PSP Projects (PSPPL IN) – Management Meet Update – Entering high-growth phase – BUY
Published on 24 Mar 2026
We hosted the management of PSPPL for a non-deal roadshow with investors. The management reiterated its strong growth outlook, supported by improving execution, order inflow, and increasing contribution from the Adani partnership.
The company maintained its FY26 revenue guidance at INR30–31bn, with a strong Q4 execution run-rate of ~INR11bn expected (+65% YoY). For FY27, the management reiterated its revenue guidance of INR45–50bn. From FY28, PSPPL expects to deliver 20–25% annual growth.
After muted revenue CAGR of 12% over FY22–25, we expect growth to accelerate to ~30% CAGR over FY26–28E, supporting a premium valuation. We have ‘BUY’ rating with unchanged TP of INR1,028, based on a 20x exit P/E multiple on FY28E EPS.
