SPML Infra targets 25%+ growth in FY27; BESS plant starts June
Management reaffirms guidance as order book enters new year at ₹5,369 cr, with a ₹1,128 cr NTPC battery order.
— 2 earlier stories on SPML Infra Ltd. →What's new
- Reaffirmed 25%+ top-line and bottom-line growth target for FY27.
- 2.5 GW BESS battery assembly line in Pune to start by end-June; expansion to 5 GW and 600-unit container facility by year-end.
- Order book at ₹5,369 cr, including a ₹1,128 cr BESS order from NTPC.
Why this matters
The 25%+ growth target is backed by a visible order book and a clear capacity roadmap. The slight FY26 revenue miss was a deliberate choice to align with customer fund flows, not a demand issue. Execution of the Pune battery plant is the key near-term catalyst.
What we're watching
- Commencement of BESS line by June-end.
- Further NTPC order execution and potential new BESS wins.
- Revenue trajectory in H1 FY27 as spillover from FY26 kicks in.
The full read
SPML Infra has entered FY27 with a ₹5,369 crore order book, a ₹1,128 crore BESS contract from NTPC, and a reaffirmed 25%+ growth target for both revenue and profit. The slight FY26 revenue shortfall was a deliberate choice — management slowed execution to match customer fund flows, expecting the spillover to boost the current year. The near-term pivot is the 2.5 GW battery pack assembly line in Pune, which starts by end-June. A further expansion to 5 GW and a 600-unit container plant is planned by year-end. Executive director Manoj Digga attributed the cautious FY26 to 'calibrated execution' and said the company remains selective in order booking. Execution on the Pune plant is the test. The order book provides cover; the capacity addition provides the growth engine.
Questions answered
- What caused the FY26 revenue shortfall?
- Management said it was due to calibrated execution aligned with customer fund availability; the spillover will benefit FY27.
- What is the size and composition of the order book?
- The order book stood at ₹5,369 crore entering FY27, including a ₹1,128 crore BESS order from NTPC.
- What is the BESS capacity expansion timeline?
- A 2.5 GW battery pack line in Pune starts by end-June, with expansion to 5 GW and a 600-unit container manufacturing facility planned by year-end.
- What is the growth target for FY27?
- Management reaffirmed over 25% growth in both revenue and profit for fiscal 2027.
- Is SPML Infra selective in taking orders?
- Yes, management reiterated a selective order-booking strategy during the call.
- What progress was made on NARCL repayment?
- The transcript noted progress on NARCL repayment but provided no specific numbers.
Story so far
All notes on SPMLINFRA →- 4 Jun 2026 · 1:00 PM IST SPML Infra targets 25%+ growth in FY27; BESS plant starts June
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