Any current/future new fundraising through debt or equity?

There is no specific mention of any current or planned new fundraising through equity in the call. The company has increased debt by around INR 100 crores in Q1 FY26, mainly due to working capital needs and capex advance payments. Capex of INR 32 crores was incurred in Q1 FY26 mainly for plant and machinery including formwork and cranes for new sites. Management expects working capital usage to reduce significantly by end of Q3 FY26, aided by advances from Adani group projects. Total sanctioned credit facilities stand at INR 1497 crores, with current utilization of INR 864 crores and INR 431 c

Any current/future capex/capital investment/strategic investment?

Current capex for FY26 mainly includes plant and machinery, formwork, and cranes for new sites, amounting to around INR 32 crores. Capex guidance for FY26 and FY27 is expected to be 3% to 4% of turnover. Capex investment supports large-scale projects from the Adani Group, with possible variation of ±0.5%. Precast facility capex aims to increase capacity utilization to generate up to INR 500 crores revenue in 1-1.5 years. Emphasis on technology adoption (e.g., modular formwork, Peri table forms) to improve productivity and reduce labor dependence. No specific mention of strategic investments or

Future growth expectations in sales/revenue/volumes?

PSP Projects is targeting significant order inflow from Adani Group for FY26, estimated between INR 7,000 to 8,000 crores, with ongoing bids potentially rising to INR 8,000-9,000 crores. Combined with the existing order book of around INR 6,500 crores, total orders could approach INR 13,000-14,000 crores. Revenue guidance for the next year (FY27) is estimated at INR 4,500 crores, based on execution of the enlarged order book. Execution of new orders from the third quarter is expected, although significant revenue contribution may start in the last quarter due to project basements and rea

Future growth expectations in earnings/operating earnings/profits/EPS?

Order inflow for FY26 is expected between INR 7,500 to 8,000 crores, mainly from Adani Group projects, indicating strong growth potential. Revenue guidance for next year (FY27) is projected at around INR 4,500 crores, supported by an expanded order book of INR 13,000-14,000 crores. EBITDA margins expected to stabilize in the range of 8% to 9% starting Q2 or Q3 FY26 as labor shortage issues ease. Improved working capital position anticipated by Q3 FY26 due to advances received, reducing reliance on bank borrowings. Precast facility utilization expected to grow from current ~50% to full capacity

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR 6,150 to 6,500 crores as of June 30, 2025. Upcoming order inflows expected from the Adani Group are between INR 7,000 to 7,500 crores for FY '26. Discussions are ongoing with the Adani Group for potential projects worth INR 8,000 to 9,000 crores. Order book comprises a mix of projects including core & shell, finishing, turnkey, and MEP works. Majority of new projects are expected to be item rate contracts rather than fixed-price. Order inflows outside Adani are limited but bidding occurs for prestigious projects such as the Ambaji Corridor develop

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PSP Projects LtdQ2 FY25Construction

PSP Projects Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹984P/E: 56.2Market Cap: ₹3.1K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Capex

Yes

1 of 5 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→PSP Projects is targeting significant order inflow from Adani Group for FY26, estimated between INR 7,000 to 8,000 crores, with ongoing bids potentially rising to INR 8,000-9,000 crores.
→Combined with the existing order book of around INR 6,500 crores, total orders could approach INR 13,000-14,000 crores.
→Revenue guidance for the next year (FY27) is estimated at INR 4,500 crores, based on execution of the enlarged order book.
→Execution of new orders from the third quarter is expected, although significant revenue contribution may start in the last quarter due to project basements and real estate focus.
→EBITDA margins are expected to stabilize in the 8%-9% range starting Q2/Q3 FY26 after overcoming labor shortages.
→Precast facility capacity utilization is expected to grow, targeting INR 500 crores revenue in the next 1-1.5 years from precast operations.
→The company is scaling management and teams, including a new Mumbai office, to handle growth.

Margin guidance

Category 3

→Order inflow for FY26 is expected between INR 7,500 to 8,000 crores, mainly from Adani Group projects, indicating strong growth potential.
→Revenue guidance for next year (FY27) is projected at around INR 4,500 crores, supported by an expanded order book of INR 13,000-14,000 crores.
→EBITDA margins expected to stabilize in the range of 8% to 9% starting Q2 or Q3 FY26 as labor shortage issues ease.
→Improved working capital position anticipated by Q3 FY26 due to advances received, reducing reliance on bank borrowings.
→Precast facility utilization expected to grow from current ~50% to full capacity, targeting revenue of INR 500 crores within 1-1.5 years.
→Company is scaling up teams and operations in Mumbai to handle anticipated project inflows and enhance execution capabilities.

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Fundraise plans

→There is no specific mention of any current or planned new fundraising through equity in the call.
→The company has increased debt by around INR 100 crores in Q1 FY26, mainly due to working capital needs and capex advance payments.
→Capex of INR 32 crores was incurred in Q1 FY26 mainly for plant and machinery including formwork and cranes for new sites.
→Management expects working capital usage to reduce significantly by end of Q3 FY26, aided by advances from Adani group projects.
→Total sanctioned credit facilities stand at INR 1497 crores, with current utilization of INR 864 crores and INR 431 crores available.
→Given available credit and advances from orders, company does not foresee major working capital issues.
→No explicit plans for additional debt or equity fundraising were disclosed during the call.

Order book

→Current order book stands at approximately INR 6,150 to 6,500 crores as of June 30, 2025.
→Upcoming order inflows expected from the Adani Group are between INR 7,000 to 7,500 crores for FY '26.
→Discussions are ongoing with the Adani Group for potential projects worth INR 8,000 to 9,000 crores.
→Order book comprises a mix of projects including core & shell, finishing, turnkey, and MEP works.
→Majority of new projects are expected to be item rate contracts rather than fixed-price.
→Order inflows outside Adani are limited but bidding occurs for prestigious projects such as the Ambaji Corridor development.
→Expected total order pipeline could be around INR 13,000 to 14,000 crores combining current and upcoming inflows.
→Execution of new orders mainly expected to begin from Q3 FY '26, with significant revenue impact in FY '27.

Capex plans

Yes

→Current capex for FY26 mainly includes plant and machinery, formwork, and cranes for new sites, amounting to around INR 32 crores.
→Capex guidance for FY26 and FY27 is expected to be 3% to 4% of turnover.
→Capex investment supports large-scale projects from the Adani Group, with possible variation of ±0.5%.
→Precast facility capex aims to increase capacity utilization to generate up to INR 500 crores revenue in 1-1.5 years.
→Emphasis on technology adoption (e.g., modular formwork, Peri table forms) to improve productivity and reduce labor dependence.
→No specific mention of strategic investments or acquisitions beyond enhancements in manufacturing and site equipment.

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