SPML Infra gets ₹186 crore Power Grid order for substation extension
- Order win
- Construction
Reviewed byKeshav SehgalBlacklitt Research
SPML Infra (NSE: SPMLINFRA) has secured an order worth ₹186.41 crore excluding GST from Power Grid Corporation of India Limited, it said in a filing on 04 Nov 2026. The order is for extension of the 765/400/220 kV Bhadla-III Substation and Ramgarh Pooling Station, and the company's latest quarterly total income was ₹285.67 crore.
Key highlights
- Order value: ₹186.41 crore excluding GST
- Execution period: 27 months from the LOA date or as per its terms
- Formal Letter of Award: awaited
- Order type: domestic EPC contract
The order in numbers
| Item | Detail |
|---|---|
| Awarded by | Power Grid Corporation of India Limited (POWERGRID) |
| Value | ₹186.41 crore excluding GST |
| Scope | Extension of two extra-high-voltage substations at Ramgarh and Bhadla |
| Type | EPC, domestic |
| Execution period | 27 months from the date of LOA or as per the terms of the LOA |
| Formal LOA | Awaited |
| Related party | Not a related party transaction |
Order size and scope
The order is worth ₹186.41 crore excluding GST, from Power Grid Corporation of India Limited, a Maharatna Central Public Sector Enterprise. The company says the work extends the 765/400/220 kV Bhadla-III Substation and Ramgarh Pooling Station.
The filing says the intimation was received by email as part of transmission system augmentation at Bhadla-III, Ramgarh PS and Kanpur. The scope it describes is the extension of two extra-high-voltage substations at Ramgarh and Bhadla.
Contract status and timeline
The Formal Letter of Award is awaited, so the terms in the filing are those intimated by email. The execution period is 27 months from the date of the LOA or as per its terms.
Against the company's market value of ₹1,201 crore at the 03 Nov 2026 close, the order is a substantial share of its size. In its latest quarter, Q1 FY27, the company reported consolidated total income of ₹285.67 crore.
What the order means for SPML Infra's shareholders
The order adds a domestic EPC contract with a state-owned transmission utility to the company's work. The filing does not say what margin the order carries, when work will start, or how much of the value will fall in each year of the 27-month period, and the effect on revenue and results is not stated.
The next dated step is the issue of the Formal Letter of Award, which the filing describes as awaited.
Filed with BSE on . Reference: Original filing (PDF)
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