A lesser-known but high-performing infrastructure stock — hit the 5% upper circuit in early morning trade today after announcing a transformative collaboration with Energy Vault, a leading US-based sustainable energy storage company. This strategic partnership has positioned SPML at the epicenter of India’s next major energy revolution: grid-scale battery energy storage systems (BESS).
Following the news SPML Infra shares locked in upper circuit at INR 175.85 per share, the surge reflects growing investor confidence in the company’s pivot toward the high-growth clean energy storage space. The momentum comes after a sharp 52.95% correction in SPML’s stock over the past quarter — followed by a six-week base formation and a technical bounce that now shows signs of strength.
On 31 March 2023, SPML share were trading around INR 16.90 per share, and made a high of INR 277.20 on 27 September 2024, reflecting a 1540% return over investment. However, there is a correction of 36% from its high price and SPML shares are trading around 175.80 per share.
What Sparked the Rally
SPML Infra has signed an exclusive technology transfer agreement with Energy Vault, USA, aimed at manufacturing and deploying advanced B-VAULT Battery Energy Storage Systems (BESS) in India. Under the terms, SPML will locally produce and implement these systems using Energy Vault’s flagship B-VAULT hardware and VaultOS EMS software, known for their flexibility, safety, and cybersecurity features.
The collaboration sets ambitious deployment goals:
- Minimum of 500 MWh of BESS to be installed in the next 12 months.
- 30–40+ GWh of cumulative BESS manufacturing targeted over the next 10 years.
These figures are significant, considering India’s projected energy storage requirement of 236 GWh by FY32, as outlined in the National Electricity Plan 2023. The estimated market value for battery storage is pegged at USD 57 billion by 2032, surging to USD 443 billion by 2047 — an opportunity SPML is now well-positioned to tap into.
Strategic Significance
India’s energy transition strategy calls for 500 GW of non-fossil fuel-based power by 2030, and policy mandates are increasingly pushing for battery storage integration in all new solar and wind installations. SPML’s Chairman, Mr. Subhash Sethi, noted:
“India is at the cusp of a major energy transformation. With the government mandating battery storage, SPML takes pride in introducing Energy Vault’s most proven and tested energy storage solutions to India.”
This partnership will boost localized manufacturing, align with the ‘Make in India’ initiative, and create a scalable clean energy infrastructure backbone. SPML plans to leverage its four-decade infrastructure legacy, including over 700 completed projects in water, power, and smart cities, to drive adoption of these next-gen BESS solutions across public and private sector deployments.
Energy Vault’s Perspective
Energy Vault’s CEO, Mr. Robert Piconi, described India as one of the fastest-growing energy storage markets globally. He emphasized the flexibility and scalability of the B-VAULT platform, noting the company’s track record with recent large-scale projects in Australia — including a 125 MW / 1,000 MWh acquisition and a 200 MW / 400 MWh deployment at the New England Solar Project.
Their entry into India through SPML strengthens their presence in Asia and provides a partner with strong domain expertise, government access, and execution capabilities in energy infrastructure.
Investor Takeaway
Once seen primarily as a water and utilities infrastructure company, SPML Infra is now transitioning into a clean energy tech enabler — with a scalable, future-proof business model. Its legacy of engineering complex infrastructure and deep market knowledge give it a competitive edge in navigating India’s evolving energy landscape.
Market watchers believe that the agreement, while still early-stage in execution, could serve as a multi-year revenue and margin accelerator for SPML — especially if it succeeds in scaling manufacturing and deployment on time. In the near term, sentiment is likely to remain positive, driven by:
- Renewed interest in green energy themes.
- Technical momentum supported by volume and price action.
- Institutional recognition of SPML’s potential role in India’s grid modernization push.
Conclusion
In a market hungry for the next clean energy champion, SPML Infra’s exclusive tie-up with Energy Vault could be the pivot point investors have been waiting for. From a mid-cap infra player to a future-facing energy tech story — SPML is fast becoming one of the most intriguing multibagger narratives of 2025.
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Disclaimer: Investors are advised to do their own due diligence. This article is for informational purposes and does not constitute investment advice.