PSP Projects Limited has informed the Exchange about Investor Presentation
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PSP Projects shared a revised investor presentation for Q1FY26, with slide 19 updated to reflect the latest Work-on-Hand as of June 30, 2025. The quarter was weak, with revenue falling 16% year-on-year to ₹513 crore, EBITDA plunging 67% to ₹24 crore, and profit after tax almost wiped out at ₹0.13 crore versus ₹34 crore a year ago. Management blamed a 37% labour shortage in April–May (still 19% at quarter-end) and a spike in employee costs to 6.8% of revenue (normally 4–5%) as the company hired for newly awarded Adani projects. The order book stood at ₹6,514 crore, up 11% year-on-year, with Adani-related projects contributing 27% and government projects now 45% of the total. Q1FY26 order inflows were just ₹107 crore, but management flagged strong expected orders from the Adani Group's planned USD 100 billion capex pipeline. Adani Infra has acquired 11.32% via open offer and will take another 24.41% from promoters, making both sides equal shareholders.
Near-term profitability is severely under pressure as new Adani projects are in early execution stages requiring more labour while labour availability remains tight. However, the strong order book visibility, low leverage of 0.22x, and the Adani partnership provide comfort on long-term revenue growth, even as Q1 results signal a challenging couple of quarters ahead.