Any current/future new fundraising through debt or equity?

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 arou

Future growth expectations in sales/revenue/volumes?

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 expe

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

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

Current/ Expected Orderbook/ Pending Orders?

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 develo

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PSP Projects LtdQ1 FY26Construction

PSP Projects Ltd Q1 FY26 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

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

- 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.

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