PSP Projects (PSPPROJECT) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue reached ₹694 crore (₹70,286.55 lakh), up 20% year-over-year and 35% sequentially, driven by improved project execution and labor availability post-monsoon.

• Record order book of ₹9,883 crore as of September 30, 2025, with 56% from Adani projects and 51% YoY growth.

• Major operational milestone: world record for a 24,000 cu m continuous concrete pour at Vishv Umiya Dham Temple.

• Strategic partnership with Adani Infra, which holds a 34.41% stake, is expected to drive significant order inflows and strengthen the financial risk profile.

• Net profit after tax for Q2 FY26 was ₹1,616.52 lakh, compared to ₹1,021.73 lakh in Q2 FY25.

Financial highlights

• Q2 FY26 revenue: ₹694 crore (₹70,286.55 lakh) vs ₹578 crore in Q2 FY25 (20% YoY growth); H1 FY26 revenue: ₹1,206 crore (₹1,22,873.55 lakh), up 1.38% YoY.

• Q2 FY26 EBITDA: ₹48 crore, up 24% YoY; EBITDA margin at 6.93% vs 6.72%.

• Q2 FY26 PAT: ₹15 crore, up 33% YoY; H1 FY26 PAT: ₹15 crore, down 67% YoY.

• Earnings per share for Q2 FY26 was ₹4.10, up from ₹2.60 in Q2 FY25.

• Cash and cash equivalents as of September 30, 2025, were ₹5,677.77 lakh.

Outlook and guidance

• FY26 order inflow expected at ₹11,000 crore, with revenue guidance of ₹3,200 crore+ for FY26 and ₹4,000 crore+ for FY27.

• EBITDA margin expected to stabilize at 8-9% in H2 FY26 and beyond as execution improves.

• Ongoing capacity addition in precast manufacturing to meet rising demand.