SPML Infra Raises Rs 190+ Cr; Vijay Kedia Family Ups Stake

SPML Infra Limited has allotted 6,93,999 equity shares and 95,39,449 convertible warrants on a preferential basis, in a move aimed at raising fresh growth capital and converting existing debt into equity. The allotment was approved by the Board of Directors through a circular resolution passed on July 18, 2026.

The equity shares were issued at a price of ₹186 per share, including a premium of ₹184 per share, while the warrants were also priced at ₹186 each. In accordance with the SEBI (ICDR) Regulations, 2018, the warrants will be converted into equity shares within 18 months from the date of allotment.

Capital Infusion and Debt Conversion

The preferential issue brings in a fresh capital infusion of ₹5.75 crore through equity shares issued to non-promoters. In a significant balance sheet strengthening step, National Asset Reconstruction Company Ltd (NARCL) has converted an existing loan of ₹7.16 crore into 3,84,858 equity shares of the company.

The warrants have been allotted to a mix of promoter group entities and non-promoters. The company has received the initial 25% of the warrant subscription amount, totalling ₹44.36 crore, with the remaining 75% to be infused at the time of conversion of warrants into equity shares. Upon full conversion of all warrants, the promoter group's shareholding in the company is expected to be close to 42%, reflecting the promoters' continued confidence and commitment to the business.

Vijay Kedia Family Bets Big on SPML Infra

A key highlight of the preferential issue is the continued conviction shown by ace investor Vijay Kedia, who had acquired 14,98,107 shares of the company in January 2026 through Kedia Securities Ltd. and continues to hold this entire stake, reaffirming his long-term confidence in the company. Adding further to the family's position, his wife, Manju Vijay Kedia, has now participated in the current preferential issue by subscribing 13,45,000 warrants.

Upon conversion of these 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.

The sustained and increased participation of one of India's most valued investors is being viewed as a strong endorsement of SPML Infra's turnaround and future growth prospects. It may be noted that any change in percentage holding is purely on account of the enlarged share capital, and not due to any reduction in the Kedia family's shareholding, which has nearly doubled in absolute terms.

Landmark NTPC Order Strengthens BESS Portfolio

The company's momentum in the energy storage space received a major boost in April 2026, when it expanded its presence in the Battery Energy Storage Systems (BESS) segment with a landmark BESS implementation EPC order worth ₹1,128 crore from NTPC Ltd. for its thermal power stations at Barauni, Bihar. This is one of the largest single order awarded in the BESS segment to date, reflecting its rapidly growing capability in the energy storage domain and its strategic positioning in India's renewable energy transition.

Financial Strength and Robust Order Book

SPML has significantly strengthened its financial position in recent years. Since 2022, the company has infused ₹819 crore through equity, including ₹388 crore contributed by the promoters. It has also secured banking limits of ₹505 crore, along with ₹305 crore of surety bond limits, providing adequate financial flexibility for project execution, bidding, and development of its BESS and container manufacturing facilities.

The company's debt obligations of approximately ₹380 crore (including interest), payable over the next five years, are expected to be comfortably met through arbitration proceeds of approximately ₹627 crore (including interest accrued up to March 2026), without placing material pressure on operating cash flows.

SPML's order book stands at approximately ₹5,369 crore, providing strong revenue visibility over the medium term. Of this, only around ₹1,369 crore relates to legacy low-margin projects, while the remaining order book predominantly comprises projects with expected operating margins of 10% or higher.

Improved Credit Profile

Reflecting its strengthened balance sheet and healthy business outlook, ICRA has upgraded SPML Infra's long-term credit rating to BBB (Stable), while CRISIL has assigned a short-term credit rating of A3+ enhancing the company's ability to access funding and compete for larger infrastructure opportunities across the water and energy sectors.