Ladies and gentlemen, good day and welcome to PSP Projects Q2 FY 2026 earnings call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Krishna Patel from EY Team. Thank you, and over to you, sir.
Thank you, Savani, and good evening, everyone. Welcome you all to PSP Projects Limited Q2 FY 2026 earnings conference call. To take us through the results and to answer your questions, we have with us the management of PSP Projects represented by Mr. Prahaladbhai Patel, Chairman and MD, Ms. Pooja Patel, the Chief Executive Officer, and Mr. Hetal Patel, the Chief Financial Officer. Please note that the discussions that we may have today may contain certain forward-looking statements relating to the future events and future performance. Various factors could cause actual results to differ materially from those in the forward-looking statements. Please note the audio of the earnings call is a copyright material of PSP Projects and cannot be copied, rebroadcasted, attributed in press or media without specific written consent of the company.
I would like to now hand over the call to Ms. Pooja Patel, the CEO, for her opening comments. Thank you, and over to you, Pooja.
Thank you, Krishna, for the introduction. Good evening, everyone, and welcome you all to the quarter two FY 2026 earning call of PSP Projects Limited. The company reported revenue of INR 694 crore from operations for the quarter, reflecting a year-on-year growth of 20% and a quarter-on-quarter growth of 35%. For the half year ending in this period, revenue stood at INR 1,206 crore, marking a modest year-on-year increase of 1.38%. The improved revenue performance is attributed to enhanced project execution, primarily driven by better work front and labor availability. From mid-August 2025, operational execution standards following the end of the monsoon season, facilitating smoother workflow and timely progress across the projects. This recovery in labor and seasonal conditions positively impacted the company's overall operational efficiency and growth. During quarter two FY 2026, the majority of Adani Group's projects commenced mobilization, reflecting enhanced operational activity and resource development.
This development is expected to generate sustained momentum in H2 FY 2026. During the quarter, the company set a world record by completing a continuous concrete pour of 24,000 cu m in just 54 hours for the foundation of 504 ft Vishv Umiya Dham Temple in Ahmedabad. This achievement, recognized by the Golden Book of World Records, represents the world's largest raft foundation for the religious structure and a significant milestone in civil engineering. The project generated INR 37 crore revenue in Q2 FY 2025 for work that would have normally taken three months. This accomplishment highlights exceptional efficiency, coordination, and engineering excellence in delivering a high-value infrastructure project ahead of the target. As on 31st September 2025, the company reported an outstanding order book of INR 9,883 crores, a year-on-year growth of 51%. The order inflow was at INR 4,010 crores, excluding GST, during the same period.
Of the current outstanding order book, Adani project comprises of 56% and the others are non-Adani projects. During Q2 FY 2026, the company successfully completed five projects. Construction and implementation work of student dormitories, new academic block, JSW School of Public Policy and Sports Complex, work of faculty housing and staff housing, and supply, installation, testing and commissioning of lift at CIIE Building, New Campus, IIM Ahmedabad New Campus. Precast project for Mundra Solar manufacturing at Mundra. Astral House Phase III for Astral Limited. EPC precast building for Mundra Petrochem Limited. Now let me share certain project-level updates. The work execution at Ahmedabad Airport cluster has picked up strongly with reasonable work finishing at a faster pace. The GBRC project is going on steady and as per planning. The SMC and RVNL projects are going smoothly now.
We will see a good execution and numbers flowing in in H2 FY 2026 due to finishing MEP facade and interior activities taking place in this project. At GIFT City project, the execution has been working fine post-labor improvement and monsoon. The work is going as per revised schedules. The Ahmedabad project is progressing with only two land acquisition components pending, which are expected to be finalized by November 2025. The development work, which is in horizontal project, has been temporarily paused due to the monsoon, but has now resumed leveraging the available work front. At DMC, the problem still persists. Work is on hold due to land acquisition. With this, I would like to hand over the call to our CFO, Mr. Hetal Patel, to share the financial performance of the company in detail.
Thank you, ma'am. Good afternoon, everyone. The financial performance during the quarter ended September 30th, 2025 is as below. Q2 FY 2026 versus Q2 FY 2025. Revenue for operations for the quarter is INR 694 crores versus INR 578 crores, increased by 20% on year-on-year basis. EBITDA for the quarter is at INR 48 crores versus INR 39 crores. It increased by 24% on year-on-year basis. EBITDA margin is at 6.93% versus 6.72%. Net profit for the quarter is around INR 8.15 crores versus INR 11 crores, increased by 33% on YoY basis.
During the quarter under review, other expenses include ECL provision made to the extent of INR 3.64 crores as against INR 75 lakhs in quarter two FY 2025. It shows an increase on a quarter-on-quarter basis. Year-on-year basis also it is increased. During quarter two FY 2026, company has incurred CapEx of INR 41 crores. Gross block as on September 30th, 2025 is INR 683 crores, and net block is INR 325 crores.
Would like to mention a few of the important balance sheet numbers as on 30th September , 2025. Long-term borrowings, INR 36 crores, which includes shortened maturity of INR 26 crores. Short-term borrowings, INR 314 crores, excluding short-term maturities of INR 26 crores. Net NDP revenue of INR 603 crores. Retention is INR 156 crores. Mobilization advance, INR 486 crores. Inventories of INR 323 crores, comprises of INR 158 crores of construction materials, INR 144 crores of working progress, and INR 21 crores of finished goods. Out of total sanctioned credit facilities of INR 1,497 crores, company has utilized INR 757 crores, including fund-based utilization of INR 238 crores and INR 502 crores available for utilizations.
As on September 30th, 2025, the company has total fixed deposit of INR 224 crores, out of which lien-free deposit of INR 36 crores and as per worth INR 163 crores are under lien with the bank for credit facility and as per worth INR 25 crores is given to the clients as security deposit. Work on hand as on September 30th, 2025 is INR 9,883 crores. The detailed bifurcation is available in the uploaded presentation. That concludes the update on financials. We are now open for the question- and- answer session. Thank you.
We will now go to the Q&A, please. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their headsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line Shravan Shah from company Dolat Capital.
Hi. Thank you. Hi, sir. Sir, before asking a question, just one humble request. If you can upload the presentation at least one, two hours before the call, would be a great. That's a humble request. Now in terms of the questions, before question, just a clarification. I think Pooja ma'am have said that the order inflow till date is INR 4,010 crore. But I think in presentation the number is slightly different. Just to clarify that.
No, no. In order inflow for the quarter. What is there in the presentation?
It is INR 3,185 crore in one night FY 2026.
It should not be a mistake, but I think I will check it, otherwise the total outstanding order book of INR 988 should be final order book as of today.
No, no. Order book is fine. I am saying fresh order inflow in this year, till date is how much, sir?
Yeah, that is 3-
INR 4,010 for this quarter.
Yeah. Okay. For this quarter 2Q, you are saying?
Yeah.
In the first quarter we were having 110. Sir, till date, till October 17 for this year, how much order inflow value? If you can once again specify.
It is INR 4,010.
Okay. No, INR 4,010 is for second quarter. In one quarter, we have announced 110 odd crore. That's what I'm asking. In FY 2026 till date, the total order inflow, fresh order inflow.
It is including everything. It is as of 30th of September, 2025. It is INR 4,010.
Okay, got it. Second, sir, one clarification. Now we have stopped announcing the project-wise order win announcement on the exchanges because this is, I am seeing in the presentation right now, despite getting whatever the orders we have got from the Adani, we have not announced on the exchanges.
It is a company policy which we have decided as and when the quarter results are coming, we usually declare the orders, whatever we have received. This is not a compulsion on the 30 to be declared, it depends on company to company.
Okay. Got it. Now coming to the simple basic question. We have already got INR 4,010 crore odd orders. Now for full year or balance, how much more we are looking at? There also, if you can also specify how much from Adani and how much from others. For next year, if possible, how much order inflow are we looking at and how much is from Adani?
See, presently our bid book includes two major projects . One is from Umiya Dham of INR 500 crore and temple development at Ambaji of INR 805 crore. So about INR 1,300 crore we are bidding for out of Adani Group. And INR 7,000 crore we are bidding for Adani Group. So presently the bid book is at the stage of INR 8,500. So probably even if we can turn out to be a budget of INR 7,000 out of everything, we will end at about INR 16,000 crore order book at the end of March 2026. And if we can maybe revenue of INR 2,000 crore+ from here, so maximum it will be INR 14,000, INR 18,000 outstanding order book at March 2026.
Okay. Got it. So INR 4,000+ INR 7,000 more, so total around INR 11,000 odd crore for full year order inflow that we are looking at for this year, and INR 2,000 crore revenue in the second half that we are looking at. So combining put together for full year revenue, we are looking at around INR 3,200 odd crore.
INR 3,200 +. Correct.
Yeah, got it. And for next year, sir, how much order that we are looking as a fresh order inflow?
Probably the way the pace of the projects which we are getting from the group and the group's capacity which the group is having, becoming one of our full year performance and scheduling of the project which we have already given, probably it should be in the same range for next year also.
Okay. Got it. Given this, the order inflow for this year will obviously support the extra execution next year. Next year, how one can look at in terms of the revenue?
Yes. If we consider more than 20, but it will be somewhere in the range of INR 4,000 crore plus.
Okay. INR 4,000 crore+ . Okay, got it. Broadly, all the Adani projects would be having 1.5 , two year kind of a completion period?
No, there are different scale of projects. There it is ranging from INR 500 crore-INR 600 crore to INR 1,500 crore-INR 1,800 crore. Some of the projects are up to three years, and some of the projects are up to a year.
Okay. Lastly, on the margin front, sir, because that is the one where we are not seeing a kind of improvement. How one can look at now in the second half, how much, and for next year onwards, how one can look at EBITDA margin?
Margin, as I originally said, as and when the revenue we will start, we should be in a position to stabilize it at 8%-9%.
In second half also, that kind of a number, 8% kind of, is this possible?
Yes, we can attain. This quarter also, if you see it is 7%, and due to heavy monsoon, we could plan until about less or more revenue. If that revenue could have been done, we should have landed more than 7.5%. Just because of heavy monsoon and continual monsoon till October, even I think it was Navratri, it was monsoon in Ahmedabad. The whole quarter was full of monsoon. Actually, rather to make a good revenue, we suffered this heavy monsoon. We have almost reached to that level of expectation of 8%, but just because of the monsoon the pace was less, and the expenses remained the same.
Got it. Lastly, sir, working capital has, as in, increased in terms of the days, particularly the debtor days. How one can look at in terms of the working capital days? If I just look at inventory, debtor, and creditor, there the particular, the debtor days has increased recently 20 odd days from June quarter and even from March also. For full year, how one can look at the overall working capital?
Sir, for this time, like this quarter sales majority had been booked in September because July there was a part of less booking because of monsoon and labor shortage. Post mid-August and September, majority of sales was booked. All those receivables are still there in our books. If you see, by this seventh month, we have received quite a considerable amount, and because of that hike is there in our receivable days. Otherwise, other balances are on a similar line with earlier.
Also, [inaudible] , if you see that the mobilization advance which we are getting from the Adani Group is almost on track. But due to some of the payment as retail banks meeting was just done at the end of the May. Major payments from Sabarmati Riverfront, Dharoi, Naranpura Sports Complex, and Surat Metro Corporation . Those payments are little bit stretched. That's the only reason that days are gone up. Otherwise, I think we should, in the third quarter, because of the advances which we are getting from Adani Group, we should stabilize in terms of the working capital.
Okay. I have a couple of more questions, will come in queue. Thank you, sir.
Thank you.
The next question is from the line of Vaibhav Shah from JM Financial.
Yeah. Sir, on the UP project.
Go ahead, Vaibhav.
On the UP project, what was the cost that you have incurred in second quarter?
I think it is really little.
UP project is not much. This time there is no significant cost incurred, and whatever we have incurred, we have raised similar invoice also. It has turned profitability because of UP project.
Going ahead also, we should not expect now any one-off from UP?
No.
Yes, sir. No expenses.
Okay. Ma'am, secondly, you mentioned that mob advance is around INR 486 crore. Is this the correct number?
Yes.
Yeah. There has been a substantial increase in the first half. It is largely from the Adani Group, the increment in mob advance?
Yes.
What would be the interest-bearing portion?
There is no interest-bearing portion as of now. All of these advances are interest-free.
No, from the overall number of INR 486 crore.
Overall number now as of today, there are no interest-bearing portion.
We had the interest bearing because of the UP there was a mobilization amount which was bearing interest. Now that the project is mostly from Adani Group and other projects which we are already having, they will not have any mobilization amount with interest.
INR 486 crore is entirely interest-free.
Yes.
That will be the trend going ahead as well, because largely we will be taking business from Adani Group.
Yes.
Okay. And sir, lastly, what is the pending money to be received from SDB?
Sir, it is INR 90 crores.
INR 90 crores.
When do we expect? Are you targeting, I think, October sometime. Any update on that?
They promised for us to be, they promised me that they will be able to stabilize by July. Last, before one week only I have written letter and I had a call with me, that they have agreed to pay with interest now. As they are still struggling with the sale of their offices and most of the offices still are closed. They have said that this continues for some time, and when they will get stable, we will first pay to you only. But now they have considered interest as a part of the payment.
Can we expect some inflow maybe in Q4 or it will be largely next year only?
It is very difficult, but yes, the government is even trying that SDB should stabilize because this is one of the largest building with diamond groups, diamond merchant. Now they are trying to pull gold merchant also and jewelry merchant also, and some of the textile merchant also. Putting all these together, government wants that this building should get live as soon as possible.
Okay. And sir, lastly, we received orders of almost INR 4,000 crores. So any color or detail on which were the orders or value of your orders?
I think we uploaded on it.
Yeah. If you see on the presentation itself, we have mentioned high-value orders. One is Navaratna Mahal, that is INR 1,300 odd crore. There are other projects also from Adani Group that is already shown on the presentation.
These are won in Q2?
Yeah.
Okay. Lastly, what is the CapEx guidance for FY 2026?
Overall CapEx guidance, right now I will say is that it should be in the range of 3%-4%, but probably this time as we have bought a lot of high-value crane for Precast, so it can cross to 4% or 4.5%, but that will be the maximum.
Vatva material then?
What?
Vatva CapEx in Vatva.
Yes, Vatva, that is INR 80 crores.
Okay.
INR 40 crores in the second half. In totality it is INR 80 crores.
Okay, fine. Thank you.
Ladies and gentlemen, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Vishal. Vishal, please go ahead.
Yes, sir. Thanks for the opportunity. Vishal from. You can hear me there. Right, sir?
Yeah.
Okay, fine. I think couple of questions. One is on order inflow. You did mention INR 4,000 crore worth of orders that we have received. Is it fair to say that largely, 100% is from the Adani Group?
Yeah, you can say majorly it is from the Adani Group.
Right, sir. Then, in your commenting, you did mention for the second half, there is a big book. It is almost like INR 7,000 odd crore.
One has to understand, sir, is it like we bid for the project or mostly these projects are a nomination to us? How exactly things work when we get Adani order?
Are you talking about Adani Group?
Yes, sir.
Yes. Really it is always a bid or sometimes depending on the situation, what type of project, depending on what group it is making up. It can be negotiation also. But once it is to be bidded, that is for sure. But later it is then calculated and understood how the exact it was, what percentage it should be. But it is then negotiated.
Okay. Maybe the same thing, I think one has to understand from a P&L and balance sheet point of view. Since, I think it has been couple of quarters, we have already got couple of Adani orders, and earlier also we were getting orders which were non-Adani. How things have changed for us, one is in terms of margin, second in terms of the working capital. How different. Because I think you did mention the mobilization advance that we are receiving is largely interesting. How things are different for us now?
Now, one thing which we have already mentioned in the first quarter also is after joining our partnership with Adani, they themselves have a CapEx of more than INR 2 lakh crore in the next one and a half to two years. Probably the performance of the company and more and more we can increase our capabilities, there will be huge order inflow from the company itself. At the same time, the conditions of contract, the way it is decided with Adani, it is a 6.6% mobilization advance, and most of the payments are within 10 days for 75% and maximum to 30 days for the last 25% is that true. Probably this will help company a lot in terms of reducing their debt level and at the same time minimize our working capital days also.
Okay. In terms of margins, anything you would like to say?
The margin, I think we have always been saying, and we have been working on that line only, so it should be in the range of 8%+ . More and more orders we start and more and more orders tend to deliver the projects. I think once the revenue generation starts from each and every project and targets the foundation, we should stabilize it around 8%.
Okay. Maybe one last thing from me. In P&L, you did mention there is a one-off of ECL. This is regarding attaining what, if you can clarify, and will this kind of continue in quarter three and four going ahead?
Yes. For quarter two, the ECL provision is INR 3.64 crore. That is purely based on the ECL working formula as per Ind AS. It is not particularly for any specific project.
Okay. But generally, there is a delay in recovery. It is actually ECL is linked to that or probably working capital receivables are more than that. What exactly one should link this to, and is it like percentage of sales? Something like that can be helpful to us.
Yeah. So that format, what we decide is like, whenever this receivable goes beyond 90 days or three weeks, 60 days, that percentage increases. Based on that, we have already accumulated around 30+ INR crore of ECL. And yeah, Kanderpur ECL we have fully provided, so the receivable from Kanderpur 17, 18 INR crore has been provided.
Okay. So out of INR 30 crore, we have provided largely as on our first half books that we have closed.
Yes, sir.
Okay. Sure, ma'am. Thanks for answering all the questions. Thank you, sir, and congratulations for pretty strong set of order inflow. Thank you.
Thank you.
Thank you.
The next question is from the line of Lokesh Kashikar from SMIFS Institutional Equities. Please go ahead, sir.
Yeah. Hi. Thank you for giving the opportunity. Most of the questions have been answered. Just one question from my side. Sir, we have been struggling on the labor situation during Q1 where the shortfall was to the tune of 37% from the desired level. How is the situation in Q2, and where do you see that improving to, considering that we have had a strong inflow during the quarter and the need for the labor has increased for us?
I think basically the labor requirement was there was a deficit in the first quarter. Of course, after first quarter, the delay onwards there is a full level deploy of labor. Just because of heavy monsoon in Gujarat in trend up to September or up to September, so that has impacted on delivery but not because of the labor availability. Presently also, we can say there can be shortfall with 10%, 12% just because of old Diwali, but overall the full strength of labor is available now as what we are done in the second quarter, and probably third quarter also we will be in better position as the availability of labor will not be an issue to the company.
Okay. Sir, for the Adani projects, where do you see that our precast elements could be largely used, or it is a combination? Do you see it is a combination of labor or the work at site and the precast elements?
Our precast plant is based in Sanand. Probably we have got almost three, four projects of Adani Group which we are going to start in precast. Most of the projects are now in foundation. Once the last foundation is over, the erection of the precast elements will start. Probably next month we are starting one, two projects, and probably by December we will be in position to start three more projects in terms of precast for Adani in Chandanvelly.
Okay. Thanks, sir. That was good information. Thank you.
Thank you. The next question will be from the line of Bala Subramaniam from Arihant Capital . Please go ahead, sir.
Good day, sir. Thank you so much for the opportunity. Sir, on the working capital side, the working capital cycle has been increased to 102 days from 65 days, by last year, which majorly a larger jump in receivable days. I just want to understand how do you look at working capital cycle by end of the year? Last quarter you have mentioned bank fund-based facilities will come down very quickly, majorly by 5%-10% of the utilization advances from Adani side. Also, you can share guidance about what kind of net debt to EBITDA you are targeting by end of this year.
The reason that we are receiving today is we are having some advances from Adani Group. Just because of the sales bill received in last month of September, most of the payments of government has been delivered just in the month of October. There was a short gap of, there was a debt, long-term debt from museum, launch to our sports complex in Dharavi, which has put the present date. There was a huge advance from Adani Group. We were not able to reduce our working capital debt. Probably in third quarter, we should be in position to stabilize that.
Sir, how much advance we have received from Adani Group? That other current liability shows-
It is INR 486 crore.
It is around INR 400 crore.
INR 486 crore.
That is the total outstanding.
Okay.
It is between INR 350 crore-INR 400 crore we have received.
Okay. That other current liability shows nearly INR 447 crore. What portion represents mobilization advances from client, and what portion is trade payables?
The other current liability does not include the trade payable. That is separately mentioned. It's the work bifurcation you require.
Approximate.
Yeah. That mainly includes INR 544 crore, mainly includes its mobilization advance. Majority amount is INR 486 crore is mobilization advance.
Okay, madam.
Okay.
Madam, on the project side, I think some of the projects have been delayed by client.
Bala Subramaniam.
Yes.
There is an air disturbance.
Right now it's clear, madam. Hello?
Yes.
Yeah, go ahead.
Please go ahead.
Ma'am, some of the projects are being delayed by client side, especially like FMC, GNC, TARAgram, and Sintex building. If there is any overrun cost pattern, these costs, we can able to recover from the client side, or we have to take care of that?
If the project which we initiated GNC is related to road development, there can be a position of the encroachment of the shop owners and everything. The rest of the project, nothing is delayed by government. It was majorly because of the monsoon. When we are in the foundation part, that has been little bit delayed by monsoon and other. Previous quarter also it was because of non-availability of labor, and this quarter if you can consider then it was more related to impact of monsoon. Otherwise, the project delay from government side is only DMC, which is not a huge value project, it is around INR 140 crore project.
Okay, sir. Thank you.
Thank you. The next question is from the line of Bhavik Shah from Invexa Capital LLP. Please go ahead.
Yes. Sir, a clarification question. You mentioned that order pipeline as INR 7,000 crores for the Adani Group and INR 1,300 crores for others, right?
That's what we are bidding. Right.
Yeah. That's the current bid pipeline, right?
Yeah.
Okay. Our order inflow expectation for the year is INR 11,000 crores, right? Total.
Pardon me.
Total order inflow expectation for FY 2026 is INR 11,000 crores, right?
Right.
Okay. Basically, currently now we have won INR 4,000 crores, and we are expecting almost the ones in pipeline to be won by end.
Yeah.
Understood. Sir, in these other projects, can you just highlight some projects in Adani and others? Which are the projects we are bidding for?
Like I said, there are two projects from government side. One project from government side and one project from private temple. The two projects conclude about INR 1,300 crores, and then INR 7,000 crores comes from Adani Group.
Okay, understood. Sir, have we seen any traction regarding any projects from, say, the Commonwealth Games side, which we are hearing which will come up in 2030?
No, probably, we are into discussion on what we have heard before two days, that now it is being declared that Ahmedabad is going to host Commonwealth. We have heard from the market also that the design and everything is ready, so probably the tender should come any time after Diwali.
Okay. Sir, to bid that, do we have the necessary limits, or we will need to increase our limits maybe?
What?
Regarding the limits we are talking about.
Like to bid for some big project. Do we have the necessary limits outside of the Adani Group if we want to bid in big projects?
We will know about that. We are focusing more on Adani Group because we already have a large order base from Adani. At the same time, previous projects like Commonwealth and stadium projects and some temple projects that we have won now, when the size of the projects will be more than INR 800 crores to INR 1,000 crores, of course, we will be bidding because the qualifying criteria will help us for a niche competition.
Understood, sir. Sir, from the pending receivables which we have, is there anything pending on the Ponderful side as well?
No, Ponderful, there is outstanding of INR 17 crores to INR 18 crores. That we have already provided for. Agitation process is going on for that.
Okay. Are we hopeful to get anything in this year?
Ponderful, I cannot answer, but the dividend is almost at the verge of hearing. Probably if the government is having money and if they do not go to further corporate matter, then I think we should have something on the dividend matter.
Sir, how much is the dividend amount?
Dividend amount we cannot say today, but probably it is at the hearing stage now. Our claim is about INR 250 crore.
INR 250 crores we have claimed.
Yeah. It was a claim.
Okay, understood. Thank you so much.
Thank you.
The next question is from the line, Ankita Shah from Elara Capital. Ma'am, please go ahead.
Yeah. Hi. This is Ankita Shah. Congratulations on a very strong order intake. What has been the share of precast revenues in the first half of this year?
Precast revenues are in separate.
No, we are not having that separate amount. Basically, we are supplying precast to our existing projects. There are no direct sale except L&T. That L&T sale is around INR 30 crore.
INR 30 crore.
Everything is included in our total number only, combined.
Yeah.
Right. Okay, got it. Do you expect any strong pickup here and any further additions in capacity?
Look, capacity, as we said previously also, we have almost, on the infrastructure side, we have that capacity, it will be limited to 5. Presently, we are having an order from four projects from Adani. As and when this project's requirement goes up, and these Larsen & Toubro orders are getting over by maximum February. We will have a lot of space. It will be a capacity in terms of little bit machinery. We have that space as and when the requirement comes up. We have that infrastructure ready, only the machinery which we may have to buy. Otherwise, the capacity is there.
Got it. If it is already there, it might only come in next year, next financial year.
Yeah.
Okay. Got it. Great, sir. Thank you so much, and wish you all the best.
Thank you.
The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead, sir.
Yeah. Thank you for opportunity again. Sir, just a clarification on this INR 4,010 crore order into INR 4,000 crore, INR 10 crore. These three orders that we have given in the presentation on slide 19, that value totals around INR 2,960 crore. A thousand crore plus number, INR 1,100 crore number is missing. Can you help? Is there any other Adani project which is not included there?
I will just pick out whatever Adani projects included in this. There is one field work, workers accommodation, INR 813 crore in Mundra. That is there maybe already. One precast civil work is for Tower C Shanti Kunj, that is INR 406 crore. ACC Corporate House, we had integrated their orders, that is INR 160 crore. There are miscellaneous other INR 90 crore of orders. That is leadership guesthouse at Shanti Kunj. A couple of more such orders are there.
Okay. Then, sir, just to again try to understand. Let's say if you get this INR 7,000 crore and by end of this year, INR 2,000 crore more revenue in second half, so INR 15,000 crore kind of order book at the end of the FY 2026, then we should be doing a much higher revenue for FY 2027. Still we are seeing a INR 4,000 crore, which is kind of a 20% growth. I am not able to get it.
Absolutely right. When we have a large order book, we should be able to perform in a better way. But presently, nothing is happening. When we talk about Mumbai sheet piling and excavation usually takes lot of time. For us also, there are two projects of Dharavi. We started things like four months, and yet we have not started on excavation part. So little bit challenging in the substructure part. Once you are out of superstructure, you can plan something on the river side. But until the buildings are in substructure, it is little difficult. Eventually, we start and everything goes fine. We should be in the confidence to deliver more than INR 4,000 crore. You are absolutely right. The worth of outstanding orders is over INR 15,000 crore. We should be in a position to deliver more than INR 4,000 crore.
Got it. Yes, sir. That is it from my side. Thank you.
Thank you.
Thank you, sir. As this was the last question, now I would like to hand the conference over to the management for the closing comments.
Thank you, everyone. On behalf of the management of PSP Projects Limited, we thank you all for joining us on our post-earnings call today. We have been able to address majority of your queries. You may reach out to me or our investor relations partner, EY, for any further queries that you may have, and they will connect you with us live. Wishing you all a happy Diwali. Moderator, we can now close the call. Thank you, all.
Ladies and gentlemen, on behalf of PSP Projects Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.