Order Book
₹13,447 Cr
+85% YoY
Outstanding order book as of March 31, 2026, providing multi-year revenue visibility.
PSPPROJECTS
Other
15 May 2026
PSP Projects Limited — Q4 FY26
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.
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2-Min Summary
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.
Key Numbers
Order Inflow
₹10,925 Cr
Record high
Highest ever order inflow in FY26, with 85% from Adani group projects.
Bid Pipeline
₹6,600 Cr
N/A
Current bid pipeline includes ₹5,000 Cr from group projects and ₹1,500 Cr from external.
Working Capital Days
94 days
Target 60-70 days
Management expects working capital days to reduce to 60-70 days in FY27 due to favorable payment terms.
Management Guidance
FY27 Revenue Target of ₹4,500 Cr
Management reiterated revenue guidance of ₹4,500 crore for FY27, implying ~43% growth over FY26.
revenueEBITDA Margin Improvement to 7-8%
Management guided for EBITDA margins of 7-8% in FY27, up from 6% in FY26, excluding one-off provisions.
marginsDebt-Free Target by Q3-Q4 FY27
Management expects to become debt-free by Q3 or Q4 FY27, reducing interest costs significantly.
otherCapex of 3-4% of Revenue
Capex for FY27 expected to be around 3-4% of revenue, or ₹120-150 crore, similar to FY26 levels.
capexKey Risks
Execution Delays on Large Projects
Projects in Mumbai face delays due to land clearance and foundation issues, which could impact revenue recognition.
medium · management_commentaryFurther 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.
high · analyst_questionConcentration Risk from Adani Group
85% of order inflow in FY26 came from Adani group; any slowdown in their capex could impact order book replenishment.
medium · data_observationMargin Pressure from Competitive Bidding
Management's margin guidance of 7-8% is lower than historical levels of 10-12%, indicating potential pricing pressure.
medium · analyst_questionNotable 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.