PSP Projects share price today

PSP Projects Ltd's share price was ₹756.35 at the close on 4 November 2026. It has been falling for 3 weeks. That is 9.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹609 and ₹1,069, and at that close it sat 32% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today PSP Projects Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 14 weeks running.

Over the last 9.4 years the share price moved +248% while the NIFTY 500 moved +160%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 31 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: revenue up on a year earlier for 4 quarters in a row.

1. Revenue up on a year earlier for 4 quarters in a row

   In the June 2026 quarter revenue was ₹853 crore, +64.7% on a year earlier.

   Why: Revenue rose because work for Adani is the main thing making the company bigger, and PSP is running dozens of Adani projects alongside its other jobs.

   Next results: check whether new order intake meets the company's full-year plan and whether the order book is growing.

   From the earnings call on 28 Sep 2026.

For April to June 2026 (the quarter ended 30 June 2026), PSP Projects reported revenue of ₹853 crore, up 64.7% from ₹518 crore a year earlier, and a profit of ₹18.0 crore.

PSP Projects results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

PSP Projects' management discussed these results on a call held on 28 September 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

PSP Projects closed at ₹756.35 on 4 November 2026, down 20.9% from ₹956.30 a year earlier (7 November 2025) and up 41.7% over five years. Its highest weekly close since June 2017 was ₹1,069.20 on 10 July 2026.

PSP Projects share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

499 weekly closes from 2 June 2017 to 4 November 2026.

4 Nov 2026: PSP Projects closed at ₹756.35, up 9.4% on the week and up 1.2% on the month. 28 Sep 2026: PSP Projects held its results call for April to June 2026. Management guided: Full-year order inflow ₹5,000-6,000 crore.

Earlier

• Results for April to June 2026: Revenue up 64.7% on a year earlier.
• Our read, 27 Jun 2026: A Gujarat-anchored EPC company riding an Adani-fuelled order tsunami, thesis lives or dies on whether trough operating margin recovers to the guided seven to eight percent as the project mix normalises.

Our read of the business

Latest quarter: Record quarterly revenue at 1,115 Cr (+66% on a year earlier), operating profit operating leverage present but profit still compressed at 21 Cr due to depreciation and interest.

Our read after the latest results, written 27 June 2026.

PSP Projects paid no dividend in the 12 months to 5 November 2026. The last was a dividend of ₹2.50 a share, ex-date 1 September 2023.

PSP Projects dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Not in its latest year. PSP Projects Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 8 of its last 11 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 28 September 2026, PSP Projects' management guided: Full-year order inflow ₹5,000-6,000 crore.

“Building PSP to a level where the entire Adani capex is executed by PSP would be difficult because of the time and speed required. More contractors will need to come on board.”Prahladbhai Patel, Chairman and Managing Director, on the call for April to June 2026

What management guided

• Adani/non-Adani order-book mix to stay near 70/30, with external share at 25-35%; group wants PSP positioned for 30-35% annual growth.
• Commonwealth tenders expected by third-quarter end, large projects could start by December; remaining labor needs expected covered by then.
• CEO expected to join within 1-2 months.
• PSP capability envisaged at 3X-4X over 3-4 years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 28 September 2026.

What is changing at PSP Projects, from the latest results and calls: interest cost elimination, operating margin recovery on project mix normalisation and order book conversion momentum.

• Interest Cost Elimination. FY26 interest of 45 Cr guided to nil within two to three quarters as 814 Cr of interest-free Adani mobilisation advances replace bank borrowings, a direct 33 Cr profit uplift at the 27% effective tax rate. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 27 June 2026.

Order book 13,447 Cr (up 85% on a year earlier) with government projects 55% vs 43% prior; Adani/group represents 9,000 Cr (67% of total); average project lifecycle 2-3 years.

• FY27 Adani order inflow minimum reduced from 7,000-8,000 Cr (Jan 2026) to 6,000 Cr (Apr 2026) without acknowledging it as a revision, a 14-25% cut to the core growth driver expectation. ✓ fact
• FY27 order inflow expectations ₹7,000-8,000 crores total: ₹6,000+ from Adani, ₹1,000-2,000 non-Adani; Stadium tenders (potential ₹7,000-8,000 crores) with RFPs expected April to June 2026 end; parent group indicated ₹15,000 crore total forward pipeline. ✓ fact
• Adani concentration in order book rose from 27% (June 2025 concall disclosure) to 67% (Mar 2026 / Apr 2026 concall disclosure) in approximately 9 months, derived from cross-call comparison. ✓ fact

Our read after the latest results, written 27 June 2026.

Operating margin fails to recover above 6.5% for two consecutive quarters in FY27 despite revenue scaling above 4,000 Cr, meaning the margin trough is structural (Adani economics permanently sub-seven percent) rather than execution-phase transient; or Adani-group projects experience a documented payment delay extending receivables above 120 days on a project above 500 Cr, signalling the client-concentration risk has crystallised.

Each change stops working if

• Interest Cost Elimination: Adani mobilisation advance flows slow or reverse, either Adani pauses project execution or PSP is forced to borrow for working capital as receivables extend beyond 120 days.
• Operating margin Recovery on Project Mix Normalisation: Two consecutive quarters of operating margin below 6.5% despite revenue above 4,000 Cr annual run-rate, indicating Adani project economics are structurally sub-guided rather than execution-phase transient.

Our read after the latest results, written 27 June 2026.

When PSP Projects reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Next results: order declarations and Adani/non-Adani mix - check intake against the annual inflow framework and order-book trajectory.

PSP Projects is not on any of our India lists this week.

PSP Projects Ltd earned ₹18.0 Cr of net profit in the Jun 2026 quarter. Full-year FY26 profit was ₹56.0 Cr. Over 10 years profit has grown 9.3% a year on average. That is 2.1% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

On average over the last four quarters, profit changed +190.0% and revenue +44.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

PSP Projects Ltd reported ₹853 Cr of revenue in the Jun 2026 quarter, +64.7% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 20.9% a year on average. The last full year, FY26, came in at ₹3,149 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹3,484 Cr.

FY26 revenue was ₹3,149 Cr, +25.4% on the year before.

Recent pace: the last four quarters grew +44.9% on average, against 20.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +44.7%, against +15.4% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +247.6%, against −22.3% a year (accelerating).

PSP Projects Ltd's operating margin was 6.0% in the Jun 2026 quarter, 1.2 percentage points higher than the same quarter a year ago. Across 11 years it has been between 6.0% and 15.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. OPM declined from 12% in FY23 to 6% in FY26 per C001 and C033 as PSP shifted project mix toward early-stage Adani contracts. Q2 and Q3 FY26 both printed 7% EBITDA per C010, up from the 5% trough, suggesting the recovery is starting. Management guided seven to eight percent for FY27 per C006. Gross margin data per C031 shows GPM held 12-14% throughout the trough, confirming contract-level economics are intact, the compression is in SGA and employee costs from new Adani project hiring that precedes revenue ramp.

Why the margin moved: operating margin changed +1.6 percentage points on the year while gross margin changed −0.1 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years, 65% of PSP Projects Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹323 Cr of operating cash against ₹56.0 Cr of profit. After ₹191 Cr of spending on assets, ₹132 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 65% of profit came in as cash: the cash cycle got 159 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 159 days longer. The next section looks at where the cash is stuck.

PSP Projects Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 71 days in FY26, up from −88 days in FY21. It spent ₹381 Cr on assets over the last 3 years. Customers take 108 days to pay, and stock sits for 107 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹3,149 Cr, each day of that cycle ties up about ₹8.6 Cr, so roughly ₹613 Cr is tied up in the business at any time.

FY26: customers took 108 days to pay and stock sat for 107 days, about 3.5 months of sales sitting as stock, for a full cycle of 71 days, longer than FY21's −88.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 107 days. Customers pay about 108 days after that. Suppliers are paid at 143 days. Together that makes the 71-day cycle.

Spending on assets: ₹381 Cr over the last 3 years, against ₹225 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

PSP Projects Ltd's P/E is 40.8×, near the high end of its own history: higher than 75% of past readings. Its usual P/E (the middle reading) is 21.2×, over 9.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why this happened. PSP's FY26 PAT was 56 Cr on EBITDA of 190 Cr per C001. Interest consumed 45 Cr annually per C005, and the CFO committed explicitly to interest-free status within two to three quarters, citing 814 Cr of interest-free mobilisation advances from Adani that structurally displace bank borrowings per C005. At 27% tax rate, 45 Cr of interest saved is approximately 33 Cr of net PAT, a 59% uplift on FY26 reported 56 Cr. This is the most mechanical catalyst because it is tied to a contractual advance structure rather than a market or pricing variable.