# PSP Projects share price today (PSP Projects Ltd, NSE: PSPPROJECT)

> PSP Projects share price today: ₹722.45 at the NSE close on 3 November 2026, down 22.2% in a year. PSP Projects (NSE: PSPPROJECT) is worth ₹2,862 crore, trades at a P/E of 38.9 and has closed between ₹609.20 and ₹1,069.20 over the past 52 weeks. > PSP Projects Ltd's share price has fallen more than its earnings. Earnings per share fell 1.5% in a year while the price moved −22.2%. PSPPROJECT · Construction & Contracting · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/psp-projects-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹722.45 (−22.2% in a year)
- P/E: 38.9× (higher than 73% of the last 9.4 years)
- Revenue (Jun 2026): ₹853 Cr (+64.7% on a year ago)
- Profit (Jun 2026): ₹18.0 Cr
- Operating margin: 6.0% (+1.2 points on a year ago)
- ROCE: 8%, FY26
- ROIC: 8.0%, against a 12.0% cost of capital: −4.0 points

The main question: foreign institutions moved −6.3 percentage points over 8 quarters while the business went the other way. ## What is the PSP Projects share price today? PSP Projects Ltd's share price was ₹722.45 at the close on 3 November 2026. It has been falling for 3 weeks. That is 13.4% 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 25% of the way up from that low. 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 +232% 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. ## What changed at PSP Projects this quarter? 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. ## What are PSP Projects' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹853 crore | ₹518 crore | +64.7% |
| Profit | ₹18.0 crore | ₹0.00 crore | n/a |
| Earnings per share | ₹4.63 | ₹0.11 | +4,109.1% |
| Operating margin | 6.0% | 4.8% | +1.2 points |

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.)

## What is the PSP Projects share price history? PSP Projects closed at ₹722.45 on 3 November 2026, down 22.2% from ₹928.80 a year earlier (31 October 2025) and up 35.4% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹732.15 | −1.3% |
| 1 month ago · 1 Oct 2026 | ₹747.10 | −3.3% |
| 6 months ago · 30 Apr 2026 | ₹787.15 | −8.2% |
| 1 year ago · 31 Oct 2025 | ₹928.80 | −22.2% |
| 3 years ago · 3 Nov 2023 | ₹782.85 | −7.7% |
| 5 years ago · 4 Nov 2021 | ₹533.70 | +35.4% |
| Earliest and lowest weekly close in our records · 2 Jun 2017 | ₹217.50 | +232.2% |
| Highest weekly close since June 2017, also the 52-week high · 10 Jul 2026 | ₹1,069.20 | −32.4% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹609.20 | +18.6% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (499 weekly closes from 2 June 2017 to 3 November 2026.)

## What is the latest news on PSP Projects? 3 Nov 2026: PSP Projects closed at ₹722.45, down 1.3% on the week and down 3.3% 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.)

## What dividend does PSP Projects pay? PSP Projects paid no dividend in the 12 months to 4 November 2026. The last was a dividend of ₹2.50 a share, ex-date 1 September 2023. ### PSP Projects dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 1 Sep 2023 | ₹2.50 | Dividend | 2 Sep 2023 |
| 19 Sep 2022 | ₹5 | Dividend | 20 Sep 2022 |
| 8 Sep 2021 | ₹4 | Dividend | 11 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did PSP Projects management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/28855-28-Sep-2026.pdf). (From the call for April to June 2026, 28 September 2026.)

## What is the future of PSP Projects? What is changing in the business? 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.)

## What is PSP Projects' order book? 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.)

## What could change the PSP Projects story? What are the risks? 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.)

## What to watch in PSP Projects' next results? 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. - What to check (from the call)
- Next results: order declarations and Adani/non-Adani mix - check intake against the annual inflow framework and order-book trajectory. - Commonwealth tender issuance and PSP qualification - check packaging, award scope and whether bidding moves beyond government discussion. - Debtor-cycle improvement - check whether foundation-stage projects convert spending into revenue and collections improve. ## Which stock lists is PSP Projects on? PSP Projects is not on any of our India lists this week. ## Is PSP Projects profitable? 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. 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. ## How much revenue does PSP Projects make, and is it growing? 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. 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). ## How much of every ₹100 of sales does PSP Projects keep? 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. 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. ## Is PSP Projects' profit turning into cash? 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. 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. ## Where does PSP Projects' cash go? 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. 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. ## What is PSP Projects' P/E ratio, and how does it compare with its own history? PSP Projects Ltd's P/E is 38.9×, near the high end of its own history: higher than 73% 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. 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. Why the multiple is where it is: over the past year earnings per share moved −1.5% while the price moved −22.2%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +6.2% a year; about −12.8% a year came from earnings growth and about +19.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the PSP Projects business getting better or worse? PSP Projects Ltd's business is turning around. Profit growth has swung from −70.7% at its low to +247.6%, improving for 3 quarters in a row, with ROCE rising at 11.3%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the PSP Projects story, and has it been checked? PSP Projects Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 27 June 2026. A Gujarat-anchored EPC company riding an Adani-fuelled order tsunami, thesis lives or dies on whether trough OPM recovers to the guided seven to eight percent as the project mix normalises. What is proven. A Gujarat-anchored EPC company riding an Adani-fuelled order tsunami, thesis lives or dies on whether trough OPM recovers to the guided seven to eight percent as the project mix normalises. What is not proven yet. OPM 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. What would change our mind. OPM 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. What the company does. Order book at 13,447 Cr (85% YoY) provides multi-year revenue cover; 67% is Adani work where Adani supplies materials, eliminating commodity price risk on two-thirds of the backlog. Interest cost elimination, 45 Cr FY26 toward nil, CFO committed within two to three quarters, adds directly to PAT; combined with OPM recovery this creates a PAT step-change not yet in the P&L. What the surface reading misses. The surface reading is: ROCE 8%, low-quality business with poor capital returns The research reads it further: ROCE at 8% is a trough reading driven by compressed EBIT (the same OPM trough as C002) on a rising asset base from FY26 capex of 191 Cr per C013; through-cycle ROCE of approximately 35% per the durability atoms in the bundle and ROCE of 9% in FY25 and 10% in FY24 per C011 confirm this is a cyclical low, not the structural level

Lever 8 · Demerger or value unlock: building. 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 PAT uplift at the 27% effective tax rate. What proves it keeps working: Interest Cost Elimination. It stops working if 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. Lever 1 · Operating leverage: building. OPM at the 7th percentile of own ten-year history; projects moving from early-stage mobilisation into MEP and finishing phases where margin accretion from operating leverage is concall-confirmed. What proves it keeps working: OPM Recovery on Project Mix Normalisation. It stops working if Two consecutive quarters of OPM 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. Lever 5 · Regulatory approval: building. Order book 13,447 Cr (85% YoY) per C004 at a two to three year average project lifecycle provides annualised executable capacity covering the guided FY27 revenue range. What proves it keeps working: Order Book Conversion Momentum. It stops working if FY27 order inflows fall below 5,000 Cr (vs guided 7,000-8,000 Cr per C024), particularly if Adani group pauses project awards, this would signal the revenue growth trajectory beyond FY27 is impaired. Sources: our stock research file (27 June 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did PSP Projects management deliver what it promised? What PSP Projects Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Commonwealth Tender Timeline Slipped · 28 September 2026. In Apr 2026, management expected the Commonwealth tenders to arrive during the current quarter, whereas by Sep 2026 management said they had still not started and that it was uncertain when they would come. This represents a multi-month reset for a potential major order opportunity, without a specific new development being provided to explain the delay. Working Capital Improvement Deferred · 28 September 2026. In Apr 2026, management said trade receivable days would not lengthen and should be within 60 days going forward. In Sep 2026, the call referenced debtor days of 103 days versus 78 days, while management deferred the expected improvement to the second and third quarters and attributed the pressure to projects beginning before service orders were completed. Labor Requirement Rose Beyond Prior Plan · 28 September 2026. In Jul 2026, management said its labor requirement was 16,000-17,000, that it was almost fully covered, and that only another 3,000-4,000 workers were expected over the next one or two quarters. In Sep 2026, it reported more than 26,000 workers while still describing an 8%-12% availability gap, a materially higher staffing requirement and an unresolved shortfall that was not reconciled to the prior plan. FY27 Revenue Guidance Softened · 30 July 2026. In April 2026, management stated a firm FY27 revenue goal of INR4,500 crores. Every quote above is taken word for word from the company’s own earnings calls. ## How much does PSP Projects earn on its capital? PSP Projects Ltd earned a ROCE of 8% in FY26. Its return on capital used (ROIC) is 4.0 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 1.8% net margin and 1.02× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 1.8% net margin × 1.02× asset turnover × 2.44× leverage (assets divided by equity) ≈ 4.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 8.0% − 12.0% = −4.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 8.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 6.3%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does PSP Projects have too much debt? PSP Projects Ltd has total debt of ₹330 Cr against shareholder equity of ₹1,264 Cr as of Jun 2026, so its debt is 0.26× its equity, which is very little. Year by year, that ratio went from 0.15 in FY22 to 0.26 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the PSP Projects shareholding pattern? Promoters raised their stake in PSP Projects Ltd by 8.7 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 68.8% of the company. Domestic institutions moved −7.9 points over the same period, to 3.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +8.7 points over 8 quarters, to 68.8%; Domestic institutions: −7.9 points over 8 quarters, to 3.0%; Foreign institutions: −6.3 points over 8 quarters, to 2.3%. Why the owners changed: promoters drove it (+8.7 points), with the other side taken by domestic institutions (−7.9 points). They raised their stake step by step. ## How far is PSP Projects from balance-sheet trouble? For PSP Projects Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. PSP entered FY27 with an order book that grew 85% in FY26, with FY26 order inflows of 10,535 Cr per C034. The 13,447 Cr backlog at a two to three year average lifecycle translates to 4,482 to 6,724 Cr of annual executable capacity, encompassing the guided 4,500 to 5,000 Cr FY27 revenue range per C006. The mix has shifted: government projects are 55% of the total per C004, which typically carry better payment terms than pure Adani dependency. ## How does PSP Projects rank in its industry? 52.7 out of 100, rank 6 of 12 in Construction & Contracting, with 81% of the evidence available. PSP Projects Ltd scores 52.7 out of 100 against the 12 companies it is compared with in Construction & Contracting, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 22.1 + 11.7 + 12.9 + 6 = 52.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is PSP Projects compared with? PSP Projects ranks 6 of 12 Construction & Contracting companies on the 4-Factor Sector Score, with 52.7 out of 100. 1. [Modis Navnirman Ltd](https://www.sectoralpha.in/stocks/modis-navnirman-ltd) MODIS · leader · Most evidence points up · 75% evidence 73.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.3/35 · Revenue 70.6% · Profit 71.4% · Operating margin change 6 points · 95% evidence Capital efficiency 19.4/25 · ROCE 25.8% · Operating margin 21% · 76% evidence Valuation 10.2/20 · P/E 21.2× · PEG n/a · 15% evidence Relative strength 18.1/20 · Lead over its industry 35% · Lead over NIFTY 500 16.5% · 1 year 24.5% · 100% evidence · 10 of 12 weeks ahead Exact sum: 25.3 + 19.4 + 10.2 + 18.1 = 73 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Garuda Construction and Engineering Ltd](https://www.sectoralpha.in/stocks/garuda-construction-and-engineering-ltd) GARUDA · quiet · Most evidence points up · 79% evidence 65.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.8/35 · Revenue 84.1% · Profit 97.1% · Operating margin change 3 points · 88% evidence Capital efficiency 21.8/25 · ROCE 42.4% · Operating margin 32% · 100% evidence Valuation 11.2/20 · P/E 9.3× · PEG n/a · 15% evidence Relative strength 3.2/20 · Lead over its industry -6.3% · Lead over NIFTY 500 -19.9% · 1 year -37.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 28.8 + 21.8 + 11.2 + 3.2 = 65 · What this means: Earnings are strong; relative strength in its sector is -6.3% and the one-year return is -37.3%. 3. [Mahindra Lifespace Developers Ltd](https://www.sectoralpha.in/stocks/mahindra-lifespace-developers-ltd) MAHLIFE · quiet · Evidence leans up · 93% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.3/35 · Revenue 100% · Profit 85.8% · Operating margin change 129 points · 100% evidence Capital efficiency 5.9/25 · ROCE 7.6% · Operating margin -170% · 100% evidence Valuation 12.5/20 · P/E 23.4× · PEG 1.18 · 65% evidence Relative strength 8.6/20 · Lead over its industry 3.9% · Lead over NIFTY 500 -10.9% · 1 year -20.5% · 100% evidence · 6 of 12 weeks ahead Exact sum: 30.3 + 5.9 + 12.5 + 8.6 = 57.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Man Infraconstruction Ltd](https://www.sectoralpha.in/stocks/man-infraconstruction-ltd) MANINFRA · breaking out · Evidence leans up · 82% evidence 57.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.2/35 · Revenue -9.8% · Profit -26.1% · Operating margin change 5 points · 95% evidence Capital efficiency 15.8/25 · ROCE 13.2% · Operating margin 30% · 76% evidence Valuation 11.5/20 · P/E 19.2× · PEG n/a · 50% evidence Relative strength 17.6/20 · Lead over its industry 15.4% · Lead over NIFTY 500 -1.1% · 1 year -28.3% · 100% evidence · 9 of 12 weeks ahead Exact sum: 12.2 + 15.8 + 11.5 + 17.6 = 57.1 · What this means: Relative strength against the index is -1.1%, and revenue and profit growth are weak. 5. [RDB Infrastructure and Power Ltd](https://www.sectoralpha.in/stocks/rdb-infrastructure-and-power-ltd) Evidence leans up · 61% evidence 53.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 18.6% · Profit 100% · Operating margin change 3.7 points · 83% evidence Capital efficiency 10.4/25 · ROCE 7% · Operating margin 7.4% · 95% evidence Valuation 9.5/20 · P/E 23.9× · PEG n/a · 15% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -54.8% · 1 year -70.3% · 25% evidence · 0 of 7 weeks ahead Exact sum: 26 + 10.4 + 9.5 + 7.5 = 53.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. PSP Projects Ltd this page PSPPROJECT · quiet · Evidence leans up · 81% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.1/35 · Revenue 44.7% · Profit 100% · Operating margin change 1.2 points · 65% evidence Capital efficiency 11.7/25 · ROCE 7.9% · Operating margin 6% · 100% evidence Valuation 12.9/20 · P/E 37.3× · PEG 0.9 · 65% evidence Relative strength 6.0/20 · Lead over its industry 1.6% · Lead over NIFTY 500 -12.7% · 1 year -25.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 22.1 + 11.7 + 12.9 + 6 = 52.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [NCC Ltd](https://www.sectoralpha.in/stocks/ncc-ltd) NCC · quiet · Evidence leans down · 63% evidence 49.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.6/35 · Revenue -1.8% · Profit -12.1% · Operating margin change 0 points · 83% evidence Capital efficiency 15.8/25 · ROCE 16.8% · Operating margin 9% · 76% evidence Valuation 13.3/20 · P/E 9.9× · PEG n/a · 50% evidence Relative strength 8.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -19.6% · 1 year -46.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 11.6 + 15.8 + 13.3 + 8.8 = 49.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 8. [BEML Land Assets Ltd](https://www.sectoralpha.in/stocks/beml-land-assets-ltd) BLAL · turning · Too little evidence to rank firmly · 59% evidence 48.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.1/35 · Revenue n/a · Profit 100% · Operating margin change n/a · 30% evidence Capital efficiency 5.0/25 · ROCE -193% · Operating margin 67.3% · 100% evidence Valuation 8.5/20 · P/E 291× · PEG n/a · 15% evidence Relative strength 15.0/20 · Lead over its industry 7.4% · Lead over NIFTY 500 -8.1% · 1 year -23% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.1 + 5 + 8.5 + 15 = 48.6 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [Ashoka Buildcon Ltd](https://www.sectoralpha.in/stocks/ashoka-buildcon-ltd) ASHOKA · basing · Evidence leans down · 71% evidence 43.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.8/35 · Revenue -24.6% · Profit 37.3% · Operating margin change -15 points · 83% evidence Capital efficiency 18.4/25 · ROCE 26.4% · Operating margin 17% · 76% evidence Valuation 11.5/20 · P/E 4× · PEG n/a · 15% evidence Relative strength 3.5/20 · Lead over its industry -10.7% · Lead over NIFTY 500 -24.2% · 1 year -53.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 9.8 + 18.4 + 11.5 + 3.5 = 43.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Vascon Engineers Ltd](https://www.sectoralpha.in/stocks/vascon-engineers-ltd) VASCONEQ · turning · Too little evidence to rank firmly · 56% evidence 36.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.2/35 · Revenue -20.2% · Profit -80% · Operating margin change -2.5 points · 83% evidence Capital efficiency 8.9/25 · ROCE 4.7% · Operating margin 3.3% · 76% evidence Valuation 9.2/20 · P/E 24.2× · PEG n/a · 15% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -16.8% · 1 year -55.3% · 25% evidence · 1 of 12 weeks ahead Exact sum: 9.2 + 8.9 + 9.2 + 9.1 = 36.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [Consolidated Construction Consortium Ltd](https://www.sectoralpha.in/stocks/consolidated-construction-consortium-ltd) CCCL · quiet · Too little evidence to rank firmly · 56% evidence 32.5 out of 100 Growth Capital Valuation Relative
12. [Jaiprakash Associates Ltd](https://www.sectoralpha.in/stocks/jaiprakash-associates-ltd) JPASSOCIAT · Too little evidence to rank firmly · 26% evidence 36.5 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Construction & Contracting](https://www.sectoralpha.in/sectors/construction-contracting), all 12 compared on one page. ## Which companies are close to PSP Projects in size? PSP Projects is the 4th largest of 12 Construction & Contracting companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: NCC, Mahindra Lifespace Developers and Man Infraconstruction. Just below it: Ashoka Buildcon, Garuda Construction and Engineering and Modis Navnirman. ### Construction & Contracting companies close in size

1. [NCC Ltd](https://www.sectoralpha.in/stocks/ncc-ltd) ₹7,189 crore
2. [Mahindra Lifespace Developers Ltd](https://www.sectoralpha.in/stocks/mahindra-lifespace-developers-ltd) ₹6,545 crore
3. [Man Infraconstruction Ltd](https://www.sectoralpha.in/stocks/man-infraconstruction-ltd) ₹4,311 crore
4. PSP Projects Ltd ₹2,741 crore
5. [Ashoka Buildcon Ltd](https://www.sectoralpha.in/stocks/ashoka-buildcon-ltd) ₹2,706 crore
6. [Garuda Construction and Engineering Ltd](https://www.sectoralpha.in/stocks/garuda-construction-and-engineering-ltd) ₹1,264 crore
7. [Modis Navnirman Ltd](https://www.sectoralpha.in/stocks/modis-navnirman-ltd) ₹769 crore

[All 12 Construction & Contracting companies, largest first](https://www.sectoralpha.in/sectors/construction-contracting#all-companies)

### Companies close in size in other industries

1. [LS Industries Ltd](https://www.sectoralpha.in/stocks/ls-industries-ltd) ₹2,743 crore · Textiles - Weaving
2. [HeidelbergCement India Ltd](https://www.sectoralpha.in/stocks/heidelbergcement-india-ltd) ₹2,741 crore · Cement
3. PSP Projects Ltd ₹2,741 crore
4. [Varmora Granito Ltd](https://www.sectoralpha.in/stocks/varmora-granito-ltd) ₹2,739 crore
5. [Carysil Ltd](https://www.sectoralpha.in/stocks/carysil-ltd) ₹2,735 crore · Building Material USA

## What else do people ask about PSP Projects? ### What is PSP Projects's share price today? PSP Projects Ltd's share price is ₹722.45, −22.2% over the past year. The whole company is worth ₹2,862 Cr on the market. In the last 52 weeks it traded between ₹609 to ₹1,069; today it is 25% of the way up from the low, 13.4% below its 200-day average (as of 3 November 2026). ### What were PSP Projects's latest quarterly results? PSP Projects Ltd reported revenue of ₹853 Cr and net profit of ₹18.0 Cr for the Jun 2026 quarter. Earnings per share were ₹4.63. The operating margin was 6.0%, 1.2 percentage points higher than a year earlier (as of 3 November 2026). ### What is PSP Projects's market cap? PSP Projects Ltd's market capitalisation is ₹2,862 Cr at a share price of ₹722.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is PSP Projects performing? PSP Projects Ltd's share price has been falling for 3 weeks. Over the past 13 weeks it has done worse than the NIFTY 500, for 14 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will PSP Projects's share price go up? This page does not forecast PSP Projects Ltd's share price. What it shows instead: the share price is ₹722.45, and it has been falling for 3 weeks. Its P/E of 38.9× is higher than 73% of its own last 9 years (as of 3 November 2026). ### Who owns PSP Projects? Promoters own 68.8% of PSP Projects Ltd, foreign institutions 2.3%, domestic institutions 3.0% and the public 25.9% (latest quarter). The biggest change over the last two years: Promoters raised their stake by 8.7 percentage points over 8 quarters (as of 3 November 2026). ### Where is PSP Projects in its business cycle? PSP Projects Ltd's FY26 operating margin was 6.0%, against a 11-year range of 6.0% to 15.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 6.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the PSP Projects story? The main question: foreign institutions moved −6.3 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is PSP Projects a stock worth studying right now? What the numbers show: PSP Projects Ltd's share price has fallen more than its earnings. Earnings per share fell 1.5% in a year while the price moved −22.2%. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a PSP Projects share price forecast for 2026? What management itself guided: Full-year order inflow ₹5,000-6,000 crore. 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. What would change the story: 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. This is research, not advice. We’re not SEBI-registered.