SPML Infra lands ₹165.4 cr order from Rajasthan power utility
The Kota substation contract is worth about 10% of SPML's market cap and adds to a large NTPC battery-storage win secured earlier this year.
— 2 earlier stories on SPML Infra Ltd. →What's new
- SPML won a ₹165.41 cr contract from Rajasthan Rajya Vidyut Prasaran Nigam to build a 400 kV grid substation at Kota.
- The 18-month project includes supply, erection, testing and commissioning of autotransformer, shunt reactor and feeder bays.
- The order is worth ~9.9% of SPML's ₹1,678 cr market cap.
Why this matters
For a micro-cap, a single contract worth 10% of market cap moves the needle on revenue visibility and earnings estimates. Combined with the ₹1,128 cr NTPC battery-storage win, it signals a real pivot into high-voltage transmission work. The counterparty is a government-owned utility, which lowers execution risk.
What we're watching
- Whether SPML can translate the order-book momentum into execution and margin delivery.
- The timing and size of any follow-on transmission or storage orders.
- How much the NTPC battery-storage contract has progressed on-ground.
The full read
SPML Infra's new ₹165.41 crore contract from Rajasthan's power transmission utility is worth 9.9% of its ₹1,678 crore market cap. That is not a rounding error for a micro-cap. The 18-month Kota substation project covers a 400 kV grid build-out, including autotransformer, shunt reactor and feeder bays. It sits alongside the ₹1,128 crore battery-storage contract SPML won from NTPC earlier this year. The counterparty is state-owned, which trims execution risk. For a company this size, the open question is whether SPML can actually deliver on an order book that has grown materially.
Questions answered
- How big is this order relative to SPML's size?
- The ₹165.41 cr contract is worth about 9.9% of SPML's ₹1,678 cr market cap. For a micro-cap, that is a material single-win.
- Who is the customer and what will SPML build?
- Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL) has hired SPML to construct a 400 kV grid substation at Kota, covering supply, erection, testing and commissioning of equipment over 18 months.
- How does this fit with SPML's recent order book?
- It adds to a ₹1,128 cr battery-storage contract SPML secured from NTPC earlier this year. Together the two wins signal an expansion into high-voltage power infrastructure.
- What is the execution risk?
- The counterparty is a government-backed power utility, which generally carries lower credit risk than private-sector clients. The 18-month timeline is standard for substation projects.
Story so far
All notes on SPMLINFRA →- 22 May 2026 · 11:08 AM IST SPML Infra lands ₹165.4 cr order from Rajasthan power utility
- today SPML Infra targets 25%+ growth in FY27; BESS plant starts June
- 3d ago SPML Infra targets 25% growth for FY27, launches Pune battery unit this month