PSP Projects (PSPPROJECT) Q2 26/27 earnings summary

Executive summary

• Record Q2FY27 and H1FY27 revenue from operations of ₹1,113 crore and ₹1,967 crore, supported by improved project execution and labour availability.

• Order book stood at ₹12,872 crore at September 30, 2026, up 30% YoY, providing multi-year revenue visibility.

Financial highlights

• Consolidated Q2 revenue was ₹111,323.66 lakh vs. ₹70,286.55 lakh YoY; net profit was ₹3,023.93 lakh vs. ₹1,616.52 lakh.

• Consolidated H1 revenue was ₹196,670.98 lakh vs. ₹122,062.80 lakh; net profit was ₹4,858.20 lakh vs. ₹1,658.86 lakh.

• Q2 EBITDA rose 38% YoY to ₹69 crore, with a 6.21% margin; PAT rose 87% to ₹30 crore, with a 2.69% margin and EPS of ₹7.63.

• H1 EBITDA rose 66% to ₹124 crore, with a 6.30% margin; PAT rose 193% to ₹48 crore, with a 2.45% margin and EPS of ₹12.26.

• Employee costs increased to INR 50 crore from INR 33 crore YoY, while depreciation rose to INR 26 crore from INR 20 crore.

Outlook and guidance

• FY27 revenue growth guidance remains 25%-30% YoY; H2 EBITDA margin could reach ~7% as projects progress into MEP, finishing and interiors.

• FY order inflow is expected to exceed INR 5,000 crore; H1 inflow was INR 1,305 crore, including INR 675 crore in Q2, and the bid pipeline exceeded INR 7,800 crore.

• Backlog execution is expected over roughly 2.5 years, with maximum project timelines of 36 months; three-year revenue growth ambition is 25%.

• Strategic priorities include deepening building-construction leadership, expanding nationally, strengthening human capital and execution capabilities, and optimizing project mix.