PSP Projects: Business Overview & Financial Analysis

PSP Projects is an integrated construction and EPC company executing building projects across industrial, institutional, government and residential categories. Its capabilities cover planning and design, civil construction, mechanical, electrical and plumbing works, interior fit-outs and post-construction services. The company has executed projects across Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra and New Delhi.

PSP Projects Business Scale and Execution Profile (Q1 FY27)

As of 30 June 2026, PSP Projects had an order book of Rs 13,245 crore and a portfolio of 262 completed projects. The company continued to expand its execution capacity, supported by a large on-site workforce and a growing project pipeline.

• Order book: Rs 13,245 crore as of 30 June 2026.
• Completed projects: 262 projects across multiple construction categories.
• Ongoing projects: 92 projects as of Q1 FY27.
• Site workforce: More than 16,000 labourers were deployed across project sites during Q1 FY27.
• Employee base: The company has been strengthening its leadership and project management teams to support the higher scale of execution.
• Q1 FY27 order inflow: Rs 630 crore, excluding GST.

The order book has expanded substantially from Rs 4,121 crore in FY21 and Rs 7,266 crore in FY25, providing a larger execution base for the coming periods.

PSP Projects Order Book Mix (Q1 FY27)

The Rs 13,245 crore order book remained diversified across industrial, residential, government and institutional construction as of 30 June 2026. Industrial and residential projects together accounted for over three-fourths of the outstanding order book.

• Industrial projects: 39% of the order book.
• Residential projects: 37%.
• Government projects: 23%.
• Institutional projects: Around 1%.
• Adani Group projects: Around 70% of the overall order book.
• External projects: Around 30% of the order book.
• Active bidding pipeline: More than Rs 6,200 crore, comprising around 61% group opportunities and 39% external opportunities.

The order mix has shifted towards larger industrial and residential opportunities, while the external bidding pipeline provides diversification beyond group projects.

PSP Projects Major Ongoing Projects (Q1 FY27)

Management highlighted several large projects that form an important part of the company's executable order book. These projects span religious infrastructure, commercial buildings, science infrastructure, residential development and urban redevelopment.

• Shree Ambaji Mata Temple: Outstanding order value of around Rs 962 crore.
• Surat Municipal Corporation High-Rise Building: Around Rs 693 crore outstanding.
• FinTech Building, GIFT City: Around Rs 259 crore outstanding.
• Human Biological Science Gallery, Science City: Around Rs 248 crore outstanding.
• Residential project at GIFT City: Around Rs 202 crore outstanding.
• Dharoi Dam region development: Around Rs 198 crore outstanding.
• Sabarmati Riverfront Development Phase 2: Around Rs 187 crore outstanding.

These projects give PSP Projects exposure to a mix of public infrastructure, urban development and private-sector construction, with several projects located in its core Gujarat market.

PSP Projects Q1 FY27 Financial Performance

PSP Projects reported consolidated revenue from operations of Rs 853.47 crore in Q1 FY27, up 65% year-on-year from Rs 517.76 crore. Profitability also improved from the low base of Q1 FY26 as execution accelerated across the order book.

• Revenue from operations: Rs 853.47 crore, up 65% YoY and down 23% QoQ.
• EBITDA: Rs 54.79 crore compared with Rs 24.79 crore in Q1 FY26.
• EBITDA margin: 6.42%, compared with 4.79% in Q1 FY26 and 5.36% in Q4 FY26.
• Profit before tax: Rs 28.25 crore compared with Rs 0.73 crore in Q1 FY26.
• Profit after tax: Rs 18.22 crore compared with Rs 0.37 crore in Q1 FY26.
• PAT margin: 2.12% compared with 0.07% in Q1 FY26.
• EPS: Rs 4.63 for Q1 FY27.

Higher execution supported the strong year-on-year improvement, although revenue and PAT remained below Q4 FY26 levels on a sequential basis.

PSP Projects Order Wins and Project Execution (Q1 FY27)

PSP Projects completed six projects during Q1 FY27 and secured Rs 630 crore of new orders. Around 93% of the quarter's order inflow came from Adani Group-related projects.

• New orders included work for the Adani Healthcare & Research Foundation in Mumbai.
• The company secured an airport office building project at Terminal 1, Mumbai.
• It received work for refurbishment of the Port User Building at Mundra.
• It also secured skilled accommodation work at the Green PVC project in Mundra.
• At the SMC High-Rise project, core and shell construction was completed, while MEP, interiors and façade work remained under execution.
• Under the RVNL project, two of three buildings were approaching handover, while RCC work for the hospital building had been completed.
• Construction activity at Ahmedabad Airport and city-side development was progressing, while the Ambaji Temple project was at the excavation and footing stage.

The quarter therefore combined fresh project additions with progress on large existing contracts, which management expects to support subsequent revenue execution.

PSP Projects Precast Construction Business (Q1 FY27)

PSP Projects operates a precast manufacturing facility in Gujarat and uses precast technology for faster construction and standardised building components. The business also gives the company exposure to infrastructure projects outside conventional building construction.

• The precast facility manufactures structural components for building and infrastructure projects.
• A major portion of infrastructure-related precast orders has been received from Larsen & Toubro for the National High Speed Rail project.
• Other precast orders are linked to the company's residential and industrial construction portfolio.
• Management indicated an annual precast execution capacity of around Rs 200 crore in value terms.
• Expected precast execution during FY27 was indicated at around Rs 150-200 crore.
• PSP Projects is undertaking additional capacity expansion at the precast facility.
• The company used precast technology at Project Ninety, where a 3-basement plus ground plus 18-floor structure was executed in 121 days.

Precast construction supports faster project completion, repeatability and greater control over construction quality, while remaining complementary to the company's core building-construction business.

PSP Projects Working Capital, Borrowings and Capex (Q1 FY27)

PSP Projects continued to deploy capital towards equipment and execution capacity during Q1 FY27. Its balance sheet also reflected the working-capital requirements associated with a significantly larger order book.

• Q1 FY27 capex: Rs 28 crore.
• Gross block: Around Rs 793 crore as of 30 June 2026.
• Net block: Around Rs 470 crore.
• Long-term borrowings: Around Rs 38 crore, including current maturities of Rs 19 crore.
• Short-term borrowings: Around Rs 217 crore, excluding current maturities.
• Trade receivables: Around Rs 745 crore.
• Net unbilled revenue: Around Rs 473 crore.
• Mobilisation advances: Around Rs 836 crore.
• Fixed deposits: Around Rs 324 crore, including Rs 139 crore of lien-free deposits.

The sizeable mobilisation advances provide upfront funding for project execution, while receivables, unbilled revenue and short-term borrowing remain important working-capital indicators to monitor as execution scales up.

PSP Projects Strategic Partnership with Adani Group

Adani Infra acquired a 34.41% stake in PSP Projects through a share purchase agreement and open offer and became part of the promoter group. The partnership has materially increased PSP Projects' access to larger group construction opportunities.

• Around 70% of the Q1 FY27 order book was linked to Adani Group projects.
• Around 93% of Q1 FY27 order inflow came from Adani Group-related projects.
• The partnership provides access to a wider pipeline of building projects across industrial, commercial, healthcare, hospitality and airport developments.
• PSP Projects expects the association to support expansion beyond its historically strong Gujarat market.
• Management continues to focus on building construction rather than entering unrelated infrastructure segments.

The strategic association has increased the scale and visibility of available projects, but it has also raised the importance of tracking the order book split between group and external customers.

PSP Projects Management Commentary and Outlook (Q1 FY27)

Management maintained its FY27 growth expectations after the first-quarter performance and highlighted revenue execution, margins, new orders and geographic expansion as key priorities.

• FY27 revenue guidance: Rs 4,400-4,500 crore.
• Management expects more than 25% average revenue growth for FY27.
• EBITDA margin: Management expects margins to move towards the 7-8% range during H2 FY27, supported by higher execution.
• Order inflow visibility: Around Rs 5,000 crore from Adani-related opportunities and around Rs 4,000 crore from non-Adani opportunities for FY27, with potential variation of Rs 400-500 crore.
• Capex: Management indicated annual capital expenditure could remain around 3-4% of revenue.
• Geographic focus: Near-term execution and business development are focused primarily on Gujarat and Mumbai.
• Order book mix: Management is targeting an order book composition of around 70-75% Adani projects and 25-30% non-Adani projects.
• Business focus: PSP Projects intends to remain focused on building construction, including industrial facilities, data centres, commercial developments, hotels, hospitals and related structures.

Management's FY27 priorities therefore centre on converting the expanded order book into revenue, improving operating margins as execution rises and maintaining a meaningful external project pipeline alongside group opportunities.

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Sources & References

• PSP Projects Q1 FY27 Investor Presentation
• PSP Projects Q1 FY27 Earnings Call Transcript
• PSP Projects FY26 Annual Report and Official Stock Exchange Filings
• Finology Ticker – PSP Projects Company Page

Disclaimer
The information presented above on PSP Projects has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker PSP Projects page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.