SPML Infra targets 25% growth for FY27, launches Pune battery unit this month
Q4 revenue jumped 53% to ₹293.9 cr. The company will start a 2.5 GW battery facility in Pune and has a ₹1,128 cr NTPC order for energy storage.
— 2 earlier stories on SPML Infra Ltd. →What's new
- Q4 revenue rose 53% year-on-year to ₹293.9 crore.
- Management guided for 25% plus growth in both revenue and margins for FY27.
- Pune battery pack facility starts operations this month; part of a push including a ₹1,128 cr NTPC order.
Why this matters
The guidance and new manufacturing capacity signal a strategic shift into energy storage. That comes with execution risk, especially as legacy Jal Jeevan Mission payments remain caught up in verification delays, forcing SPML to avoid new orders in that segment.
What we're watching
- Ramp-up of the 2.5 GW Pune facility and first revenue from it.
- Resolution of Jal Jeevan Mission payment delays.
- Execution on the ₹1,128 cr NTPC energy-storage order.
The full read
SPML Infra is pivoting toward energy storage. The company said it will begin operations at a 2.5 GW battery pack facility in Pune this month, backed by a ₹1,128 crore order from NTPC. The push comes as legacy water-infrastructure work slows: management disclosed that Jal Jeevan Mission payments are caught in verification, so SPML has stopped taking new orders in the segment. That caution makes sense alongside a ₹5,368 crore order book and a 53% year-on-year revenue jump in Q4 to ₹293.9 crore. The company is now guiding for 25% plus growth in both topline and margin for FY27. The battery unit is the bet that growth will come from a different part of the business in the years ahead.
Questions answered
- What is the guidance for FY27?
- Management guided for 25% plus growth in both topline and margin for the fiscal year. That follows a 53% revenue jump in Q4 of the previous year.
- Why is the company avoiding new Jal Jeevan Mission orders?
- Payments under the mission have been delayed due to verification processes. To manage the cash-flow hit, SPML has stopped taking new orders in that segment for now.
- What is the status of the energy storage push?
- SPML will start operations at its 2.5 GW battery pack facility in Pune this month. The move is supported by a ₹1,128 crore order from NTPC.
- How large is the current order book?
- The company entered FY27 with a ₹5,368 crore order book.
Story so far
All notes on SPMLINFRA →- 1 Jun 2026 · 4:28 PM IST SPML Infra targets 25% growth for FY27, launches Pune battery unit this month
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