PSP Projects Limited (PSPPROJECT)

Construction · Construction · NSE · Updated 20 July 2026

₹1,072.3 ↑ 31.15% (1Y)

🎯 Key Takeaways

PSP Projects Limited is transitioning from a mid-tier construction player into a high-growth infrastructure enabler with a strategically deepened relationship with the Adani Group. The company is in a phase of accelerated scale-up, supported by a record order book and expanding margins, marking a clear inflection point in its lifecycle.
Revenue grew 7.5% QoQ to ₹630 in Q3FY25.
⚠️ Over-reliance on Adani Group for revenue and order inflows creates concentration risk, especially if group priorities shift.

Market Cap

₹3,119

P/E Ratio

46.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

PSP Projects Limited is transitioning from a mid-tier construction player into a high-growth infrastructure enabler with a strategically deepened relationship with the Adani Group. The company is in a phase of accelerated scale-up, supported by a record order book and expanding margins, marking a clear inflection point in its lifecycle.

📰 What's Happening

In Q4 FY26, PSP Projects reported a 66% YoY revenue jump to ₹1,115 crores and a 244% YoY PAT surge to ₹21 crores, driven by strong execution in high-value infrastructure projects like SMC Highrise and GIFT City. The company closed FY26 with a record ₹13,447 crores order book — up 85% YoY — of which 85% originated from Adani Group entities. Management highlighted inflows of INR10,925 crores during the year and reaffirmed FY27 revenue guidance of ₹4,500 crores, with expectations of ₹5,000-6,000 crores in new order inflows from group-linked projects. The precast facility in Gujarat has enhanced operational efficiency, supporting growth in industrial and high-end infrastructure segments.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	730	514	620	705	668	623	586	630
Operating Profit	88	72	79	76	59	78	42	39
OPM %	11.1%	12.9%	11.7%	9.9%	7.9%	11.9%	6.4%	5.6%
Net Profit	46	38	39	31	16	35	10	5
EPS	₹12.78	₹10.51	₹10.70	₹8.63	₹4.31	₹8.80	₹2.60	₹1.28

Revenue growth has accelerated sharply, with Q4 FY26 revenue up 66% YoY to ₹1,115 crores and full-year FY26 revenue up 25% to ₹3,149 crores, reversing earlier flat-to-declining trends seen in FY24. Profitability has improved meaningfully, with EBITDA margin expanding to 7.14% and PAT growth outpacing revenue due to scale and project mix. Earlier quarters showed volatility in margins and EPS, but the current trajectory reflects operational scaling and better cost control, particularly in precast and industrial segments.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance, reaffirming FY27 revenue targets of ₹4,500 crores and projecting EBITDA margins of 7-8%. They also anticipate ₹5,000-6,000 crores in new order inflows from group projects, signaling continued momentum in the Adani-linked pipeline. This guidance is underpinned by the record ₹13,447 crores order book and strong inflows during FY26, particularly from Adani Infra and other group companies.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Larsen & Toubro Limited	5.38 L Cr	33.1	—	—	—
Rail Vikas Nigam Limited	59,006	45.4	—	—	—
NBCC (India) Limited	25,331	49.1	—	—	—
IRB Infrastructure Developers Limited	24,518	3.8	—	—	—
Kalpataru Projects International Limited	21,476	39.0	—	—	—
Cemindia Projects Limited	15,453	44.3	—	—	—
KEC International Limited	14,602	31.4	—	—	—
Techno Electric & Engineering Company Limited	13,909	36.5	—	—	—
Engineers India Limited	13,868	33.4	—	—	—
Ircon International Limited	13,416	17.6	—	—	—

🔗 Peer Stock Analyses

LT RVNL NBCC IRB KPIL

⚠️ Risk Factors

1. Over-reliance on Adani Group for revenue and order inflows creates concentration risk, especially if group priorities shift. 2. High order book growth has not yet translated into proportional cash flow visibility, raising concerns about execution and billing cycles. 3. Margin expansion is still emerging and may face pressure from input cost volatility or project delays. 4. Regulatory or reputational risks associated with related party transactions with Adani entities, despite shareholder approval.

📋 Recent Filings

🧠 Analyst's Read

PSP Projects is executing a clear growth strategy anchored in its partnership with the Adani Group, supported by improving margins and a record order book. The next watchpoints are visibility into cash flow conversion from the order book, sustainability of margin expansion, and diversification beyond Adani-linked projects to reduce concentration risk.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-20.

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