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PSPPROJECT - PSP Projects

📊 NSE: PSPPROJECT 🏢 Construction 📅 Last Updated: 12/14/2025 11:20

📢 Recent Corporate Announcements

PSP Projects Receives GST Penalty Order of INR 11.19 Lakh for FY 2019-20

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 21 Feb 2026, 01:06 PM

PSP Projects Limited has received a GST order (Form DRC-07) from the State Tax Officer, Ahmedabad, for the financial year 2019-20. The order imposes a penalty of INR 11,19,366 due to alleged ineligible Input Tax Credit (ITC) claims from non-genuine or cancelled taxpayers. The company has stated that this order has no material impact on its financial or operational activities. Management is currently in the process of filing an appeal against this order with the relevant appellate authority.

Penalty of INR 11,19,366 imposed under Section 74 of the GGST Act, 2017.
Order relates to alleged ineligible Input Tax Credit (ITC) for the financial year 2019-20.
Allegations involve ITC claims from cancelled, non-genuine, or non-existent taxpayers.
Company confirms no material impact on financials and plans to file an appeal.

💡 No action is required as the penalty amount is immaterial relative to the company's scale. Investors should view this as a routine regulatory matter.

PSP Projects Q3 Revenue Up 24% to ₹771 Cr; Order Book Hits Record ₹9,178 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 10:30 AM

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.

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%.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 01:39 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 12:33 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 12:27 PM

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.

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.

💡 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 Assigned ESG Rating of 66.9 (Grade B) by SES ESG Research

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 27 Jan 2026, 02:48 PM

SES ESG Research Pvt. Ltd. has independently assigned an Environmental, Social, and Governance (ESG) rating of 66.9 to PSP Projects Limited for the year 2025. This score places the company in 'Grade B', which represents a 'Medium risk' profile. The rating was voluntary and based on publicly available data, as the company did not formally engage the agency for this assessment. Such disclosures are increasingly relevant for institutional investors who incorporate ESG metrics into their investment decision-making processes.

Assigned an ESG rating of 66.9 for the year 2025.
Achieved 'Grade B' classification, indicating a 'Medium risk' profile.
Rating was conducted independently by SES ESG Research using public domain data.
Disclosure made in compliance with Regulation 30 of SEBI Listing Regulations.

💡 Investors should note this as a positive step for corporate transparency and ESG benchmarking. No immediate action is required as the 'Medium risk' rating is standard for the construction and engineering sector.

PSP Projects to Host Q3 & 9MFY26 Earnings Conference Call on January 30, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 23 Jan 2026, 10:19 AM

PSP Projects Limited has scheduled its earnings conference call for Friday, January 30, 2026, at 4:00 PM IST to discuss the financial results for the quarter and nine months ended December 31, 2025. The call will be led by Chairman and MD Mr. P.S. Patel and CFO Ms. Hetal Patel. This session is particularly significant as it follows the 34.41% stake acquisition by Adani Infra (India) Limited in November 2024. Investors will be looking for updates on operational synergies and the current order book status.

Earnings conference call scheduled for January 30, 2026, at 4:00 PM IST.
Management to discuss Un-Audited Standalone and Consolidated Q3 & 9MFY26 results.
Call features top management including Chairman & MD P.S. Patel and CFO Hetal Patel.
Follows the major 34.41% equity stake acquisition by Adani Infra (India) Limited.
Company operates as an integrated EPC player with a precast facility commissioned in December 2021.

💡 Investors should attend the call to understand the growth trajectory under the new promoter structure and the execution status of current projects. No immediate action is required until the financial results are disclosed.

PSP Projects Shareholders Approve G. K. Choksi & Co. as Joint Statutory Auditors with 99.13% Majority

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 19 Jan 2026, 05:13 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 12 Jan 2026, 06:06 PM

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.

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.

💡 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 Submits SEBI Share Dematerialization Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 12:42 PM

PSP Projects Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing, covering the quarter ended December 31, 2025, confirms that the company's Registrar and Share Transfer Agent, KFin Technologies, processed all dematerialization requests within the mandated 15-day period. This is a standard administrative procedure to ensure the accuracy of the company's shareholding records. No significant changes to capital structure or ownership were reported in this specific document.

Compliance certificate issued for the quarter from October 1, 2025, to December 31, 2025.
Registrar KFin Technologies confirmed all demat requests were processed within 15 days of receipt.
Securities comprised in certificates were verified and listed on stock exchanges where earlier securities were listed.
Physical security certificates were mutilated and cancelled after due verification as per SEBI norms.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should continue to monitor the company's project execution and upcoming quarterly financial results.

PSP Projects to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 12:36 PM

PSP Projects Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. The closure affects designated persons and their immediate relatives ahead of the Q3 and nine-month financial results for the period ending December 31, 2025. The window will remain shut until 48 hours after the financial results are officially declared. This is a standard procedural requirement for listed companies in India to prevent insider trading prior to earnings releases.

Trading window closure effective from Thursday, January 1, 2026.
Applies to the quarter and nine months ending December 31, 2025.
Window reopens 48 hours after the announcement of unaudited financial results.
Mandatory compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a routine administrative filing. Investors should monitor for the upcoming board meeting date to assess the company's Q3 financial performance.

PSP Projects Faces Credit Rating Downgrade for Rs 1,547 Crore Bank Facilities

🔴 NEGATIVE ⭐ 7/10

OTHER 📅 23 Dec 2025, 02:54 PM

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.

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

💡 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.

PSP Projects Receives GST Penalty Order of INR 16.88 Lakhs for FY 2021-22

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Dec 2025, 12:24 PM

PSP Projects Limited has received a GST order (Form DRC-07) from the State Tax Officer, Ahmedabad, for the financial year 2021-22. The order imposes a penalty of INR 16,88,375 due to alleged ineligible Input Tax Credit claims and unpaid tax on insurance receipts. The company maintains that there is no material impact on its financial or operational activities. Management intends to file an appeal against this order with the appropriate appellate authority.

Penalty of INR 16,88,375 imposed under Section 73 of the CGST/GGST Act, 2017.
Allegations involve ineligible Input Tax Credit under Section 17(5) and tax on insurance claims for FY 2021-22.
Company states there is no material impact on its financials or operations.
PSP Projects is in the process of filing an appeal with the appellate authority.

💡 The penalty amount is immaterial relative to the company's annual revenue and operations. Investors should view this as a routine tax matter and no immediate action is required.

PSP Projects Receives GST Penalty Order of ₹26.67 Lakh for FY 2018-19

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 19 Dec 2025, 12:15 PM

PSP Projects Limited has received an order from the State Tax Officer, Ahmedabad, imposing a penalty of ₹26,66,564 under the GST Act for FY 2018-19. The order alleges that the company claimed ineligible Input Tax Credit (ITC) from taxpayers who were either non-existent, cancelled, or tax defaulters. The company has stated that this order has no material impact on its financial or operational activities. Management is currently in the process of filing an appeal with the appellate authority to contest the demand.

Penalty of ₹26,66,564 imposed under Section 74 of the IGST/CGST/GGST Act, 2017.
The tax dispute pertains to the financial year 2018-2019 regarding Input Tax Credit claims.
Allegations involve ITC sourced from cancelled or non-genuine taxpayers.
Company confirms no material impact on its overall financial position or operations.
PSP Projects intends to challenge the order through an appeal process.

💡 Investors should treat this as a routine regulatory matter given the relatively small penalty amount compared to the company's scale. No immediate action is required, but one may monitor the outcome of the planned appeal.

PSP Projects: Postal Ballot for Auditor Appointment

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 15 Dec 2025, 03:44 PM

PSP Projects Limited is conducting a postal ballot to appoint M/s. G. K. Choksi & Co. as the Joint Statutory Auditors, filling the vacancy caused by the resignation of M/S. Prakash B. Sheth & Co. The e-voting period starts on December 18, 2025, at 9:00 A.M. (IST) and ends on January 16, 2026, at 5:00 P.M. (IST). Members as of the cut-off date, December 12, 2025, are eligible to vote electronically. The results will be announced within 2 working days after the e-voting period.

Postal ballot e-voting starts on December 18, 2025 at 9:00 A.M. (IST).
E-voting ends on January 16, 2026 at 5:00 P.M. (IST).
M/s. G. K. Choksi & Co. to be appointed until the 2026 Annual General Meeting.
Cut-off date for voting eligibility is December 12, 2025.
Firm registration number for G. K. Choksi & Co. is 101895W.

💡 Shareholders should review the postal ballot notice on the company's website and cast their votes electronically before the January 16, 2026 deadline. Monitor the company's website and stock exchange announcements for the voting results.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations was INR 2,512.13 Cr in FY25, showing 0% YoY growth compared to INR 2,505.79 Cr in FY24. However, Q2 FY26 showed a 20% YoY increase to INR 694 Cr, driven by improved project execution and labor availability.

Geographic Revenue Split

The order book is highly concentrated with 83% of orders originating from Gujarat and 17% from Uttar Pradesh as of September 2023.

Profitability Margins

Net profit margins (PAT Margin) declined significantly from 4.86% in FY24 to 2.22% in FY25. Return on Net Worth dropped by 65.52% YoY, from 13.55% to 4.67% due to increased construction and finance costs.

EBITDA Margin

Consolidated EBITDA margin contracted from 10.41% in FY24 to 7.14% in FY25, a 327 bps decrease. Q2 FY26 margins showed slight recovery to 6.93% compared to 6.72% in Q2 FY25.

Capital Expenditure

The company incurred a CAPEX of INR 41 Cr during Q2 FY26. The gross block as of September 30, 2025, stood at INR 683 Cr, with a net block of INR 325 Cr.

Credit Rating & Borrowing

CARE Ratings reaffirmed 'CARE A+; Stable' for long-term and 'CARE A1+' for short-term facilities. Interest coverage ratio deteriorated by 37.86% from 4.95x in FY24 to 3.08x in FY25 due to higher interest costs and lower EBIT.

⚙️ Operational Drivers

Raw Materials

Construction materials (including cement, steel, and precast components) represent the primary cost; inventory of construction materials stood at INR 158 Cr as of September 2025.

Import Sources

Materials are primarily sourced within India, specifically from Gujarat and Maharashtra, leveraging in-house resource availability to maintain competitive bidding.

Capacity Expansion

The company operates a precast concrete manufacturing plant near Sanand, Gujarat, with a production capacity of 1 million square feet, established at a cost of INR 109 Cr.

Raw Material Costs

Total operating expenses, driven largely by construction material costs, rose 4% YoY to INR 2,332.70 Cr in FY25 despite flat revenue, squeezing margins.

Manufacturing Efficiency

The precast plant has achieved a significant ramp-up with orders worth INR 181 Cr, enhancing project execution speed.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth will be driven by a strategic alliance with Adani Infra (India) Limited, which is acquiring a 30.07% to 43.07% stake. This provides access to large-scale EPC opportunities within the Adani Group. The company is targeting revenue exceeding INR 4,000 Cr backed by an outstanding order book of approximately INR 15,000 Cr.

Products & Services

Civil construction and allied services for industrial, institutional, government, and residential projects, including specialized precast concrete structures.

Brand Portfolio

PSP Projects, PSP

New Products/Services

Expansion of precast concrete offerings which act as a backward integration tool for faster project delivery.

Market Expansion

Expansion into wider EPC opportunities through the Adani partnership and increasing presence in Maharashtra and Uttar Pradesh.

Market Share & Ranking

Ranked among select notable companies capable of handling high-value civil construction projects in India.

Strategic Alliances

Definitive share purchase agreement with Adani Infra (India) Limited (AIIL) for a 30.07% stake sale valued at ~INR 685 Cr.

🌍 External Factors

Industry Trends

The industry is shifting toward faster execution technologies like precast; the government's thrust on urban infra and private capex revival is driving a 19% CAGR in the sector's leading players.

Competitive Landscape

Operates in an intensely competitive and fragmented construction industry, competing with large EPC players for government and private building contracts.

Competitive Moat

Durable advantages include a 2-decade execution track record, in-house precast capabilities, and a strong relationship with the Adani Group, which provides a steady pipeline of high-value EPC work.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and the Urban Infrastructure Development Fund allocations in the Union Budget.

Consumer Behavior

Shift toward institutional and high-end residential projects requiring rapid completion and high-quality finishes.

Geopolitical Risks

Limited direct exposure, but susceptible to domestic regulatory changes and tax regime shifts in India.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence to industrial relations regulations and internal financial controls to prevent fraud and ensure accounting accuracy.

Environmental Compliance

Implements measures to safeguard mature trees at construction sites and partners with local bodies for community-based tree plantation.

Taxation Policy Impact

Subject to standard Indian corporate tax regimes; changes in tax laws are cited as a risk factor for principal markets.

Legal Contingencies

Initiated arbitration proceedings against Surat Diamond Bourse for the recovery of stuck funds. The company also manages out-of-scope expenses for projects in Uttar Pradesh.