PSP Projects has accepted the resignation of Shashikant Sharma from his role as General Manager - MEP. His last working day is set for September 15, 2026.

The company disclosed the change in senior management personnel to the stock exchanges on September 16, 2026. The filing cites "future growth" as the reason for Sharma's departure.

Resignation Details

Sharma submitted his resignation letter on July 31, 2026. He requested an early release from his standard 90-day notice period, asking for September 15, 2026, to be treated as his final day of employment.

The remaining notice period will be processed according to company policy, including any applicable adjustments or waivers. Sharma confirmed he would ensure a proper handover of responsibilities and pending assignments before his exit.

Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also aligns with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, issued on July 11, 2023, and updated on January 30, 2026.

Pooja Dhruve, Company Secretary and Compliance Officer of PSP Projects, signed the disclosure filed with both the BSE and NSE.

PSP Projects Limited delivered a robust first-quarter performance for FY27, reporting a 65% year-on-year (YoY) increase in revenue from operations to ₹853 crore and a 121% YoY jump in EBITDA to ₹55 crore for the quarter ended June 30, 2026. The company’s net profit surged approximately 50 times to ₹18 crore from ₹37 lakh in the corresponding period of the previous year, driven by improved execution momentum across key projects. Management highlighted that the order book expanded by 103% YoY to ₹13,245 crore, providing strong multi-year revenue visibility despite seasonal headwinds in the construction sector.

The filing was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference number PSPPROJECT/SE/29/26-27 dated August 05, 2026. The transcript of the earnings conference call held on July 30, 2026, hosted by Ernst & Young, provides detailed insights into the financial results and operational updates. The communication was signed by Pooja Dhruve, Company Secretary and Compliance Officer.

Financial Performance Highlights

Revenue from operations rose significantly from ₹518 crore in Q1FY26 to ₹853 crore in Q1FY27. EBITDA margin improved to 6.42% from 4.79%, while net profit margin expanded to 2.12% from 0.07%. Employee costs increased from ₹35 crore to ₹46 crore due to annual increments and headcount growth from 2,400 to 2,600 employees. Depreciation rose from ₹17 crore to ₹26 crore, attributed to asset additions in FY26 and Q1FY27. Capital expenditure during the quarter stood at ₹28 crore.

Order Book and Project Updates

As of June 30, 2026, the outstanding order book stood at ₹13,245 crore, with within-group projects accounting for approximately 70% and external projects contributing 30%. During the quarter, the company completed six projects and secured new order inflows of ₹630 crore, 93% of which were from the Adani Group. Key orders included the Adani Healthcare and Research Foundation project in Mumbai, an airport office building at T1 Mumbai, and refurbishment work at Mundra port.

Major ongoing projects include the Shree Ambaji Mata Temple (₹962 crore), SMC High-Rise Building (₹693 crore), and the FinTech building at GIFT City Gujarat (₹259 crore). The bid pipeline stands at over ₹6,200 crore, comprising 61% group projects and 39% external projects. Management noted that most major projects have moved beyond initial excavation stages into core construction, enhancing execution efficiency.

Balance Sheet and Working Capital

The standalone balance sheet as of June 30, 2026, shows long-term borrowings of ₹38 crore (including ₹19 crore short-term maturities) and short-term borrowings of ₹217 crore. Trade receivables stood at ₹745 crore, while net unbilled revenue was ₹473 crore. Mobilization advances totaled ₹836 crore, all of which are interest-free. Inventories comprised ₹205 crore of construction material, ₹137 crore of work-in-progress, and ₹19 crore of finished goods. Out of a sanctioned credit facility of ₹1,497 crore, the company utilized ₹678 crore in non-fund-based facilities and ₹166 crore in fund-based facilities, leaving ₹653 crore available.

What the Numbers Show

The significant margin expansion in Q1FY27 is partly attributable to operational leverage as projects move into higher-value construction phases. However, management cautioned that employee costs remain elevated at 5.39% of sales due to seasonal labor deficits in April and May. Chairman Prahaladbhai Patel indicated that margins could improve to the 7-8% range in the second half of FY27 as labor availability normalizes and sales volume increases. The company expects to achieve net debt-free status in the next two to three quarters, supported by surplus fixed deposits and reduced working capital utilization. With Adani Group projects constituting a major share of the order book and revenue, PSP’s performance remains closely linked to the group’s infrastructure development pipeline.