SPML Infra Limited (SPMLINFRA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-136.4%

-₹49.90

vs ₹136.98 price

Levered DCF

₹28.58

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.16×	20.95×	-90.04×	207.87×	667.44×	-0.31×	2.86×	2.8×
P/B	1.19×	1.72×	1.36×	0.24×	0.67×	0.14×	0.05×	0.26×
P/S	1.3×	1.71×	0.47×	0.09×	0.23×	0.05×	0.01×	0.06×
EV / EBITDA	19.89×	25.62×	16.04×	32.21×	83.94×	29.96×	8.1×	6.45×
Gross margin	13.5%	10.6%	22.6%	12.8%	7.1%	15.7%	12.3%	14.3%
Operating margin	7.4%	5.4%	1.9%	9.3%	-0.4%	4.4%	4.2%	7.6%
Net margin	8.6%	6.2%	-0.5%	0.0%	0.0%	-17.8%	0.4%	2.0%
Current ratio	1.7×	1.78×	1.5×	1.05×	1.08×	1.05×	1.05×	1.03×
Debt / equity	0.38×	0.48×	1.19×	5.12×	5.66×	7.04×	3.98×	3.44×
Interest coverage	8.12×	10.05×	0.44×	1.63×	-0.18×	0.44×	0.45×	0.93×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.9%	6.2%	-1.5%	0.1%	0.1%	-44.7%	1.7%	9.5%
Return on invested capital	4.1%	2.5%	1.7%	0.4%	-0.0%	0.9%	1.1%	4.6%
Return on assets	3.3%	2.4%	-0.4%	0.0%	0.0%	-4.3%	0.2%	1.1%
Free cash flow yield	-15.8%	-5.8%	84.3%	24.0%	-9.1%	-838.4%	-33.6%	120.7%
Earnings yield	6.6%	3.6%	-1.1%	0.5%	0.1%	-324.5%	34.9%	35.7%
Enterprise value	₹13.2B	₹15.6B	₹9.5B	₹18.1B	₹19.9B	₹18.4B	₹15.3B	₹15.2B
Net debt / EBITDA	2.87×	3.93×	5.43×	30.77×	74.85×	29.37×	8×	5.98×
Cash conversion cycle (days)	-27	-39	32	439	452	635	188	126