Psp Projects Limited (PSPPROJECT)

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Psp Projects Limited (PSPPROJECT) · mywealthgrid

About

Psp Projects Limited operates in civil construction within the industrials sector, executing large infrastructure and real estate projects. With a market capitalization of ₹3,652.7 crore and quarterly revenues in the range of ₹700–₹1,100 crore, it is a mid-sized player in India's fragmented construction industry. The company has maintained consistent operating margins of 5–7% over the past two years, indicating a stable project execution model.

Face value: ₹10

Market cap

₹2,959 Cr

P/E

40.3×

P/B

2.3×

Dividend yield

ROE

4.5%

ROCE

9.5%

Debt / equity

0.25

OPM

EPS (TTM)

₹18.5

Book value

₹318.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 49.74 versus ROE of 4.49% signals valuation disconnected from current earnings power; the multiple values the company at 11× its actual return on equity
Operating margin of 6% leaves minimal cushion for cost overruns or input inflation—verify material cost exposure and pricing power with clients
52-week stock volatility (₹575–₹1,099 range) reflects investor uncertainty despite recent 33% appreciation
Project execution risk is inherent to civil construction—verify historical on-time and on-budget delivery track record

Generated analysis · source review pending

Growth drivers

Low D/E of 0.25 provides financial capacity to fund larger project execution if order pipeline expands (verify order backlog and pipeline)
Operating margins of 5–7% sustained over 8 consecutive quarters demonstrate a repeatable execution model that could scale to higher revenue (verify current project wins and contract visibility)
Dividend payments indicate the company generates cash despite low ROE; margin improvement from higher-value project mix would significantly increase returns (verify project type strategy)
Stock appreciated 33% over 12 months, suggesting market is pricing in operational or sector improvement (verify what catalysts are driving investor confidence)

Generated analysis · source review pending

2,306 historical price candles were omitted because the exchange source has not been verified.

₹747.1-4.5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 20.5% over the last 5 years
+High promoter holding of 68.8% with no pledge

Cons

−Low return on equity of 8% (3-yr avg)
−Thin operating margin of 6%
−Profit declined 7.4% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 23
Growth: 68
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,499	1,241	1,748	1,938	2,506	2,512	3,149
COGS	535	396	499	582	790	818	1,188
Gross profit	964	845	1,249	1,356	1,716	1,694	1,961
	773	713	990	1,129	1,456	1,516	1,772
	191	133	259	227	260	178	189
OPM %	12.7%	10.7%	14.8%	11.7%	10.4%	7.1%	6%
Depreciation	27	26	32	40	65	73	87
Interest	15	15	26	32	51	44	45
	24	17	22	25	24	17	17
Profit before tax	173	109	222	180	169	78	74
Tax	45	28	55	48	46	22	19
Tax %	26%	25.4%	24.9%	26.9%	27.2%	28%	25.4%
	128	81	167	132	123	56	56
PAT margin %	8.6%	6.5%	9.5%	6.8%	4.9%	2.3%	1.8%
EPS (₹)	35.7	22.7	46.3	36.7	34.2	14.3	14
EPS adjusted (₹)	35.7	22.7	46.3	36.7	34.2	14.2	14
	14%	17.7%	10.8%	6.8%	0%	0%	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	3	36	36	36	36	36	36	36	40	40
Reserves	60	265	333	418	500	651	765	879	1,169	1,224
Minority interest	0	1	1	1	—	—	—	—	—	—
	46	28	30	77	84	100	145	455	272	317
	140	269	335	431	372	484	819	667	873	1,508
Total equity & liabilities	249	600	735	963	991	1,270	1,765	2,037	2,353	3,089
	53	78	103	108	116	207	240	322	307	413
CWIP	2	2	—	42	42	0	18	3	3	1
Investments	14	16	1	1	1	1	1	1	1	1
	181	504	631	813	833	1,062	1,507	1,711	2,042	2,674
Total assets	249	600	735	963	991	1,270	1,765	2,037	2,353	3,089

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	64.3%	68.1%	71.5%	70%	68.5%	67.4%	62.3%
EBITDA margin %	12.7%	10.9%	14.8%	11.9%	10.4%	7.1%	6%
EBIT margin %	10.9%	8.8%	13%	9.8%	7.8%	4.3%	3.3%
PAT margin %	8.6%	6.5%	9.5%	6.8%	4.9%	2.3%	1.8%
Working capital
Receivable days	57	67	65	82	50	77	108
Inventory days	66	82	60	96	147	145	107
Payable days	148	237	189	231	194	186	143
NWC days	-25	-88	-64	-53	3	35	71
Leverage
Current ratio	1.39	1.53	1.45	1.39	1.42	1.58	1.33
Debt to EBITDA	0.41	0.62	0.39	0.63	1.74	1.51	1.68
Debt to equity	0.17	0.16	0.15	0.18	0.5	0.22	0.25
Interest coverage	12.5	8.4	9.4	6.7	4.3	2.8	2.6
Asset turnover	1.56	1.25	1.38	1.1	1.23	1.07	1.02
Return ratios
Return on assets %	13.3%	8.2%	13.1%	7.5%	6%	2.4%	1.8%
Return on capital employed %	41%	25.2%	39.9%	27.8%	24.5%	11.3%	9.5%
Return on equity %	28.3%	15.1%	24.3%	16.5%	13.4%	4.7%	4.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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%
	4.24%	3.3%	2.31%	7.02%	8.57%	7.63%	7.82%	3.11%	2.58%	2.49%	1.92%	2.1%
	5.4%	5.06%	4.58%	10.5%	10.99%	8.09%	7.99%	2.34%	2.11%	2.18%	2.18%	2.91%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.14%	25.42%	26.89%	22.34%	20.3%	24.14%	24.05%	34.41%	26.49%	26.51%	27.08%	26.17%
No. of shareholders	—	—	—	—	—	—	—	—	33,522	35,636	34,179	32,640

Promoter holding up 2.6 percentage points since Sep 2023.

47 deals · 27 Sept 2021 – 28 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,81,656	₹884.50	₹24.91 Cr
28 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,81,656	₹884.90	₹24.92 Cr
27 Oct 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,90,572	₹917.18	₹35.82 Cr
27 Oct 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,90,572	₹916.72	₹35.80 Cr
27 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,25,539	₹878.58	₹19.82 Cr
27 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,25,539	₹879.86	₹19.84 Cr
27 Oct 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	2,08,819	₹925.69	₹19.33 Cr
27 Oct 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	1,10,483	₹912.66	₹10.08 Cr
4 Aug 2025	PRAHALADBHAI SHIVRAMBHAI PATEL	Bulk	BSE	Sell	91,00,000	₹640.01	₹582.41 Cr
4 Aug 2025	ADANI INFRA (INDIA) LIMITED	Bulk	BSE	Buy	86,55,045	₹640.00	₹553.92 Cr

1–10 of 47

1 / 5

Mr. PRAHALADBHAI SHIVRAMBHAI PATELExecutive Director-Chairperson related to Promoter-MD
Mr. SAGAR PRAHLADBHAI PATELExecutive Director
Hetal PatelChief Financial Officer
Mrs. ACHALA MONAL PATELNon-Executive - Independent Director
Mrs. SWATI HARESH MEHTANon-Executive - Independent Director
Mr. KATTUNGA SRINIVASA RAONon-Executive - Non Independent Director
Mr. GIRISHKUMAR SINGALNon-Executive - Independent Director
Ms. Pooja Prahladbhai PatelChief Executive Officer
Ms. Pooja DhruveCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

2.48%

of the company's equity

All mutual funds

2.53%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
Infrastructure Fund	ICICI Prudential Mutual Fund	4.86 L	42.6	0.5%	1.227%	-199
Manufacturing and Infrastructure Fund	Bank of India Mutual Fund	2.25 L	19.72	2.08%	0.568%	+12,662
Multi Cap FUND	Bank of India Mutual Fund	1.57 L	13.79	1.03%	0.397%	-0
ELSS - TAX SAVER FUNDNEW	Tata Mutual Fund	89,190	7.82	0.16%	0.225%	—
DIVIDEND YIELD FUND	Tata Mutual Fund	24,589	2.16	0.19%	0.062%	+6,050
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	36	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

7

Final dividend1 Sept 2023 · ex-date₹2.5
Final dividend19 Sept 2022 · ex-date₹5
Final dividend8 Sept 2021 · ex-date₹4
Interim dividend19 Mar 2020 · ex-date₹5
Final dividend6 Sept 2019 · ex-date₹5
Final dividend18 Sept 2018 · ex-date₹5
Final dividend14 Sept 2017 · ex-date₹2.5

1

Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

12 announcementsExport CSV

28 Sept 2026, 10:47 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 12:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

16 Sept 2026, 12:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Cessation

Cessation PDF

30 Jul 2026, 6:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

30 Jul 2026, 2:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

30 Jul 2026, 1:59 pmResult

Unaudited Financial Result For The Quarter Ended On June 30, 2026

Financial Results PDF

30 Jul 2026, 1:51 pmBoard Meeting

Board Meeting Outcome for Board Meeting Held On 30.07.2026

Outcome of Board Meeting PDF

21 Jul 2026, 2:56 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
28 Sept 2026, 10:47 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 12:36 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	64.3%	68.1%	71.5%	70%	68.5%	67.4%	62.3%
EBITDA margin %	12.7%	10.9%	14.8%	11.9%	10.4%	7.1%	6%
EBIT margin %	10.9%	8.8%	13%	9.8%	7.8%	4.3%	3.3%
PAT margin %	8.6%	6.5%	9.5%	6.8%	4.9%	2.3%	1.8%
Working capital
Receivable days	57	67	65	82	50	77	108
Inventory days	66	82	60	96	147	145	107
Payable days	148	237	189	231	194	186	143
NWC days	-25	-88	-64	-53	3	35	71
Leverage
Current ratio	1.39	1.53	1.45	1.39	1.42	1.58	1.33
Debt to EBITDA	0.41	0.62	0.39	0.63	1.74	1.51	1.68
Debt to equity	0.17	0.16	0.15	0.18	0.5	0.22	0.25
Interest coverage	12.5	8.4	9.4	6.7	4.3	2.8	2.6
Asset turnover	1.56	1.25	1.38	1.1	1.23	1.07	1.02
Return ratios
Return on assets %	13.3%	8.2%	13.1%	7.5%	6%	2.4%	1.8%
Return on capital employed %	41%	25.2%	39.9%	27.8%	24.5%	11.3%	9.5%
Return on equity %	28.3%	15.1%	24.3%	16.5%	13.4%	4.7%	4.4%

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	70	21	73	147	45	-224	53	323
	-19	-122	-23	5	-164	-51	-26	-106	-152
	17	81	-26	-4	-11	12	269	20	10
Net cash flow	11	29	-27	74	-28	6	19	-33	180
Free cash flow	—	—	—	-6	71	-34	-366	-15	130
CFO / Operating profit %	—	—	—	54.5%	57%	19.7%	-85.8%	29.4%	170.8%

Psp Projects Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

7

1

Announcements

7

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Psp Projects Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends7

Board meetings1

Announcements

Dividends7

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

7

1

7

1