PSP Projects Ltd. shareholders have approved significant changes to the company's Articles of Association (AOA), granting special rights to Adani Infra (India) Limited and existing promoters. This decision, made through a postal ballot on November 5, 2025, marks a notable shift in the company's governance structure.

Key Changes in Articles of Association

The amended and restated AOA incorporates several important provisions:

Board Composition and Nomination Rights

• The board will consist of 8 directors
• Nomination rights are tied to shareholding percentages:
  • 20% or more shareholding: Right to nominate 2 directors each
  • 10% to less than 20% shareholding: Right to nominate 1 director each
  • Less than 10% shareholding: No nomination rights

Committee Representation

• The nomination rights extend to Board committees

Executive Management Positions

• Adani Infra gains the right to nominate individuals for certain executive roles

Reserved Matter Rights

• Both Adani Infra and existing promoters have veto powers on specific matters when holding 10% or more shares

Information and Inspection Rights

• Both parties receive rights to information and inspection on specified matters

Governance Implications

These changes significantly alter PSP Projects' governance structure, potentially impacting decision-making processes and strategic direction. The special rights granted to Adani Infra and existing promoters create a more complex governance framework, balancing the interests of these major stakeholders.

Background

The amendments stem from agreements dated November 19, 2024, including:

• A Share Purchase Agreement between Prahaladbhai S. Patel and Adani Infra (India) Limited
• A Shareholders' Agreement involving the company, Adani Infra, and various members of the Patel family and associated trusts

Regulatory Compliance

The company states that these changes comply with Regulation 31B of SEBI Listing Regulations. The effectiveness of these special rights is set for August 5, 2025, aligning with the SPA Closing Date and Shareholders' Agreement terms.

Shareholders and potential investors should note that these governance changes could have significant implications for the company's future operations and strategic decisions. As always, it's advisable to consider such corporate actions carefully when making investment decisions.

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.