SPML Infra's Q3 FY26 performance shows strong traction. **1. Business Performance:** Revenue for Q3 FY26 jumped to ₹231.1 Cr from ₹191.9 Cr last year, a 20.4% increase.

Profit After Tax (PAT) surged 97.1% YoY to ₹20.5 Cr, with PAT margins improving to 8.9% from 5.4%. EBITDA also saw significant growth, rising 85.2% to ₹26.3 Cr, boosting margins to 11.4%. For the nine-month period, PAT grew 27.7% to ₹47.9 Cr on revenues of ₹594.0 Cr. **2. Growth Drivers or Strategy:** The company is strategically positioned to capitalize on India’s massive water and energy sector outlays, including ₹84,000+ Cr for water (Jal Jeevan Mission, AMRUT 2.0) and ₹1,09,029 Cr for energy.

Their proven expertise in water EPC and a tie-up with Energy Vault for Battery Energy Storage Systems (BESS) are key growth engines. **3. Recent Developments:** SPML secured new orders worth ₹4,324 Cr, including major water supply projects across Rajasthan, Madhya Pradesh, and Tamil Nadu.

The company successfully reduced its legacy debt, repaying ₹317 Cr of the ₹700 Cr total, with the remaining backed by arbitration awards.

A preferential allotment raised ₹346 Cr, with promoters contributing ₹190 Cr, boosting liquidity to ₹463 Cr for new project bids. **4. Key Financial Metrics:** Q3 FY26: Revenue ₹231.1 Cr (+20.4% YoY), PAT ₹20.5 Cr (+97.1% YoY). 9M FY26: Revenue ₹594.0 Cr, PAT ₹47.9 Cr (+27.7% YoY). **5. Management Commentary / Outlook:** The company is strengthening its balance sheet and aims to leverage enhanced liquidity and pre-qualification for larger projects in the booming water sector, focusing on order book expansion.