PSP Projects Ltd.

•

pspprojects.comBSE: 540544NSE: PSPPROJECT

Market Cap₹ 3,408 Cr.

Current Price

High / Low₹ 1,143 / 569

Stock P/E50.7

Book Value₹ 322

Price to Book1.82

Dividend Yield0.00 %

ROCE7.5 %

ROE4.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 8.7pp over 2 years
Company has delivered good sales growth of 19.2% CAGR over last 5 years
Working capital cycle has improved - days down from 97 to 73
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (30.7% of PBT)
Company has a low return on equity of 8.0% over last 3 years
Company has a low return on capital employed of 11.7%
Company has delivered a poor profit growth of -8.3% over past five years
Contingent liabilities are large at 59.6% of net worth

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	670.00	37.30	165845.88	1.19	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1211.80	29.35	121085.87	0.35	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1930.00	53.93	69031.83	0.13	394.51	22.95	1074.94	12.80	13.70	59.77
4.	OBEROIRLTY	1877.50	25.96	68266.32	0.43	543.51	29.02	1300.89	31.73	17.69	56.75
5.	PRESTIGE	1579.00	59.72	68012.30	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
6.	GODREJPROP	1960.00	36.90	59040.39	0.51	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	587.90	36.57	21157.16	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	639.90	30.04	20877.33	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1331.60	112.46	14873.40	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1230.00	57.04	13155.32	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	765.70	10.32	10772.33	0.00	-16.53	-148.00	551.99	-36.24	7.49	-8.10
12.	PSPPROJECT	859.70	46.41	3408.00	0.00	18.34	4236.41	853.47	64.84	7.82	6.42

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	510	607	697	649	612	578	623	655	513	694	771	1,012	785
	445	533	625	597	538	539	588	625	488	646	719	957	765
Operating Profit	65	74	71	52	73	39	35	30	24	48	52	55	51
OPM %	12.69%	12.15%	10.26%	7.98%	12.00%	6.72%	5.67%	4.65%	4.77%	6.93%	6.73%	5.44%	6.43%
Other Income	6	6	7	6	4	5	4	5	4	4	4	9	4
Interest	9	12	15	14	13	11	10	10	11	12	11	11	8
Depreciation	12	14	19	20	17	18	19	19	17	20	24	26	23
	49	53	44	24	47	15	10	6	0	21	21	26	24
Tax %	25.70%	25.60%	26.06%	36.06%	27.53%	25.17%	40.16%	18.32%	53.66%	27.63%	24.99%	20.16%	36.84%
Net Profit	37	39	33	15	34	11	6	5	0	15	16	21	15
	10	11	9	4	9	3	2	1	0	4	4	5	0
Equity Capital	36	36	36	36	40	40	40	40	40	40	40	40	40
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	401	730	1,044	1,499	1,241	1,749	1,927	2,462	2,468	2,989	3,262
	335	629	895	1,308	1,106	1,492	1,702	2,201	2,290	2,810	3,087
Operating Profit	79	120	172	216	152	278	252	286	195	201	—
OPM %	20	16	16	14	12	16	13	12	8	7	—
Other Income	13	18	23	25	17	21	27	24	17	21	21
Interest	8	9	9	15	15	26	32	51	44	45	42
Depreciation	8	11	24	27	26	32	40	65	73	87	93
	64	100	139	174	109	219	180	170	78	69	92
Tax %	35	36	35	26	26	26	26	27	28	24	27
Net Profit	42	64	90	129	81	162	133	124	56	52	67
EPS	0	0	0	0	22	45	37	34	14	13	—
Dividend Payout %	17	28	20	14	18	11	7	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	14	18	25	36	22	45	37	34	14	13	—

COMPOUNDED SALES GROWTH

10 Years:: 21%
5 Years:: 19%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 8%
5 Years:: -8%
3 Years:: -27%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 14%
3 Years:: 2%
1 Year:: 19%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 14%
3 Years:: 8%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	29	36	36	36	36	36	36	36	40	40
	78	267	335	421	502	649	764	879	1,169	1,221
	64	20	26	71	78	82	107	360	219	274
Trade Payables	69	121	158	216	257	258	368	416	411	401
	72	138	170	209	108	232	470	314	471	991
Total Liabilities	313	582	726	953	981	1,257	1,744	2,004	2,310	2,927
ASSETS	-	-	-	-	-	-	-	-	-	-
	51	77	103	108	116	207	240	322	307	413
Capital Work in Progress	0	2	0	0	42	0	18	3	3	1
	22	20	4	4	1	1	1	1	1	4
	3	34	75	97	89	81	152	316	323	344
	0	0	0	0	0	0	0	335	528	840
Cash & Bank	102	223	222	197	229	195	242	225	208	413
	136	227	321	548	505	773	1,092	802	941	911
Total Assets	313	582	726	953	981	1,257	1,744	2,004	2,310	2,927
Total Debt	68	22	26	75	81	100	145	455	272	317
Net Working Capital	-7	132	174	194	242	256	358	453	658	596
Contingent Liabilities	118	258	340	404	367	488	827	808	902	752
Book Value per Share	36.35	84.07	103.16	126.98	149.44	190.20	222.17	254.06	304.91	317.98
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	70	28	19	71	120	43	-227	55	337
Cash from Investing	-19	-122	-34	-11	5	-141	-48	-25	-106	-168
Cash from Financing	17	81	-22	-2	-2	-8	12	269	20	8
	11	29	-28	6	74	-28	6	17	-31	178
Free Cash Flow	8	31	-19	-12	-1	46	-46	-355	15	170
OCF / Net Profit	0.32	1.09	0.31	0.15	0.88	0.74	0.32	-1.83	0.97	6.45
Cumulative 5-Year FCF	0	0	0	0	6	45	-32	-367	-340	-170

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	14.45	17.88	25.07	35.91	22.44	45.11	36.95	34.42	14.24	13.19
Book Value (₹)	36.35	84.07	103.16	126.98	149.44	190.20	222.17	254.06	304.91	317.98
Dividend per Share (₹)	2.50	5.00	5.00	5.00	4.00	5.00	2.50	0.00	0.00	0.00
Cash EPS (₹)	17.07	20.98	31.80	43.32	29.56	54.02	48.06	52.44	32.57	35.02
PROFITABILITY
Operating Margin %	19.79%	16.41%	16.47%	14.39%	12.23%	15.88%	13.09%	10.62%	7.21%	6.00%
Net Margin %	10.38%	8.82%	8.64%	8.62%	6.51%	9.29%	6.90%	5.03%	2.29%	1.75%
ROE %	48.66%	31.60%	26.77%	31.20%	16.24%	26.56%	17.92%	14.45%	5.32%	4.24%
ROCE %	50.55%	43.72%	40.92%	40.68%	21.44%	35.02%	24.53%	19.10%	8.61%	7.46%
	15.38%	14.38%	13.80%	15.40%	8.35%	14.51%	8.86%	6.61%	2.62%	2.00%
EFFICIENCY
Debtor Days	29	42	45	45	66	56	71	57	64	84
Inventory Days	3	9	19	21	27	18	22	35	47	41
Payable Days	199	129	124	128	218	188	198	187	187	137
	-167	-77	-59	-62	-125	-114	-105	-95	-76	-13
FINANCIAL HEALTH
Debt to Equity (x)	0.65x	0.07x	0.07x	0.16x	0.15x	0.15x	0.18x	0.50x	0.22x	0.25x
Interest Coverage (x)	9.53x	12.48x	16.12x	12.92x	8.40x	9.31x	6.64x	4.35x	2.77x	2.52x
	0.96x	1.47x	1.49x	1.39x	1.54x	1.45x	1.39x	1.43x	1.59x	1.36x
GROWTH
Revenue Growth %	-12.49%	82.11%	43.05%	43.61%	-17.23%	40.93%	10.17%	27.81%	0.23%	21.11%
Operating Profit Growth %	60.15%	50.96%	43.56%	25.49%	-29.67%	83.06%	-9.24%	13.41%	-31.69%	2.74%
Net Profit Growth %	65.57%	54.69%	40.19%	43.25%	-37.50%	101.02%	-18.09%	-6.86%	-54.43%	-7.39%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-6.86%	-58.62%	-7.39%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.94x	44.40x	43.98x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.70x	2.07x	1.82x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.44x	13.16x	10.98x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.14	60.14	60.14	60.14	60.14	68.82	68.82	68.82	68.82
	7.02	8.58	7.63	7.82	3.11	2.58	2.49	1.91	2.10
	10.45	10.94	8.05	7.95	2.30	2.06	2.14	2.14	2.87
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.39	20.34	24.18	24.10	34.46	26.54	26.55	27.13	26.22

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-05 - PSP Projects Limited has informed the Exchange about Transcript

2026-07-30

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-30 - PSP Projects Limited has informed the Exchange about Link of Recording

2026-07-30

Investor Presentation

2026-07-30 - PSP Projects Limited has informed the Exchange about Investor Presentation

2026-07-30

Outcome of Board Meeting

2026-07-30 - PSP Projects Limited has submitted to the Exchange, the outcome of board meeting along with financial results for the period ended Jun 30, 2026.

2026-07-21

Copy of Newspaper Publication

2026-07-21 - PSP Projects Limited has informed the Exchange about Copy of Newspaper Publication of Notice to the Equity Shareholders of the Company for transfer of Equity Shares to the Investors Education & Protection Fund (IEPF)

2026-07-11

Updates

2026-07-11 - PSP Projects Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) ESG Rating'.

2026-07-09

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-09 - PSP Projects Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-09 - PSP Projects Limited has informed the Exchange about Schedule of meet

2026-06-30

Shareholders meeting

2026-06-30 - PSP Projects Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on Jun 27, 2026. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for PSPPROJECT

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Free 5nance Account

Name

DLF

670.00

37.30

165845.88

1.19

793.90

-89.59

1280.34

-52.87

6.81

49.68

LODHA

1211.80

29.35

121085.87

0.35

1373.10

103.39

4996.70

43.10

16.89

38.51

PHOENIXLTD

1930.00

53.93

69031.83

0.13

394.51

22.95

1074.94

12.80

13.70

59.77

OBEROIRLTY

1877.50

25.96

68266.32

0.43

543.51

29.02

1300.89

31.73

17.69

56.75

PRESTIGE

1579.00

59.72

68012.30

0.13

271.40

-12.87

2675.10

15.94

11.51

31.75

GODREJPROP

1960.00

36.90

59040.39

0.51

349.38

-41.61

506.17

16.48

8.37

-57.98

ANANTRAJ

587.90

36.57

21157.16

0.17

149.19

18.50

631.40

6.58

12.23

29.53

BRIGADE

639.90

30.04

20877.33

0.23

216.94

37.35

1115.55

-12.93

11.02

32.33

ABREL

1331.60

112.46

14873.40

0.19

-34.59

-27.73

188.85

30.95

-4.54

-30.02

SOBHA

1230.00

57.04

13155.32

0.49

50.85

273.37

1278.15

50.03

6.96

6.07

SIGNATURE

765.70

10.32

10772.33

0.00

-16.53

-148.00

551.99

-36.24

7.49

-8.10

PSPPROJECT

859.70

46.41

3408.00

0.00

18.34

4236.41

853.47

64.84

7.82

6.42

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

510

607

697

649

612

578

623

655

513

694

771

1,012

785

445

533

625

597

538

539

588

625

488

646

719

957

765

Operating Profit

OPM %

12.69%

12.15%

10.26%

7.98%

12.00%

6.72%

5.67%

4.65%

4.77%

6.93%

6.73%

5.44%

6.43%

Other Income

Interest

Depreciation

Tax %

25.70%

25.60%

26.06%

36.06%

27.53%

25.17%

40.16%

18.32%

53.66%

27.63%

24.99%

20.16%

36.84%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

401

730

1,044

1,499

1,241

1,749

1,927

2,462

2,468

2,989

3,262

335

629

895

1,308

1,106

1,492

1,702

2,201

2,290

2,810

3,087

Operating Profit

120

172

216

152

278

252

286

195

201

—

OPM %

—

Other Income

Interest

Depreciation

100

139

174

109

219

180

170

Tax %

Net Profit

129

162

133

124

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

267

335

421

502

649

764

879

1,169

1,221

107

360

219

274

Trade Payables

121

158

216

257

258

368

416

411

401

138

170

209

108

232

470

314

471

991

Total Liabilities

313

582

726

953

981

1,257

1,744

2,004

2,310

2,927

ASSETS

103

108

116

207

240

322

307

413

Capital Work in Progress

152

316

323

344

335

528

840

Cash & Bank

102

223

222

197

229

195

242

225

208

413

136

227

321

548

505

773

1,092

802

941

911

Total Assets

313

582

726

953

981

1,257

1,744

2,004

2,310

2,927

Total Debt

100

145

455

272

317

Net Working Capital

-7

132

174

194

242

256

358

453

658

596

Contingent Liabilities

118

258

340

404

367

488

827

808

902

752

Book Value per Share

36.35

84.07

103.16

126.98

149.44

190.20

222.17

254.06

304.91

317.98

Face Value

10.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

120

-227

337

Cash from Investing

-19

-122

-34

-11

-141

-48

-25

-106

-168

Cash from Financing

-22

-2

-8

269

-28

-31

178

Free Cash Flow

-19

-12

-1

-46

-355

170

OCF / Net Profit

0.32

1.09

0.31

0.15

0.88

0.74

0.32

-1.83

0.97

6.45

Cumulative 5-Year FCF

-32

-367

-340

-170

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

14.45

17.88

25.07

35.91

22.44

45.11

36.95

34.42

14.24

13.19

Book Value (₹)

36.35

84.07

103.16

126.98

149.44

190.20

222.17

254.06

304.91

317.98

Dividend per Share (₹)

2.50

5.00

4.00

5.00

2.50

0.00

Cash EPS (₹)

17.07

20.98

31.80

43.32

29.56

54.02

48.06

52.44

32.57

35.02

PROFITABILITY

Operating Margin %

19.79%

16.41%

16.47%

14.39%

12.23%

15.88%

13.09%

10.62%

7.21%

6.00%

Net Margin %

10.38%

8.82%

8.64%

8.62%

6.51%

9.29%

6.90%

5.03%

2.29%

1.75%

ROE %

48.66%

31.60%

26.77%

31.20%

16.24%

26.56%

17.92%

14.45%

5.32%

4.24%

ROCE %

50.55%

43.72%

40.92%

40.68%

21.44%

35.02%

24.53%

19.10%

8.61%

7.46%

15.38%

14.38%

13.80%

15.40%

8.35%

14.51%

8.86%

6.61%

2.62%

2.00%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

199

129

124

128

218

188

198

187

137

-167

-77

-59

-62

-125

-114

-105

-95

-76

-13

FINANCIAL HEALTH

Debt to Equity (x)

0.65x

0.07x

0.16x

0.15x

0.18x

0.50x

0.22x

0.25x

Interest Coverage (x)

9.53x

12.48x

16.12x

12.92x

8.40x

9.31x

6.64x

4.35x

2.77x

2.52x

0.96x

1.47x

1.49x

1.39x

1.54x

1.45x

1.39x

1.43x

1.59x

1.36x

GROWTH

Revenue Growth %

-12.49%

82.11%

43.05%

43.61%

-17.23%

40.93%

10.17%

27.81%

0.23%

21.11%

Operating Profit Growth %

60.15%

50.96%

43.56%

25.49%

-29.67%

83.06%

-9.24%

13.41%

-31.69%

2.74%

Net Profit Growth %

65.57%

54.69%

40.19%

43.25%

-37.50%

101.02%

-18.09%

-6.86%

-54.43%

-7.39%

0.00%

-6.86%

-58.62%

-7.39%

VALUATION

P/E (x)

0.00x

19.94x

44.40x

43.98x

P/B (x)

0.00x

2.70x

2.07x

1.82x

Dividend Yield %

0.00%

0.00x

9.44x

13.16x

10.98x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

60.14

68.82

7.02

8.58

7.63

7.82

3.11

2.58

2.49

1.91

2.10

10.45

10.94

8.05

7.95

2.30

2.06

2.14

2.87

Government

0.00

22.39

20.34

24.18

24.10

34.46

26.54

26.55

27.13

26.22

PSP Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

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PSP Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI