PSPPROJECT

PSP Projects Limited

EPC and construction company with precast manufacturing capability

Industrials›Construction›Construction›Civil Construction

pspprojects.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹778.35
Market cap
3,086 Cr
Stock P/E
42.0
P/B
2.44
Dividend yield
0.3%
ROE (FY26)
4.4%
ROCE (FY26)
7.6%
Operating margin (FY26)
3.3%
Debt / equity (FY26)
0.25
OCF / EBITDA (FY26)
170.8%
OCF / EBITDA (3Y)
24.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

PSP Projects is an Ahmedabad-based construction company that builds large buildings and infrastructure for the Adani Group, government bodies and other clients, and runs its own precast concrete plant.

Company snapshot

28thBy market cap

Ranked among 90 companies in Civil Construction.

What we see

Positives
  • ✓Debt-to-equity of 0.25x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 1.8% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales620 Cr705 Cr668 Cr623 Cr586 Cr630 Cr673 Cr518 Cr703 Cr813 Cr1,115 Cr853 Cr
Operating expenses (approx.)547 Cr635 Cr615 Cr549 Cr548 Cr595 Cr641 Cr493 Cr653 Cr758 Cr1,055 Cr799 Cr
EBITDA73 Cr70 Cr53 Cr74 Cr38 Cr36 Cr32 Cr25 Cr50 Cr55 Cr60 Cr55 Cr
OPM %11.7%9.9%7.9%11.9%6.4%5.6%4.8%4.8%7.1%6.7%5.4%6.4%
Other income6 Cr6 Cr6 Cr4 Cr5 Cr4 Cr5 Cr4 Cr4 Cr4 Cr5 Cr4 Cr
Interest12 Cr15 Cr14 Cr13 Cr11 Cr10 Cr10 Cr11 Cr12 Cr11 Cr11 Cr8 Cr
Depreciation14 Cr19 Cr20 Cr17 Cr18 Cr19 Cr19 Cr17 Cr20 Cr24 Cr26 Cr23 Cr
Profit before tax52 Cr42 Cr24 Cr48 Cr14 Cr9 Cr8 Cr0.72 Cr22 Cr24 Cr27 Cr28 Cr
Tax %25.6%26.1%35.9%27.5%25.2%42.5%19.6%41.4%27.8%25.3%23.1%35.1%
Net profit39 Cr31 Cr16 Cr35 Cr10 Cr5 Cr6 Cr0.42 Cr16 Cr18 Cr21 Cr18 Cr
EPS (₹)₹10.70₹8.63₹4.31₹8.80₹2.60₹1.28₹1.64₹0.11₹4.10₹4.53₹5.26₹4.63

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales445 Cr752 Cr1,050 Cr1,499 Cr1,241 Cr1,748 Cr1,938 Cr2,506 Cr2,512 Cr3,149 CrSign in free for the trailing twelve months
Operating expenses (approx.)378 Cr647 Cr902 Cr1,309 Cr1,106 Cr1,490 Cr1,708 Cr2,245 Cr2,333 Cr2,960 CrSign in free for the trailing twelve months
EBITDA67 Cr105 Cr149 Cr191 Cr135 Cr258 Cr230 Cr261 Cr179 Cr189 CrSign in free for the trailing twelve months
OPM %15.1%13.9%14.1%12.7%10.9%14.8%11.9%10.4%7.1%6.0%Sign in free for the trailing twelve months
Other income13 Cr19 Cr23 Cr24 Cr17 Cr22 Cr25 Cr24 Cr17 Cr17 CrSign in free for the trailing twelve months
Interest8 Cr9 Cr10 Cr15 Cr15 Cr26 Cr32 Cr51 Cr44 Cr45 CrSign in free for the trailing twelve months
Depreciation8 Cr11 Cr24 Cr27 Cr26 Cr32 Cr40 Cr65 Cr73 Cr87 CrSign in free for the trailing twelve months
Profit before tax65 Cr102 Cr137 Cr173 Cr109 Cr222 Cr180 Cr169 Cr78 Cr74 CrSign in free for the trailing twelve months
Tax %35.6%35.6%35.1%26.0%25.4%24.9%26.9%27.2%28.0%25.4%Sign in free for the trailing twelve months
Net profit42 Cr66 Cr89 Cr128 Cr81 Cr167 Cr132 Cr123 Cr56 Cr56 CrSign in free for the trailing twelve months
EPS (₹)₹14.41₹18.78₹24.84₹35.69₹22.65₹46.29₹36.65₹34.16₹14.32₹14.00Sign in free for the trailing twelve months
Dividend payout %————0.0%8.6%13.6%7.3%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital29 Cr36 Cr36 Cr36 Cr36 Cr36 Cr36 Cr36 Cr40 Cr40 Cr
Reserves76 Cr265 Cr333 Cr418 Cr500 Cr651 Cr765 Cr879 Cr1,169 Cr1,224 Cr
Borrowings73 Cr28 Cr30 Cr77 Cr74 Cr100 Cr145 Cr455 Cr272 Cr317 Cr
Other liabilities150 Cr271 Cr335 Cr431 Cr382 Cr484 Cr819 Cr667 Cr873 Cr1,508 Cr
Total liabilities328 Cr601 Cr735 Cr963 Cr991 Cr1,270 Cr1,765 Cr2,037 Cr2,353 Cr3,089 Cr
Fixed assets (net)52 Cr77 Cr102 Cr106 Cr115 Cr206 Cr238 Cr321 Cr306 Cr412 Cr
CWIP—2 Cr0 Cr0 Cr42 Cr0 Cr18 Cr3 Cr3 Cr0.86 Cr
Investments18 Cr19 Cr0.50 Cr0.66 Cr0.67 Cr0.67 Cr0.67 Cr0.67 Cr0.67 Cr0.66 Cr
Loans & advances——11 Cr7 Cr6 Cr6 Cr3 Cr3 Cr0.68 Cr0.41 Cr
Inventories4 Cr34 Cr75 Cr97 Cr89 Cr82 Cr153 Cr318 Cr324 Cr348 Cr
Trade receivables58 Cr123 Cr148 Cr235 Cr227 Cr311 Cr434 Cr342 Cr530 Cr928 Cr
Cash & bank34 Cr62 Cr36 Cr41 Cr116 Cr88 Cr94 Cr113 Cr80 Cr260 Cr
Other assets163 Cr284 Cr363 Cr476 Cr397 Cr577 Cr824 Cr936 Cr1,109 Cr1,139 Cr
Total assets328 Cr601 Cr735 Cr963 Cr991 Cr1,270 Cr1,765 Cr2,037 Cr2,353 Cr3,089 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-8 Cr68 Cr21 Cr16 Cr73 Cr147 Cr45 Cr-224 Cr53 Cr323 Cr
Cash from investing-3 Cr-121 Cr-23 Cr-8 Cr5 Cr-164 Cr-51 Cr-26 Cr-106 Cr-152 Cr
Cash from financing22 Cr81 Cr-26 Cr-2 Cr-4 Cr-11 Cr12 Cr269 Cr20 Cr10 Cr
Net cash flow11 Cr29 Cr-27 Cr6 Cr74 Cr-28 Cr6 Cr19 Cr-33 Cr180 Cr
Free cash flow (OCF − Capex)-14 Cr2 Cr-18 Cr-18 Cr-6 Cr71 Cr-34 Cr-366 Cr-15 Cr130 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %40.7%33.8%36.8%35.4%20.3%31.6%22.4%16.0%8.3%7.6%
ROE %39.4%21.7%24.2%28.2%15.2%24.3%16.5%13.4%4.7%4.4%
Debtor days486051576665815077107
Inventory days9416367826092121150108
Days payable181154134150238190222160194145
Cash conversion cycle-124-53-19-26-90-65-48113371
OCF / EBITDA %-11.2%65.1%14.3%8.1%54.4%57.0%19.7%-85.8%29.4%170.8%
OCF / EBITDA % (3 years)——25.5%23.6%23.2%40.5%42.7%-4.2%-18.8%24.1%
Debt / equity0.700.090.080.170.140.150.180.500.220.25
Current ratio0.951.441.491.391.531.451.391.421.581.33
Net debt / EBITDA0.58-0.32-0.040.19-0.310.050.221.311.070.30