Synopsis: Two Vijay Kedia portfolio companies – an infrastructure EPC player and a solar cell maker – post stellar Q4FY26 earnings, with profits doubling or more on a year-on-year basis.
In investing, timing often separates good calls from great ones. As per the latest corporate shareholding filings, ace investor Vijay Kishanlal Kedia publicly holds 22 stocks with a net worth of over ₹1,270 crore. Among the companies in his portfolio, two stand out this quarter – a water and power infrastructure EPC company and a solar cell manufacturer – both of which nearly doubled or more than doubled their profits in Q4FY26.
Kedia acquired a 1.9% stake in SPML Infra Limited, holding 14,98,107 shares worth approximately ₹28.3 crore, and a 1.0% stake in Websol Energy System Limited comprising 44,44,444 shares valued at around ₹46.2 crore, both as fresh positions in March 2026.
SPML Infra: EPC Turnaround Gaining Momentum
SPML Infra, a water and power infrastructure EPC company, reported consolidated revenue of ₹293.9 crore in Q4FY26, up 53.1% from ₹191.9 crore in Q4FY25. PAT came in at ₹28.4 crore, up 140% year-on-year from ₹11.8 crore, with PAT margin expanding to 9.65% from 6.15%.
For the full year FY26, the company posted revenue of ₹887.9 crore versus ₹788.2 crore in FY25, while PAT jumped 54.8% to ₹76.3 crore from ₹49.3 crore. EBITDA margins improved to 9.73% from 7.98%. The balance sheet is also strengthening visibly – net worth has grown from ₹509 crore in FY24 to ₹999 crore in FY26, while the debt-to-equity ratio has fallen sharply from 0.94x to 0.40x over the same period.
The company’s order book stood at ₹5,369 crore as of March 31, 2026, with 75% comprising new, higher-margin orders targeting 10–12% EBITDA and a 3-4 year execution timeline. A landmark ₹1,128 crore BESS order from NTPC for a 250 MW / 1,000 MWh battery energy storage system marks a bold diversification into India’s fast-growing energy storage sector.
With NTPC targeting around 22 GWh of BESS capacity by 2032, SPML’s early-mover position – backed by an exclusive 10-year technology partnership with Energy Vault – gives it a credible edge in what could become a large and recurring revenue stream. Legacy NARCL debt has been reduced to ₹381 crore from ₹477 crore in FY24, and the company holds arbitration awards of ₹627 crore to fund the remaining repayment, keeping cash flow pressure minimal.
Websol Energy: Solar Cell Maker Posts Historic Quarter
Websol Energy System reported its highest-ever quarterly revenue in Q4FY26 at ₹401 crore, up 132.1% year-on-year from ₹173 crore. PAT surged 157.9% to ₹125 crore from ₹48 crore in Q4FY25, with PAT margin at 30.8%. Sequentially too, the numbers impressed – revenue grew 53.8% and PAT nearly doubled at 91.6% over Q3FY26.
For the full year FY26, revenue doubled to ₹1,049 crore from ₹575 crore in FY25, while PAT grew 95.8% to ₹303 crore. The company turned net cash surplus with net debt of negative ₹34 crore, and cash flow from operations rose to ₹255 crore. ROCE stood at 65.7% and ROE at 66.7%, reflecting exceptional capital efficiency for a manufacturing business.
The company now operates 1.2 GW of Mono-PERC solar cell capacity at over 90% utilisation, with average cell efficiency at 23.35%. The second 600 MW cell line, commissioned in September 2025, was funded entirely through internal accruals – a sign of financial discipline that has helped net worth more than double from ₹278 crore to ₹631 crore in a single year.
It is one of only 13 ALMM-approved solar cell manufacturers in India, positioning it well as ALMM List-II compliance for cells becomes mandatory from June 2026. A TOPCon technology upgrade targeting over 24.5% cell efficiency and a planned 4 GW integrated greenfield expansion are the next growth levers, with the company also eyeing an in-house ingot-wafer facility to further strengthen its supply chain and margins.
About the Companies
SPML Infra Limited is a Kolkata-based infrastructure EPC company with over four decades of experience in water, wastewater, and power sectors across India. The company executes large-scale government-backed projects and is well-positioned to benefit from rising investments in water management and urban infrastructure.
Websol Energy System Ltd is one of India’s oldest solar photovoltaic cell manufacturers, engaged in the production of high-efficiency solar cells and modules. The company benefits from India’s renewable energy push, domestic solar manufacturing incentives, and growing demand for locally produced solar components amid the country’s energy transition.
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