SPML Infra Wins ₹186 Crore Power Grid Order, Enters the 765 kV Transmission Segment
Every unit of solar power made in a Rajasthan desert is useless until something carries it to a city. That quiet job belongs to substations and transmission lines, and India is racing to build far more of them as clean energy scales up.
The Nifty 50 was trading at 23,819.50, up 0.04%. Meanwhile, Sensex also rose 0.04% to 76,947.51 on Wednesday. Meanwhile, Shares of SPML Infra Ltd . were trading at Rs. 138.25, up 1.47 percent from previous close of Rs. 136.25. The stock opened at Rs. 128.55 and reached an intraday high of Rs. 143.80 and low of Rs. 128.55. The company currently has a market capitalization of Rs. 1,169 crores.
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What's the news
SPML Infra has secured a significant order from Power Grid Corporation of India, a Maharatna central PSU, to extend the Bhadla-III Substation and the Ramgarh Pooling Station in Rajasthan. The work sits under 765 kV AIS Extension Substation Package SS-155T and adds capacity across the 765/400/220 kV network.
At Ramgarh, SPML will build transformer and line bays across the 765, 400 and 220 kV levels. Bhadla-III gets additional 400/220 kV transformers and line bays. Both stations move power from western Rajasthan, a major solar hub, into the national grid. Managing Director Abhinandan Sethi called the order a milestone as the company expands into 765 kV extra-high-voltage work.
Financial & Business analysis
Looking at the quarterly results of SPML Infra, the company's consolidated revenue from operations increased by 82.33 percent YoY, from Rs. 155.91 crore in Q1 FY26 to Rs. 284.28 crore in Q1 FY27, and decreased by 2.14 percent QoQ from Rs. 290.50 crore in Q4 FY26.
In Q1 FY27 SPML Infra consolidated net profit increased 87.20 percent YoY, reaching Rs. 22.67 crore compared to Rs. 12.11 crore during the same period last year. As compared to Q4 FY26, the net profit decreased by 16.56 percent YoY, from Rs. 27.17 crore.
The basic earnings per share stood at Rs. (0.18) as against Rs. (2.87) recorded in the same quarter in the previous year, FY2026.
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SPML is best known as a water company, and water and power remain its core. The company's latest results release, which gives no segment-wise revenue split, still names both as its key growth drivers, with battery storage as the newest leg. The company expects its core Water and Power Infrastructure businesses to remain key growth drivers. A Power Grid order strengthens the power side and reduces how much the story leans on water alone.
On visibility, the order book stood at roughly ₹5,094 crore after Q1 FY27, and about 75% of it comes from newer orders, with legacy work at 25%. A PSU-backed transmission package adds a dependable client to that mix. The 765 kV credential should also help SPML qualify for larger substation and transmission bids.
Industry context
The demand for this kind of work is large and planned. The National Electricity Plan envisages more than ₹9.15 lakh crore of transmission investment through 2032. The network is meant to grow from 4.85 lakh circuit km in 2024 to 6.48 lakh circuit km by 2032.
The driver is renewables. India needs over 600 GW of non-fossil capacity by 2032, and the plan factors in 47 GW of battery storage. Transformation capacity is projected to rise from 1,251 GVA to 2,342 GVA over the period. Supply is tight at the top end, since 765 kV transformers currently take 20 to 24 months to deliver. That suggests EHV work will stay in demand.
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About SPML Infra
SPML Infra Limited is a Kolkata-based infrastructure company with over four decades of experience across power, water, environment and technology. It has executed more than 700 projects, from drinking water and sewerage to substations and rural electrification, which has connected over 20,000 villages. Its water work has reached over 50 million people, and Global Water Intelligence ranks it 14th among the world's top 50 private water companies. It is now expanding into battery energy storage.