PSP Projects (PSPPROJECT) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 771 crore (₹81,279.36 lakhs) in Q3 FY26, up 24% year-over-year and 11% sequentially, driven by strong project execution and improved labor deployment.

• Net profit after tax for the quarter was INR 16 crore (₹1,783.38 lakhs), a 159% year-over-year increase.

• Outstanding order book as of December 31, 2025, stood at INR 9,178 crore, up 43% year-over-year.

• Strategic partnership with Adani Infra, which holds a 34.41% stake, is expected to drive future order inflows and enhance financial stability.

• Five major projects completed in Q3, including Veer Savarkar Sports Complex and Ahmedabad Airport terminals.

Financial highlights

• Q3 FY26 revenue from operations: INR 771 crore vs INR 623 crore in Q3 FY25 (24% YoY growth); 9MFY26 revenue reached INR 1,978 crore, up 9% YoY.

• Q3 FY26 EBITDA: INR 52 crore (47% YoY growth); EBITDA margin at 6.73%; PAT margin at 2.02%.

• Net profit: INR 16 crore vs INR 6 crore (159% YoY growth); 9MFY26 PAT dropped 40% YoY to INR 51 crore.

• Order inflow during Q3 FY26 was INR 957 crore, a 151% year-over-year increase; 9MFY26 order inflows were INR 4,994 crore, up 173% YoY.

• CapEx for Q3: INR 80 crore; YTD CapEx: INR 153 crore; gross block at INR 762 crore, net block at INR 414 crore.

Outlook and guidance

• FY26 revenue guidance reaffirmed at INR 3,100–3,200 crore, with Q4 expected to deliver INR 1,100–1,200 crore.

• FY27 revenue expected in the INR 4,000–4,500 crore range; order inflow for FY27 guided at INR 7,000–8,000 crore.

• EBITDA margin expected to normalize to 8–9% from FY27, as one-time labor code impact will not recur.

• Positioned to benefit from Adani Group’s planned $100 billion capex pipeline over the next decade.

• Ongoing capacity addition in precast manufacturing to meet rising demand in civil and infrastructure projects.