SPML Infra lands ₹165.41 cr power transmission order in Rajasthan
The company will build a 400 kV grid substation in Kota over 18 months, adding nearly 10% to its market capitalization.
— 1 earlier story on SPML Infra Ltd. →What's new
- SPML Infra won a contract to build a 400 kV grid substation and transmission infrastructure in Kota.
- The 18-month project covers supply, erection, testing, and commissioning of key power equipment.
- The order value is equivalent to 9.9% of the company's ₹1,678 crore market cap.
Why this matters
This win provides clear revenue visibility for the next 18 months. By securing a government-backed project, SPML reduces its execution risk while continuing its shift toward high-voltage power infrastructure. This is a clear signal of growing order book momentum.
What we're watching
- Whether the company secures further grid-related contracts this fiscal year.
- Execution progress on the earlier ₹1,128 crore NTPC battery storage project.
- Potential upward revisions to earnings estimates following this win.
The full read
SPML Infra has secured a ₹165.41 crore contract from Rajasthan Rajya Vidyut Prasaran Nigam to build a 400 kV grid substation in Kota.
It is a big win.
The project, which spans 18 months, involves the full lifecycle of the infrastructure, from supply and erection to testing and commissioning, and it represents 9.9% of the company's ₹1,678 crore market capitalization. By adding this to its existing ₹1,128 crore battery storage contract with NTPC, SPML is clearly accelerating its pivot into high-voltage power infrastructure, while the use of a government-backed counterparty helps mitigate execution risk and provides the company with a more stable revenue profile for the coming quarters.
Questions answered
- What is the scope of the new contract?
- SPML will handle the supply, erection, testing, and commissioning of a 400 kV grid substation in Kota, Rajasthan. This includes installing autotransformer, shunt reactor, and feeder bays.
- How significant is this order relative to the company's size?
- The order is worth ₹165.41 crore, which represents approximately 9.9% of SPML Infra's ₹1,678 crore market capitalization.
- What is the timeline for the project?
- The company has 18 months to complete the construction and commissioning of the transmission infrastructure.
- Does this contract fit into a broader strategy?
- Yes, it reinforces the company's pivot into high-voltage power infrastructure, complementing a previously secured ₹1,128 crore battery storage contract from NTPC.
Story so far
All notes on SPMLINFRA →- 22 May 2026 · 11:08 AM IST SPML Infra lands ₹165.41 cr power transmission order in Rajasthan
- 1d ago SPML Infra profit climbs to ₹76.25 crore in FY26