India · Delayed Price · Currency is INR PSP Projects Earnings Call Transcripts
Fiscal Year 2027
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Order book surged 103% YoY to INR 13,245 crore, with Q1 revenue up 65% YoY to INR 853 crore and EBITDA margin at 6.42%. FY2027 revenue guidance is INR 4,000–4,500 crore, with margins expected to reach 7–8% in H2. Adani Group projects contributed 55–60% of revenue.
Fiscal Year 2026
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Record Q3 revenue and profit growth driven by robust project execution and strong order inflow, with FY26 revenue guidance reaffirmed at INR 3,100–3,200 crore and FY27 expected at INR 4,000–4,500 crore. Margins impacted by one-time labor code costs, but normalization to 8–9% EBITDA margin is expected from FY27.
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Q2 FY26 revenue grew 20% YoY to INR 694 crore, with EBITDA margin at 6.93% and a record order book of INR 9,883 crore, 56% from Adani Group. FY26 revenue is guided at INR 3,200 crore+, with margins expected to stabilize at 8-9% as execution improves.
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Q1 FY 2026 saw a 16% YoY revenue decline and a sharp drop in profitability due to labor shortages and early monsoon. Order inflow for FY 2026 is guided at INR 7,500–8,000 crore, with EBITDA margin recovery expected from Q2 or Q3.
Fiscal Year 2025
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FY 2025 saw flat revenue and margin pressure due to UP project delays and one-time costs, but a record order book and strong Adani pipeline set the stage for FY 2026. Margin guidance is now 8%-9%, with most new orders expected from Adani Group.
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Revenue and profitability declined YoY in Q3 FY25 due to project delays and cost overruns, but a strong order book and new Adani partnership are set to drive significant growth, with FY26 revenue expected to exceed INR 4,000 crore and margins stabilizing at 9–10%.
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Order book grew 11% YoY to INR 5,890 crore, with Q1 revenue up 20% YoY to INR 612 crore and EBITDA at INR 73 crore. Net profit declined due to one-off UP project costs, but management maintains FY25 revenue and margin guidance, with debt reduced and strong order pipeline.
Fiscal Year 2024
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A 50/50 equity partnership with Adani Group will provide assured business, technological advancement, and access to a vast infrastructure pipeline, while maintaining current management and operational independence. The deal is structured with a five-year lock-in and aims to sustain EBITDA margins above 10%.