PSP ProjectsNSE:PSPPROJECT
Current view Q4 2026
Builder now co-owned by Adani, with a four-year order book. But profit's been flat four years as margins collapsed, and management repeatedly misses targets and flip-flopped strategy.
Latest exchange filings last 5 · 5 after Q4 2026
- 16 Sep ’26Shashikant Sharma, General Manager-MEP, resigned effective close of business on September 15, 2026. ↗
- 5 Aug ’26Announcement under Regulation 30 (LODR)-Earnings Call Transcript 5 Aug ↗
- 30 Jul ’26Audio recording of Q1FY27 earnings conference call for June 30, 2026 results shared. ↗
- 30 Jul ’26We hereby submit Investor Presentation for the quarter ended June 30, 2026 ↗
- 30 Jul ’26Unaudited Financial Result For The Quarter Ended On June 30, 2026 30 Jul ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +65.7% | +37.1% | +17.6% | +20.5% |
| Operating profit | ▲ +87.5% | +9.1% | −6.9% | +6.3% |
| EPS | ▲ +226.4% | +18.2% | −27.4% | −9.2% |
| PAT | ▲ +250.0% | +16.7% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +65.7%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Poor12/100
Earnings are shrinking, not growing. Profit per share fell 27% a year over the window measured. Nothing compounds from here until that turns, whatever the price does.
No forward view — earnings are not compounding, so there is nothing to project.
Multiple moved without the earnings — the return sits in sentiment.
How this is calculated
Band capped: earnings are not growing over the measured window.
Growth rate used: -27.4% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 60%.
How it compares with its rivals Real Estate & Infra · 6 of 116 listed
These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| PSP Projects | ₹803 | 43.3× | ₹3,184 Cr | 7.9% | +4266.7% | +64.8% |
| Larsen & Toubro | ₹3,872 | 30.3× | ₹5.33 L Cr | 14.6% | +14.0% | +6.7% |
| Rail Vikas | ₹207 | 48.1× | ₹43,233 Cr | 10.8% | +18.5% | +10.6% |
| Kalpataru Proj. | ₹1,442 | 22.1× | ₹24,632 Cr | 18.3% | +45.1% | +3.8% |
| IRB Infra.Devl. | ₹19 | 23.1× | ₹22,707 Cr | 7.5% | +51.3% | +1.8% |
| NBCC | ₹83 | 32.7× | ₹22,407 Cr | 29.3% | +17.2% | −5.5% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | no — margins have been squeezed | operating margin 13% → 6% over 3 years |
|---|---|---|
| Did the profit turn into cash? | most of it, with some tied up | 195% last year, 62% over three · free cash flow ₹130 cr, positive in 2 of 5 years |
| Is the growth borrowed? | lightly borrowed | ₹330 cr — 0.26× its own equity (was 0.22×) |
| Is it being collected? | customers are taking longer to pay | 108 days to collect, up 31 in a year · cash cycle 71 days |
| Who has been buying? | the promoters have been buying | promoters 68.8% (+8.7 in a year), 66.2% → 68.8% over 2.8 years · FIIs 2.1% (−1.0) · DIIs 2.9% (+0.6) · shareholders 42,346 → 32,640 |
| What does it earn on its capital? | earns little on its capital | ROCE 7.9% · ROE 4.5% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company is expected to give good quarter
- Company's median sales growth is 27.3% of last 10 years
- Company's working capital requirements have reduced from 39.7 days to 21.2 days
Against it
- Stock is trading at 2.51 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 7.52% over last 3 years.
- Debtor days have increased from 78.1 to 108 days.
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.