SPML Infra Ltd

NSE: SPMLINFRA BSE: 500402Infra

SPML Infra Ltd (SPMLINFRA) is a Infra company listed on NSE: SPMLINFRA | BSE: 500402. With a market cap of ₹1,607 Cr and ROCE of 8.59%, ROE of 7.41%, it operates in the Indian Infra sector.

₹192

52W: ₹151 — ₹323

PE 26.9 · Book ₹111 · +73% vs book

Market Cap₹1,607 Cr

Stock P/E26.9Price to Earnings

ROCE8.59%Return on Capital

ROE7.41%Return on Equity

Div. Yield0%Face Value ₹2

Strengths

+Company has reduced debt.
+Company has delivered good profit growth of 82.8% CAGR over last 5 years
+Promoter holding has increased by 2.64% over last quarter.

Weaknesses

−Though the company is reporting repeated profits, it is not paying out dividend
−The company has delivered a poor sales growth of -1.34% over past five years.
−Tax rate seems low
−Company has a low return on equity of 4.63% over last 3 years.
−Earnings include an other income of Rs.38.5 Cr.
−Working capital days have increased from 52.7 days to 122 days

Shareholding Pattern

Promoters40.97%

FIIs0.52%

DIIs1.78%

Public56.73%

Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Apr 2026
Promoters	35.93%	34.8%▼1.1	35.21%▲0.4	35.12%▼0.1	35.12%	37.79%▲2.7	40.19%▲2.4	40.97%▲0.8
FIIs	0.97%	0.76%▼0.2	0.7%▼0.1	0.34%▼0.4	0.27%▼0.1	0.15%▼0.1	0.36%▲0.2	0.52%▲0.2
DIIs	1.93%	1.72%▼0.2	1.7%▼0.0	1.76%▲0.1	1.98%▲0.2	1.79%▼0.2	1.89%▲0.1	1.78%▼0.1
Public	61.17%	62.72%▲1.5	62.37%▼0.4	62.79%▲0.4	62.64%▼0.1	60.28%▼2.4	57.57%▼2.7	56.73%▼0.8

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	253	252	463	207	189	188	189	156	190	230
Expenses	251	254	398	195	175	178	178	149	179	205
Operating Profit	2	-3	65	12	14	10	11	7	11	25
OPM %	1%	-1%	14%	6%	7%	5%	6%	5%	6%	11%
Net Profit	1	1	17	13	14	10	12	12	15	20
EPS ₹	0.11	0.2	3.54	2.2	2.36	1.47	1.65	1.69	2.13	2.67

AI Insights

Revenue Trend

TTM revenue at ₹765Cr, down 0.8% YoY. OPM at 7%.

Debt Position

Borrowings at ₹378Cr. Debt-to-equity ratio: 0.45x. Healthy balance sheet.

Capex Cycle

CWIP at ₹38Cr (136% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 1.78% (-0.56pp change). FIIs: 0.52% (+0.52pp change). Promoters hold 40.97%.

Margin & Efficiency

ROCE declining from 16% (Mar 2014) to 9% (Mar 2025). Working capital days: 122.

Valuation

PE 26.9x with 8.59% ROCE. Price is 73% above book value of ₹111. Dividend yield: 0%.