SPML INFRA LIMITED (SPMLINFRA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹157.54 latest close · −19.8% over the last 90 sessions

₹157.54 month-end · −19.9% over 12 months

₹157.54 month-end · +99.8% over 3 years

₹157.54 month-end · +419.9% since Jan '19

52-week range ₹124.10 to ₹235.78 · 1-year volatility 51.0%

Was the rally earned?

-20%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 40 points, but investors now pay less per rupee of profit (P/E 28.2x to 14.4x), which took 60 points back.
The share count rose 16%.

Net profit growth+53 ptsNet profit rose about 81%, which lifts the price.

P/E change-60 ptsThe P/E fell from 28.2x to 14.4x, which lowers the price.

Share count change-13 ptsShare count rose 16%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-87.1%recovered 2022-01

1-year volatility51.0%annualised

Beta vs sector index0.813-year daily, correlation 0.36

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-87.1% (2019-01 peak to 2020-03 low, recovered 2022-01)

-76.9% (2022-04 peak to 2023-03 low, recovered 2023-11)

-58.8% (2025-07 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-11-09: 39.9x the 50-day median, price +11.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

14.4xP/E todayWithin its usual range

Against its own history34th percentile

CheapestMedian 32.9xDearest

Usual range 2.0x to 598.3x since 2019-01.

Against Industrial Services14.4x vs 14.0x

This company

14.4x

Sector median

14.0x

Close to the Industrial Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE16th▲ 5 pts vs a year ago
Op. margin35th▲ 17 pts vs a year ago
Revenue growth76th▲ 73 pts vs a year ago
EPS growth85th▼ 14 pts vs a year ago
Debt/equity ↓50th▲ 6 pts vs a year ago
Cash cycle ↓100thflat vs a year ago
P/E ↓47th▲ 23 pts vs a year ago
12M momentum56th▼ 14 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~27%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 50.7x, a holder earning 12%/yr needs earnings to grow about 26.5%/yr for 10 years, then trade at 15x.

Delivered−5.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+31.6 ptsimplied minus delivered

Rank45thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	28.2%	29.4%	30.5%
15x	25.4%	26.5%	27.6%
20x	21.8%	22.9%	24.0%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 26.5%/yr

Looking back

Jan 2020Price implied −5%/yr; EPS has since grown −2%/yr (7.0 yrs)
Jan 2021Price implied −4%/yr; EPS has since grown 31%/yr (6.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹157.54
P/E: 14.4x
ROCE: 6.0%
Market Cap: ₹1334 cr
Revenue (TTM): ₹995 cr
P/S: 1.3x
P/B: 1.4x
ROE: 9.7%
Operating Margin: 9.0%
Debt / Equity: 0.4x
Promoter Holding: 40.9%
12M Momentum: -19.9%

52-week range

₹124.10₹235.78

30% of the way from its 52-week low to its high

Price risk

1Y volatility

51.0%

Beta vs sector

1-year daily

1.12

Balance sheet & cash

Interest cover

operating profit ÷ interest

7.8x

Cash from profit, 3Y

operating cash flow ÷ net profit

3.27x

Share count, 1Y

+13.3%

Are profits backed by cash?

2 of 7checks within range5 near a threshold

Other income reliance16%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 15.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate11%Near threshold

Median quarterly effective tax rate over about 2.5 years: 10.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.27xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.27x (cash from operations ₹396 cr, net profit ₹121 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+30 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 30 days (216 vs 186). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress149% of fixed assetsWithin range

Capital work-in-progress is 149% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+767 days / 2 yrsNear threshold

Days payable changed by +767 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters added 1.5 pts; DIIs trimmed 0.5 pts.
The number of shareholders rose from 9,619 to 26,079 (+171%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters39.4%40.9%+1.5 pts

FIIs0.0%0.3%+0.3 pts

DIIs2.3%1.8%-0.5 pts

Public and others58.3%57.0%-1.3 pts

Number of shareholders

26,079shareholders+171% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−15.4%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like SPML INFRA LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −33% to +31% vs the market, against −7% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −8.8%, 80% range −16.8% to −1.6%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 7 beyond the range shown, drawn at the edge

Similar setups' median

−15.4%

All companies' median

−6.6%

Beat the market

38% vs 43%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
AFSL Finance	Jan 2024	25x	8%	+34%	−7%	−50%
SWELECTES Producer Manufacturing	Feb 2023	13x	5%	−4%	−37%	+160%
PRECAM Producer Manufacturing	Jul 2020	8x	6%	−27%	−33%	+129%
TDPOWERSYS Producer Manufacturing	Dec 2020	16x	6%	+10%	−15%	+118%
IFGLEXPOR Producer Manufacturing	Aug 2024	28x	9%	+32%	−30%	−19%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TAKE Technology Services	Feb 2020	8x	13%	−30%	−42%	−53%
NILAINFRA Industrial Services	Mar 2025	17x	12%	−13%	−44%	−32%
SANGHIIND Non-Energy Minerals	Nov 2021	19x	6%	+66%	−27%	+8%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/S and drawdown from 12-month high. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SPML INFRA LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

SOM DISTILLERIES N BREWERIES LSDBL

Consumer Non-Durables

81%similar

ROCErevenue

ALLIED DIGITAL SERVICES LIMITEADSL

Technology Services

65%similar

operating marginrevenue

ONE MOBIKWIK SYSTEMSMOBIKWIK

Technology Services

65%similar

volatilityrevenue

WALCHANDNAGAR INDUSTRIESWALCHANNAG

Producer Manufacturing

63%similar

market capoperating margin

EPACK DURABLEEPACK

Producer Manufacturing

61%similar

volatilitymarket cap

VINDHYA TELELINKSVINDHYATEL

Industrial Services

45%similar

debt/equitypromoter holding

VIKRAN ENGINEERINGVIKRAN

Industrial Services

43%similar

volatilitymarket cap

CAPACITE INFRAPROJECTSCAPACITE

Industrial Services

39%similar

market cappromoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '24

2026
NovPriceVolume reached 39.9x its 50-day median on 2026-11-09; price +11.4% that day.
OctPriceFell 59% from the Jul 2025 peak to the Oct 2026 low.
OctSharesShare count is up 13.3% over 12 months.
JunPromoterPromoter holding rose 2.4 pts to 40.2% (largest rise since 2026-03).
MayPriceVolume reached 7.2x its 50-day median on 2026-05-06; price +3.7% that day.
MarPromoterPromoter holding rose 2.7 pts to 37.8% (largest rise in the history since 2019-01).
MarPeer rankMoved into the 3rd quartile of Industrial Services on operating margin (from the bottom quartile).
MarDebtDebt / equity halved over 12 months to 0.48x.

Show 22 earlier events

2026
MarPriceVolume reached 110.6x its 50-day median on 2026-03-04; price +8.2% that day.
2025
DecPriceVolume reached 91.2x its 50-day median on 2025-12-08; price -0.5% that day.
SepSharesShare count is up 36.4% over 12 months.
AugDebtDebt / equity halved over 12 months to 0.48x.
JulPriceRegained the 2024-09 peak, 4 months after the low.
JulPriceVolume reached 25.4x its 50-day median on 2025-07-10; price +8.8% that day.
JunDebtDebt / equity fell below 1.0x (0.48x).
AprPriceVolume reached 16.6x its 50-day median on 2025-04-04; price +3.6% that day.
MarPriceFell 52% from the Sep 2024 peak to the Mar 2025 low.
MarPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 3rd quartile).
MarPriceVolume reached 6.7x its 50-day median on 2025-03-26; price -2.9% that day.
JanDebtDebt / equity halved over 12 months to 1.19x.
2024
DecPeer rankMoved into the 3rd quartile of Industrial Services on operating margin (from the bottom quartile).
DecPriceVolume reached 28.2x its 50-day median on 2024-12-04; price +4.3% that day.
SepPromoterPromoter holding fell 3.4 pts to 35.9%.
SepResultsEPS (TTM) turned positive.
SepPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the bottom quartile).
SepPriceVolume reached 17.3x its 50-day median on 2024-09-06; price +5.0% that day.
AugSharesShare count is up 10.0% over 12 months.
JunResultsEPS (TTM) turned negative.
JunPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
JunDebtDebt / equity halved over 12 months to 1.19x.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	14.4x	₹995 cr	9.7%	6.0%	0.4x
2026-10	11.7x	₹995 cr	9.7%	6.0%	0.4x
2026-09	14.8x	₹995 cr	9.7%	6.0%	0.4x
2026-08	18.3x	₹867 cr	8.5%	6.0%	0.4x
2026-07	19.4x	₹867 cr	8.5%	6.0%	0.4x
2026-06	19.9x	₹867 cr	8.5%	6.0%	0.4x
2026-05	25.5x	₹765 cr	8.3%	6.0%	0.5x
2026-04	25.5x	₹765 cr	8.3%	6.0%	0.5x
2026-03	18.9x	₹765 cr	8.3%	6.0%	0.5x
2026-02	24.7x	₹723 cr	6.9%	6.0%	0.5x
2026-01	24.8x	₹723 cr	6.9%	6.0%	0.5x
2025-12	25.7x	₹723 cr	6.9%	6.0%	0.5x
2025-11	28.2x	₹722 cr	6.6%	6.0%	0.5x
2025-10	33.1x	₹722 cr	6.6%	6.0%	0.5x
2025-09	34.0x	₹722 cr	6.6%	6.0%	0.5x
2025-08	34.9x	₹773 cr	6.8%	6.0%	0.5x
2025-07	41.3x	₹773 cr	6.8%	6.0%	0.5x
2025-06	32.7x	₹773 cr	6.8%	6.0%	0.5x
2025-05	46.6x	₹1045 cr	7.5%	4.0%	1.2x
2025-04	45.3x	₹1045 cr	7.5%	4.0%	1.2x
2025-03	40.0x	₹1045 cr	7.5%	4.0%	1.2x
2025-02	57.5x	₹1109 cr	5.4%	4.0%	1.2x
2025-01	60.8x	₹1109 cr	5.4%	4.0%	1.2x
2024-12	90.8x	₹1109 cr	5.4%	4.0%	1.2x
2024-11	325.6x	₹1174 cr	2.4%	4.0%	1.2x
2024-10	325.7x	₹1174 cr	2.4%	4.0%	1.2x
2024-09	408.6x	₹1174 cr	2.4%	4.0%	1.2x
2024-08	—	₹1319 cr	-1.7%	4.0%	1.2x
2024-07	—	₹1319 cr	-1.7%	4.0%	1.2x
2024-06	—	₹1319 cr	-1.7%	4.0%	1.2x
2024-05	1510.0x	₹883 cr	0.1%	3.0%	5.4x
2024-04	1256.7x	₹883 cr	0.1%	3.0%	5.4x
2024-03	1439.4x	₹883 cr	0.1%	3.0%	5.4x
2024-02	1185.0x	₹883 cr	0.1%	3.0%	5.4x
2024-01	1182.2x	₹883 cr	0.1%	3.0%	5.4x
2023-12	1045.0x	₹883 cr	0.1%	3.0%	5.4x
2023-11	876.1x	₹883 cr	0.1%	3.0%	5.4x
2023-10	607.2x	₹883 cr	0.1%	3.0%	5.4x
2023-09	549.4x	₹883 cr	0.1%	3.0%	5.4x
2023-08	404.4x	₹883 cr	0.1%	3.0%	5.4x
2023-07	451.1x	₹883 cr	0.1%	3.0%	5.4x
2023-06	494.4x	₹883 cr	0.1%	3.0%	5.4x
2023-05	429.4x	₹952 cr	0.1%	1.0%	6.5x
2023-04	395.0x	₹952 cr	0.1%	1.0%	6.5x
2023-03	211.3x	₹952 cr	0.1%	1.0%	6.5x
2023-02	288.1x	₹952 cr	0.1%	1.0%	6.5x
2023-01	341.9x	₹952 cr	0.1%	1.0%	6.5x
2022-12	334.4x	₹952 cr	0.1%	1.0%	6.5x
2022-11	428.8x	₹952 cr	0.1%	1.0%	6.5x
2022-10	404.4x	₹952 cr	0.1%	1.0%	6.5x
2022-09	416.3x	₹952 cr	0.1%	1.0%	6.5x
2022-08	577.5x	₹952 cr	0.1%	1.0%	6.5x
2022-07	515.0x	₹952 cr	0.1%	1.0%	6.5x
2022-06	452.5x	₹952 cr	0.1%	1.0%	6.5x
2022-05	—	₹683 cr	-48.5%	3.0%	7.0x
2022-04	—	₹683 cr	-48.5%	3.0%	7.0x
2022-03	—	₹683 cr	-48.5%	3.0%	7.0x
2022-02	—	₹683 cr	-48.5%	3.0%	7.0x
2022-01	—	₹683 cr	-48.5%	3.0%	7.0x
2021-12	—	₹683 cr	-48.5%	3.0%	7.0x

Older months are in the live observatory.

Methodology and data notes