PSP Projects Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PSP Projects Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PSP Projects reported Q4FY26 revenue of Rs 1,115 crore, up 66% year-on-year, with EBITDA growing 85% to Rs 60 crore and net profit rising to Rs 21 crore. For the full year, revenue grew 25% to Rs 3,149 crore while EBITDA margin moderated to 6% due to project mix and a Rs 29 crore expected credit loss provision on the Kashi project. Management said the outstanding order book stood at Rs 13,447 crore, up 85% year-on-year, with 67% of orders from within the Adani Group.
Numbers mentioned
Revenue from operations: INR1,115 crores (Q4 FY26)
p. 3
“During Q4FY26, the revenue from operations increased by 66% year-on-year to INR1,115 crores, driven by accelerated progress across institutional, industrial, residential, and government projects.”
Pooja Patel, page 3 of the filed PDF · View the filing
EBITDA: INR60 crores (Q4 FY26)
p. 3
“EBITDA for the quarter grew by 85% year-on-year to INR60 crores, while PAT grew sharply by 244% year-on-year to INR21 crores, demonstrating operating leverage as execution intensity picked up.”
Pooja Patel, page 3 of the filed PDF · View the filing
Revenue from operations: INR3,149 crores (FY26)
p. 3
“For the full year FY26, revenue from operations grew by 25% year-on-year to INR3,149 crores.”
Pooja Patel, page 3 of the filed PDF · View the filing
EBITDA margin: 6% (FY26)
p. 3
“EBITDA stood at INR189 crores with an EBITDA margin of 6%.”
Pooja Patel, page 3 of the filed PDF · View the filing
Profit after tax: INR55 crores (FY26)
p. 3
“Profit after tax was INR55 crores.”
Pooja Patel, page 3 of the filed PDF · View the filing
Order book: INR13,447 crores (as of March 31, 2026)
p. 4
“As of 31st March 2026, our outstanding order book stood at INR13,447 crores, 85% year-on-year growth providing strong multi-year revenue visibility.”
Pooja Patel, page 4 of the filed PDF · View the filing
Order inflow: INR10,925 crores (FY26)
p. 4
“Highest ever order inflow during FY26 were INR10,925 crores with 85% order from Adani Group.”
Pooja Patel, page 4 of the filed PDF · View the filing
Net profit: INR21 crores (Q4 FY26)
p. 6
“Net profit for the quarter is INR21 crores versus INR6 crores, which is increased by 234% on Y-o-Y basis.”
Hetal Patel, page 6 of the filed PDF · View the filing
Other expenses: INR46 crores (Q4 FY26)
p. 6
“During the quarter under review, the other expenses has increased from INR17 crores to INR46 crores.”
Hetal Patel, page 6 of the filed PDF · View the filing
Depreciation: INR26 crores (FY26)
p. 6
“Increase in depreciation from INR19 crores to INR26 crores is mainly attributed to addition in asset block during FY26.”
Hetal Patel, page 6 of the filed PDF · View the filing
Net unbilled revenue: INR440 crores (as of March 31, 2026)
p. 7
“Net unbilled revenue stands at INR440 crores.”
Hetal Patel, page 7 of the filed PDF · View the filing
Trade receivables: INR928 crores (as of March 31, 2026)
p. 7
“Trade receivables INR928 crores.”
Hetal Patel, page 7 of the filed PDF · View the filing
Mobilization advance: INR814 crores (as of March 31, 2026)
p. 7
“Mobilization advance INR814 crores.”
Hetal Patel, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR4,500 crores · FY27
stated firmly by P.S. Patel
p. 7
“We'll stick to our INR4,500 crores revenue for the next year.”
P.S. Patel, page 7 of the filed PDF · View the filing
EBITDA margin — 7% to 8% · FY27
stated firmly by P.S. Patel
p. 8
“We can consider 7% to 8%.”
P.S. Patel, page 8 of the filed PDF · View the filing
Order inflow from group — INR5,000 crores to INR6,000 crores · FY27
stated conditionally by P.S. Patel
p. 8
“Yes, we can consider that minimum INR5,000 crores to INR6,000 crores of order inflow from the group side.”
P.S. Patel, page 8 of the filed PDF · View the filing
Order inflow from non-group projects — INR1,000 crores to INR2,000 crores
stated conditionally by P.S. Patel
p. 8
“If we get an opportunity, we can think about INR1,000 crores to INR2,000 crores of order from the rest side also.”
P.S. Patel, page 8 of the filed PDF · View the filing
Capex — INR120 crores to INR150 crores · FY27
stated as an aspiration by P.S. Patel
p. 8
“Yes, mostly it will be in the same range because again my experience and the operations and the size of the project which are going now, I think it should be in that range only.”
P.S. Patel, page 8 of the filed PDF · View the filing
PAT margin — 3% or 4% · next year
stated as an aspiration by P.S. Patel
p. 12
“That part we should target for in the next year.”
P.S. Patel, page 12 of the filed PDF · View the filing
Debt — debt-free · next year or next two quarters
stated as an aspiration by P.S. Patel
p. 16
“I think it should be nil, so I'm expecting the company should be debt-free by this year or maybe in next two quarters once the -- we receive all the payments and even the receivables from like Naranpura Sports Complex and UP.”
P.S. Patel, page 16 of the filed PDF · View the filing
Trade receivable days — 60 to 70 days
stated conditionally by Hetal Patel
p. 14
“But I have already replied to one of the questions that since we will be executing the group orders going forward and the payment terms are very favorable for that, we will be getting the money on time and we will be maintaining around 60 to 70 days of trade receivable days.”
Hetal Patel, page 14 of the filed PDF · View the filing
Revenue growth — 20%-25% · next couple of years
stated as an aspiration by P.S. Patel
p. 18
“100% because that is the minimum which we are targeting because now visibility is not a problem.”
P.S. Patel, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management reaffirmed the INR4,500 crore revenue guidance for FY27.
Answered by P.S. Patel
Asked by Shravan Shah: Is there a change to the FY27 revenue guidance and long-term growth targets?
p. 7
“We'll stick to our INR4,500 crores revenue for the next year.”
P.S. Patel, page 7 of the filed PDF · View the filing
Management said it was being conservative and that margins ex-provision would already be around 8%.
Answered by P.S. Patel
Asked by Vaibhav Shah: Why is margin guidance being lowered from 8%-8.5% to 7%-8%?
p. 9
“No, I am not lowering, I'm keeping myself a little bit conservative because if you see this quarter also if you find this provision of INR30 crores then it is at 8%.”
P.S. Patel, page 9 of the filed PDF · View the filing
Management said the interest cost could convert into profit as the company becomes debt-free, aiding a shift to 3-4% PAT margin.
Answered by P.S. Patel
Asked by Dhananjay Mishra: Can PAT margin improve to 4-5% given lower interest costs from Adani advances being interest-free?
p. 12
“So this INR41 crores or INR45 crores of interest can be converted into profit, which can put us to 3% or 4%.”
P.S. Patel, page 12 of the filed PDF · View the filing
Management stated the unbilled amount was around INR60 crores and receivables around INR40 crores.
Answered by Hetal Patel
Asked by Dhananjay Mishra: What is the outstanding unbilled/receivable amount for UP Medical College projects?
p. 12
“We have unbilled of around INR60 crores and receivable of Rs.40 crores.”
Hetal Patel, page 12 of the filed PDF · View the filing
Management expects working capital days to reduce to within 60 days.
Answered by Hetal Patel
Asked by Shikha Doshi: What working capital days are expected for FY27?
p. 13
“So we see that it should be within 60 days going forward.”
Hetal Patel, page 13 of the filed PDF · View the filing
Management attributed the rise to revenue booked heavily in February and March, expected to be collected in April.
Answered by Hetal Patel
Asked by Lokesh Kashikar: Why have receivables jumped sharply and will they moderate?
p. 14
“So most of the sales has been booked in February and March. So that is still showing in the 31st March number and will be collected in the month of April.”
Hetal Patel, page 14 of the filed PDF · View the filing
Management said current capacity of 3 million square feet was sufficient, with modest capex needed only for equipment if expansion were required.
Answered by P.S. Patel
Asked by Balasubramanium: What is the current precast capacity utilization and are further expansions needed?
p. 15
“See, presently the present capacity of the precast plant is 3 million square feet per year.”
P.S. Patel, page 15 of the filed PDF · View the filing
Management expects interest costs to reduce toward zero within a couple of quarters as debt is paid down.
Answered by P.S. Patel
Asked by Shravan Shah: Will interest cost go to near zero as debt reduces?
p. 17
“Yes, I'm expecting.”
P.S. Patel, page 17 of the filed PDF · View the filing
Risks flagged
Expected credit loss provision taken on unbilled revenue from the Kashi project
p. 6
“This is mainly due to on account of provision of expected credit loss on unbilled revenue, which is from Kashi project, which was amounting to INR29 crores.”
Hetal Patel, page 6 of the filed PDF · View the filing
Delays in project completion in Mumbai due to tree cutting and approval issues at the foundation stage
p. 14
“So such types of issues at the foundation level can get the project little bit slow, but it's not because of any other reason but once you are in the foundation activities and ground clearance that can be little slow”
P.S. Patel, page 14 of the filed PDF · View the filing
Potential impact on revenue from monsoon and labor availability in early quarters of FY27
p. 18
“Yes, we -- first two quarters as we say that April, May, June and maybe a part of Quarter 2, that can be because of the present situation of the labor in the first quarter and maybe in the monsoon.”
P.S. Patel, page 18 of the filed PDF · View the filing
Uncertainty over recovery of outstanding UP Medical College receivables pending final government certification
p. 12
“Otherwise, all final bills we have submitted and we are awaiting for the final certification of all seven projects.”
Hetal Patel, page 12 of the filed PDF · View the filing
Delay in settlement of SDB account despite ongoing follow-up
p. 9
“It is as it is, what we have been chasing them every quarter and giving them the bills with interest.”
P.S. Patel, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.