SPML Infra Bags ₹186.41 Crore POWERGRID Order For 765 kV Transmission Infrastructure; Q2 Net Profit Rises 43.8%
India is building two networks at once: one that carries water to cities and villages, and one that carries electricity from solar and wind farms to where it is needed. Both depend on heavy engineering and government spending. As renewable power grows, storage and high-voltage substations matter as much as the generation itself.
The Nifty 50 was trading at 25,153.85, down 0.58%. Meanwhile, Sensex also fell 0.42% to 81,564.35 on Friday. Meanwhile, shares of SPML Infra Ltd. were trading at Rs. 154.90, down 2.49 percent from previous close of Rs. 158.85. The stock opened at Rs. 156.00 and reached an intraday high of Rs. 158.30 and low of Rs. 153.20. The company currently has a market capitalization of Rs. 1,323 crores.
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What's the news
SPML Infra announced its results for Q2 FY27 on 13 November, and used the moment to flag a new order. It has secured a Rs 186.41 crore contract from POWERGRID for extending the 765/400/220 kV Bhadla-III Substation and the Ramgarh Pooling Station. The order marks SPML's first entry into 765 kV transmission infrastructure.
The company also said its battery energy storage division is moving toward commercial operations. Management credited the quarter to orders won under SPML 2.0, its reset phase, with water and power staying the core growth drivers.
Financial & Business analysis
Looking at the quarterly results of SPML Infra, the company's consolidated revenue from operations increased by 23.25 percent YoY, from Rs. 190.13 crore in Q2 FY26 to Rs. 234.34 crore in Q2 FY27, and decreased by 17.57 percent QoQ from Rs. 284.28 crore in Q1 FY27.
In Q2 FY27 SPML Infra consolidated net profit increased 43.78 percent YoY, reaching Rs. 21.61 crore compared to Rs. 15.03 crore during the same period last year. As compared to Q1 FY27, the net profit decreased by 4.67 percent YoY, from Rs. 22.67 crore.The basic earnings per share stood at Rs. 2.45 as against Rs. 2.10 recorded in the same quarter in the previous year, FY2026.
Water has long been SPML's backbone. The company has described its mix as roughly 90% water, and it aims for an even split between water and power or BESS by 2029-30. A POWERGRID order is a meaningful step in that direction, because winning work from a central utility builds credibility that smaller power contracts do not.
The order book stood at about Rs 5,094 crore at the end of Q1 FY27. Orders typically take around three years to execute, which gives good visibility. The book includes the Rs 1,128 crore NTPC contract for a 1 GWh battery system at Barauni, and SPML has finished the first phase of its own battery manufacturing facility. A 765 kV credential should help SPML bid for larger transmission tenders, and a bigger power share eases its reliance on municipal water payment cycles.
Industry context
The grid is in the middle of a historic build-out. India's National Electricity Plan envisages over Rs 9.15 lakh crore of transmission investment through 2032. The network is set to grow from about 5.09 lakh circuit kilometres in June 2026 to 6.48 lakh by 2032.
Storage is the next wave. India had about 2,928 MW of installed BESS, or 8,660 MWh, as of June 2026, while the plan considers 47 GW by FY32. The tender pipeline has reached about 281 GWh. Water also has a long runway, with AMRUT 2.0 carrying an indicative outlay of Rs 2.99 lakh crore.
About SPML Infra
SPML Infra is a Kolkata-based infrastructure company, incorporated in 1981. It has executed over 700 projects across drinking water, wastewater treatment, sewerage networks, municipal waste management, power transmission and distribution, substations, rural electrification and smart city solutions. It has helped provide clean drinking water to over 50 million people. Global Water Intelligence ranks it 14th among the world's top 50 private water companies, and it is now expanding into battery energy storage.
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