PSP Projects Ltd
NSE:PSPPROJECT
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PSP Projects Ltd
PSP Projects Ltd. engages in the provision of construction services. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2017-05-29. The firm offers a diversified range of construction and allied services across industrial, institutional, government, and residential projects in India. The company provides its services across the construction value chain, ranging from planning and design to construction and post-construction activities, including mechanical, electrical and plumbing (MEP) work and other interior fit-outs. Its industrial projects involve the construction of industrial buildings for pharmaceuticals, dairy and engineering companies. Its institutional projects construct building for hospitals and healthcare services, educational institutes, malls, hospitality services, and corporate services. The company has also designed and built residential cum-commercial buildings under the Mukhya Mantri GRUH Yojana. Its residential projects include the construction of private residential buildings for group housing, townships and independent houses.
PSP Projects Ltd. engages in the provision of construction services. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2017-05-29. The firm offers a diversified range of construction and allied services across industrial, institutional, government, and residential projects in India. The company provides its services across the construction value chain, ranging from planning and design to construction and post-construction activities, including mechanical, electrical and plumbing (MEP) work and other interior fit-outs. Its industrial projects involve the construction of industrial buildings for pharmaceuticals, dairy and engineering companies. Its institutional projects construct building for hospitals and healthcare services, educational institutes, malls, hospitality services, and corporate services. The company has also designed and built residential cum-commercial buildings under the Mukhya Mantri GRUH Yojana. Its residential projects include the construction of private residential buildings for group housing, townships and independent houses.
Strong Revenue Growth: PSP Projects reported Q2 FY '26 revenue of INR 694 crores, up 20% year-on-year and 35% quarter-on-quarter, driven by improved project execution post-monsoon.
Record Order Book: The company posted an outstanding order book of INR 9,883 crores as of September 30, 2025, marking a 51% year-on-year increase, with order inflow of INR 4,010 crores in the first half.
Margin Improvement: EBITDA margin rose slightly to 6.93% from 6.72% last year, and management expects further improvement towards 8-9% as execution picks up.
Adani Group Dependency: Adani Group projects contributed 56% of the order book and the vast majority of new orders, with significant mobilization advances received (INR 486 crores, all interest-free).
Working Capital & Receivables: Working capital days increased, mainly due to timing of sales and payments, but management expects stabilization in the coming quarters.
Full-Year & Next Year Outlook: FY '26 revenue guidance is INR 3,200+ crores with INR 11,000 crores targeted order inflow; FY '27 revenue is expected at INR 4,000 crores or more.
