PSP Projects Ltd

PSP Projects Ltd — Trading Window closed from Oct 01, 2026 till Forty-Eight (48) hours after the declaration of Unaudited Financial Results of the Company for the quarter and half year ended on September 30, 2026

Meeting Details

• Date: Tuesday, 29 September 2026; in-person conference.
• Name/organiser: PL Capital Mid & Small Cap Conference 2026 – Emerging Titans.
• Mode: In-Person.
• Venue: Trident BKC, Mumbai.

Participants

• Management of PSP Projects Limited to participate.

Purpose

• Purpose: Investor interaction / discussion at the conference.

Meeting Details

• Date: Monday, 28 September 2026; time not disclosed; virtual participation.
• Event: Arihant Capital Bharat Connect Conference: Rising Stars.
• Mode: Virtual; investor conference.
• Participants: PSP Projects' management team.
• Purpose: Investor interaction; schedule of analyst/institutional meeting.
• Recording: Not specified.

Cessation of Senior Management Personnel

• Shashikant Sharma, General Manager - MEP; resigns as SMP effective 15 Sep 2026 for future growth; SMP vacancy.

Financial Performance

• Revenue from operations: INR853 crores, up 65% YoY.
• EBITDA: INR55 crores; margin 6.42% (vs 4.79% previous year).
• Net profit: INR18 crores; margin 2.12% (YoY 50x).
• Depreciation: INR26 crores; capex: INR28 crores in Q1.
• Employee costs: INR46 crores; 5.39% of sales; headcount 2,400→2,600.
• Gross block: INR793 crores; net block: INR470 crores as of 30 Jun 2026.
• Standalone borrowings: long-term INR38 crores; short-term INR217 crores.
• Net unbilled revenue: INR473 crores; trade receivables: INR745 crores; trade payables: INR356 crores.
• Retention (long/short): INR222 crores; mobilization advances: INR836 crores.
• Inventories: INR362 crores (materials 205, WIP 137, finished goods 19).
• Credit facility: total INR1,497 crores; non-fund-based INR678 crores; fund-based INR166 crores; available INR653 crores.
• Fixed deposits: INR324 crores; lien-free INR139 crores; liens INR185 crores.
• Work-on-hand (consolidated): INR13,245 crores.
• Labor on-site: 16,000+ workers; Adani share in Q1 inflows ~93%; Adani revenue ~45% of quarterly revenue.

Order Book and Projects

• Order book by value: Shree Ambaji Mata Temple INR962 crores; SMC High-Rise INR693 crores.
• GIFT City FinTech building INR259 crores; Science City Gallery INR248 crores; GIFT City residential INR202 crores.
• Dharoi Dam region INR198 crores; Sabarmati Riverfront Phase 2 INR187 crores.
• Industrial 39%, Residential 37%, Government 23%, Institutional 1% of order book.
• Top projects and their values listed above; Dharavi projects form a portion of the order book.

Balance Sheet and Liquidity

• Cash balance near INR 400 crores as on 30 Jun 2026; March cash ~INR 413–415 crores.
• Surplus FDs; finance cost declined; potential for further working-capital reduction.
• UP medical receivables: unbilled INR60 crores; receivables INR40 crores; EOTs nearing signing.
• Mobilization advances are interest-free.
• No immediate debt-funding concerns; target to reduce finance cost toward zero in 2–3 quarters.

Guidance and Outlook

• FY27 revenue guidance: INR4,400–4,500 crores; growth >25% on average.
• EBITDA margin target: 7–8% in H2 FY27; first-half margins constrained by higher employee costs.
• Capex guidance: ~3–4% of revenue; quarterly capex may vary with large projects.
• Dharavi: redevelopment timeline involves 2 lakh houses; phased build of ~40,000–50,000 houses in 3 years.
• Data centers currently not targeted; focus remains on Gujarat and Mumbai buildings.

Q&A Highlights

• FY27 guidance reiterated: INR4,400–4,500 crores; >25% growth.
• H2 FY27 margin expected 7–8%; first two months of Apr–May hit by labour shortage.
• Adani group contributes ~45% of quarterly revenue; ~93% of Q1 inflows from Adani.
• Dharavi order book ~INR3,000 crores; redevelopment spans 4–6 years before new development.
• Receivables: UP medical EOT updates; unbilled 60 crores, receivables 40 crores.
• Standalone vs. consolidated: ~INR80 crores revenue booked in subsidiary (Adani projects).
• Dharavi: potential for additional Dharavi projects after two in-progress projects; first-right-of-refusal discussed.

ESG rating disclosure

• Crisil ESG rating 56, Category: Adequate, for 2026.
• SES ESG Research rating 64.20, Grade B (Medium risk) for 2026.
• Company did not engage either firm; report prepared independently from public data.
• ESG report available on PSP Projects' website.

Dematerialisation / rematerialisation status

• Demat requests processed within 15 days of receipt during the reporting period.
• Approved/rejected demat requests confirmed.
• Dematerialised securities listed on the exchanges where existing securities are listed.
• Physical certificates mutilated and cancelled after due verification.
• Depository name substituted as registered owner for approved demat requests.
• Certifications issued to depositories and stock exchanges as per Regulations.