Quarter Ended: March 2026

PSP Projects – Q4 FY26 Results

NSE

pspproject

BSE

540544

Execution momentum is strong with robust revenue growth, but margin pressures and working capital intensity remain key concerns

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹1,11,524.03 Lakh
  - QoQ Change: +37.2%
  - YoY Change: +65.7%
- Previous Quarter (Q3 FY26): ₹81,279.36 Lakh
- Previous Year (Q4 FY25): ₹67,288.73 Lakh
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹2,109.34 Lakh
  - QoQ Change: +18.3%
  - YoY Change: +226.0%
- Previous Quarter (Q3 FY26): ₹1,783.38 Lakh
- Previous Year (Q4 FY25): ₹646.32 Lakh
QoQ Performance
- Revenue Trend: Strong growth
- Profit Trend: Improving

Margin Analysis

Drivers:

Higher construction expenses scaling with execution
Increase in employee & material costs
Operating leverage partially supporting margins

Insight:

Margins are recovering QoQ but remain structurally tight due to EPC nature

Segment insight

Summary:

PSP Projects operates in EPC (Engineering, Procurement, Construction), driven by project execution cycles

Charcateristics:

High working capital business
Revenue linked to project milestones
Margin-sensitive to input costs
Order book-driven visibility

Earning quality check

Drivers:

Earnings driven by core construction activity
No major exceptional items
Improvement supported by execution scale

Interpretations:

Earnings quality is operationally driven but dependent on execution efficiency and cost control

balance sheet Analysis

Total Assets: ₹3,08,887.82 Lakhs
Total Liabilities: ₹1,82,492.63 Lakhs

Insight:

Balance sheet expanded significantly due to working capital build-up (receivables & cash increase)

key risks

High working capital intensity (receivables spike)
Execution delays impacting cash flows
Cost inflation in raw materials
Dependency on order inflows

management strategy signals

Focus Area:

Scaling project execution
Improving working capital cycle
Maintaining order book growth

Financial metrics table

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Revenue	₹1,115 Cr	+37.2%	+65.7%
Total Expense	₹1,093 Cr	+37.1%	+63.0%
Net Profit	₹21.1 Cr	+18.3%	+226.0%

PSP Projects is showing strong execution-led growth with sharp revenue expansion and improving profitability. However, margins remain thin and working capital intensity is rising sharply, which could impact cash flows. The story remains execution-driven with moderate risk-reward.

Official Exchange Filing: PSP Project Ltd

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

98%

NET PROFIT AS % OF REVENUE

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED