NSE: PSPPROJECT · BSE: 540544
PSP PROJECTS LIMITED
Executes civil construction contracts across institutional, industrial, residential and government buildings and infrastructure for clients including the Adani Group, government bodies and other private customers. FY26 revenue was INR 3,149 crore (up 25% YoY), with Q4FY26 alone delivering INR 1,115 crore. The order book stands at INR 13,447 crore (+85% YoY), of which 67% sits with Adani Group entities and 25% with government clients; FY26 order inflow was INR 10,925 crore. An in-house precast facility enabled completion of an 18-floor GIFT City tower (Project 90) in 148 days, and the company has completed 256 projects with 94 ongoing across 20 states. Materials are the largest direct input at 37.1% of revenue; employee costs stay low at 4.6% because execution relies on 14,408 contract workers alongside 2,383 permanent staff. Adani Infra (India) holds 34.41% as a promoter, concentrating both customer and ownership exposure in the Adani ecosystem. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Institutional construction contracts, Industrial construction contracts, Residential construction contracts, Government construction contracts. Order-book driven, asset-heavy civil construction EPC contractor
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,748 | 1,938 | 2,506 | 2,512 | 3,149 |
| EBITDA (ex other income) | 258 | 230 | 261 | 179 | 189 |
| margin % | 14.8 | 11.9 | 10.4 | 7.1 | 6.0 |
| Owners' profit | 167 | 132 | 123 | 56 | 56 |
| EPS, as reported (₹) | 46.29 | 36.65 | 34.16 | 14.32 | 14.00 |
| ROE % · ROCE % | 24.3 · 35.2 | 16.5 · 25.6 | 13.4 · 23.0 | 4.7 · 10.1 | 4.4 · 9.2 |
| Debt / equity (x) | 0.15 | 0.18 | 0.50 | 0.22 | 0.25 |
| Cash from operations | 147 | 45 | (224) | 53 | 323 |
| Capex | (77) | (80) | (142) | (68) | (193) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 586 | 630 | 673 | 518 | 703 | 813 | 1,115 | 853 |
| Profit before tax | 14 | 10 | 8 | 1 | 22 | 24 | 27 | 28 |
| Net profit | 10 | 5 | 6 | 0 | 16 | 18 | 21 | 18 |
| EPS (₹) | 2.60 | 1.28 | 1.64 | 0.11 | 4.10 | 4.53 | 5.26 | 4.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.4 | 13.5 | 83 of 101 | 18% |
| P/B | 2.2 | 1.3 | 57 of 85 | 33% |
| ROCE | 5.7 | 10.0 | 67 of 107 | 38% |
| ROE | 4.4 | 9.1 | 58 of 87 | 34% |
| Debt / Equity | 0.3 | 0.4 | 32 of 87 | 64% |
| EBITDA margin | 6.9 | 12.4 | 70 of 88 | 21% |
| Revenue growth | 64.8 | 6.2 | 9 of 86 | 91% |
| Profit growth | 4232.2 | 2.7 | 1 of 84 | 100% |
| Market cap | 2818 | 456 | 27 of 107 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Earnings call for Q2FY27 scheduled on November 2, 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · PSP Projects board meeting on Nov 2 for Q2 and H1 FY27 results | results | low | — | — |
| 6 Oct 2026 · Quarterly Demat Certificate filed with BSE and NSE | compliance | minimal | — | — |
| 28 Sept 2026 · Intimation of Closure of Trading Window | compliance | minimal | — | — |
| 23 Sept 2026 · PSP Projects to attend PL Capital Mid and Small Cap Conference 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · PSP Projects to attend Arihant Capital's Bharat Connect Conference on Sep 28 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · PSP Projects: General Manager-MEP Shashikant Sharma resigns | management changes | medium | — | — |
| 5 Aug 2026 · PSP Projects Q1FY27: Revenue up 65% YoY, guides 7-8% EBITDA margin | investor communications | medium | — | — |
| 30 Jul 2026 · Q1FY27 Earnings Call Audio Recording Shared | investor communications | low | — | — |
| 30 Jul 2026 · PSP Projects Q1 FY27 Investor Presentation: Revenue up 65% YoY | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.