Vijay Kedia portfolio stock: SPML Infra shares edge higher after net profit jumps 87% in Q1

Defying the weak market trend, shares of SPML Infra edged 2.3% higher in Friday's trade, reaching ₹191 apiece, following the company's strong June-quarter performance.

The company, which is one of India's leading water and energy infrastructure developers, on Thursday reported strong year-on-year growth across revenue, EBITDA, and profitability.

Revenue increased 74% year-on-year to ₹286 crore, while EBITDA grew 81% to ₹28.3 crore, with the EBITDA margin improving to 9.9% from 9.5% in the corresponding quarter of the previous year.

At the bottom line, net profit jumped 87% YoY to ₹22.7 crore, reflecting the increasing contribution from the execution of new orders secured under SPML 2.0 and demonstrating the company's transition from order wins to revenue and earnings growth.

With a strengthening order book and improving execution, the company has maintained its guidance of at least 25% growth and expects to sustain its growth momentum through FY27. During the quarter, order wins remained strong, with the company securing ₹1,293 crore of new orders, further strengthening its medium-term revenue visibility.

The company's total order book now stands at approximately ₹5,094 crore, with management highlighting a significant improvement in its quality. Around ₹1,251 crore of the order book relates to legacy projects, while the balance predominantly comprises newer projects carrying expected operating margins of 10% or higher.

In addition, SPML Infra is currently the L1 (lowest bidder) for projects aggregating approximately ₹265 crore, providing further potential for order inflows.

The company also provided an update on its Battery Energy Storage Systems (BESS) manufacturing facility at SUPA MIDC, Pune, saying that progress is being made towards revenue contribution.

It has completed Phase 1 of its 2.5 GWh assembly line, while IEC/UL certifications are currently underway for battery packs to be supplied against the company's NTPC order. The company is targeting billing in Q4, subject to the necessary approvals. The facility is planned to scale up to 5 GWh, along with an annual container manufacturing capacity of 600 units, by H1 FY28.

Strategic Roadmap for FY27 and Beyond

Looking ahead, SPML Infra remains focused on sustaining its growth momentum through disciplined execution of its expanding order book, continued improvement in operating margins, and the selective pursuit of opportunities across the water and power infrastructure segments.

The company expects its core water and power infrastructure businesses to remain key growth drivers, supported by India's continued investment in critical infrastructure. This will be complemented by an emerging contribution from SPML's BESS platform as it progresses towards commercial operations.

With a strengthening order book, an improving project mix, and an expanding presence in energy storage, SPML Infra remains focused on building a diversified and sustainable infrastructure platform while delivering profitable growth through FY27 and beyond.

Vijay Kedia’s investment holding

Renowned investor Vijay Kedia, through his brokerage firm Kedia Securities Private Limited, held a 1.77% stake in the company at the end of the June quarter.

However, in July 2026, his wife Manju Kedia participated in the company's ₹190 crore fundraising drive. She subscribed 13,45,000 warrants of SPML Infra. Upon conversion of the warrants, the combined holding of Kedia Securities Ltd. and Manju Vijay Kedia will rise to 28,43,107 shares. On the expanded equity base following the preferential issue and full conversion of all warrants, this translates into a total stake of close to 3% of the company.

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