PSP ProjectsQ1 FY27
PSP Projects Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹903P/E: 49.2Market Cap: ₹3.6K CrSector: Construction
Management growth scorecard
Revenue
Category 2
Margin
Category 2
Fundraise
N/A
Order
Yes
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 2- →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.
- →Bid pipeline exceeds INR6,200 crores, including both group and external projects.
- →Strategic team strengthening aims to support scalable growth and efficient project delivery.
Margin guidance
Category 2- →PSP Projects expects over 25% revenue growth in FY27, targeting INR4,400 to INR4,500 crores.
- →EBITDA margin guidance stands at 7%-8% for the entire year, with improvement expected in the second half of FY27.
- →Employee cost, which was temporarily higher in Q1 due to team building, is expected to normalize, aiding margin expansion.
- →Net profit showed significant YoY improvement in Q1, indicating strong earnings momentum.
- →The robust order book of INR13,245 crores with 70% internal/Adani Group projects supports multi-year revenue visibility and profit stability.
- →Capex planned at 3%-4% of revenue, flexible based on project scale, supporting operational growth.
- →Focus remains on efficient execution, especially on Adani-led projects like Dharavi, which may provide substantial future volume and profitability.
- →Working capital and finance cost are expected to improve further, positively impacting net profits and EPS.
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Fundraise plans
- There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
- The company has a total sanctioned credit facility of INR 1,497 crores, with utilized non-fund-based facilities of INR 678 crores and fund-based utilization of INR 166 crores.
- The company appears focused on reducing working capital requirements and finance costs, aiming to become net debt-free in the next 2-3 quarters.
- Capex is expected to remain around 3%-4% of revenue, indicating no major upcoming capital raise.
- Management is strengthening execution capabilities but did not indicate any plans for fresh debt or equity raise during the call.
In summary, PSP Projects Limited currently has adequate credit lines and is optimizing working capital without plans for new debt or equity fundraising in the near term.
Order book
Yes- →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.
- →Focus remains on Gujarat and Mumbai geographies; no new regions targeted currently.
- →Ability to secure further Dharavi projects depends on performance; potential for first right of refusal.
Capex plans
Yes- →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.
- →Capex is mainly related to supporting execution and project readiness; no specific new strategic investments or expansions beyond buildings segment mentioned.
- →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.
- →No clear indication of major future strategic investments apart from normal capex linked to project execution.
How does PSP Projects rank vs peers in Construction?
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