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PSP Projects Q3 Revenue Up 24% to ₹771 Cr; Order Book Hits Record ₹9,178 Cr
PSP Projects reported its highest-ever quarterly revenue of ₹771 crore, marking a 24% YoY growth driven by robust project execution. The order book reached a record ₹9,178 crore, significantly bolstered by Adani Group projects which now constitute 59% of the total. While EBITDA margins were reported at 6.73%, they were impacted by a one-time ₹8 crore provision for the new labor code; normalized margins stand at approximately 7.7%. Management has maintained an ambitious FY26 revenue guidance of ₹3,100-3,200 crore and expects FY27 revenue to reach ₹4,000-4,500 crore.
Key Highlights
Record quarterly revenue of ₹771 Cr (+24% YoY) and PAT of ₹16 Cr (+159% YoY).
Order book grew 43% YoY to ₹9,178 Cr, providing strong revenue visibility for the next 2 years.
Management maintains FY26 revenue guidance of ₹3,100-3,200 Cr, implying a heavy Q4 execution target of ₹1,100-1,200 Cr.
Received a favorable arbitral award of ₹61.44 Cr plus 9% interest in the PSP vs. Bhiwandi (BMCMC) matter.
EBITDA margins were impacted by a one-time ₹8 Cr labor code provision; normalized margins are expected to return to 8-9%.
💼 Action for Investors
Investors should monitor the company's ability to meet its steep Q4 execution target and the successful transition of its massive order book into higher-margin revenue. The stock remains a strong play on industrial and institutional construction with significant backing from the Adani Group.
PSP Projects Q3 PAT Jumps 159% to ₹15.7 Cr; Order Book Hits Record ₹9,178 Cr
PSP Projects reported its highest-ever quarterly revenue of ₹771 crore in Q3FY26, a 24% YoY increase driven by robust project execution. While the nine-month PAT remains down 40% YoY due to earlier weakness, the Q3 performance shows a sharp recovery with PAT surging 159% YoY. The company's order book has reached a record ₹9,178 crore, supported by a 173% YoY increase in nine-month order inflows. A pivotal development is the entry of Adani Infra as a promoter with a 34.41% stake, positioning PSP to benefit from the Adani Group's $100 billion capex pipeline.
Key Highlights
Achieved best-ever quarterly revenue of ₹771.22 crore, up 24% YoY and 11% QoQ.
Order book reached a record ₹9,178 crore as of Dec 31, 2025, representing 43% YoY growth.
Order inflows for 9MFY26 stood at ₹4,994 crore, a massive 173% increase over the previous year.
EBITDA margins improved to 6.73% in Q3FY26 from 5.67% in Q3FY25.
Strategic partnership with Adani Infra (34.41% stake) expected to drive significant future order flow from the group's infrastructure projects.
💼 Action for Investors
Investors should view the strong quarterly recovery and the record order book as positive indicators of growth. The strategic alignment with the Adani Group provides high revenue visibility, though execution efficiency and margin maintenance remain key metrics to watch.
PSP Projects Q3 FY26 Net Profit Surges 253% YoY to ₹17.83 Cr; Revenue Up 29%
PSP Projects reported a strong performance for Q3 FY26, with consolidated revenue from operations growing 29% YoY to ₹812.79 crore. Net profit saw a significant jump of over 250% YoY, reaching ₹17.83 crore, compared to ₹5.05 crore in the same quarter last year. While the quarterly performance is robust, the nine-month net profit of ₹34.42 crore remains below the ₹49.95 crore reported in the previous year's corresponding period. The company has also integrated the financial implications of the new Labour Codes effective from November 2025.
Key Highlights
Q3 FY26 Revenue from Operations increased 29% YoY to ₹81,279.36 lakhs.
Consolidated Net Profit for Q3 jumped to ₹1,783.38 lakhs from ₹505.31 lakhs in Q3 FY25.
9M FY26 Revenue grew to ₹2,03,342.16 lakhs, representing a 10.5% growth over 9M FY25.
Quarterly Basic EPS rose to ₹4.53 compared to ₹1.28 in the year-ago period.
Profit Before Tax for Q3 FY26 stood at ₹2,389.57 lakhs, a significant increase from ₹1,032.35 lakhs YoY.
💼 Action for Investors
The sharp recovery in quarterly earnings and margins is a positive signal for the construction firm. Investors should hold and monitor if this execution momentum continues into Q4 to offset the weaker first half of the fiscal year.
PSP Projects Q3 PAT Surges 253% YoY to ₹17.8 Cr; Revenue Up 29%
PSP Projects reported a strong recovery in Q3 FY26, with consolidated revenue growing 29% YoY to ₹812.8 crore. Net profit saw a massive jump of 253% YoY to ₹17.83 crore, compared to a low base of ₹5.05 crore in the previous year's quarter. While quarterly performance is robust, the nine-month PAT of ₹34.4 crore still lags behind the previous year's ₹50.0 crore due to higher material costs earlier in the fiscal. The company also noted the implementation of new Labour Codes effective from November 2025.
Key Highlights
Consolidated Revenue from Operations grew 29% YoY to ₹812.8 crore in Q3 FY26.
Net Profit (PAT) jumped significantly to ₹17.83 crore from ₹5.05 crore in Q3 FY25.
Earnings Per Share (EPS) increased to ₹4.53 for the quarter, up from ₹1.28 YoY.
Nine-month PAT stands at ₹34.42 crore, a 31% decline compared to ₹49.95 crore in the previous year.
Construction expenses for the quarter were ₹405.2 crore, while material costs stood at ₹310.6 crore.
💼 Action for Investors
The sharp recovery in quarterly profits suggests operational efficiency is returning after a weak start to the year. Investors should monitor the order book execution and margin sustainability to see if this recovery trend continues.
PSP Projects Shareholders Approve G. K. Choksi & Co. as Joint Statutory Auditors with 99.13% Majority
PSP Projects Limited has successfully passed an ordinary resolution via postal ballot to appoint M/S. G. K. Choksi & Co. as Joint Statutory Auditors. This appointment fills the casual vacancy created by the resignation of M/S. Prakash B. Sheth & Co. The resolution was approved with an overwhelming 99.13% majority of the total votes polled. While promoters supported the move 100%, about 17.55% of voting public institutions opposed the resolution, though it did not affect the final outcome.
Key Highlights
Resolution passed with 99.13% majority representing 28,487,326 votes in favor.
M/S. G. K. Choksi & Co. appointed as Joint Statutory Auditors until the 2026 AGM.
Total voter turnout was 72.49% of the company's paid-up equity capital.
Public institutional investors cast 248,815 votes (17.55% of their polled votes) against the resolution.
The appointment follows the resignation of previous auditor M/S. Prakash B. Sheth & Co.
💼 Action for Investors
This is a routine governance update to fill an auditor vacancy; investors should continue to monitor the company's financial reporting quality under the new auditors. No immediate action is required as the transition is now formalized.
PSP Projects Wins ₹61.44 Crore Arbitration Award Against BNCMC
PSP Projects Limited has received a favorable arbitration award in its dispute with the Bhiwandi Nizampur City Municipal Corporation (BNCMC). The Arbitral Tribunal has directed BNCMC to pay the company a principal amount of ₹61.44 Crores plus accrued interest. The payment must be made within 60 days, failing which a penal interest of 11% per annum will be applicable on the total outstanding amount. This successful conclusion of litigation is expected to strengthen the company's cash flow and balance sheet.
Key Highlights
Arbitral Tribunal awarded a principal amount of ₹61.44 Crores to PSP Projects Limited.
BNCMC is mandated to pay the principal plus accrued interest within a 60-day window.
A future interest rate of 11% p.a. will be charged on the total awarded amount if payment is delayed.
The award concludes arbitration proceedings that have been ongoing since February 2023.
Management indicates no adverse impact on financial position as the award is entirely in the company's favor.
💼 Action for Investors
Investors should view this as a positive liquidity event that enhances the company's financial health. Monitor the timely realization of these funds from the municipal corporation over the next two months.
PSP Projects Faces Credit Rating Downgrade for Rs 1,547 Crore Bank Facilities
CARE Ratings has downgraded the short-term credit ratings of PSP Projects Limited for bank facilities totaling Rs 1,547 crore. While the long-term rating of CARE A+; Stable was reaffirmed for Rs 155 crore, the short-term rating for Rs 1,300 crore and Rs 92 crore facilities dropped from CARE A1+ to CARE A1. This downgrade indicates a perceived shift in the company's short-term credit profile or liquidity position. Investors should monitor the impact on future borrowing costs and interest expenses.
Key Highlights
Short-term credit rating downgraded from CARE A1+ to CARE A1 for facilities worth Rs 1,392 crore
Long-term rating for Rs 155 crore bank facilities reaffirmed at CARE A+; Stable
Total bank facilities covered under the rating revision amount to Rs 1,547 crore
The long-term portion of the Rs 1,300 crore facility remains at CARE A+; Stable
💼 Action for Investors
Investors should be cautious as a downgrade in short-term ratings can lead to higher interest rates on working capital. Monitor the company's upcoming quarterly cash flow statements to assess liquidity health.