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

The company has incurred a capex of INR 80 crores in Q3 FY 26 and a year-to-date capex addition of INR 153 crores. Gross block as of December 31, 2025, is INR 762 crores, with a net block of INR 414 crores. The full-year capex target for FY 26 is approximately INR 200 crores. Capex is mainly for new shuttering materials, equipment like cranes, and other machinery needed for Adani Group projects. For FY 27 and FY 28, there may be a slight reduction in capex; however, new projects will require some capex as needed. The company intends to maintain overall capex at about 3% to 4% of annu

Future growth expectations in sales/revenue/volumes?

FY'26 revenue guidance remains in the range of INR 3,100 to 3,200 crores, as affirmed by management. For FY'27, revenue is expected to be between INR 4,000 crores to INR 4,500 crores minimum, with clearer guidance expected by Q1 or Q2 of 2027. Order inflow till date is around INR 5,900-6,000 crores with an additional INR 3,000 crores under discussion for FY'26. For FY'27 and beyond, the company targets an order inflow run rate of INR 7,000 to 8,000 crores based on group requirements. Management expects growth driven mainly by projects from the Adani Group and other institutional orders

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

Revenue guidance for FY'27 is expected to be in the range of INR4,000 to INR4,500 crores, with clearer guidance to be provided in Q1 or Q2 FY'27. EBITDA margins are expected to normalize to 8%-9% in FY'27, with stable margins on both Adani and non-Adani projects. Net margin is projected to improve by 1.5%-2% over the current 2.14%, potentially reaching 3.5%-4% normalized net margin in FY'27 due to stable depreciation and finance costs. Order inflow is anticipated at INR7,000 to INR8,000 crores for next year, supporting revenue growth. Execution is expected to improve with better labor deployme

Current/ Expected Orderbook/ Pending Orders?

Closing order book as of Q3FY26: INR9,200 crores. Order book breakup: 27% government, 73% private; 82% Gujarat, 14% Maharashtra; 59% group projects, 41% external. Key project-wise order values: SMC Highrise - INR835 crores, Gati Shakti - INR325 crores, Dharoi Dam - INR280 crores, Fintech Building - INR264 crores, Sabarmati Riverfront - INR245 crores. Order book expected to increase by INR2,000 to 3,000 crores by March 2026, targeting INR11,000 to 12,000 crores range. Bid pipeline total: INR6,500 crores (INR3,900 crores Adani, INR2,600 crores non-Adani). Near term expected orders include Dharav

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PSP Projects LtdQ4 FY27Construction

PSP Projects Ltd Q4 FY27 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 2

Fundraise

Order

Capex

Yes

1 of 5 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→FY'26 revenue guidance remains in the range of INR 3,100 to 3,200 crores, as affirmed by management.
→For FY'27, revenue is expected to be between INR 4,000 crores to INR 4,500 crores minimum, with clearer guidance expected by Q1 or Q2 of 2027.
→Order inflow till date is around INR 5,900-6,000 crores with an additional INR 3,000 crores under discussion for FY'26.
→For FY'27 and beyond, the company targets an order inflow run rate of INR 7,000 to 8,000 crores based on group requirements.
→Management expects growth driven mainly by projects from the Adani Group and other institutional orders, with less exposure to real estate-specific projects.
→Capex for equipment and shuttering materials supports upcoming project executions, projected to be around INR 200 crores for FY'26, with 3-4% of revenue invested annually thereafter.

Margin guidance

Category 2

→Revenue guidance for FY'27 is expected to be in the range of INR4,000 to INR4,500 crores, with clearer guidance to be provided in Q1 or Q2 FY'27.
→EBITDA margins are expected to normalize to 8%-9% in FY'27, with stable margins on both Adani and non-Adani projects.
→Net margin is projected to improve by 1.5%-2% over the current 2.14%, potentially reaching 3.5%-4% normalized net margin in FY'27 due to stable depreciation and finance costs.
→Order inflow is anticipated at INR7,000 to INR8,000 crores for next year, supporting revenue growth.
→Execution is expected to improve with better labor deployment and project progress.
→Earnings potentially benefit from a one-time arbitration receipt (~INR61 crores) recognized in P&L.
→Depreciation is expected to increase slightly due to recent capex (~INR200 crores this year).
→Overall, stable margin improvement and revenue growth are expected to drive operating profits and EPS growth in FY'27.

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Fundraise plans

- The company incurred around INR150 crores capex in the current year and plans a total of about INR200 crores for the full year. - Capex has been mostly funded through internal accruals; no long-term loans have been taken against equipment so far. - Fund-based facility utilization is improving due to advances to suppliers, leading to some working capital borrowing. - Future capex is expected to stick to around 3%-4% of overall revenue; capex in coming years may be slightly lower than current but new projects may require additional capex as needed. - No specific mention of new fundraising through debt or equity in the recent call. - QIP proceeds from 2 years ago were initially proposed for debt repayment but current capex is funded primarily internally. In summary, no explicit plans for fresh debt or equity fundraising were stated; capex is funded by internal accruals and working capital facilities.

Order book

→Closing order book as of Q3FY26: INR9,200 crores.
→Order book breakup: 27% government, 73% private; 82% Gujarat, 14% Maharashtra; 59% group projects, 41% external.
→Key project-wise order values: SMC Highrise - INR835 crores, Gati Shakti - INR325 crores, Dharoi Dam - INR280 crores, Fintech Building - INR264 crores, Sabarmati Riverfront - INR245 crores.
→Order book expected to increase by INR2,000 to 3,000 crores by March 2026, targeting INR11,000 to 12,000 crores range.
→Bid pipeline total: INR6,500 crores (INR3,900 crores Adani, INR2,600 crores non-Adani).
→Near term expected orders include Dharavi Matunga project of around INR2,000 crores.
→Guidance for new order inflows in FY27: minimum INR7,000 to 8,000 crores, largely from Adani Group.

Capex plans

Yes

→The company has incurred a capex of INR 80 crores in Q3 FY 26 and a year-to-date capex addition of INR 153 crores.
→Gross block as of December 31, 2025, is INR 762 crores, with a net block of INR 414 crores.
→The full-year capex target for FY 26 is approximately INR 200 crores.
→Capex is mainly for new shuttering materials, equipment like cranes, and other machinery needed for Adani Group projects.
→For FY 27 and FY 28, there may be a slight reduction in capex; however, new projects will require some capex as needed.
→The company intends to maintain overall capex at about 3% to 4% of annual revenue going forward.
→Capex investments are expected to support revenue generation in the next financial years.

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