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PSP Projects Limited (PSPPROJECT)

₹778.35 -0.53% last close, 16 Oct

📊 NSE: PSPPROJECT 🏢 Construction 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 02 Nov 2026 (board meeting)

PSP Projects Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, PSP Projects' revenue was ₹853 Cr (+64.8% year on year, -23.5% on the previous quarter), and net profit ₹18.3 Cr; the operating margin was 6.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹853	+64.8%	-23.5%
Operating profit	₹54.8	+119.2%	-8.7%
Net profit	₹18.3	—	-12.7%
EPS (₹)	4.63	—	-13.0%
Operating margin	6.4%	—	—

Full quarterly financials → Results calendar →

PSPPROJECT delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 52.45% of the PSPPROJECT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.66%. That is close to its usual level.

52.45%Delivery, 16 Oct

52.66%Own 20-session average

0.6×Volume vs its average

₹778.35NSE close · -0.53%

Delivery in the last 5 sessions: 54.1% · 43.1% · 55.1% · 62.6% · 52.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

PSP Projects Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 12:31 PM

PSP Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar & Share Transfer Agent KFin Technologies confirms that all dematerialization requests received between July 1, 2026, and September 30, 2026, were processed within 15 days. Security certificates received were verified, listed, and subsequently mutilated and cancelled per SEBI norms. This is a standard quarterly regulatory submission with no impact on business operations or financials.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter spanning 1st July, 2026 to 30th September, 2026
RTA KFin Technologies confirmed demat requests processed within 15 days of receipt
Filing verified by Company Secretary Pooja Dhruve on October 06, 2026

💡 No action required. Investors should track upcoming Q2 FY27 financial results and order book execution updates.

PSP Projects General Manager - MEP Shashikant Sharma Resigns Effective Sept 15, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Sep 2026, 12:26 PM

PSP Projects Limited announced the resignation of Mr. Shashikant Sharma, General Manager - MEP, classified as Senior Management Personnel (SMP). The resignation is effective from the close of business hours on September 15, 2026, cited for future growth opportunities. He originally tendered his resignation on July 31, 2026, requesting an early release from the standard 90-day notice period. This is an operational senior management transition with limited direct financial impact on the company's ₹3,484 crore TTM revenue business.

General Manager - MEP Mr. Shashikant Sharma resigned citing future growth
Effective cessation date finalized as September 15, 2026, after business hours
Resignation letter initially submitted on July 31, 2026, requesting relief ahead of the 90-day notice period
Employee code noted as 3068

💡 Monitor upcoming quarterly project execution updates to verify that MEP (mechanical, electrical, plumbing) divisions maintain project delivery timelines without disruption.

PSP Projects: Senior Management Resignation of Shashikant Sharma, GM - MEP

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Sep 2026, 12:25 PM

PSP Projects Limited has announced the resignation of Mr. Shashikant Sharma from his position as General Manager - MEP, categorized as Senior Management Personnel (SMP). The resignation was submitted on July 31, 2026, citing personal future growth, and took effect after business hours on September 15, 2026. This administrative management exit is operational in nature and does not impact board composition or core project execution capabilities.

Resignation of Mr. Shashikant Sharma, General Manager - MEP (Employee Code: 3068)
Resignation effective from closure of business hours on September 15, 2026
Formal resignation letter originally submitted on July 31, 2026
Company reported under SEBI LODR Regulation 30 disclosures for Senior Management Personnel

💡 Track subsequent filings for the appointment of a replacement to head the MEP division to ensure uninterrupted project execution.

PSP Projects Announces Cessation of General Manager - MEP Shashikant Sharma

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Sep 2026, 12:09 PM

PSP Projects Limited has informed the exchanges about the resignation of Mr. Shashikant Sharma from his role as General Manager - MEP (Senior Management Personnel), effective September 15, 2026. Mr. Sharma submitted his resignation on July 31, 2026, citing personal pursuit of future growth opportunities. The departure of an operational division head is an administrative management update with no immediate financial impact on the company's TTM revenue of ₹3,484 Cr.

Cessation of Mr. Shashikant Sharma, General Manager - MEP, effective closure of business hours on September 15, 2026
Resignation letter initially tendered on July 31, 2026
Employee code cited as 3068 with standard 90-day notice period shortened per request
Departure categorized under Senior Management Personnel pursuant to SEBI Regulation 30

💡 Track subsequent filings to observe whether a replacement head of MEP is announced and monitor quarterly execution updates for any operational disruptions in ongoing projects.

Rs 13,245 Cr Order Book: PSP Projects Reports 65% Revenue Growth in Q1 FY27

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Aug 2026, 01:27 PM

PSP Projects delivered a strong Q1 FY27 with revenue rising 65% YoY to Rs 853 Cr and PAT increasing to Rs 18 Cr from Rs 0.37 Cr YoY. The outstanding order book reached a record Rs 13,245 Cr, representing approximately 4.2x the TTM revenue, providing multi-year visibility. Management maintained its FY27 revenue guidance of Rs 4,400-4,500 Cr, implying ~40% growth over FY26. However, EBITDA margins at 6.42% remain lower than historical double-digit levels due to the high share of Adani Group projects which operate on a 6-7% EBITDA cost-plus model.

Order book grew 103% YoY to Rs 13,245 Cr as of June 30, 2026, with 70% coming from Adani Group projects.
Revenue for Q1 FY27 increased 65% YoY to Rs 853 Cr despite seasonal labor migration challenges.
Net profit surged to Rs 18 Cr in Q1 FY27 compared to Rs 0.37 Cr in Q1 FY26.
Management guided for FY27 revenue of Rs 4,400-4,500 Cr and expects margins to improve from H2 FY27.
Bid pipeline remains robust at over Rs 6,200 Cr, with 61% being group-related projects.

💡 Watch for the company's ability to scale execution to meet the Rs 4,500 Cr annual revenue target and monitor if EBITDA margins can recover toward the 8-9% range in the second half of the fiscal year.

PSP Projects Releases Q1FY27 Earnings Conference Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 06:07 PM

PSP Projects has published the audio recording of its Q1FY27 earnings conference call held on July 30, 2026. The call addressed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported revenue of ₹3,149 Cr but saw operating margins compress to 6.02%. Investors can access the recording to gauge management's outlook on the Adani Infra partnership and execution timelines.

Earnings conference call conducted on July 30, 2026, for the Q1FY27 period.
Discussion focused on unaudited financial results for the quarter ended June 30, 2026.
Company maintains a TTM revenue base of ₹3,149 Cr with a market cap of ₹3,931 Cr.
Promoter holding remains stable at 68.82% as per March 2026 records.

💡 Investors should listen to the recording for management commentary on the recovery of stuck funds from the Surat Diamond Bourse and the status of the Adani Infra stake acquisition (30.07% to 43.07%).

₹13,245 Cr Order Book: PSP Projects Q1 Revenue grows 65% YoY to ₹853 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jul 2026, 02:02 PM

PSP Projects reported a strong Q1 FY27 with revenue growing 65% YoY to ₹853.47 Cr and PAT surging to ₹18.22 Cr from a low base of ₹0.37 Cr. The order book has reached a record ₹13,245 Cr, representing a 103% YoY increase and providing over 4x revenue visibility relative to TTM revenue. While EBITDA margins improved to 6.42% from 4.79% YoY, they remain below historical double-digit levels. The strategic alliance with Adani Infra, which is acquiring a significant stake, is a key growth driver with 61% of the current ₹6,200 Cr bid book coming from group projects.

Revenue from operations grew 65% YoY to ₹853.47 Cr in Q1 FY27.
Order book reached ₹13,245 Cr, a 103% increase compared to ₹6,512 Cr in Q1 FY26.
PAT increased significantly to ₹18.22 Cr from ₹0.37 Cr in the previous year's quarter.
Current bid book stands at ₹6,200+ Cr, with 61% focused on group projects.
Deployed workforce of 16,000+ laborers across project sites during the quarter.

💡 Monitor the execution efficiency of the ₹13,245 Cr order book and the recovery of EBITDA margins toward the historical 11-13% range as the Adani partnership scales.

PSP Projects Q1 FY27: Net Profit Jumps to ₹18.34 Cr; Revenue Grows 65% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 01:51 PM

PSP Projects reported a strong YoY performance for Q1 FY27, with consolidated revenue from operations rising 64.8% to ₹853.47 Cr from ₹517.76 Cr in Q1 FY26. Consolidated net profit saw a significant recovery to ₹18.34 Cr, up from a low base of ₹0.42 Cr in the same period last year. On a sequential basis, revenue declined 23.5% from ₹1,115.24 Cr in Q4 FY26, reflecting typical construction seasonality. Standalone EPS improved sharply to ₹3.82 from ₹0.05 YoY, indicating improved operational efficiency and execution.

Consolidated Revenue from Operations increased 64.8% YoY to ₹853.47 Cr.
Consolidated Net Profit rose to ₹18.34 Cr compared to just ₹0.42 Cr in Q1 FY26.
Standalone EPS for the quarter stood at ₹3.82, a significant increase from ₹0.05 YoY.
Construction expenses accounted for ₹434.00 Cr, representing 50.8% of total consolidated income.
Finance costs remained relatively stable at ₹7.54 Cr compared to ₹11.17 Cr in the year-ago quarter.

💡 Monitor the execution of the strategic alliance with Adani Infra, which is expected to provide access to large-scale EPC opportunities. Investors should also watch for improvements in operating margins, which have historically been in the 11-13% range but were lower in recent periods.

CRISIL and SES Assign ESG Ratings of 56 and 64.20 to PSP Projects

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 11 Jul 2026, 11:00 AM

PSP Projects Limited has received voluntary ESG (Environmental, Social, and Governance) ratings for the year 2026 from two independent agencies. CRISIL ESG Ratings & Analytics assigned a score of 56, categorized as 'Adequate', while SES ESG Research assigned a score of 64.20, graded as 'B' (Medium Risk). Notably, the company did not engage these agencies; the ratings were independently prepared based on publicly available data. These scores provide a baseline for the company's sustainability performance relative to the construction industry.

CRISIL ESG Rating assigned a score of 56, placing the company in the 'Adequate' category.
SES ESG Research assigned a score of 64.20, resulting in a 'Grade B' (Medium Risk) assessment.
Ratings are based on data available in the public domain for the year 2026.
The company did not formally engage or pay for these specific rating assessments.
Disclosure made under Regulation 30 of SEBI Listing Regulations and Master Circular dated January 30, 2026.

💡 Investors should monitor if these ESG benchmarks improve over time, as higher sustainability scores can attract institutional capital and potentially lower future borrowing costs.

PSP Projects confirms compliance with SEBI dematerialization regulations for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 09 Jul 2026, 11:01 AM

PSP Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all share certificates received for dematerialization were processed within the mandated 15-day period. This process involves the verification, listing, and subsequent mutilation of physical certificates by the Registrar & Share Transfer Agent, KFin Technologies Limited. This is a routine administrative filing and does not impact the company's financial standing or operational performance.

Reporting period covers the quarter from April 1, 2026, to June 30, 2026
Demat requests were confirmed or rejected within 15 days of receipt
Physical security certificates were mutilated and cancelled after due verification
Compliance confirmed by Registrar & Share Transfer Agent, KFin Technologies Limited

💡 No action is required as this is a routine regulatory filing. Investors should focus on upcoming quarterly earnings for material business updates.

PSP Projects to Hold Q1FY27 Earnings Conference Call on July 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 10:57 AM

PSP Projects Limited has scheduled its Q1FY27 earnings conference call for July 30, 2026, at 4:00 PM IST. The call will discuss the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. Senior management, including the Chairman & MD, CEO, and CFO, will be present to provide updates. This interaction is critical as the company navigates its strategic alliance with Adani Infra, which involves a potential 30.07% to 43.07% stake acquisition.

Earnings conference call scheduled for July 30, 2026, at 16:00 HRS IST.
Management representation includes Mr. P.S. Patel (CMD), Ms. Pooja Patel (CEO), and Ms. Hetal Patel (CFO).
The call follows the company's TTM revenue performance of Rs 3,149 Cr and a recent Mar 2026 quarterly revenue of Rs 1,115 Cr.
Discussion will focus on Q1FY27 results and likely the progress of the Adani Infra strategic alliance.
The company maintains a precast concrete plant with 1 million square feet capacity established at Rs 109 Cr.

💡 Investors should prepare to monitor the Q1FY27 results on July 30 for updates on the Adani Group partnership execution and the recovery of stuck funds from the Surat Diamond Bourse project.

14 Resolutions Approved: PSP Projects Shareholders Ratify Adani Group Related Party Transactions

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Jun 2026, 03:11 PM

PSP Projects Limited has concluded its 18th Annual General Meeting (AGM) held on June 27, 2026, with all 14 resolutions passed by the requisite majority. Key approvals include material related party transactions (RPTs) with Adani Estate Management and ACC Limited for FY27, aligning with the company's strategic alliance with Adani Infra. Notably, institutional investors showed significant dissent on the CEO's remuneration increase, with 29.22% of institutional votes cast against the resolution. The company also confirmed the appointment of G. K. Choksi and Co. as Joint Statutory Auditors for a five-year term.

All 14 resolutions as set out in the 18th AGM notice were passed with requisite majority.
Material Related Party Transactions approved for FY27 with Adani Estate Management and ACC Limited.
29.22% of institutional votes were cast against the increase in remuneration for CEO Ms. Pooja Patel.
G. K. Choksi and Co. appointed as Joint Statutory Auditors for a first term of 5 consecutive years.
33,830 shareholders were on record as of the June 20, 2026 record date.

💡 Monitor the execution and scale of orders originating from the Adani Group alliance in future quarterly filings to validate the projected 25-30% growth rate.

PSP Projects Approves Material Related Party Transactions with Adani Group Entities at 18th AGM

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 27 Jun 2026, 01:17 PM

PSP Projects held its 18th AGM on June 27, 2026, where shareholders approved 14 resolutions, including the adoption of FY26 financial statements. A critical outcome was the approval of material Related Party Transactions (RPTs) for FY27 with eight Adani Group entities, including ACC Limited and Adani Power. This follows the strategic alliance where Adani Infra is acquiring a 30.07% to 43.07% stake in the company. Shareholders also approved the appointment of M/s. G. K. Choksi & Co. as Joint Statutory Auditors for a five-year term.

Shareholders approved material Related Party Transactions with 8 Adani Group entities for the 2026-27 financial year
Appointment of M/s. G. K. Choksi & Co. as Joint Statutory Auditors for a first term of 5 consecutive years
Approval of increased remuneration for Related Party Ms. Pooja Patel, CEO of the company
Adoption of Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026
The meeting was attended by 40 members and all 14 resolutions were passed with the requisite majority

💡 Monitor upcoming quarterly results to quantify the actual order inflow from the approved Adani Group RPTs, which are central to the company's 25-30% growth target.

PSP Projects Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 04:38 PM

PSP Projects Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are made public. This is a standard procedural announcement and does not indicate any fundamental change in the company's operations.

Trading window closure effective from Wednesday, July 1, 2026.
Closure is in anticipation of the Unaudited Financial Results for the quarter ending June 30, 2026.
The window will reopen 48 hours after the official declaration of the quarterly results.
Applicable to all Designated Persons and their Immediate Relative(s) as per SEBI norms.

💡 No immediate action is required as this is a routine regulatory filing. Investors should instead focus on the upcoming Q1 financial results for actual performance metrics.

PSP Projects 18th AGM on June 27: Proposes 20% CEO Pay Hike and Adani Group RPTs

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 28 May 2026, 05:42 PM

PSP Projects has convened its 18th AGM for June 27, 2026, to approve FY26 financial statements and key management changes. The board has proposed increasing CEO Ms. Pooja Patel's remuneration by 20% to ₹3.60 Crore per annum. Crucially, the company seeks approval for material related party transactions with Adani Estate Management Private Limited for FY 2026-27. Other items include the appointment of M/s. G. K. Choksi & Co. as Joint Statutory Auditors for a five-year tenure.

18th Annual General Meeting scheduled for June 27, 2026, at 11:00 AM IST.
Proposed salary revision for CEO Ms. Pooja Patel from ₹3.00 Crore to ₹3.60 Crore per annum.
Approval sought for material related party transactions with Adani Estate Management Private Limited.
Appointment of M/s. G. K. Choksi & Co. as Joint Statutory Auditors for a 5-year term (2026-2031).
Remote e-voting window opens June 24 and closes June 26, 2026.

💡 Review the terms of the related party transactions with Adani Estate Management to ensure they are at arm's length. Shareholders should exercise their voting rights during the June 24-26 window regarding the CEO's 20% pay hike.

View All PSPPROJECT Announcements on Live Market Tracking →

💰 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.