PSP Projects Limited , a prominent player in the construction sector, has reported a robust performance for the second quarter of fiscal year 2026, with significant growth in revenue and order book.

Strong Revenue Growth

The company posted a revenue of Rs 694.00 crore for Q2FY26, marking a substantial year-over-year (YoY) growth of 20% and an impressive quarter-over-quarter (QoQ) growth of 35%. This improved performance is attributed to enhanced project execution, primarily driven by better workfront availability and improved labor conditions following the monsoon season.

Order Book Expansion

As of September 30, 2025, PSP Projects' outstanding order book stood at Rs 9,883.00 crore, reflecting a remarkable YoY growth of 51%. The company secured new orders worth Rs 4,011.00 crore during the quarter, with a significant portion coming from the Adani Group. Notably, Adani projects now comprise 56% of the company's total outstanding order book.

Financial Highlights

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) saw a 24% increase to Rs 48.00 crore, with margins improving to 6.93%. Net profit grew by 33% to Rs 15.00 crore, demonstrating the company's ability to translate revenue growth into bottom-line improvement.

Project Execution and Future Outlook

PSP Projects achieved a significant milestone during the quarter by completing a world record concrete pour of 24,000 cubic meters in just 54 hours for the Vishv Umiya Dham Temple project in Ahmedabad. This feat, recognized by the Golden Book of World Records, showcases the company's exceptional efficiency and engineering capabilities.

The management expects revenue to exceed Rs 2,000.00 crore in the second half of FY26, potentially pushing the full-year revenue to around Rs 3,200.00 crore. With a strong bid pipeline of approximately Rs 8,500.00 crore, including Rs 7,000.00 crore from Adani Group projects, the company anticipates its order book could reach Rs 14,000.00-15,000.00 crore by March 2026.

Working Capital and Debt Management

The company's working capital days increased to 102 days from 65 days, primarily due to higher receivables. However, management expects improvement in the third quarter, supported by mobilization advances from Adani Group projects. The company has received mobilization advances of around Rs 400.00 crore from the Adani Group, which is expected to help in reducing debt levels and optimizing working capital.

Conclusion

PSP Projects' strong performance in Q2FY26, coupled with its expanding order book and strategic partnership with the Adani Group, positions the company well for sustained growth. As it continues to execute its diverse project portfolio and leverage its precast capabilities, PSP Projects appears poised to capitalize on the growing infrastructure development opportunities in India.

Investors and market watchers will be keen to observe how the company manages its working capital and executes its large order book in the coming quarters, particularly given the significant contribution from Adani Group projects to its future growth prospects.

PSP Projects Limited , a leading construction company, has reported a robust financial performance for the second quarter of the fiscal year 2025-26. The company's consolidated results show significant growth in both revenue and profitability, underlining its strong market position and operational efficiency.

Financial Highlights

PSP Projects has demonstrated impressive growth, with its net profit surging by 59.00% year-over-year to ₹162.00 million in Q2 FY 2025-26, up from ₹102.00 million in the same quarter last year. This substantial increase in profitability showcases the company's ability to enhance its bottom line effectively.

The company's top-line performance was equally strong, with revenue climbing to ₹694.00 crore, marking a 20.00% increase from the corresponding quarter of the previous fiscal year. This growth in revenue indicates PSP Projects' success in securing and executing new projects, as well as potentially benefiting from improved market conditions in the construction sector.

Operational Performance and Order Book

PSP Projects reported a significant quarter-over-quarter increase of 35% in revenue. For the half-year period, revenue stood at ₹1,206.00 crore, showing a modest 1.38% yearly growth.

The company's order book reached ₹9,883.00 crore as of September 30, 2025, representing a substantial 51% growth compared to the previous year. Notably, Adani projects comprise 56% of the current order book, while non-Adani projects account for the remaining 44%. During the period, PSP Projects received order inflows of ₹3,185.00 crore.

Notable Achievements and Corporate Developments

PSP Projects achieved a world record by completing a continuous concrete pour of 24,000 cubic meters in 54 hours for the Vishv Umiya Dham Temple foundation in Ahmedabad, showcasing its technical prowess and project execution capabilities.

In a significant corporate development, Adani Infra has acquired a 34.41% stake in the company and is now classified as a promoter. This strategic investment could potentially open up new opportunities for PSP Projects in the infrastructure sector.

Financial Stability

The company maintains a debt-equity ratio of 0.29 times, indicating a strong financial position and conservative leverage. PSP Projects currently has 63 ongoing projects and has completed 248 projects to date, demonstrating its extensive experience and project execution track record.

Conclusion

PSP Projects' robust Q2 performance and growing order book set a positive tone for the company. Its ability to secure new orders, maintain a diverse project portfolio, and achieve significant growth in both revenue and profitability reinforces its position as a key player in the Indian construction industry. The company's growing order book, strategic partnerships, and financial stability provide a solid foundation for its operations in the construction sector.