Two recent additions to Vijay Kishanlal Kedia’s portfolio delivered sharp earnings growth in the March quarter, with profits rising more than twofold on a year-on-year basis.
According to the latest shareholding disclosures, Kedia publicly holds 22 stocks with a combined value of over ₹1,270 crore. Among them, SPML Infra and Websol Energy System stood out in Q4FY26 after reporting strong growth in revenue and profitability.
In March 2026, Kedia acquired:
- A 1.9% stake in SPML Infra, equivalent to 14,98,107 shares valued at about ₹28.3 crore.
- A 1% stake in Websol Energy System, comprising 44,44,444 shares worth around ₹46.2 crore.
Both were fresh additions to his portfolio.
SPML Infra posts strong quarterly growth
The infrastructure EPC company reported consolidated revenue of ₹293.9 crore in Q4FY26, up 53.1% from ₹191.9 crore a year earlier.
Profit after tax rose 140% to ₹28.4 crore, compared with ₹11.8 crore in Q4FY25.
PAT margin expanded to 9.65%, from 6.15% a year ago.
For FY26, SPML Infra reported:
- Revenue of ₹887.9 crore, against ₹788.2 crore in FY25.
- PAT of ₹76.3 crore, up 54.8% from ₹49.3 crore.
- EBITDA margin of 9.73%, compared with 7.98% in FY25.
Balance sheet improves
The company’s financial position strengthened during the year.
- Net worth increased from ₹509 crore in FY24 to ₹999 crore in FY26.
- Debt-to-equity ratio declined to 0.40 times, from 0.94 times.
As of March 31, 2026, SPML Infra’s order book stood at ₹5,369 crore.
About 75% of the orders are newer projects with targeted EBITDA margins of 10-12% and execution timelines of three to four years.
Entry into battery energy storage
A key development during the year was a ₹1,128 crore order from NTPC for a 250 MW/1,000 MWh battery energy storage system (BESS).
The company has also entered into an exclusive 10-year technology partnership with Energy Vault.
With NTPC targeting nearly 22 GWh of BESS capacity by 2032, the project gives SPML an early presence in the segment.
Legacy debt owed to NARCL was reduced to ₹381 crore, from ₹477 crore in FY24.
The company also holds arbitration awards worth ₹627 crore, which it expects to use for remaining repayments.
Websol Energy reports record quarter
Websol Energy System posted its highest-ever quarterly revenue in Q4FY26.
Revenue climbed 132.1% to ₹401 crore, compared with ₹173 crore in the year-ago quarter.
PAT rose 157.9% to ₹125 crore, from ₹48 crore.
PAT margin stood at 30.8%.
Sequential performance was also strong.
Compared with Q3FY26:
- Revenue increased 53.8%.
- PAT rose 91.6%.
FY26 profit nearly doubles
For the full year, Websol reported:
- Revenue of ₹1,049 crore, up from ₹575 crore in FY25.
- PAT of ₹303 crore, a rise of 95.8%.
The company ended FY26 with a net cash position.
- Net debt stood at negative ₹34 crore.
- Cash flow from operations increased to ₹255 crore.
Efficiency ratios remained high.
- ROCE stood at 65.7%.
- ROE was 66.7%.
Capacity expansion and technology upgrades
Websol currently operates 1.2 GW of Mono-PERC solar cell capacity, with utilisation above 90%.
Average cell efficiency stood at 23.35%.
Its second 600 MW cell line, commissioned in September 2025, was funded entirely through internal accruals.
Net worth more than doubled during the year, rising from ₹278 crore to ₹631 crore.
The company is among only 13 ALMM-approved solar cell manufacturers in India.
This could benefit Websol as ALMM List-II compliance for solar cells becomes mandatory from June 2026.
Future growth initiatives include:
- A TOPCon technology upgrade aimed at cell efficiency above 24.5%.
- A planned 4 GW integrated greenfield expansion.
- A proposed in-house ingot-wafer facility.
About the companies
SPML Infra is a Kolkata-based EPC company focused on water, wastewater and power projects. It has been operating for more than four decades and executes infrastructure projects across India.
Websol Energy System manufactures solar cells and modules and is among India’s oldest solar photovoltaic companies. It stands to benefit from domestic manufacturing incentives and rising demand for locally produced solar equipment.
TL;DR:
Fresh Vijay Kedia picks SPML Infra and Websol Energy reported sharp profit growth in Q4FY26. SPML’s PAT jumped 140%, while Websol’s rose nearly 158%, supported by strong execution, expansion and improving balance sheets.
AI summary:
- Vijay Kedia added SPML Infra and Websol Energy in March 2026.
- SPML Infra’s Q4FY26 profit rose 140% year-on-year.
- Websol Energy’s Q4FY26 PAT surged 157.9%.
- SPML entered the battery energy storage segment through an NTPC order.
- Websol is expanding capacity and upgrading to TOPCon technology.
