PSP Projects Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,924 Cr
- P/E
- 39.83
- ROE
- 4.55%
- PEG
- -1.62
- Price to sales
- 0.84
- Debt to equity
- 0.26
- 52W high / low
- ₹1,099 / ₹576
- Sales growth (5Y)
- 20.47%
- EBITDA margin
- 6.29%
- Net profit margin
- 1.79%
- Promoter holding
- 68.82%
- Sales (last year)
- ₹3,484 Cr
PSP Projects Limited is a construction company incorporated in August 2008 offering a diversified range of construction and allied services across industrial, institutional, government, government residential, and residential projects in India. The principal promoter, Mr. Prahalad S. Patel has over three decades of experience in the construction industry. [1] It is also engaged in the real estate development of two mid-scale projects in the USA through its subsidiaries [2]
Guidance scorecard · Q1 FY27 call
What PSP Projects Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ1 FY27 call
20–40%- PSP Projects Limited expects revenue growth of over 25% for FY27, targeting INR4,400 to INR4,500 crores.
- Order book as of June 30, 2026, stands at INR13,245 crores, enabling strong multi-year revenue visibility.
- The company anticipates maintaining a 20%-25% revenue growth trajectory in the medium term.
- Execution momentum is set to improve as major projects progress beyond initial excavation and underground phases.
- Labor availability normalization expected to boost construction activities and execution pace in upcoming quarters.
- Order inflow guidance remains stable, with INR4,000 to INR5,000 crores expected from Adani Group projects in FY27.
2 more points from PSP Projects Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what PSP Projects Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The company incurred capex of INR28 crores in Q1 FY27, with a gross block of INR793 crores and net block of INR470 crores as of June 30, 2026.
- Capex guidance remains around 3%-4% of revenue, though actual capex may vary depending on large upcoming projects.
- The company is focusing on strengthening the workforce and operational capabilities to support growth, not on entering new business segments or geographies at this time.
FundraisingQ1 FY27 call
See what PSP Projects Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current consolidated order book as of June 30, 2026: INR 13,245 crores.
- Includes around INR 3,000 crores from two Dharavi redevelopment projects.
- Expectation to maintain an order book of approximately INR 5,000 to 6,000 crores at March-end.
- Order inflow of INR 630 crores during the quarter, with 93% from Adani Group projects.
- Bid pipeline stands at INR 6,200+ crores, with 61% group projects and 39% external.
- Plans to keep the order book mixed with 25% non-Adani and 70-75% Adani projects.
2 more points from PSP Projects Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of PSP Projects Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of PSP Projects Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 730 | 514 | 620 | 705 | 668 | 623 | 586 | 630 | 673 | 518 | 703 | 813 | 1,115 |
| Expenses + | 649 | 447 | 547 | 635 | 615 | 549 | 548 | 595 | 641 | 493 | 653 | 758 | 1,055 |
| Operating Profit | 81 | 66 | 72 | 70 | 53 | 74 | 38 | 36 | 32 | 25 | 50 | 55 | 60 |
| OPM % | 11% | 13% | 12% | 10% | 8% | 12% | 6% | 6% | 5% | 5% | 7% | 7% | 5% |
| Other Income + | 7 | 6 | 6 | 6 | 6 | 4 | 5 | 4 | 5 | 4 | 4 | 4 | 5 |
| Interest | 9 | 9 | 12 | 15 | 14 | 13 | 11 | 10 | 10 | 11 | 12 | 11 | 11 |
| Depreciation | 12 | 12 | 14 | 19 | 20 | 17 | 18 | 19 | 19 | 17 | 20 | 24 | 26 |
| Profit before tax | 66 | 51 | 52 | 42 | 25 | 48 | 14 | 10 | 8 | 1 | 22 | 24 | 27 |
| Tax % | 26% | 26% | 26% | 26% | 35% | 28% | 25% | 36% | 20% | 41% | 28% | 25% | 23% |
| Net Profit + | 46 | 38 | 39 | 31 | 16 | 35 | 10 | 5 | 6 | 0 | 16 | 18 | 21 |
| EPS in Rs | 12.78 | 10.51 | 10.70 | 8.63 | 4.31 | 8.75 | 2.58 | 1.27 | 1.63 | 0.11 | 4.08 | 4.50 | 5.32 |
Financials of PSP Projects Ltd
Profit & Loss
Annual income statement trend
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 472 | 445 | 752 | 1,050 | 1,499 | 1,241 | 1,748 | 1,938 | 2,506 | 2,512 | 3,149 |
| Expenses + | 438 | 378 | 646 | 901 | 1,308 | 1,106 | 1,490 | 1,708 | 2,245 | 2,333 | 2,960 |
| Operating Profit | 35 | 67 | 106 | 149 | 191 | 135 | 258 | 230 | 261 | 179 | 189 |
| OPM % | 7% | 15% | 14% | 14% | 13% | 11% | 15% | 12% | 10% | 7% | 6% |
| Other Income + | 10 | 13 | 18 | 22 | 24 | 17 | 22 | 25 | 24 | 17 | 17 |
| Interest | 3 | 8 | 9 | 10 | 15 | 15 | 26 | 32 | 51 | 44 | 45 |
| Depreciation | 7 | 8 | 11 | 24 | 27 | 26 | 32 | 40 | 65 | 73 | 87 |
| Profit before tax | 35 | 65 | 102 | 137 | 173 | 111 | 222 | 183 | 169 | 80 | 74 |
| Tax % | 37% | 36% | 36% | 35% | 26% | 25% | 25% | 26% | 27% | 27% | 25% |
| Net Profit + | 23 | 42 | 66 | 89 | 128 | 81 | 167 | 132 | 123 | 56 | 56 |
| EPS in Rs | 71.34 | 14.41 | 18.20 | 24.84 | 35.69 | 22.65 | 46.29 | 36.65 | 34.16 | 14.23 | 14.01 |
| Dividend Payout % | 21% | 17% | 27% | 20% | 14% | 18% | 11% | 7% | 0% | 0% | 0% |
Financials of PSP Projects Ltd
Balance Sheet
Capital structure and asset base
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 29 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 40 | 40 |
| Reserves | 61 | 76 | 265 | 333 | 418 | 500 | 651 | 765 | 879 | 1,169 | 1,224 |
| Borrowings + | 47 | 75 | 30 | 31 | 80 | 84 | 100 | 145 | 455 | 272 | 330 |
| Other Liabilities + | 142 | 148 | 268 | 335 | 429 | 372 | 484 | 819 | 667 | 873 | 1,495 |
| Total Liabilities | 253 | 328 | 600 | 735 | 963 | 991 | 1,270 | 1,765 | 2,037 | 2,353 | 3,089 |
| Fixed Assets + | 54 | 52 | 78 | 103 | 108 | 116 | 207 | 240 | 322 | 307 | 413 |
| CWIP | 0 | 0 | 2 | 0 | 0 | 42 | 0 | 18 | 3 | 3 | 1 |
| Investments | 14 | 18 | 16 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Assets + | 185 | 258 | 504 | 631 | 854 | 833 | 1,062 | 1,507 | 1,711 | 2,042 | 2,674 |
| Total Assets | 253 | 328 | 600 | 735 | 963 | 991 | 1,270 | 1,765 | 2,037 | 2,353 | 3,089 |
Financials of PSP Projects Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 40 | -8 | 70 | 21 | 16 | 73 | 147 | 45 | -224 | 53 | 323 |
| Cash from Investing Activity + | -45 | -4 | -122 | -23 | -8 | 5 | -164 | -51 | -26 | -106 | -152 |
| Cash from Financing Activity + | 6 | 22 | 81 | -26 | -2 | -4 | -11 | 12 | 269 | 20 | 10 |
| Net Cash Flow | 1 | 11 | 29 | -27 | 6 | 74 | -28 | 6 | 19 | -33 | 180 |
| Free Cash Flow | 13 | -14 | 22 | -17 | -18 | -6 | 72 | -34 | -365 | -15 | 130 |
| CFO/OP | 154% | 10% | 106% | 46% | 37% | 72% | 82% | 44% | -68% | 59% | 197% |
Financials of PSP Projects Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 16 | 48 | 60 | 51 | 57 | 67 | 65 | 82 | 50 | 77 | 108 |
| Inventory Days | 17 | 8 | 43 | 66 | 66 | 82 | 60 | 96 | 147 | 145 | 46 |
| Days Payable | 145 | 174 | 160 | 140 | 148 | 237 | 189 | 231 | 194 | 186 | 62 |
| Cash Conversion Cycle | -112 | -118 | -58 | -22 | -25 | -88 | -64 | -53 | 3 | 35 | 92 |
| Working Capital Days | -100 | -112 | -55 | -16 | -0 | 3 | 13 | 22 | 33 | 65 | 23 |
| ROCE % | 50% | 44% | 40% | 40% | 22% | 35% | 25% | 19% | 9% | 8% |
Guidance history
How PSP Projects Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 0–2% | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Up 0–2% | Planned | None planned | Flat |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −18.3% | 39% |
| Last 6 months | −6.3% | 42% |
| Last 3 months | −22.5% | 11% |
The price is 32.9% below its all-time high of ₹1,099 (6 Jul 2026). Stocks more than 20% below their peak have their score halved, so 35 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For PSP Projects Ltd: 0.4 × 39 + 0.4 × 42 + 0.2 × 11 = 35, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What PSP Projects Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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