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Swing Capital

PSP Projects Ltd

NSE: PSPPROJECT BSE: 540544Infra

PSP Projects Limited is a construction company incorporated in August 2008 offering a diversified range of construction and allied services across industrial, institutional, government, government residential, and residential projects in India. The principal promoter, Mr. Prahalad S. Patel has over three decades of experience in the construction industry. [1] It is also engaged in the real estate development of two mid-scale projects in the USA through its subsidiaries [2]

₹757
52W: ₹569 — ₹1031
PE 57.4 · Book ₹318 · +138% vs book
Market Cap₹2,999 Cr
Stock P/E57.4Price to Earnings
ROCE7.43%Return on Capital
ROE4.24%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company's median sales growth is 24.5% of last 10 years
  • +Company's working capital requirements have reduced from 41.4 days to 24.0 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 7.40% over last 3 years.
  • −Contingent liabilities of Rs.902 Cr.
  • −Debtor days have increased from 76.8 to 103 days.

Shareholding Pattern

Promoters68.82%
FIIs1.91%
DIIs2.18%
Public27.08%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.14%60.14%60.14%60.14%60.14%68.82%▲8.768.82%68.82%
FIIs7.02%8.58%▲1.67.63%▼1.07.82%▲0.23.11%▼4.72.58%▼0.52.49%▼0.11.91%▼0.6
DIIs10.45%10.94%▲0.58.09%▼2.87.99%▼0.12.34%▼5.72.1%▼0.22.18%▲0.12.18%
Public22.39%20.35%▼2.024.14%▲3.824.05%▼0.134.42%▲10.426.5%▼7.926.51%▲0.027.08%▲0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales6976496125786236555136947711,012
Expenses625597538539588625488646719957
Operating Profit71527339353024485255
OPM %10%8%12%7%6%5%5%7%7%5%
Net Profit33153411650151621
EPS ₹9.034.248.652.811.531.250.053.764.055.34

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,989Cr, up 21.1% YoY. OPM at 6%.

Debt Position

Borrowings at ₹330Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.18% (-3.15pp change). FIIs: 1.91% (-2.29pp change). Promoters hold 68.82%.

Margin & Efficiency

ROCE declining from 33% (Mar 2015) to 7% (Mar 2026). Working capital days: 24.

Valuation

PE 57.4x with 7.43% ROCE. Price is 138% above book value of ₹318. Dividend yield: 0%.

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