PSP Projects Ltd

- PSP Projects Limited aims to become debt-free by FY2027, or within the next two quarters from April 2026, by collecting outstanding receivables and advances. - Current gross debt stands at INR317 crores, expected to reduce to near zero. - Interest-bearing borrowings are planned to be minimal or nil going forward, due to improved cash flows from mobilization advances and receivables. - Mobilization advances of INR814 crores are non-interest bearing. - No mention of plans for raising new debt or equity in the near term; focus is on utilizing internal accruals and group advances. - Capex is planned at around 3% of revenue, funded through internal resources.

- The company plans capex around 3% of revenue annually, roughly INR120-150 crores for FY2027. - FY2026 capex was around INR190-200 crores, more than 3% of revenue, primarily for projects currently under execution. - Capex may vary quarter-to-quarter, with some quarters having higher spend when projects start. - Precast facility current capacity is 3 million sq. ft. per year, adequate for near-term needs. - Future precast expansion possible with additional equipment costing INR15-20 crores; infrastructure (sheds) already in place. - Capex will support sustaining and growing execution capabilities amidst a projected 20%-25% annual revenue growth. - Strategic focus is on strengthening execution, especially for large projects, with continued investment aligned to order book growth. Overall, capital investment will be moderate, primarily focused on project-related assets and incremental precast capacity expansion as required.

- PSP Projects Limited targets revenue of around INR4,500 crores for FY27, maintaining earlier guidance. - The company aims for a robust growth rate of 20%-25% annually for the next few years, targeting INR9,000 to INR10,000 crores revenue by FY30. - Order inflows are expected to remain strong, with a minimum of INR5,000 to INR6,000 crores anticipated from the Adani Group annually, plus an additional INR1,000 to INR2,000 crores from external tenders. - The bid pipeline stands at approximately INR6,500 crores, ensuring steady future projects. - Execution of the current INR13,500 crores order book is expected to contribute to revenue growth, with most projects gaining momentum by Q3. - Capacity expansions, such as precast facilities, are planned only as needed to support growth, with capex estimated at 3%-4% of revenue annually.

- Revenue growth target for FY27: INR4,500 crores with a 20%-25% growth outlook for the next few years aiming to reach INR9,000-10,000 crores by FY30. - EBITDA margin guidance for FY27: Conservative estimate at 7%-8%, with potential to improve beyond 8% as evident in Q4FY26 performance. - Net profit margin expected to improve from current low levels (~2%), targeting 3%-4% or higher by managing interest costs and provisioning better. - Interest costs likely to reduce to near zero within two-three quarters, boosting PAT significantly. - Capex anticipated to remain around 3% of revenue (INR120-150 crores) supporting growth and asset addition. - Working capital days expected to improve and reduce to about 60 days, aiding cash flows. - Order inflow expected to be INR5,000-6,000 crores from the group annually, with additional INR1,500 crores potential from non-group bids, supporting sustained growth visibility over 3-4 years.

- As of March 31, 2026, the outstanding order book stood at INR 13,447 crores, marking an 85% year-on-year growth. - Order book composition: 67% from Adani Group projects and 33% from external (non-Adani) projects. - Recent significant inflow: INR 10,925 crores during FY26, with 85% from Adani Group. - Bid pipeline stands at approximately INR 6,600 crores, with 60% from group projects and 40% external. - Execution timeline across orders varies between 2.5 to 3 years due to large-volume projects. - Key ongoing projects include SVPI Airport Ahmedabad, Matunga Rehab Building Mumbai, Ambaji Mata Temple development, and others. - By Q3 FY27, the entire INR 13,500 crores order book is expected to contribute to revenues. - The company targets minimum order inflow of INR 5,000 to 6,000 crores from the group annually, alongside INR 1,500 to 2,000 crores from external sources.