SPML Infra Limited (SPMLINFRA) AI Stock Analysis

• Market Cap: ₹12.72B
• Dividend Yield: N/A
• Average Volume (3M): 8.49K
• Price to Earnings (P/E): 17.5
• Beta (1Y): 0.76
• Revenue Growth: -35.16%
• EPS Growth: 115.70%
• Country: IN
• Employees: 243
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 2.51
• Shares Outstanding: 75,456,900
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹186.00 ▼(-4.02% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is primarily driven by mixed financial performance: improving profitability and balance-sheet metrics are offset by declining revenue and weak/volatile cash flow. Technical indicators are neutral-to-soft (negative MACD and below key longer-term moving averages), while valuation appears moderate based on the P/E provided.

Positive Factors

Return to Profitability

Net income turning positive in 2025 demonstrates the company’s ability to restore profitability after losses. Sustained profitability increases internal funding for working capital and capex, reduces reliance on external financing, and improves credibility when bidding on public EPC contracts over the medium term.

Improved Capital Structure

A stronger debt-to-equity position and higher shareholder equity enhance financial resilience. Lower leverage reduces interest burden and refinancing vulnerability, enabling the company to better absorb project overruns, pursue larger tenders, and preserve liquidity for operational needs over coming months.

Specialized Water Infrastructure Model

Concentration on water supply, treatment, sewerage EPC and O&M targets essential municipal needs with recurring service opportunities. End-to-end execution capability and public-sector focus support structural demand, backlog visibility from long projects, and differentiated competitive positioning in the utility infrastructure niche.

Negative Factors

Declining Revenue

A ~27% revenue contraction materially reduces scale and can erode operating leverage. Continued top-line weakness compresses margins, weakens bargaining power with suppliers and subcontractors, threatens backlog replenishment, and makes sustaining recent profitability and investment plans more challenging over the next several months.

Weak & Volatile Cash Flow

Volatile operating cash flow and recent negative free cash flow constrain the company’s ability to fund project execution and working capital internally. Persistent FCF weakness raises liquidity and refinancing risk, forcing greater dependence on external financing and limiting flexibility to time project bids or absorb payment delays.

High Absolute Debt Risk

Even with improved leverage ratios, elevated absolute debt increases interest expenses and refinancing exposure. High debt levels can limit capital allocation, reduce tolerance for project delays or cost overruns typical in public-sector EPC work, and constrain growth investments until net debt is meaningfully reduced.

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

Overall financials show improvement in profitability (net income turned positive in 2025) and better balance-sheet stability (improving debt-to-equity and rising equity), but revenue has declined over time and cash generation remains weak/volatile with negative recent free cash flow.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.19B	7.71B	13.19B	8.83B	9.52B	6.56B
Gross Profit	889.66M	820.22M	2.98B	1.13B	672.56M	1.03B
EBITDA	796.11M	608.93M	590.57M	563.42M	236.57M	614.25M
Net Income	491.05M	479.36M	-69.70M	3.91M	3.22M	-1.17B
Balance Sheet
Total Assets	20.26B	19.67B	18.92B	27.93B	27.99B	27.20B
Cash, Cash Equivalents and Short-Term Investments	1.66B	2.09B	2.28B	200.65M	406.87M	396.55M
Total Debt	3.51B	3.69B	5.49B	17.54B	18.11B	18.44B
Total Liabilities	12.23B	11.97B	14.28B	24.44B	24.72B	24.43B
Stockholders Equity	8.03B	7.70B	4.60B	3.42B	3.20B	2.62B
Cash Flow
Free Cash Flow	-834.69M	-770.82M	5.28B	195.31M	-196.13M	-3.03B
Operating Cash Flow	-486.88M	-765.08M	5.94B	200.36M	-189.60M	-3.02B
Investing Cash Flow	-329.74M	-1.05B	-66.35M	459.19M	359.61M	908.26M
Financing Cash Flow	47.85M	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: Positive
• 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 173.98, above the 50-day MA of 177.32, and below the 200-day MA of 222.19, indicating a bearish trend. The MACD of -3.03 indicates Positive momentum. The RSI at 45.79 is Neutral, neither overbought nor oversold. The STOCH value of 20.15 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
RPPINFRA	62 Neutral	₹3.53B	186.32	―	0.47%	-7.32%	-26.92%
VASCONEQ	61 Neutral	₹7.20B	27.62	―	―	3.46%	159.96%
SPMLINFRA	58 Neutral	₹12.72B	17.55	―	―	-35.16%	115.70%
SALASAR	56 Neutral	₹12.22B	70.39	―	―	27.20%	-45.92%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
BLKASHYAP	52 Neutral	₹10.99B	25.32	―	―	-4.30%	-99.86%

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.