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SPML Infra Ltd (SPMLINFRA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500402 NSE: SPMLINFRA Engineering - Construction | Small Cap | SPML Infra Share Price

₹162.15 1.15 (0.71%)

As on 29-Sep'26 16:59

SPML Infra Ltd (SPMLINFRA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500402 NSE: SPMLINFRA Engineering - Construction | Small Cap | SPML Infra Share Price

₹162.15 1.15 (0.71%)

As on 29-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,376 Cr.
Current Price
₹162.2
52-Week Low / High
₹152 / 251
TTM EPS
₹10.1
TTM Sales
₹992 Cr.
Book Value per Share
₹125.2
P/E Ratio
16.14
Lower than its 5-year historical median
Industry PE
23.6
Price to Book (P/B)
1.30
In line with its 5-year historical median
Price to Sales (P/S)
1.39
Higher than its 5-year historical median
EV/EBITDA
15.86
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
9.14%
Outperforms industry median
Return on Capital Employed (ROCE)
6.79%
Underperforms industry median
Return on Assets (ROA)
3.68%
Operating Profit Margin
7.6%
Net Profit Margin
8.6%
Gross Profit Margin
8.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
11.76%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
34.25%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
55.81%
Asset Quality
Promoter Holding
40.85%
Pledged shares (%) of Promoter's holding (%)
22.85%
Reserves
₹1,045 Cr.
Equity
₹17 Cr.
Face Value
₹2
All Time Low / High
₹3.05 / 599.00

SPML Infra stock performance

Key Ratios
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Check Before You Invest

Check Before You Invest

Quality

Not Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is SPML Infra Ltd a good quality company?
SPML Infra Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does SPML Infra Ltd performance compare with that of its Peers?
Q.1 Revenue growth of SPML Infra Ltd vs industry peers?
SPML Infra Ltd revenue CAGR is 4.93%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of SPML Infra Ltd?
Promoters hold 40.85% of the SPML Infra Ltd, with 22.85% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of SPML Infra Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 9.5% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SPML Infra Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ16.2%16.4%12.9%8.3%3.1%1.4%2.5%5%5.5%6.6%-
Value Creation
Index ⓘ		0.20.2-0.1-0.4-0.8-0.9-0.8-0.7-0.6-0.5-

Growth Parameters ⓘ
Sales ⓘ1,7011,3561,4338246158538781,318777868992
Sales YoY Gr.--20.3%5.7%-42.5%-25.3%38.6%2.9%50.2%-41.1%11.8%-
Adj EPS ⓘ-19.912.14.93.260.128.36.99.410.2
YoY Gr.-NA21.2%-59.8%-35.1%91.8%-99%47100%-75.7%35.7%-
BVPS (₹) ⓘ106.7118.6103.3105.274.575.372.875.1107.2122.8131.2
Adj Net
Profit ⓘ		-3.736.444.217.811.623.80.313949.373.787
Cash Flow from Ops. ⓘ-18313694.1-133-27229.373.5490-73-70.3-
Debt/CF from Ops. ⓘ-5.29.413.9-11.1-6.759.423.21.1-5.2-4.9-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-7.2%7.1%-0.4%11.8%
Adj EPS ⓘNA24.3%438.1%35.7%
BVPSⓘ1.6%10.5%19%14.5%
Share Price 9.4% 71% 49% -31.7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-0.98.810.84.63.57.90.132.37.48.18.1
Op. Profit
Mgn % ⓘ		10.114.911.48.66.74.34.18.36.77.78.3
Net Profit
Mgn % ⓘ		-0.22.73.12.21.92.8010.56.38.58.8
Debt to
Equity ⓘ		2.42.93.53.86.65.34.91.50.50.4-
Working Cap
Days ⓘ		3885475761,0141,323931939511680698212
Cash Conv.
Cycle ⓘ		-76-118-87-12921638520410-6-3497

Valuation of SPML Infra - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *10.2124.6129.9527.2626.7727.1127.1125.8824.5322.85
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,2762,0492,0121,7066839528831,319777868
Operating Expenses ⓘ + 2,1131,8341,8431,6266859578541,306728802
Manufacturing Costs543574421324388638712922601611
Material Costs1,3191,0651,2791,1511682166110064109
Employee Cost 84736254262827242532
Other Costs ⓘ 166122809810375542593851
Operating Profit ⓘ 16321616980-2-629134966
Operating Profit Margin (%) 7.2%10.5%8.4%4.7%-0.3%-0.6%3.3%1.0%6.3%7.6%
Other Income ⓘ + 986165112642928431219
Exceptional Items ⓘ 0000000200
Interest ⓘ 2602141611576722505748
Depreciation ⓘ 21171111643212
Profit Before Tax ⓘ -21466224-16-13-05775
Tax ⓘ -6112515-5-13190
Profit After Tax -14353710-11-00-24875
PAT Margin (%) -0.6%1.7%1.9%0.6%-1.6%-0.0%0.0%-0.1%6.2%8.6%
Adjusted EPS (₹)-2.313.810.81.8-32.00.10.1-1.46.79.5
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 380465420384262320342320718918
Share Capital ⓘ 8.198.198.198.198.1942.8027.7210.6615.1616.63
Reserves ⓘ 372457412376254277315310703901
Debt +1,1591,3111,3951,4941,8131,7821,724316365342
Long Term Debt288735676673650664636306338305
Short Term Debt8715767198211,1631,1181,089102637
Minority Interest94111185161577300
Trade Payables903964941631386423434374478624
Others Liabilities ⓘ 408460443381144169180775306311
Total Liabilities ⓘ 2,9453,3103,3832,9062,6212,7002,6881,7881,8662,196

Fixed Assets

Net Fixed Assets ⓘ +3082942821221171331299512443
Gross Block539541538385384402398381343226
Accumulated Depreciation231247256263268269269285219183
CWIP ⓘ 544846565656560064
Investments ⓘ 194161181119706559383936
Inventories727767637190923750124
Trade Receivables6516516784681,2171,220459404396514
Cash Equivalents 15612512134594323234209167
Others Assets ⓘ 1,5101,9532,0082,0441,0301,0931,8709801,0491,249
Total Assets ⓘ 2,9453,3103,3832,9062,6212,7002,6881,7881,8662,196
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + -161234178-3-302-1920594-85-113
PBT ⓘ 10626224-118-23-15675
Adjustment ⓘ 21122315613018738673110-5
Changes in Working Capital ⓘ -371-7030-151-376-58-34262-145-190
Tax Paid ⓘ -1120-71-643-162248
Cash Flow From Investing Activity ⓘ + 10868-29282913646-7-90-32
Capex 0-5-301592310-34-1-66
Net Investments -847-261427429-0-15-9926
Others ⓘ 1162626-20154364299
Cash Flow From Financing Activity ⓘ + 69-330-168-273231-16-87-4107749
Net Proceeds from Shares ⓘ 25000035-1501501
Net Proceeds from Borrowing ⓘ 55-82-102-20-27-16-28-2085427
Interest Paid ⓘ -257-210-170-159-80-35-50-7232-5
Dividend Paid ⓘ 0000000000
Others ⓘ 246-38104-9433807-129-16026
Net Cash Flow ⓘ 16-28-206191-21178-99-96
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-3.388.218.462.48-3.41-0.050.11-0.59.259.14
ROCE (%)14.5614.8911.939.62.560.962.523.655.656.79
Asset Turnover Ratio0.730.660.60.540.250.360.330.590.430.43
PAT to CFO Conversion(x)N/A6.694.81-0.3N/AN/AN/AN/A-1.77-1.51
Working Capital Days
Receivable Days126.60115.90120.50122.50450.30467.40347.20119.50187.90191.20
Inventory Days11.8013.3013.1013.8035.803137.801820.5036.60
Payable Days280.80319.90271.60249.201,107.90684.102,547.101,468.102,4371,839.40

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Announcements

SPML Infra Ltd FAQs

The current trading price of SPML Infra on 29-Sep-2026 16:59 is ₹162.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Sep-2026 the market cap of SPML Infra stood at ₹1,375.7 Cr

The latest P/E ratio of SPML Infra as of 28-Sep-2026 is 15.85.

The latest P/B ratio of SPML Infra as of 28-Sep-2026 is 1.24.

The 52-week high of SPML Infra is ₹251.0 and the 52-week low is ₹152.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SPML Infra is ₹992 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that SPML Infra Ltd is a below average quality company.

The key valuation ratios of SPML Infra Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of SPML Infra Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About SPML Infra Ltd

Subhash Projects and Marketing (SPML) is a leading infrastructure development company with over 25 years experience in the public as well as private sector. SPML was incorporated in 1981 and listed as a public limited company in August 1983. It has offices in Kolkata, Delhi, Mumbai, Bangalore, Chennai, Jaipur, Patna and Guwahati. In 2010 the company changed its name from Subhash Projects & Marketing Ltd. to SPML Infra Ltd.

SPML is a single source solution provider for various multi disciplinary engineering and infrastructure services from conceptualization to maintenance in Water, Power, Environment and Infrastructure projects.

Having established it’s leadership in the contracting business, SPML has proven business capabilities in the Water, Energy, Environment and Infrastructure domain, on a Public Private Partnership (PPP) & Build-Own-Operate-Transfer (BOOT) basis. SPML Group is developing infrastructure projects with projected investments worth Rs.150 billion; $3.7 billion.

Product and Services offered by the company:

EPC 

  • Water SBU
  • Power SBU
  • Infrastructure SBU
  • Environment SBU

PPP / BOOT 

  • Water
  • Energy
  • Infrastructure
  • Environment

Other Businesses  Technology & Manufacturing

Clientele:

Ahmedabad Urban Development Authority, Government of Puducherry, Madhya Pradesh Road Development Corporation (MPRDC), Andhra Pradesh Transmission Corporation, Gujarat Water Supply & Sewerage Board, IRCON International Limited and many more.

Subsidiaries of the company:

  • SPML Wter Infra limited
  • SPML Energy limited
  • SPML Urban Enviro limited
  • SPML Infrastructure limited
  • SPML Technologies limited
  • SPML Industries limited

Achievements/ recognition:

  • 2013 - EPC World Awards 2013 for Urban Infrastructure Development - EPC World Media Group
    Construction Week India Awards 2013 for Water Project of the Year - ITP Publishing Group
    Construction Week India Awards 2013 for Corporate Social Responsibility - ITP Publishing Group
    GMR-IGI Airport Awards 2013 -GMR-KPMG Awards
  • 2012 - Aqua Excellence Awards 2012 for Outstanding Contribution Towards Cause of Water – Aqua Foundation
    Construction Week India Award 2012 for Water Project of the Year – ITP Publishing Group
    Infrastructure Excellence Award 2012 for Water & Sanitation - Network 18
    Corporate Excellence Award for Outstanding Marketing - Amity University 2012
  • 2011 - Most Admired Infrastructure Company in Water and Urban Infrastructure - KPMG Infrastructure Today Awards 2011
  • Excellence in Project Management in Hydro Power Sector (SHP) from ENERTIA Publication as part of their Annual ENERTIA Awards 2008. The award is in the category for sustainable Energy & Power, for the development and efficient operation of the 20 MW (10 MW x 2) Kabini Hydro Power Project, the 2nd largest private sector mini hydel scheme in the Karnataka.
  • Economic Times 500 (Year 2008) – one of most respected business publication’s ET Survey of 500 biggest organizations in India ranks SPML at 338, a clear jump of 46 positions from the previous year standing of 384
  • Ranked at 312 amongst India’s 1000 corporate giants based on Net Sales- by eminent financial magazine “Business Standard” Year 2008
  • SPML - awarded as the Number One fastest growing construction companies in India in ‘large category’ , the award was presented by Dr. T. Subbarami Reddy,  Union Minister for States (Mines) - 30.10.2007, Ceremony of “Fifth Construction World – NICMAR Award 2007
  • One of the top 500 companies in India - “Dun & Bradstreet” & “The Financial Express” – Year 2007
  • Promoters - Ranked at 217 amongst top Billionaires of the country by eminent financial magazine “Business Standard” - Year 2007
  • The Government of Karnataka, Department of Energy and Karnataka Renewable Energy Development Limited certified  Subhash Kabini Power Corporation Ltd (a subsidiary of SPML) and awarded second for highest capacity installation in small hydro power projects for/during the period 1996-2004
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