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SPML Infra Limited
(SPMLINFRA)
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Rating:54Neutral
Price Target:
₹183.00
▼(-5.57% Downside)
Action:Reiterated
Date:08/29/26
The score is anchored by improving profitability and a much stronger balance sheet from significant debt reduction, but it is held back by weak cash conversion (negative operating and free cash flow in FY2025–FY2026) and bearish technicals with the price below key moving averages. Valuation appears broadly fair at ~17x earnings, offering limited offset.
Positive Factors
Recent revenue and profit recovery
The recent rebound in revenue and net income indicates improved project execution and cost control after weaker periods. If maintained, stronger operating performance can rebuild earnings capacity, support reinvestment, and improve resilience across the infrastructure project cycle.
Negative Factors
Weak recent cash conversion
Negative operating and free cash flow despite the profit recovery signals that accounting earnings are not consistently converting into liquidity. Continued cash weakness could increase reliance on financing or balance-sheet resources while projects expand and working capital remains tied up.
Read all positive and negative factors
Positive Factors
Negative Factors
Recent revenue and profit recovery
The recent rebound in revenue and net income indicates improved project execution and cost control after weaker periods. If maintained, stronger operating performance can rebuild earnings capacity, support reinvestment, and improve resilience across the infrastructure project cycle.
Read all positive factors
SPML Infra Limited (SPMLINFRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹14.44B
Dividend Yield0.39%
Average Volume (3M)16.75K
Price to Earnings (P/E)16.3
Beta (1Y)1.01
Revenue Growth37.86%
EPS Growth57.21%
CountryIN
Employees260
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)10.56
Shares Outstanding84,149,925
10 Day Avg. Volume13,985
30 Day Avg. Volume16,748
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)1.19
Price to Sales (P/S)1.30
P/FCF Ratio-6.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)23.5
Revenue Forecast (FY)₹25.00B
SPML Infra Limited Business Overview & Revenue Model
Company Description
SPML Infra Limited is an India-based infrastructure development company with a diverse project portfolio. Its operations in the water sector include the management of urban water supply, distribution, and treatment systems, as well as the construc...
How the Company Makes Money
SPML Infra Limited primarily makes money by executing infrastructure projects awarded by government and public-sector entities (and, where applicable, private clients) under EPC and turnkey contracting arrangements. Revenue is typically recognized...
SPML Infra Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.92B | 8.68B | 7.71B | 13.19B | 8.83B | 9.52B |
| Gross Profit | 1.38B | 1.17B | 820.22M | 2.98B | 1.13B | 672.56M |
| EBITDA | 947.30M | 665.49M | 608.93M | 590.57M | 563.42M | 236.57M |
| Net Income | 852.34M | 746.75M | 479.36M | -69.70M | 3.91M | 3.22M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 22.96B | 19.67B | 18.92B | 27.93B | 27.99B |
| Cash, Cash Equivalents and Short-Term Investments | 1.67B | 1.67B | 2.09B | 2.28B | 200.65M | 406.87M |
| Total Debt | 0.00 | 3.58B | 3.69B | 5.49B | 17.54B | 18.11B |
| Total Liabilities | -9.48B | 13.48B | 11.97B | 14.28B | 24.44B | 24.72B |
| Stockholders Equity | 9.48B | 9.48B | 7.70B | 4.60B | 3.42B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | -834.69M | -1.79B | -770.82M | 5.28B | 195.31M | -196.13M |
| Operating Cash Flow | -486.88M | -1.12B | -765.08M | 5.94B | 200.36M | -189.60M |
| Investing Cash Flow | -329.74M | -75.73M | -1.05B | -66.35M | 459.19M | 359.61M |
| Financing Cash Flow | 47.85M | 538.61M | 831.48M | -4.10B | -865.77M | -159.69M |
SPML Infra Limited Technical Analysis
Negative
193.80
Price Trends
190.31
Negative
196.85
Negative
188.24
Negative
Market Momentum
-5.11
Positive
34.29
Neutral
11.97
Positive
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 182.82, above the 50-day MA of 190.31, and above the 200-day MA of 188.24, indicating a bearish trend. The MACD of -5.11 indicates Positive momentum. The RSI at 34.29 is Neutral, neither overbought nor oversold. The STOCH value of 11.97 is Positive, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹7.72B | 14.36 | ― | 0.86% | 9.36% | -14.51% | |
68 Neutral | ₹16.30B | 8.85 | ― | 0.54% | 12.37% | -5.17% | |
66 Neutral | ₹25.29B | 8.70 | ― | 1.53% | -1.44% | -0.65% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹14.44B | 16.25 | ― | 0.39% | 37.86% | 57.21% | |
54 Neutral | ₹59.57B | 29.52 | ― | 1.34% | -20.64% | -12.46% | |
41 Neutral | ₹4.89B | 47.58 | ― | ― | -33.48% | ― |
* General Sector Average
IN:SPMLINFRA
SPML Infra Limited
171.60
-106.55
-38.31%
IN:CAPACITE
Capacit'e Infraprojects Ltd.
192.65
-109.65
-36.27%
IN:HCC
Hindustan Construction Co. Ltd.
22.74
-5.67
-19.96%
IN:IL&FSENGG
IL&FS Engineering & Construction Co. Ltd.
37.26
5.51
17.35%
IN:PATELENG
Patel Engineering Limited
26.66
-13.26
-33.22%
IN:DENTA
Denta Water and Infra Solutions Limited
289.05
-129.40
-30.92%
SPML Infra Limited Corporate Events
CRISIL Assigns and Reaffirms Credit Ratings for SPML Infra’s Rs 1,655 Crore Facilities
Jul 23, 2026
CRISIL Ratings Limited has assigned SPML Infra Limited long-term ratings of CRISIL BBB/Stable for its cash credit, term loans and proposed fund-based limits, and short-term ratings of CRISIL A3+ for its non-fund-based limits, covering total sancti...
SPML Infra Gains ICRA Credit Rating Upgrade on Key Facilities
Jul 3, 2026
SPML Infra Limited has reported an upgrade in its credit ratings from ICRA for multiple debt instruments, including long-term term loans, cash credit and non-fund-based facilities. The ratings have moved to [ICRA]BBB(Stable) for long-term faciliti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.