PSP Projects Limited — PPTs, 30-07-2025: Investor Presentation

**Financial Highlights:**

Q1FY26 revenue dropped 16% YoY to ₹512.76 Cr, with EBITDA down 67% to ₹24.46 Cr and PAT near zero (₹0.13 Cr), primarily due to labor shortages and initial project costs. While FY25 revenue was flat, profitability declined. Positively, the FY25 balance sheet improved with increased equity and reduced debt, resulting in a ₹19.59 Cr net cash position and a strong 0.22x debt-equity ratio.

**Strategic Initiatives & Growth Drivers:**

A major driver is the strategic partnership with Adani Infra, expected to bring a significant influx of orders from the Adani Group's planned $100 billion capital expenditure. PSP is also expanding its precast manufacturing capacity for enhanced efficiency and margin gains, alongside a focus on geographical expansion.

**Business Developments:**

PSP Projects completed a ₹244 Cr Qualified Institutional Placement (QIP) in April 2024, primarily for debt reduction. The company's order book stood at ₹6,514 Cr as of June 30, 2025, marking an 11% YoY growth. Q1FY26 new order inflow totaled ₹107 Cr.

**Market Position & Competitive Advantage:**

The company maintains a diversified project portfolio across key construction sectors. Its strong track record and successful completion of landmark projects, including the ₹1,960 Cr Surat Diamond Bourse, position it to bid for larger, higher-value EPC projects, solidifying its market standing.

**Investor Implications:**

The strategic alliance with Adani Group signals strong positive growth potential from a significant pipeline of future orders. However, the recent quarter's sharp profit decline highlights execution risks (labor availability, initial project costs) that investors should monitor. The company’s strengthened balance sheet offers a robust financial foundation.