. The certificate confirms that dematerialisation-related share transfers for the period have been duly processed, dematerialised or cancelled within the prescribed timelines, underscoring the company’s adherence to securities market regulations and providing assurance to investors about the integrity and efficiency of its share transfer and demat operations.

SPML Infra Secures ₹207 Crore Project to Boost Water Supply in Rajasthan

SPML Infra Limited has secured a ₹207.38 Crore project under the Jal Jeevan Mission to enhance water supply infrastructure in Rajasthan’s Kota and Bundi regions. This project, in collaboration with Shree Hari Infraprojects, involves constructing and operating water supply facilities, including intake wells, water treatment plants, and pipelines, to provide clean drinking water to over 1.03 million people. The initiative underscores SPML’s commitment to sustainable infrastructure and aligns with India’s vision of ‘Viksit Bharat 2047’, enhancing the company’s position in the water infrastructure sector.

SPML Infra Limited Announces EGM Details

SPML Infra Limited announced the publication of a newspaper advertisement regarding the pre-dispatch notice of its upcoming Extra-Ordinary General Meeting (EGM) scheduled for December 10, 2025. The meeting will be conducted via video conferencing, and details about remote e-voting have been shared. This announcement is part of the company’s compliance with SEBI regulations, ensuring transparency and communication with its stakeholders.