SPML Infra Limited has informed the Exchange about Investor Presentation
Date: 14th November, 2025
National Stock Exchange Exchange Plaza, Plot No. C/1, G Block, Bandra (E), Mumbai-400051
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai-400001
(NSE Scrip Code: SPMLINFRA)
(BSE Scrip Code: 500402)
Sub: Investor Presentation – Financial Result Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir(s),
Please find enclosed herewith the Investor Presentation on the Unaudited Financial Results of the Company for the 2nd quarter and half year ended on September 30, 2025. The above is for your information and records.
The aforesaid information is also being hosted on the website of the Company viz. https://www.spml.co.in
Kindly take the same on records.
Thanking you, For SPML Infra Limited
Swati Agarwal Company Secretary
Encl.: As above
Swati AgarwalDigitally signed by Swati Agarwal Date: 2025.11.14 15:46:58 +05'30'SPML[Qy'JSPMLINFRALIMITEDCIN:L-tOl06WBl98lPLC276372Rood.Oflice:22,CamacStreet,Block-A.3rdFloor.Kolkata700016ph:+91334009120011247E-mail:info@spml.oo.inIWebsite:www.spml.co.in INVESTOR PRESENTATION
November 2025
www.spml.co.in
PH"N.I1._1-.1I¢~"1~/WA*,/_f.,`.x.-.'\~._"-*.F.~.:",>.4.~.'~',..'.--u.._..v\*-='s\,"a_/.Lus.1"'1l~-'i'Q",w.•.v'."IGmr#SPLifeEngineering\SPMLINFRALIMITED-.. Disclaimer
This document contains statements about expected future events and financial and operating results of SPML Infra Limited, which are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the management’s discussion and analysis of the SPML Infra Limited.
Investor Presentation
2
l.rSPMLFrqingnrnuI1-1~_, Company Overview
yVIlIlllll»IlllrHQlu-..11.-_v~»)\\1'1.EngineeringLife India’s Leading Integrated Water Management Company with Key focus on Water Wastewater & Energy Infrastructure Development
4+ decades of experience coupled with a national presence
Successfully completed 700+ turnkey projects in Water and Power across India
Expertise in facilitating Turnkey end to end Water & Wastewater Management, and Energy Solutions
An ISO – 9001:2015;14001:2015; 45001-2018 certified company
Delivering Drinking Water Facility to 50 Million+ people
Ranked No. 14 among World’s Top 50 Private Water Companies – Global Water Intelligence, London
Marquee Clients
Focused on margin accretive Water & Power EPC Segment
Delhi Jal Board
National Mission for Clean Ganga
Jal Jeevan Mission
PHED-Rajasthan
Bangalore Water Supply and Sewerage Board
Investor Presentation
4
SPMLEngmeerirwgLifeL,****+'DCo.="OQBc*.1l................'D°.so0Orc.DC,O.2o015011.o.1DC,Oo00201c1'in'nLL'D°.O.2D000*s-l9'D*,is.=c>Of!..OnCNAMAMI'PAUr:\Anum;'Q*Dc.D.Q'5OfOf1HerGharJal'D>oC,Q:O0030'L Our Journey
1981
•
Incorporation
1982
• Ventured into Water EPC and management projects
1984
1995
1999
2000
•
Initial Public Offering on nation’s premier exchanges
• Ventured into Hydro Power development
• Rights issue
• Completed 1st Industrial Water Supply Project - Bakreswar Thermal Power station (INR 1,400 Mn)
• Completed an EPC
project in record time for the Saurashtra Water Pipeline Project
2001
2003
2005
2008
2011
2013-14
• Ventured into
Civil Infrastructure Development project
•
First Hydro Power Project commences operation • Ventured into Power T & D
projects
• Constructed and operated 72 MLD Sewage Treatment Plant for DJB
• Constructed and operated 10 MLD Tertiary Treatment Plant for BWSSB
• Ventured into Solid
Waste Management in Delhi
• Completed the first DBO project-Rajiv Gandhi Lift Canal Water Supply in Jodhpur (INR 1,372 Mn) • Received private equity
investment from Citigroup
•
Turnover Crosses INR 10,000 Mn
• Acquired Coal Mines
in Indonesia
• Ventured – PPP Road (Jaora Nayagaon Toll Road)
• KPMG-Infrastructure Today Award for Most Admired Infrastructure Company
• Received 4 prestigious
Awards
• Order for urban water supply-6 cities in Karnataka
• Commendation at
Global Water Awards 2014
2015
2017-18
2019-20
2021-22
2023
2024-25
•
First Smart City development project begin in Ujjain, Madhya Pradesh
•
•
Installed 220 kV GIS Substation in West Bengal Installed 500 MVA Autotransformer in Uttar Pradesh & Rajasthan
•
•
INR 783 Cr order from Gujarat for SAUNI Phase-III Installed 400/220 Substation in West Bengal Installed 220 GIS Substation in Faridabad, Haryana • Received 4 Prestigious
•
Awards
•
•
INR 1158 Cr water supply order from Rajasthan under Jal Jeevan Mission Economic Times Infra Focus Awards 2022 as Most Admired Company in the Water Infrastructure
•
EPC World Awards 2023 for Outstanding Contribution in Urban Infrastructure • Construction Times
Awards 2023 for Best Water Project of the Year
•
•
INR 3,772 Cr new water project orders from Jharkhand, MP, Rajasthan and Tamil Nadu. India Build Infra Award 2025 for Water Project
• Ventured into Battery Energy
Storage System (BESS) with 10 Yr agreement with Energy Vault
Investor Presentation
5
lSPMLFrqingnrnuI1-1~_, Recognitions for Exemplary Project Executions
Build India Infra Award 2025 conferred for Water Infra project
EPC World Awards 2023 for Outstanding Contribution in Urban Infrastructure (Water Project)
Construction Times Awards 2023 for Best Water Project of the Year
Most Impactful Water Management Leader 2023 to SPML Infra Vice Chairman
The Economic Times Infra Focus Awards 2022 as Most Admired Company in Water Infrastructure
Indian Achievers Award 2022 for Business Leadership to SPML Infra Chairman
The Economic Times Most Promising Business Leaders of Asia 2018 Award to SPML Infra Chairman, Mr. Subhash Sethi
Award for Outstanding Contribution in Completion of SAUBHAGYA Scheme in Bihar - By Hon'ble Chief Minister of Bihar
Zee Business Dare to Dream Awards 2018 for Company of the year – Infrastructure
Certificate of Appreciation for Outstanding Performance in SAUBHAGYA Scheme in Patna District, Bihar
ET Now-Water Leadership Awards 2018 for Excellence in Water & Wastewater Management – World CSR Day
50 Most Impactful Leaders in Water & Water Management Awards 2018 to SPML Infra Chairman – World CSR Day
India’s Most Ethical Companies Award 2017 – World CSR Congress
Aqua Foundation Excellence Award 2017 for Valuable Contribution in Infrastructure Development in India
Skoch Awards 2020 – Order of Merit Certificate for Kanpur Sewerage System
ASSOCHAM Energy Excellence Awards 2019 for Rural Electrification
CIA World Construction & Infra Award 2019 as Best Company in Water Management - EPIC Media
Smart Water & Waste World Award 2019 for Decentralized Sewerage System in Mira Bhayander, Maharashtra
ASSOCHAM Water Management Excellence Awards 2019 as Best Water Management Practices
Construction Times Award 2017 for Best Executed Technology used for Water Management Project
CIA World Builders & Infra Awards 2017 for Best Water Management Company of the year – EPIC Media Group
Frost & Sullivan India Awards 2016 as India Water & Waste Water Management Competitive Strategy Innovation & Leadership
Construction Times Awards 2016 for Best Executed Wastewater Project of the Year
Fortune India Next 500 Awards 2016 as ‘One of the Giants of Tomorrow’ – Fortune Magazine
CBIP Award 2016 for Optimum and Efficient Utilization of Water Resources - CBIP
Investor Presentation
6
-SPMLFrqingnrnuI1-1~_,....I""'l"l'ldhIIHJl.I.llJrl1EFIIItIHnul'lmrlll-l-1III1*1'man.`infix.|nlmlnnnmzlllluml..llll.llllllpllIfig,soaw*ivi"slhalas Experienced Board of Directors
Subhash Sethi, Chairman Chairman of SPML Infra Limited and group companies, he has passionately driven his mission to create lasting value for the nation. Under his leadership, SPML Infra has executed around leading engineering and 700 projects, emerging as a infrastructure organization. Recognized as an industry leader, he has served on expert committees of associations like CII and the Indian Chamber of Commerce. His contributions have earned him several prestigious honours, the Economic Times Asian Business Leadership Award and Construction Week Lifetime Achievement Award.
including
rehabilitation, municipal
Sushil Sethi Jain, Vice Chairman Vice Chairman of the company, he has been instrumental in leading SPML Infra in water & wastewater, municipal sewerage solid waste network, pipeline management and other verticals. He holds honorary & prestigious offices in various social, economic and community development organizations. For his valuable contributions in infrastructure development, he has been conferred with several prestigious awards including Infrastructure Person of the Year Award.
Abhinandan Sethi, Managing Director As the Managing Director, he is spearheading company’s business strategy, operations, and corporate finance, driving expansion into emerging infrastructure sectors, including Battery Energy Storage System (BESS). He plays a pivotal role in shaping strategic business and financial plans, guiding project management and organizational policies to ensure sustainable growth. He is an alumnus of La Martiniere School, Kolkata, holds a Bachelor of Science in Business Administration from Boston University, USA, and MBA from the London Business School.
Manoj Digga, Executive Director Commercial & CFO He has over 33 years of extensive experience in Finance, Accounts, Taxation, and Corporate Finance Transactions, including Equity and Acquisitions. He is a qualified Chartered Accountant, Company Secretary, and Cost Accountant, with a proven track record of expertise in navigating complex financial landscapes and executing high-value businesses.
Investor Presentation
7
l.rSPMLFrqingnrnuI1-1~_,....................................................................................................................................................... Experienced Board of Directors
Arundhuti Dhar, Independent Director • A Business Leader with diverse experience in HR, Banking, Finance, Trade, Infrastructure and Property Management with sound knowledge of EPC sector.
• Held key positions in American Express Bank, HDFC Bank and
IL&FS Property Management Ltd.
• St. Xavier’s College alumnus, she is on the board of Eveready Industries as an Independent Director, has own business in Property and Title audits along with impactful work for empowerment of the underprivileged.
T.S. Shivashankar, Independent Director • Financial Service professional with 3 decades of experience • He was Managing Director, Rohatyn Group and earlier with Citibank with leading roles in Private Equity, Capital Markets, Corporate Finance and Treasury.
• B.Tech in Electronics Engineering from IIT Madras and MBA
from IIM Lucknow.
Mahendra Pal Singh, Independent Director • 40+ years in urban development, water & sanitation, metro rail, dedicated freight corridor, and mega infrastructure projects • Held key positions including Chief of Development Operations at Japan International Cooperation Agency (JICA), Ministry of Commerce & Industry and Ministry of Chemicals & Fertilizers, Govt. of India; Chief Advisor of Glentech Group for global operations
• BE in Chemical Engineering and master’s in management and
economics
Nita Karmakar, Independent Director •
40+ years in finance, management, corporate affairs, project management, and marketing Held key positions in L&T, BHEL, CII; an Independent Director in Tata Steel and Member of the Governing Board of JIS University BE in Chemical Engineering and PGDBM Finance from IIM, Kolkata
•
•
Rajeev Kumar Jain, Independent Director • 33+ years in media strategy and communications, having led outreach across finance, defence, petroleum, health, and rural development sectors. Indian Information Service officer and former Director General of Press Information Bureau, represented India at the World Economic Forum and WTO
•
• Holds an M. Com and LLB from Delhi University and an MBA from
Slovenia
T.V. Rangaswamy, Nominee Director • 30+ years of experience in capital markets with leading
companies
• He held key positions in ICICI, Reliance, Edelweiss, BSE, and NSE
etc.
• Good understanding of legal and regulatory framework • Commerce Graduate and Associate Member of Cost
Accountants of India
Investor Presentation
8
-rSPMLFrqingnrnuI1-1'UIas...........................................................................................................................................................................................................................................................................................................................................................................................as.............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. Experienced Key Officials
Malay Kanti Chakraborti, Executive VP He has over 32 years of rich experience in the EPC sector, with extensive expertise in project management, procurement, and operations & maintenance of large water and power infrastructure projects. He has a B.Tech degree in Mechanical Engineering and has demonstrated exceptional leadership in executing large-scale projects that contribute to sustainable infrastructure growth across the country.
Samir Patel, Chief of Technology & Operations He is an accomplished global expert and expatriate professional, is recognized globally in Lithium-Ion batteries, Battery Energy Storage Systems (BESS), and electric mobility, with a proven track record across the UK, Europe, and Asia. His key achievements launching Vietnam's first cylindrical Li-ion cell and BESS systems, delivering 50+ new introductions, establishing -17 GW of battery product manufacturing capacity globally, and contributing to international EV battery standards.
include
O. Vishveswaraiah, VP – Projects He holds an M.E. in Civil Engineering and brings with him over 35 years of diverse experience in structural engineering, project execution, and large-scale water project management. He has successfully led and delivered numerous complex infrastructure projects, demonstrating exceptional and expertise, technical commitment to quality and innovation.
leadership,
Vikas Sharma, VP – Finance and Accounts A CA & CS and PGCP from IIM Indore, has 23years of experience in finance, accounting, and banking operations. He specializes liquidity planning, banking relations, and vendor management. His expertise ensures efficient financial operations, compliance, and strategic financial planning for the organization.
in cash flow management,
Sujit Kumar Jhunjhunwala, VP – Fund Management and Banking He is a CA and has 29+ years of experience in corporate finance, fund management, and banking operations. He specializes in securing financing, optimizing capital structure, managing banking relationships, ensuring compliance, and overseeing credit ratings and audits. His expertise strengthens the organization's financial strategy and growth.
Sumit Bhattacharya, CHRO He has more than 25 years of experience in human resources, talent management, total rewards, learning and OD, HR process automation etc. He has an MBA in HR, Diploma in talent in Communication management from XLRI, and Diploma Strategy from Toronto University.
Investor Presentation
9
-J1-rFrqingnrnuII-':SPML,|....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................lIIIIIIIIIIIIIIII................................................................................................................................................................................................................................................................................................................................................................................\lIIIII Experienced Key Officials
Partha Roy, VP – Legal & Contracts He has over 20 years of multi-sector experience in management advisory and strategic supervision of legal affairs, encompassing legal operations, strategy formulation, litigation management. He holds a Legum Baccalaureus (Bachelor of Legislative Law) degree and Executive Programme in Business and Corporate Laws from IIM Calcutta.
risk mitigation,
and
Parag Patil, Vice President – Operations
He is a seasoned professional in high-volume plant commissioning, supply chain optimization, and quality management systems. He plays a key role in overseeing facility design, streamlining material flow, and scaling up production processes. With a focus on operational excellence and efficiency, he ensures smooth execution across all manufacturing and delivery functions.
Pradeep Pandey, VP – Business Development He brings over 24 years of experience in project execution, operations, and management across the water and infrastructure sectors. Throughout his career, he has successfully led large-scale projects with reputed organizations, demonstrating strong expertise in project strategic execution, business development, and leadership. He holds a Ph.D. in Environmental Protection and an MBA in Marketing Management from the National Institute of Management Solutions.
Ahmad Sajid Khan, VP Design Engineering He is an accomplished engineering professional with over 32 years of expertise in design engineering and project management and environmental sectors. He holds a B. Tech in Chemical Engineering from Aligarh Muslim University and an M. Tech in Environmental Science & Technology from CMJ University.
the water, wastewater,
across
10
Subhankar Rudra, CTO He brings with him over 26 years of rich experience across diverse sectors including Manufacturing, EPC, and Healthcare. His expertise lies in leading technology-driven transformation and achieving operational excellence in line with corporate vision. He holds an MBA in Information Systems & Digital Technology Management from IIM Calcutta.
Rajinder Singh, VP – Research & Development He holds a master’s degree in Product Design from IIT Bombay and a B.E. in Production Engineering. With over 28 years of led numerous extensive experience, he has successfully Research & Development projects, particularly in Battery Energy Storage Systems (BESS), Lithium Battery Technologies, Telecom, and UPS systems. He has strong exposure to strategic marketing, business development, and commercial functions, showcasing a well-rounded expertise in both technical innovation and business strategy.
Investor Presentation
10
'_-_|.-SPMLInFrgincurnuLI-':..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................alIIIIIIIIIIIIII.......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Business Model & Opportunity Landscape
~,..o,*`'l........Ill»IllllllllEngineeringLife\i"\.Q.. Business Segments Diversified Presence Across Water, Power & Energy Storage
Building Water & Power Assets
Water Intake | Treatment | Distribution | Recycling & Return to Source
• River to Reservoir: Bulk water abstraction, transmission pipelines, and reservoir construction; a core business vertical driving higher-margin revenues
• Reservoir to Tap: Water treatment, urban distribution, and smart supply
networks
• Home to River: Sewage collection, advanced wastewater treatment, and
resource recycling, recycling
Power Substations & Transmission | BESS Engineering & Assembly
• Expanding from EPC power infrastructure to integrated Battery Energy
Storage Systems (BESS)—from design to deployment
• Turnkey execution of grid substations and transmission lines across key
markets
O&M contracts across water and power typically span 10–12 years, supporting stable annuity-based revenue streams
Source: Council on Energy, Environment and Water (CEEW), India
Investor Presentation
12
l`-'SPMLFrainccrnuLl-/t'»-~'\.....................................................................................................................................................................................................................................................................................Nl Water Sector Outlook
lllll»Illlry!!'°rWMltfuEngineeringLife Robust Business Model
SPML manages complete water cycles with a focus on saving water and protecting resources
It includes raw water intake through rivers/canals/sea, water treatment, pumping and water distribution & transmission to cities and industries for potable, service and process water needs. And at the end, treating sewage & effluent for disposing back into the source or recycling for further usage.
Investor Presentation
14
SPMLMincerfig\Lrk:*""""'¢,/'1.as3661,of1\"."..=\1\l\IA"'~°*nua..=.'e51HI'l-.11.ea*a.l*AL_4I**iv*is/pa._,r*~¢\@-`A.."$'b-r.rIn55"./*u¢l10*'~»?*£;"~l»»~*l~e~"of'=~l:>__J'.soI:'-='%%%'°*»,4-*,.~<~*»>°'¢"'>'*==.~=<;.=»;°»,,._;'»,.,''~<QJ__,,,=='°'.5-'/'.n.I;'~~"I».<9Q-t*~=~.~,P*R111*="461',"*~=..°»..c,<~*'.,-,°ad,.g;.=<'us_»=»==-°_._£5~~°l$°as-ApplscauonaLegendMeteringDisinfectionFiltration••• Securing India’s Water Future through our business solutions Superior Execution Track Record in Water EPC Sector (Till Date)
Water Supply and Distribution
~Rs. 1,150 cr, Isarda Dam, Rajasthan Drinking Water Supply and Management projects
10 years in O&M Water supply projects
More than 300 km, 1500> mm diameter Pipeline project
City distribution management experience of up to 1 Mn population
All civil works related to water supply projects- treatment plant, overhead reservoir, underground reservoir, intake etc
Water & Wastewater Treatment & Management
Up-to 35 MLD Common Effluent Treatment Plant
Up-to 240 MLD Sewage Treatment Plant
Water treatment plant projects of up to 200 MLD capacity (expected to go up to 500 MLD in the future)
Trenchless sewer rehabilitation projects of 25 km and up to INR 200 crores contract value
Sewerage network projects of length 200 km
Investor Presentation
15
xEr-gain-'.:crnuLII-GSPML Build a Robust Order book Bid for fewer but larger projects with high margin fully funded and easy to execute
Efficient mgmt. of Debtor Days Focus on Cash Rich States
Key Focus Areas
Robust selection of sub–contractors Basis their local presence, financial prowess and work execution ability
Risk Averse Applying Escrow Mechanism to reduce strain on working capital
Improving Profitability Bid for high growth and better margin projects
Favourable Commercial Terms Reviewing detailed project reports (DPR) to minimize disputes over scope of work
Cost Optimization Execution of projects on sub-contract basis to eliminate bank guarantee, no execution delays, avoid penalties Technology driven process’ for improving efficiency and reducing costs
Investor Presentation
16
xHEr-ainccrnnLil¢pm.LIIIII SPML Positioned to Capitalize Structural Tailwind in India's Water Infra Segment India has a great opportunity to increase water supply infrastructure to meet growing demand
India faces a large gap between current supply and projected demand
Demand 1,498 Bn M3
2030
Supply 744 Bn M3
India water usage composition in 2030
80%
13%
7%
Agriculture
Industrial
Municipal & Distribution
• •
70% of surface water sources contaminated Only 35–40% of wastewater is currently treated
Policy-Backed Water Infra Opportunity
• Over Rs. 17 lakh crore pipeline of water infrastructure projects identified
across key central and state programs
• Major schemes include Jal Jeevan Mission, AMRUT 2.0, Namami Gange,
River Linking and others 100% centrally or state-funded projects focused on water supply, sanitation, and reuse Digitized tendering accelerating project awards and execution
•
•
SPML’s Strategic Positioning for Growth
•
• •
•
700+ water infrastructure projects executed with strong public sector relationships Pre-qualified for large-value tenders in 10+ high-spending states Rs. 10,000 Cr+ of active tenders being tracked; visibility on high-margin, funded projects Focus on fully funded, escrow-backed tenders with integrated O&M contracts
Source: Charting Our Water Future 2030 Water Resources Group – International Finance Corporation, McKinsey and Co, The Barilla Group, The Coca- Cola Company, Nestle, SABMiller PLE, New Holland Agriculture, Standard Chartered Bank and Syngenta AG
Investor Presentation
17
!»=*PASPMLEr-gain-'.:crnuLII-G BESS Overview
yIllllllll»u-..W\\EngineeringLife Energy Market Overview Pre-qualification to participate in BESS Tenders
Battery Energy Storage Systems (BESS):
Projections: As per Central Electric Authority (CEA), and National Electricity Plan (NEP)
• By 2026-27: India will need about 34.72 GWh of energy storage capacity specifically from BESS.
Estimated Market Size: ~USD 8.4 Billion
• By 2031-32: This is expected to increase to 236.22 GWh from BESS.
Estimated Cumulative Market Size: ~USD57 Billion
• By 2047: The requirement will rise to 1,840 GWh from BESS due to expanded renewable energy
integration to meet the net-zero emission targets.
Estimated Cumulative market size: ~USD 443.4 Billion
Drivers:
•
India’s BESS market projected to reach 236 GWh by 2031-32 (~USD 57 Bn) and USD 443 Bn by 2047 – driven by renewable energy mandates
• Government mandates minimum 10% storage in new renewable projects; 500 GW renewable
target by 2030 driving strong BESS demand.
• Grid stability and renewable energy integration.
• Energy Storage Obligations (ESO).
SPML is Pre-Qualified for BESS Tenders
o Eligible for annuity-based BESS bids across India
o Backed by 40+ years in T&D & substation EPC
o Positioned to support multi-GWh deployment with strong technical
credibility
Investor Presentation
19
IIIZ Exclusive Tech Collaboration with Energy Vault to Unlock Multi-GWh BESS Opportunity in India
About Energy Vault
Swiss-headquartered, NYSE-listed global leader in energy storage
Diverse portfolio: gravity, lithium-ion, and flow batteries
VaultOS platform for advanced energy management and grid optimization
1.2+ GWh B-VAULT BESS deployed since 2023 in the U.S., Australia, Italy, New Zealand and Middle East with an additional 2.0 GWh currently under deployment
About the Partnership
Exclusive 10-year agreement with Energy Vault for India
Partnership guarantees world-class quality and reliability in BESS systems with end-to-end technical support, training, and battery pack assembly to global standards.
Access to B-VAULT (modular, grid-scale BESS) and VaultOS (integrated EMS software)
Flexible integration with multiple battery and inverter suppliers in both AC- and DC-coupled configurations
Strategic Value for SPML
First-mover in localized, large-scale BESS manufacturing in India
Proven global technology integrated with SPML’s EPC expertise
Local production to cut import costs, ensure competitiveness, and align with Make in India
High-margin, tech-driven vertical unlocking multi-GWh central/state tender opportunities
Positions SPML as a complete BESS solutions provider offering design, installation, commissioning, and long-term O&M
Investor Presentation
20
SPMLEr-gain-'.:crnuLII-GEHERGTYAULT=_ra»lh;la7:51a-'.wb5"J.-cvlrlSPMLErel'lEEFlI'gLIfE Battery Energy Storage Systems (BESS) Foray Leveraging SPML’s Proven Power EPC Expertise
Proven EPC execution seamlessly translates to grid-scale BESS for smooth integration with existing infrastructure.
The table below illustrates how SPML’s core strengths translate seamlessly into the execution of BESS projects.
Segments
Traditional Power Projects
BESS Projects
Engineering
Procurement
Construction
O&M / DLP
Engineering Activities includes Equipment Sizing, SLD, Layout, Civil Designs etc.
Engineering Activities includes Equipment Sizing, SLD, Layout, Civil Designs etc.
Procurement of All components like Transformers, Breaker, Cables, PLC- SCADA etc from OEM
Procurement of All components like Transformers, Breaker, Cables, PLC- SCADA etc from OEM. Additional procurement – DC Container & PCS
Difference
None
Scope remains same but SPML intends to assemble DC Containers and supply the product thus integrating value chains instead of buying from assemblers and loosing margin.
Installation and Commissioning of System. Civil Works
Installation and Commissioning of System. Civil Works
None
Generally 1-3 years combined with O&M.
10 – 12 Years O&M is involved. Cost based service
None; Additional Revenue Generation opportunity through LTSA.
Strategic BESS entry unlocks high-growth opportunities in the evolving energy landscape
Investor Presentation
21
5_pMLQiwnmnl||- Powering India’s Energy Storage Backbone
Building a Make-in-India BESS Integration Ecosystem
•
•
•
India’s renewable grid is entering its next growth phase — where energy storage becomes the new backbone of reliability, flexibility, and round-the- clock (RTC) power.
The government’s 20+ GWh pipeline of storage projects and renewable-plus-BESS tenders mark the start of a decade-long scale-up.
Just as EPC integrators built India’s solar backbone in the 2010s, SPML Infra is now building the BESS backbone — assembling, integrating, and operating large-scale battery storage systems that stabilize the grid.
• Our focus: Pack assembly, system assembly, integration, EPC + O&M, and control software — the high-value layers that capture margin, scale, and
speed
SPML 2.0 is delivering Make-in-India assembled, grid-compatible, bankable BESS solutions that enable the renewable future.
Learning from India’s Solar Story (2011–2025)
Solar (Then)
BESS Now
Imported solar cells from China
Importing battery cells from China, Korea, U.S., EU
Local assembly and EPC scale-up
Local assembly, integration, and EPC scale-up
Value creation by module assemblers & EPC firms
Value creation by Pack Assembly, system integrators & energy storage EPCs
Manufacturing followed once demand matured (PLI, fabs)
Manufacturing of cells will follow once demand and policy mature (2028–30)
India’s solar revolution began much like today’s BESS journey
India’s BESS growth mirrors the early solar phase — value lies in assembly and execution, not manufacturing of cells.
•
•
Integration Creates Value: Early movers in project delivery and grid integration captured margins.
Capital Efficiency Wins: EPC and assembly models recycle capital faster than cell manufacturing.
Investor Presentation
22
S?ML'$Iil'l"JDI"r111L|.-:PII Capital-Efficient BESS Strategy
Why “Assembly + Integration” Is the Right Strategy Now
SPML’s Advantage:
Key Factor
Cell Manufacturing
BESS Assembly & Integration
Capital Requirement
Rs.4,000-6,000 Cr.
Rs. 200-500 cr. (Inc. WC)
Time-to-Market
4-5 years
12-18 months
Technology Risk
High – dependent on chemistry evolution
Low – supplier and chemistry agnostic
Return Profile
Thin manufacturing margins
High service-led RoCE
Scalability
Large, step-change capacity
Modular, demand-driven expansion
•
•
•
•
•
Capital-efficient business model — Delivers faster RoCE and quicker payback cycles.
Execution-centric — Leverages existing EPC and grid project experience.
Technology-agnostic — adaptable to evolving chemistries and global suppliers.
100% government subsidy support available for assembly infrastructure under Make in India / energy-storage incentives.
High-Margin Model — Value capture extends beyond hardware integration, EMS, and O&M services.
into
Policy & Market Dynamics
Margin Structure
India’s Storage Transition is Demand-Led, Not Manufacturing-Led
Cell Makers
Integrators (SPML) with IP
•
•
•
PLI for Cell Manufacturing: Still nascent — major capacity expected only post- 2028. Deployment Pipeline: MNRE, SECI, NTPC, and state utilities have tendered 20+ GWh of projects since 2023. Demand Growth Drivers: Round-the-clock (RTC) renewables, peak power management, and grid balancing are creating an urgent need for BESS deployment now.
Chase cost curves.
Low - one-time margins
Capture service margins – design, assembly, Integration
High recurring margins & long- term lock-ins (10–15 yrs)
High capex, slow returns
Asset-light, faster returns
SPML 2.0 is not a cell maker — it’s India’s energy storage integrator with early movers advantage. Like assembly and service margin built the solar backbone a decade ago, SPML is building the BESS backbone now — assembling and operating storage systems that stabilize India’s renewable grid
Investor Presentation
23
§'PMLEr<,lin-'.:l::rnuL1-1lIII Exclusive Tech Collaboration with Energy Vault in place with Execution Roadmap Underway
SPML has secured 99,000 sq. m. of industrial land at Supa-Parner MIDC, Maharashtra for its BESS manufacturing facility
Phase 1 will deliver 2.5 GWh of capacity by Q1 FY27, scaling up to 5 GWh by FY28 with a total planned investment of ~Rs. 175 Cr
Revenue potential of Rs.4,000–5,000 Cr annually at full capacity (5 GWh)
The company is committed to deploying 500 MWh in the next 12 months and aims to manufacture 30–40+ GWh over the next 10 years.
This capacity will support multi-GWh BESS deployment in line with India’s energy storage mandates over the coming decade.
Investor Presentation
24
lENERGY'FAULTLulu.r"*l-¢C.."-,.=»1I;l.a'-I.-'I;I.IsPMLFr-:1i'l1';:l_ErllliII-VAU!'lmHECi'r-.-1...'Vu"I`--3"'**-_,.-__,,--'*-,-»-f.-.:-*....... Operational Strength
Illllllll»Illr.......y!!'°rWMltfu..............................................\\\W1.EngineeringLife New Order Wins
Project
Client Name/ Scheme
Location
Order Type
Jal Jeevan Mission Project (JV with JWIL Infra)
Public Health Engineering Department (PHED)-– Consortium with 51% share
Rajasthan (Bharatpur)
Rural Water Supply + 10-yr O&M
Water Supply Project under AMRUT 2.0
Indore Municipal Corporation
Madhya Pradesh (Indore)
Urban Water Supply + 10-yr O&M
Order Value (Rs. Cr)
1,438
1,073
Water Infra Project – Kekri- Sarwar (Package III)
Jal Jeevan Mission – Govt. of India
Rajasthan (Ajmer)
Water Supply + 10-yr O&M
385
Konar Irrigation Project
Water Resource Deaprtment
Jharkhand
Irrigation Infrastructure + 10- yr O&M
Reservoir & Pumping Station Project
Chennai Metro Water (CMWSSB) – Consortium with 26% share
Tamil Nadu (Chennai)
Reservoirs, Pumping & Distribution + 20-yr O&M
New Order Wins (Total)
618
258
3,772
Investor Presentation
26
\*SPIRALHEr-gin-mrnuII-:II\nnII Capital Positioning
H'Illllllll»Illr..:J*II,rg1)I"vWI"\u\§~\\\.....................................................1'1.EngineeringLife NARCL/IDRCL Resolution of Legacy Debt
Significant Debt reduction & withdrawal of all actions of the lenders
Repayment from proceeds of arbitration awards
No default in the lenders’ liability
No interest outgo and no repayment pressure on cash flow
Total Debt (inclusive of interest)
Rs. 700 Cr
Debt position covered by
Rs. 300 Cr
Rs. 400 Cr
Repaid
Outstanding
Particulars
Amount (Rs.cr)
Total Arbitration awards in Hand (inclusive of accumulated interest till Oct 2025)
647.0
Claims filed till date-Non PSU
4,453
Balance repayable amount is backed by Arbitration award of Rs. 647 Cr. Out of the Claims filled till date, company expects ~Rs. 1,500 Cr to convert into awards which will improve further liquidity
Note: The repayment amount is inclusive of interest, there are no additional interest obligations anticipated under the current repayment schedule
Investor Presentation
28
.-,SPMLEroincurl'l!lII-:|IIII Preferential Allotment Promoter-backed Turnaround
Net Worth (Rs. Cr)
Successfully raised funds through preferential allotment
819
852
The Preferential allotment of Rs. 346 crore (including conversion of debt of the lenders and the promoters), involves Rs. 190 crore contribution from the promoters. This reflects their strong focus and confidence in the business.
509
Funds raised would be majorly utilized to take advantage of growing opportunities in the water sector, bidding for large new projects for which the company has superior pre-qualification requisite that will strengthen the order book
Apart from the current infusion as stated above, promoters have already infused more than Rs. 160 crore to improve liquidity in the last 3 years.
FY24
FY25
Sep-25
With the proposed infusion of Rs. 293 crore and existing visibility of Rs. 170 crore, the company is expected to have a total cash liquidity of Rs. 463 crore for business operations.
Investor Presentation
29
sPMLEl"I§-1136!weiv SPML Infra Limited has been assigned a credit rating by ICRA
Instrument
Long Term-Fund Based- Credit Facilities (Rated amount – Rs. 538 crore)
Long Term / Short Term Non Fund Based (Rated amount – Rs. 500 crore)
Rating Action
[ICRA] BBB-(Stable); assigned
[ICRA]BBB-(Stable) [ICRA] A3; assigned
Rs. 505 Cr enhanced credit facility, including BG limit, sanctioned by a leading PSU bank to strengthen project execution and expand bidding capacity. The company is in process of improvement of credit rating and the enhancement of credit limit.
30
./'HEr-gincurnnumSPNLWIISPMLEl'lQI'l'lEEl'il'"Q1,LITe'1111IJ11t].r:qIMIIIIIHHIIIII FY25 Financials (Standalone)
*Revenue (Rs. cr)
#EBITDA (Rs. cr)
PAT (Rs. cr)
1,122.6
788.2
38.9
19.5
62.9
49.3
FY24
FY25
FY24
FY25
FY24
FY25
Basic EPS (Rs)
#EBITDA Margins
PAT Margins
7.83
3.98
FY24
FY25
8.0%
FY25
3.5%
FY24
6.3%
FY25
1.5%
FY24
*After excluding the one-time Extra-ordinary income of VSV scheme of Rs.208.7 cr in FY24 #After excluding the one time Extra-ordinary income of VSV scheme of Rs.208.7 cr and exceptional items of Rs.174 cr in FY24
Investor Presentation
31
$_.PMLi11i""J'1I"1!lLI-': H1 FY26 Financials (Standalone)
Revenue (Rs. Cr)
404.4
362.8
EBITDA (Rs. Cr)
PAT (Rs. Cr)
35.1
35.4
27.1
27.4
H1 FY25
H1 FY26
H1 FY25
H1 FY26
H1 FY25
H1 FY26
EBITDA Margins
9.8%
8.7%
PAT Margins
6.7%
7.6%
H1 FY25
H1 FY26
H1 FY25
H1 FY26
Investor Presentation
32
*SPIRALHEr-gin-mrnuII-: Q2 FY26 Financials (Standalone)
Revenue (Rs. Cr)
EBITDA (Rs. Cr)
PAT (Rs. Cr)
194.9
198.6
164.3
20.1
19.8
15.6
14.0
12.2
15.3
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
EBITDA Margins (%)
PAT Margins (%)
10.3%
9.5%
10.0%
7.2%
7.4%
7.7%
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
Investor Presentation
33
*SPIRALHEr-gin-mrnuII-: Strengthening Balance Sheet (Standalone)
Debt (Rs. Cr)*
Debt to Equity (x)
Debt to EBITDA (x)
7.2
6.02
5.98
558
1.1
379
378
FY24
FY25
TTM
0.5
0.4
Current Ratio (x)
FY24
FY25
Sep-25
FY24
FY25
Sep-25
1.5
1.89
1.91
FY24
FY25
Sep-25
*Aforesaid Debt figure is after accounting for IND AS Requirements
Investor Presentation
34
*SPIRALHEr-gin-mrnuII-: Environmental, Social, & Governance
IIll»Illllllll.»=rI5é'6-..................\\'\la\§\Q.........u'\1'1.EngineeringLife Aligned to National & International Frameworks
Water management | Wastewater management | Resource efficiency and waste management | Health & safety | People and team | Training, education and skill development | Corporate Governance and Ethical Business Practices | Innovation and Digitization | Compliance and regulatory adherence
ESG focus areas identified by Management
Financial implications of the risk or opportunity of the identified material issue:
Environment
Social
Governance
Water management
People and team
• Attract socially responsible
•
investors Secure steady revenue from long- term contracts
• Boost project sustainability
credentials
• Increase productivity • Reduce absenteeism • Become an employer of choice • Improve decision-making with empowerment
Positive financial implication
Positive financial implication
Corporate Governance and Ethical Business
•
•
Improved brand perception among clients Less regulatory notices/penalties
Positive financial implication
Resource efficiency and waste management
Training, education, and skill development
Innovation and digitalization
•
• •
Save costs by reducing material usage Lower waste disposal fees Enhance reputation through compliance with current and upcoming legislation
• Provide competitive edge • Improved quality of work • Attract and retain talent
• Increased productivity • Reduced operational costs • Expedite project execution • Optimized decision- making
process
Positive financial implication
Positive financial implication
Positive financial implication
Health and safety
• Reduced costs from fewer
accidents and related insurance claims Enhanced employee productivity and retention
•
Positive financial implication
Investor Presentation
36
ISEPMLr.gin::l:rir.gLife"LILIII About SPML Infra
SPML Infra Ltd. is a leading publicly listed infrastructure development company in India with a rich legacy encompassing over four decades. The company has executed and commissioned nearly 700 infrastructure projects across India, significantly contributing to the nation’s development. SPML Infra Ltd. has enhanced the lives of millions by providing essential services such as drinking water facilities, wastewater treatment, integrated sewerage networks, improved municipal waste management, power transmission and distribution, and electrification of rural homes. Recognized among the World’s Top 50 Private Water Companies and India’s 50 Best Real Estate & Infrastructure Companies, SPML Infra Ltd. operates primarily in the engineering, procurement, and construction (EPC) segment.
The company is primarily focused on the water and wastewater sector, where substantial opportunities are emerging due to significant government funding. With approximately Rs. 10 trillion allocated for water and sanitation infrastructure development projects in the coming years, SPML Infra Ltd., as a leading player in the industry, is strategically positioned to secure numerous contracts from both central and state governments, thereby enhancing its business prospects.
Registered & Corporate office 22, Camac Street,Block - A, 3rd Floor Kolkata – 700016. Contact: +91 33 4009 1200
Internal Auditor & ESG Consultant: Ernst & Young (E&Y) LLP 22, Camac Street, 3rd Floor Block C, Kolkata-700016
Credit Rating Agency: ICRA Limited Gurgaon. Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon - 122 002
Statutory Auditor: Maheshwari & Associates 8B, Middleton Street, 6A Geetanjali Kolkata – 700071
ASM & Concurrent Auditor: KPMG Lodha Excelus, Apollo Mill Compound, Mumbai
Solicitor Firm: Argus and Partners 27B, 3rd Floor, Binoy Bhavan, Camac St, Kolkata, West Bengal 700016
Investor Presentation
37
`'PMLEngineerfigLH: SPML INFRA LIMITED Kapil Joshi – Investor.relations@spml.co.in
www.spml.co.in
ADFACTORS PR PVT LTD Devyanshi Dave devyanshi.dave@adfactorspr.com +91 98923 30743
/anl1~»'*ll'a_#I'sII*___4.1_EngineeringLife