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Revenue
₹1,115 Cr
verified against source
Revenue YoY
66%
reported change
EBITDA
₹60 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
PSP Projects delivered a stellar Q4 FY26 with revenue surging 66% YoY to ₹1,115 crore, driven by accelerated execution across institutional, industrial, and government projects. EBITDA grew 85% YoY to ₹60 crore, with margin expanding 55 bps to 5.36%, while PAT jumped 234% YoY to ₹21 crore. The full-year revenue rose 25% to ₹3,149 crore, though EBITDA margin contracted to 6% due to a one-off ECL provision of ₹29 crore on the Kashi project. The order book swelled 85% YoY to ₹13,447 crore, supported by record order inflows of ₹10,925 crore, largely from the Adani group. Management guided for FY27 revenue of ₹4,500 crore and EBITDA margins of 7-8%, with potential for further improvement as interest costs decline. Key risks include execution delays on large projects and potential further provisions on the Kashi project.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated revenue guidance of ₹4,500 crore for FY27, implying ~43% growth over FY26.
- Management guided for EBITDA margins of 7-8% in FY27, up from 6% in FY26, excluding one-off provisions.
- Management expects to become debt-free by Q3 or Q4 FY27, reducing interest costs significantly.
- Capex for FY27 expected to be around 3-4% of revenue, or ₹120-150 crore, similar to FY26 levels.
Risks flagged
- Projects in Mumbai face delays due to land clearance and foundation issues, which could impact revenue recognition.
- The Kashi project has ₹60 crore of unbilled revenue and ₹40 crore in receivables; further ECL provisions may be required if payments are delayed.
- 85% of order inflow in FY26 came from Adani group; any slowdown in their capex could impact order book replenishment.
- Management's margin guidance of 7-8% is lower than historical levels of 10-12%, indicating potential pricing pressure.
Key quotes
- We will stick to over 4,500 for the next year and the margins improve from here.
- I think it should be debt-free by next year. So this year 41 or 45 of interest can be converted into profit.
- We should be in a position to consider maybe max Q3 or Q4 onwards this on a quarterly basis 11-12 interest should become a kind of a zero.
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