PSP Projects · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
59% of order book (₹5,413 crore) comes from Adani group projects. Any slowdown, cancellation, or scope reduction by the group could materially impact revenue trajectory. Management's FY27 revenue guidance of ₹4,000-4,500 crore is heavily dependent on continued Adani order flow.
82% of work on hand is concentrated in Gujarat. Policy changes, political developments, or economic slowdown in the state could significantly affect project execution and cash flows.
Analyst raised concerns about political risk following BMC election results where non-BJP candidates won 5 blocks. Management stated no impact yet but acknowledged the Dharavi project requires complex basement construction (excavation, sheet piling) in Mumbai's challenging geology. Execution delays could push revenue recognition to later quarters.
Analyst questioned impact of rising commodity prices (aluminum, copper). Management stated government fixed-price contracts have price variation clauses (pass-through), but Adani group projects bear commodity cost risk internally. However, given limited order book detail on contract terms, margin uncertainty exists.
