PSP Projects (PSPPROJECT) Q4 24/25 earnings summary

Executive summary

• FY25 revenue from operations was INR 2,468 crore (₹2,51,212.57 lakh), nearly flat year-over-year, despite a record order book of INR 7,266 crore (up 20%) and record order inflow of INR 3,506 crore.

• Net profit after tax for FY25 was ₹12,297.27 lakh, with EBITDA and PAT margins declining due to project delays and one-time costs.

• Entered a strategic agreement for Adani Infra to acquire up to 30.07% promoter stake, expected to enhance order inflow and financial risk profile.

• Performance was subdued due to delays in key projects and slower-than-expected progress on new awards.

• 13 projects completed and 22 new projects awarded in FY25, including major works for Adani, Coca-Cola, and Palladium Mall.

Financial highlights

• Q4 FY25 revenue: INR 655 crore (up 1% YoY); EBITDA: INR 30 crore (down 41% YoY); Net profit: INR 4.8-5 crore (down 68% YoY).

• FY25 EBITDA: INR 178 crore (down 32% YoY); PAT: INR 56 crore (down 55% YoY); EBITDA margin: 7.2% (down from 10.6%); PAT margin: 2.3% (down from 5%).

• CapEx for FY25: INR 61 crore; gross block: INR 599 crore; net block: INR 307 crore.

• Debt-to-equity ratio improved to 0.22x in FY25 from 0.50x in FY24; net debt position was negative at -₹19.59 crore.

• Earnings per share (EPS) for FY25 was ₹34.16, up from ₹14.32 in FY24.

Outlook and guidance

• FY26 revenue expected to exceed INR 3,000 crore, with more precise guidance after Q1 as Adani projects progress.

• EBITDA margin guidance revised to 8%-9% (from 9%-10%) due to industry and execution challenges.

• Order inflow guidance for FY26: INR 4,000-5,000 crore, with 80%-90% expected from Adani Group.

• Focus remains on timely project execution, quality, and leveraging new technologies for growth.

• CapEx for FY26 projected at 3%-5% of revenue, possibly higher due to large Adani projects.