PSP Projects Q2 Results: Net Profit Surges 86% YoY to ₹30.2 Crore as Revenue Crosses ₹1,100 Crore

Key numbers

Market Cap	₹2,741.43 CrSmall Cap
P/E TTM	37.33xSector PE 32.24x
RSI	30.77Oversold Zone
Promoter Holding	68.82%No pledge

Key highlights

• Consolidated revenue from operations grew 58.3% year-on-year to reach ₹1,113 crore in Q2-27
• Net profit witnessed a sequential increase of 65.0%, rising from ₹18.3 crore in the previous quarter
• Operating margins improved slightly to 3.6%, up from 3.2% in the corresponding quarter last year
• The company's earnings per share (EPS) for the quarter climbed to ₹7.63 from ₹4.10 YoY
• Board approved shifting the registered office to a new corporate house in Ahmedabad effective November 4, 2026

Execution Momentum Drives Revenue Growth

PSP Projects reported a significant scale-up in its operational performance, with consolidated revenue from operations hitting ₹1,113 crore for the quarter ended September 30, 2026. This marks a 30.3% sequential growth from the ₹854 crore recorded in Q1-27. The company’s execution capability appears to be aligning with its long-term guidance; management previously reaffirmed a FY27 revenue target between ₹4,400 crore and ₹4,500 crore.

As of June 30, 2026, the company maintained a robust outstanding order book of ₹13,245 crore, providing strong visibility for project completion through the remaining quarters of the fiscal year.

Margin Stability and Net Profit Performance

• Net profit after tax reached ₹30.2 crore, an 86.4% increase over the ₹16.2 crore reported in Q2-26.
• Operating margins expanded to 3.6% in the current quarter, compared to 3.3% in the June quarter and 3.2% a year ago.
• Profit before tax stood at ₹40.1 crore, benefiting from ₹4.9 crore in other income.
• Total expenses for the quarter rose to ₹1,078 crore, reflecting increased construction and material costs commensurate with higher revenue.
• Remeasurement of defined benefit plans resulted in a minor comprehensive loss of ₹0.12 crore for the period.

Market Valuation and Institutional Sentiment

Despite the sharp increase in earnings, PSP Projects' shares saw a 6.2% decline on the results announcement day, closing at 691.55. The stock has faced technical pressure with an RSI of 30.77, placing it in oversold territory. On a valuation basis, the company trades at a trailing P/E of 37.33x, slightly higher than the sector average of 32.24x, though its PEG ratio of 0.16 suggests a discount relative to its earnings growth pace.

Institutional holding remained steady, with a minor sequential increase of 0.32%, while promoter holding remained unchanged at 68.82% with no pledged shares.

Strategic Shifting of Registered Office

• The Board approved moving the Registered Office from 'PSP House' to 'PSP Corporate House, Ninety' in Ahmedabad.
• The new office, located behind L.J. University on Sanand-Sarkhej Road, will be operational from November 4, 2026.
• The relocation remains within the same city and the jurisdiction of the Registrar of Companies, Gujarat.
• The transition is intended to centralize corporate operations as the company expands its administrative footprint.

What to watch next

• Relocation of the registered office to the new corporate headquarters on November 4, 2026
• Progress against the ₹13,245 crore order book through the second half of FY27
• Tracking toward the full-year revenue guidance of ₹4,400 to ₹4,500 crore by March 2027

PSP Projects · financial snapshot

Share price	₹691.55
Market capitalisation	₹2,741.43 Cr
Revenue (annual)	₹3,148.66 Cr
Net profit (annual)	₹55.52 Cr
Revenue (latest quarter)	₹853.47 Cr-23.47% vs previous quarter
Net profit (latest quarter)	₹18.34 Cr-13.04% vs previous quarter
P/E (TTM)	37.33×Sector 32.24×
Promoter holding	68.82%0.00% QoQ
FII holding	2.29%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.