PSP Projects Ltd

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PSP Projects Ltd

₹ 779 -3.42%
28 Sep - close price
pspprojects.com BSE: 540544 NSE: PSPPROJECT
About

PSP Projects Limited is a construction company incorporated in August 2008 offering a diversified range of construction and allied services across industrial, institutional, government, government residential, and residential projects in India. The principal promoter, Mr. Prahalad S. Patel has over three decades of experience in the construction industry. [1]
It is also engaged in the real estate development of two mid-scale projects in the USA through its subsidiaries [2]

Key Points

Change of Promoter[1] [2]
Adani Infra (India) Ltd, a part of the Adani Group, acquired an 11.32% stake through an open offer in Jun 2025 and an additional 23.09% stake from promoters through a stake sale in Aug 2025, taking its total holding in the company to 34.41%, resulting in Adani Infra being classified as one of the promoters of the company. The strategic partnership is expected to provide the company with access to wider EPC opportunities within the Adani Group.

Website BSE NSE
  • Market Cap ₹ 3,067 Cr.
  • Current Price ₹ 779
  • High / Low ₹ 1,143 / 569
  • Stock P/E 45.6
  • Book Value ₹ 318
  • Dividend Yield 0.00 %
  • ROCE 7.53 %
  • ROE 4.29 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company's median sales growth is 24.5% of last 10 years
  • Company's working capital requirements have reduced from 40.9 days to 22.3 days

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 7.49% over last 3 years.
  • Debtor days have increased from 76.8 to 103 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

Part of BSE Industrials BSE 1000

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
510 607 697 649 612 578 623 655 513 694 771 1,012 785
445 533 625 597 538 539 588 625 488 646 719 957 735
Operating Profit 65 74 71 52 73 39 35 30 24 48 52 55 51
OPM % 13% 12% 10% 8% 12% 7% 6% 4.7% 4.8% 7% 7% 5% 6%
6 6 7 6 4 5 4 5 4 4 4 9 4
Interest 9 12 15 14 13 11 10 10 11 12 11 11 8
Depreciation 12 14 19 20 17 18 19 19 17 20 24 26 23
Profit before tax 49 53 44 24 47 15 10 6 0 21 21 26 24
Tax % 26% 26% 26% 36% 28% 25% 40% 18% 52% 28% 25% 20% 37%
37 39 33 15 34 11 6 5 0 15 16 21 15
EPS in Rs 10.20 10.95 9.03 4.24 8.65 2.81 1.53 1.25 0.05 3.76 4.05 5.34 3.82
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
280 455 401 730 1,044 1,499 1,241 1,749 1,927 2,462 2,468 2,989 3,262
258 415 335 628 895 1,308 1,106 1,492 1,699 2,200 2,285 2,808 3,056
Operating Profit 22 39 66 102 149 191 135 257 228 262 183 181 206
OPM % 8% 9% 16% 14% 14% 13% 11% 15% 12% 11% 7% 6% 6%
7 10 13 18 23 25 14 21 24 24 12 20 21
Interest 2 3 8 9 9 15 15 26 32 51 44 45 42
Depreciation 5 7 8 11 24 27 26 32 40 65 73 87 93
Profit before tax 21 39 64 100 139 174 109 219 180 170 78 69 92
Tax % 34% 36% 35% 36% 35% 26% 26% 26% 26% 27% 28% 24%
14 25 42 64 90 129 81 162 133 124 56 52 67
EPS in Rs 175.62 78.53 14.45 17.88 25.07 35.91 22.44 45.11 36.95 34.42 14.24 13.19 16.97
Dividend Payout % 5% 19% 17% 28% 20% 14% 18% 11% 7% -0% -0% -0%
Compounded Sales Growth
10 Years: 21%
5 Years: 19%
3 Years: 16%
TTM: 38%
Compounded Profit Growth
10 Years: 8%
5 Years: -9%
3 Years: -27%
TTM: 201%
Stock Price CAGR
10 Years: %
5 Years: 10%
3 Years: -1%
1 Year: 1%
Return on Equity
10 Years: 16%
5 Years: 12%
3 Years: 7%
Last Year: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 0.80 3 29 36 36 36 36 36 36 36 40 40
Reserves 46 63 78 267 335 421 502 649 764 879 1,169 1,221
33 45 68 22 26 75 81 100 145 455 272 330
106 117 140 260 333 427 371 482 811 653 856 1,381
Total Liabilities 186 229 315 584 731 959 990 1,267 1,756 2,022 2,337 2,972
33 52 51 77 103 108 116 207 240 322 307 413
CWIP 0 -0 -0 2 -0 -0 42 -0 18 3 3 1
Investments 13 18 22 20 4 4 1 1 1 1 1 4
140 158 242 486 623 847 832 1,059 1,498 1,697 2,026 2,553
Total Assets 186 229 315 584 731 959 990 1,267 1,756 2,022 2,337 2,972

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
30 41 13 70 28 19 71 120 43 -227 55 337
-26 -43 -19 -122 -34 -11 5 -140 -48 -25 -106 -168
4 3 17 81 -22 -2 -2 -8 12 269 20 8
Net Cash Flow 8 0 11 29 -28 6 74 -28 6 17 -31 178
Free Cash Flow 10 15 7 22 -12 -14 -8 45 -36 -368 -13 129
CFO/OP 163% 135% 42% 109% 50% 39% 70% 72% 44% -69% 59% 213%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 31 8 49 58 50 55 65 65 82 50 78 103
Inventory Days 12 8 9 45 66 66 82 59 96 151 146 116
Days Payable 175 133 199 164 140 148 237 188 232 198 186 135
Cash Conversion Cycle -132 -117 -142 -60 -24 -27 -89 -64 -54 2 38 83
Working Capital Days -140 -98 -112 -53 -17 -1 4 13 22 34 67 22
ROCE % 33% 44% 50% 44% 41% 41% 22% 35% 25% 19% 9% 8%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Outstanding Order Book
INR crore

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Cumulative Completed Projects
count
Government Segment Order Book
INR crore
Institutional Segment Order Book
INR crore
Order Inflow
INR crore
Number of Ongoing Projects
count
Adani Group Share of Order Book
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
66.22% 66.22% 66.22% 60.14% 60.14% 60.14% 60.14% 60.14% 68.82% 68.82% 68.82% 68.82%
4.23% 3.30% 2.31% 7.02% 8.58% 7.63% 7.82% 3.11% 2.58% 2.49% 1.91% 2.10%
5.35% 5.01% 4.53% 10.45% 10.94% 8.09% 7.99% 2.34% 2.10% 2.18% 2.18% 2.91%
24.20% 25.48% 26.94% 22.39% 20.35% 24.14% 24.05% 34.42% 26.50% 26.51% 27.08% 26.18%
No. of Shareholders 42,34648,54145,77241,86140,83943,24441,19737,29433,52235,63634,17932,640

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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