PSP Projects Limited has informed the Exchange about Transcript
PSPPROJECT · price
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Awaiting price reaction for this filing.
PSP Projects reported a difficult FY25, with revenue flat at Rs. 2,468 crores and EBITDA falling to Rs. 178 crores from Rs. 260 crores a year ago, mainly due to Rs. 62 crores in one-time extra costs on 7 Uttar Pradesh medical college projects. Q4 FY25 was particularly weak, with EBITDA down 41% YoY to Rs. 30 crores and net profit crashing 68% to Rs. 4.8 crores, partly due to an Rs. 8 crores bank guarantee invocation on the Badayu project. The company carries a record order book of Rs. 7,266 crores (up 20% YoY) and disclosed a healthy bid pipeline of about Rs. 7,100 crores, 70% from the Adani Group, whose open offer for PSP is currently in the tendering period. Management revised FY26 revenue guidance to 'more than Rs. 3,000 crores' (down from earlier Rs. 4,000 crores) and cut margin guidance to 8-9% from the earlier 9-10%. Working capital days stretched to around 65 days from 30-35 days due to higher receivables from government projects.
Short-term sentiment is likely negative given the sharp profit decline, lowered FY26 revenue and margin guidance, working capital stress, and recent senior management exits. However, the record order book, strong bid pipeline, and impending Adani acquisition completion could provide longer-term support to the stock.