Execution Delays on Large Projects
Projects in Mumbai face delays due to land clearance and foundation issues, which could impact revenue recognition.
PSPPROJECTS / bear-case history
Track the concerns that keep returning.
PSP Projects · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Further Provisions on Kashi Project
The Kashi project has ₹60 crore of unbilled revenue and ₹40 crore in receivables; further ECL provisions may be required if payments are delayed.
Concentration Risk from Adani Group
85% of order inflow in FY26 came from Adani group; any slowdown in their capex could impact order book replenishment.
Margin Pressure from Competitive Bidding
Management's margin guidance of 7-8% is lower than historical levels of 10-12%, indicating potential pricing pressure.