### **Overview** SPML Infra Ltd. (founded in 1981) is a leading Indian infrastructure development company with over **four decades** of experience in executing large-scale projects in **water, power, environment, and technology sectors**. Having successfully delivered more than **700 projects** across over 20 Indian states, the company is recognized as **India’s leading water management firm** and ranks **14th globally among the top 50 private water companies** by Global Water Intelligence (GWI). Listed on Indian stock exchanges, SPML Infra is undergoing a strategic transformation—dubbed **"SPML 2.0"**—to evolve into a modern, diversified, and future-ready infrastructure platform focused on sustainable growth, capital efficiency, and execution excellence. --- ### **Core Business Segments** SPML Infra operates across three primary verticals: 1. **Water Infrastructure** *(Flagship Segment)* 2. **Power Infrastructure** *(Established EPC Expertise)* 3. **Battery Energy Storage Systems (BESS)** *(New Strategic Growth Engine)* The company executes projects under **EPC, BOOT, and PPP models**, primarily for central and state government agencies, public utilities, and municipal corporations. --- ## **1. Water Infrastructure – A Market-Ready Leader** ### **Segment Overview** Water remains the cornerstone of SPML Infra’s business, contributing significantly to revenue and profitability. The company specializes in **integrated river-to-tap water infrastructure**, covering: - Bulk water transmission (**"River to Reservoir"**) - Urban water distribution and treatment (**"Reservoir to Tap"**) - Wastewater collection, treatment, and reuse (**"Home to River"**) It leverages **four decades of experience** in complex EPC delivery, lifecycle **O&M (Operations & Maintenance)**, and large-diameter pipeline engineering in challenging terrains. ### **Key Strengths** - **Pre-Qualified Player**: One of the few firms pre-qualified across 80–90% of national water tenders (e.g., Jal Jeevan Mission, AMRUT 2.0, Namami Gange), creating a high entry barrier for competitors. - **Large Diameter Pipeline Expertise**: Over **300 km** of pipelines laid (>1,500 mm diameter), including projects exceeding **10,000 km** of water infrastructure. - **Treatment Plant Capabilities**: Designed and executed water treatment plants (WTPs) up to **200 MLD** and wastewater plants up to **200 MLD**. - **Smart Water Solutions**: Offers SCADA, GIS, leak detection, billing automation, and Non-Revenue Water (NRW) reduction—aligned with **Smart Cities Mission** and **RDSS**. - **Decade-long O&M Contracts**: Generates **stable annuity-like cash flows**, with margins of **15–17%** (vs. 12–15% for EPC). ### **Strategic Focus** - Target **high-margin (>10%), fully funded** government projects with secure payment mechanisms. - Focus on **bulk water transport projects** using escrow-based funding models to reduce working capital strain. - Operate through a **hub-and-spoke model** with real-time cost tracking via SAP and decentralized execution. ### **Government Tailwinds** - India has committed **~₹10 trillion** in funding for water and sanitation over the coming years: - **Jal Jeevan Mission (JJM)**: Universal tap water access in rural India. - **AMRUT 2.0**: ₹2.99 lakh crore for urban water supply and sewage. - **Namami Gange**: River rejuvenation and wastewater infrastructure. - SPML is well-positioned to capture a significant share of the **~₹17 lakh crore** pipeline in water infrastructure projects. ### **Recent Wins & Order Book (Water)** - Secured **₹3,772 crore** in new water projects during H1 FY26 (Jharkhand, MP, Rajasthan, Tamil Nadu). - Notable Projects: - **Isarda Dam (Rajasthan)**: ₹1,158 crore (inc. 10-year O&M) - **AMRUT 2.0 (Indore)**: ₹1,073 crore - **Konar Irrigation (Jharkhand)**: ₹618 crore (incl. 10-year O&M) - **Porur Reservoir (Chennai)**: ₹258 crore (20-year O&M) - Active **order book at ₹4,500 crore** (as of Sep 2025), with ₹1,125 crore in L1 bids and ₹2,200 crore in pipeline tenders. - Targeting **₹25,000 crore** in water and sanitation tenders in FY26, including **₹5,000+ crore** in BESS-linked projects. --- ## **2. Power Infrastructure – Solid EPC Foundation** SPML Infra has a strong legacy in **power transmission and distribution (T&D)**, including: - Substation construction (up to **400/220 kV**) - Rural electrification (over **200,000 households electrified in Bihar**) - Feeder segregation and smart metering (in collaboration with DISCOMs) - Grid strengthening for DISCOMs in states like **Tripura and West Bengal** The company's expertise in large substation and rural power projects forms the foundation for its **strategic pivot into BESS**. --- ## **3. Battery Energy Storage Systems (BESS) – The New Growth Pillar** SPML Infra is strategically expanding into **Battery Energy Storage Systems (BESS)** as a full-service integrator—leveraging its power EPC strengths to become a **Make-in-India BESS champion**. ### **Why BESS? Strategic Rationale** - India targets **500 GW non-fossil capacity by 2030** (234 GW already installed as of Jun 2025). - **Energy Storage Obligation (ESO)** mandates **minimum 10% storage** in new renewable projects. - Central Electricity Authority (CEA) projects **236 GWh** of storage demand by **2031–32**, representing ~**$57 billion (₹5 lakh crore)** investment. - BESS required for round-the-clock (RTC) power, peak shaving, and grid stability. SPML sees strong parallels between today’s BESS growth phase and the solar sector’s EPC-led expansion in the 2010s. --- ### **Strategic Partnership with Energy Vault** In **April 2025**, SPML Infra entered a **10-year exclusive partnership** with **Energy Vault (NYSE: NRGV)**, a U.S.-based global leader in sustainable energy storage. - **Technology Access**: Licensed rights to **B-VAULT modular BESS systems** and **VaultOS**, a cyber-secure energy management platform (EMS). - **Make-in-India Focus**: Local manufacturing aligns with government **PLI scheme** and **100% subsidy on assembly infrastructure**. - **Competitive Edge**: - Proprietary U.S. technology (vs. market reliance on Chinese LFP cells). - High performance, modular design, and native EMS integration. - Faster bidding eligibility for global-standard tenders (e.g., NTPC, SECI, Power Grid). --- ### **Manufacturing & Deployment Strategy** - **Facility Location**: **Supa-Parner MIDC**, Ahmednagar, Maharashtra. - **99,000 sq. m.** of land allotted. - **Phased Expansion**: - **Phase I (2.5 GWh)**: Completion by **Q1 FY27**. - **Full Capacity (5 GWh)**: Scaling by **FY28**, with potential expansion to **10 GWh**. - **Investment**: ~**₹175 crore** (inclusive of land), funded entirely through **internal accruals and preferential equity**. - **Revenue Potential**: ₹**4,000–5,000 crore/year** at full 5 GWh capacity. --- ### **BESS Business Model** - **Technology-Agnostic Integrator**: Not a cell manufacturer—focuses on **pack & system assembly**, **integration**, and **grid-stabilization services**. - **Capital-Efficient Model**: - Requires **₹200–500 crore** (vs. ₹4,000–6,000 crore for cell manufacturing). - **Faster time-to-market**: 12–18 months (vs. 4–5 years). - Modular, demand-driven scalability. - **Revenue Streams**: - **High-margin BESS sales** (EPC model). - **Recurring E&M income** from **10–15 year O&M contracts** (LTSA). - **Integration, EMS, and O&M services** – targeting **>20% EBITDA margins**. - **Target Markets**: - **Utility-scale BESS** (SECI, NTPC, state DISCOMs). - **Distributed energy storage** for commercial/industrial use. - **Grid-compatible, bankable solutions** for RTC power. --- ### **Execution Timeline (BESS)** - **Q4 FY26 (Dec 2025–Mar 2026)**: Infrastructure setup underway. - **Jan 2026**: First **Factory Acceptance Test (FAT)**. - **Apr 2026**: **Site Acceptance Test (SAT)** at Supa. - **June 2026**: Commercial production and supply. --- ## **Corporate Leadership & Governance** ### **Management Team** - **Manoj Digga, Managing Director**: - BSc (BU), MBA (LBS), CA, CS, CMA. - 33+ years in finance, corporate strategy, and infrastructure development. - Leading SPML 2.0 transition, BESS entry, and corporate financing. - **Abhinandan Sethi, COO**: - Oversees execution across water, power, and BESS. - Key driver in **Jal Jeevan Mission** delivery. - **Subhash Chand Sethi (Promoter)**: - 44+ years of infrastructure leadership. - Led company’s turnaround from financial stress via **NARCL resolution** and bank negotiations.