About SPML Infra Limited

SPML Infra Limited is an integrated infrastructure development company established in 1981, with core expertise in water supply and bulk transmission, wastewater management and sanitation, power distribution and rural electrification, and urban infrastructure. The company is increasingly focusing on energy storage systems. It has executed over 700 projects across 20+ Indian states and is ranked 14th among the World’s Top 50 Private Water Companies by Global Water Intelligence.

In FY 2024–25, SPML Infra embarked on “SPML 2.0,” a strategic reset focusing on six key states: Rajasthan, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and West Bengal. It adopted a hub-and-spoke execution model leveraging centralized planning, billing, procurement, and quality control to prioritize funded, margin-accretive projects with real-time digital tracking.

The company operates with two wholly owned subsidiaries as of March 31, 2025 and works through joint ventures and associates for large and capital-light projects. Key historical milestones include foundational water projects like the Bakreswar Thermal Power Station and Saurashtra Water Pipeline, and progressive delivery under programs such as Jal Jeevan Mission, AMRUT, and Namami Gange.

SPML Infra Limited Business Segment

The company reports a single business segment encompassing Life Sciences and Support Services. Revenue segmentation by geography or vertical is not disclosed. Its operations are focused domestically on six core states.

SPML Infra’s segment is singular and focused on infrastructure development spanning water supply, wastewater, power distribution, and urban infrastructure, complemented by emerging energy storage solutions.

SPML Infra Limited Key Management

• Subhash Chand Sethi – Chairman
• Sushil Kumar Sethi – Vice Chairman & Non-Executive Director
• Manoj Digga – Executive Director & Chief Financial Officer
• Abhinandan Sethi – Chief Operating Officer
• Swati Agarwal – Company Secretary

Latest Updates on SPML Infra Limited

• Strategic transformation to “SPML 2.0,” emphasizing two verticals: Water Infrastructure and Battery Energy Storage Systems (BESS), and consolidation into core states using a hub-and-spoke model.
• Raised Rs 346 crore through equity and warrants, unlocked Rs 286 crore from arbitration recoveries, obtained enhanced credit lines totaling Rs 205 crore, and assigned a BBB-(Stable) rating by ICRA.
• Entered BESS segment with exclusive collaboration with Energy Vault (USA) and land allotment at Supa Parner Industrial Park, Maharashtra, for manufacturing units.
• Order book of approx. Rs 4,500 crore with Rs 2,200 crore at L1 status, including AMRUT 2.0, irrigation, Jal Jeevan Mission, and Porur water reservoir projects.
• Debt resolution milestone achieved through National Asset Reconstruction Company Ltd (NARCL).
• Earned recognitions including Build India Infra Award 2025, Construction Times “Best Water Project of the Year” 2023, and EPC World Award for Urban Infrastructure Contribution 2023.