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PSP Projects Q2 FY27 results: net profit up 87.0% to ₹30.24 crore, revenue up 58.4%
PSP Projects Limited reported consolidated revenue of ₹1,113 crore for Q2 FY27, up 58.4% from Q2 FY26 and 30.4% from Q1 FY27. EBITDA rose to ₹69.15 crore, but the margin fell to 6.2% from 7.1% a year earlier; profit after tax was ₹30.24 crore and basic EPS was ₹7.63.
Key points
- Consolidated Q2 FY27 revenue was ₹1,113 crore, up 58.4% year on year and 30.4% quarter on quarter.
- EBITDA was ₹69.15 crore, up 38.5% from Q2 FY26 and 26.2% from Q1 FY27, while the margin declined to 6.2% from 7.1% and 6.4%.
- Profit after tax was ₹30.24 crore, up 87.0% from Q2 FY26 and 64.9% from Q1 FY27; basic EPS was ₹7.63.
- H1 FY27 revenue was ₹1,966.71 crore and profit after tax was ₹48.58 crore, up 61.1% and 192.8% respectively.
- Management maintained FY27 revenue growth guidance of approximately 25-30% and expected H2 FY27 EBITDA margin to improve to about 7% from 6.30% in H1 FY27.
How did PSP Projects perform in Q2 FY27?
PSP Projects reported consolidated revenue of ₹1,113 crore in Q2 FY27, up ₹410.37 crore or 58.4% from ₹702.87 crore in Q2 FY26. Revenue also rose ₹259.77 crore or 30.4% from ₹853.47 crore in Q1 FY27. On a standalone basis, revenue was ₹1009.13 crore and profit after tax was ₹29.05 crore.
EBITDA was ₹69.15 crore, compared with ₹49.93 crore in Q2 FY26 and ₹54.79 crore in Q1 FY27. The EBITDA margin fell to 6.2% from 7.1% a year earlier and 6.4% in the previous quarter. Profit before tax was ₹40.14 crore, while tax of ₹9.89 crore left a net profit of ₹30.24 crore and basic EPS of ₹7.63.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,113 | 853.47 | 702.87 | +58.4% | +30.4% |
| Other income | 4.91 | 4.06 | 4.11 | +19.5% | +20.9% |
| Total expenses | 1,078 | 829.28 | 684.59 | +57.5% | +30.0% |
| EBITDA | 69.15 | 54.79 | 49.93 | +38.5% | +26.2% |
| EBITDA margin | 6.2% | 6.4% | 7.1% | −0.9 pp | −0.2 pp |
| Profit before tax | 40.14 | 28.25 | 22.39 | +79.3% | +42.1% |
| Tax | 9.89 | 9.91 | 6.22 | +59.0% | −0.2% |
| Net profit | 30.24 | 18.34 | 16.17 | +87.0% | +64.9% |
| EPS (₹) | 7.63 | 4.63 | 4.10 | +86.1% | +64.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in PSP Projects' costs and profit?
Total expenses were ₹1,078 crore, up ₹393.42 crore or 57.5% from Q2 FY26. Cost of materials fell ₹33.70 crore or 11.1% to ₹268.75 crore, while employee cost rose ₹16.52 crore or 49.7% to ₹49.77 crore. Finance costs fell ₹4.34 crore or 36.2% to ₹7.66 crore, depreciation rose ₹6.60 crore or 33.6% to ₹26.25 crore, and other expenses rose ₹352.21 crore or 118.8% to ₹648.56 crore.
Other income increased ₹0.80 crore or 19.5% from ₹4.11 crore to ₹4.91 crore. There was no exceptional item in Q2 FY27. Tax expense rose ₹3.67 crore or 59.0% to ₹9.89 crore, and profit before tax increased ₹17.75 crore or 79.3% to ₹40.14 crore. Management cited faster execution and improved labour availability, while also noting that lower-margin Adani group contracts and steel and cement inflation affected margins.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 268.75 | 302.45 | −33.70 | −11.1% |
| Employee cost | 49.77 | 33.25 | +16.52 | +49.7% |
| Finance costs | 7.66 | 12 | −4.34 | −36.2% |
| Depreciation | 26.25 | 19.65 | +6.60 | +33.6% |
| Other expenses | 648.56 | 296.35 | +352.21 | +118.8% |
| Total expenses | 1,078 | 684.59 | +393.42 | +57.5% |
| Other income | 4.91 | 4.11 | +0.80 | +19.5% |
| Tax | 9.89 | 6.22 | +3.67 | +59.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, PSP Projects reported consolidated revenue of ₹1,966.71 crore, up ₹746.08 crore or 61.1% from ₹1,220.63 crore in H1 FY26. Total income was ₹1,975.67 crore, up ₹746.93 crore or 60.8% from ₹1,228.74 crore.
Profit before tax increased ₹45.27 crore or 195.9% to ₹68.38 crore from ₹23.11 crore. Profit after tax rose ₹31.99 crore or 192.8% to ₹48.58 crore from ₹16.59 crore, while basic EPS increased ₹8.05 to ₹12.26 from ₹4.21. The H1 FY27 EBITDA margin was 6.30%, compared with 6.12% in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,967 | 1,221 | +61.1% |
| Profit before tax | 68.38 | 23.11 | +195.9% |
| Net profit | 48.58 | 16.59 | +192.8% |
| EPS (₹) | 12.26 | 4.21 | +191.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,282.16 crore, compared with ₹3,088.88 crore at 31 March 2026. Total equity rose to ₹1,312.28 crore from ₹1,263.95 crore, while borrowings fell to ₹267.36 crore from ₹317.23 crore. Cash declined to ₹72.40 crore from ₹260.17 crore; inventories rose to ₹416.54 crore from ₹347.61 crore, and trade receivables fell to ₹809.69 crore from ₹928.22 crore.
H1 FY27 operating cash flow was an outflow of ₹26.89 crore, compared with an outflow of ₹42.39 crore in H1 FY26. Investing cash flow was an outflow of ₹98.27 crore against ₹40.05 crore a year earlier, while financing cash flow was an outflow of ₹62.61 crore compared with an inflow of ₹59.48 crore. Capital expenditure was ₹115.50 crore, compared with ₹89.55 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,282 | 3,089 |
| Total equity | 1,312 | 1,264 |
| Borrowings | 267.36 | 317.23 |
| Cash and equivalents | 72.40 | 260.17 |
| Inventories | 416.54 | 347.61 |
| Trade receivables | 809.69 | 928.22 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −26.89 | −42.39 |
| Cash from investing | −98.27 | −40.05 |
| Cash from financing | −62.61 | 59.48 |
| Capital expenditure | 115.50 | 89.55 |
Source: Company's results filing (XBRL).
How has PSP Projects done over the last 8 quarters?
Revenue rose year on year in each of the last five quarters. It increased from ₹702.87 crore in Q2 FY26 to ₹812.79 crore in Q3 FY26 and ₹1,115.24 crore in Q4 FY26, then eased to ₹853.47 crore in Q1 FY27 before reaching ₹1,113.24 crore in Q2 FY27.
Profit after tax followed a similar pattern, moving from ₹16.17 crore in Q2 FY26 to ₹17.83 crore in Q3 FY26 and ₹21.09 crore in Q4 FY26, before falling to ₹18.34 crore in Q1 FY27 and rising to ₹30.24 crore in Q2 FY27. The EBITDA margin peaked at 7.1% in Q2 FY26 and was 6.2% in the latest quarter, compared with 6.4% in Q1 FY27.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the joint statutory auditors’ limited review report. The company filed an investor presentation with the results; it reported an order book of ₹12,872 crore.
The board also approved shifting the registered office from PSP House in Ahmedabad to PSP Corporate House, “Ninety”, on Sanand-Sarkhej Road, with effect from 4 November 2026. The available same-day filings did not report a dividend, fund raise or appointment.
What did PSP Projects' management say?
Management said the ₹12,872 crore order book was expected to be executed over roughly two and a half years, with individual project timelines not exceeding 36 months. It identified lower-margin Adani group contracts, steel and cement inflation, unpaid Surat Diamond Board receivables, annual ECL additions of ₹3-4 crore, and limited capacity for new large projects as risks. CEO Pooja Patel said, “I am pleased to share that PSP Projects delivered its highest ever quarterly and half yearly revenue.”
How did PSP Projects shares react?
PSP Projects rose 7.2% on the reaction day from its pre-results close of ₹695.95. The shares were up 0.3% after five minutes, down 0.8% after 15 minutes and down 0.2% after 30 minutes. By the next day’s close, the stock was up 3.2% from the pre-results close.
The Civil Construction industry’s median move was 2.0% on the reaction day and 1.9% by the next day’s close. PSP Projects therefore moved 5.2 percentage points more than the industry median on the reaction day and 1.3 percentage points more by the next day. Earlier result-day moves were negative on 30 July 2026 at 7.2%, 30 January 2026 at 1.9%, 17 October 2025 at 1.3%, and 30 July 2025 at 3.3%.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +0.3% | |
| 15 minutes | −0.8% | |
| 30 minutes | −0.2% | |
| Reaction day | +7.2% | +2.0% |
| Next day | +3.2% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | −7.2% |
| 30 April 2026 | +1.7% |
| 30 January 2026 | −1.9% |
| 17 October 2025 | −1.3% |
| 30 July 2025 | −3.3% |
| 23 May 2025 | −2.1% |
| 7 February 2025 | −0.5% |
| 25 October 2024 | +1.4% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Among 18 other Civil Construction companies that had filed for the quarter, the median revenue growth was 8.5%, below PSP Projects’ 58.4%. Thirteen peers grew more slowly than the company and five grew faster. Of 19 peers whose profit was compared, 14 reported higher profit.
| PSP Projects revenue growth (YoY) | +58.4% |
|---|---|
| Median of 18 other Civil Construction companies | +8.5% |
| Companies with slower revenue growth than PSP Projects | 13 of 18 |
| Companies with faster revenue growth than PSP Projects | 5 of 18 |
| Companies whose net profit rose | 14 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was PSP Projects' revenue in Q2 FY27?
Revenue from operations was ₹1,113 crore, up 58.4% from ₹702.87 crore in Q2 FY26 (consolidated).
Did PSP Projects make a profit in Q2 FY27?
Yes. Net profit was ₹30.24 crore, against a net profit of ₹16.17 crore in Q2 FY26.
What was PSP Projects' EPS in Q2 FY27?
Basic earnings per share were ₹7.63, against ₹4.10 in Q2 FY26.
How did PSP Projects shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.2% from the previous close; the median Civil Construction stock moved +2.0%.
When did PSP Projects announce its Q2 FY27 results?
On 2 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting To Be Held On November 02, 2026 (BSE, 12 October 2026) · PDF
- Outcome of Board Meeting (NSE, 2 November 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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