PSP Projects Q2 FY27: PAT +87% YoY on 58% revenue growth, EBITDA margin slips to 6.2%
PAT +87.06% YoY · revenue +58.38% · margins compressing
₹1,113.24 Cr
+58.38% YoY
₹30.24 Cr
+87.06% YoY
2.7%
+0.4pp YoY
₹7.63
PSP Projects' consolidated (primary) Q2 FY27 print is strong on a year-on-year basis: revenue of ₹1,113.24 Cr grew 58.4% YoY (₹702.87 Cr in Q2 FY26) and 30.4% QoQ (₹853.47 Cr in Q1 FY27), while PAT of ₹30.24 Cr grew 87.1% YoY (₹16.17 Cr) and 64.9% QoQ (₹18.34 Cr). Basic EPS was ₹7.63 against ₹4.10 a year ago and ₹4.63 last quarter. Standalone PAT of ₹29.05 Cr (+95.2% YoY) actually grew faster than the consolidated number even as standalone revenue (+45.5% YoY, ₹1,009.13 Cr) grew slower than consolidated — the subsidiaries (PSP Construction Solutions, PSP Foundation) are outgrowing the parent on the top line, while the JV loss share trims the group bottom line marginally.
Q2 FY-2027 vs prior quarters
The margin story is mixed and matters more than the headline suggests. Net profit margin expanded to 2.70% of total income from 2.29% a year ago and 2.14% last quarter — but the core operating margin (EBITDA excluding other income, on revenue from operations, the metric management guides on) actually compressed, to 6.21% from 7.10% YoY and 6.42% QoQ, a third straight quarter of decline. The NPM expansion was driven largely by a lower effective tax rate — 24.65% this quarter versus 35.09% in Q1 FY27 and 27.80% a year ago — rather than by operating leverage.
The stock went into the print at ₹745.25, down 2.8% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
FY27 revenue targeting ₹4,400–4,500 Cr (20%+ growth); EBITDA margin 7–8% expected H2 onwards; order inflows ₹4,000–5,000 Cr (vs. prior ₹6,000–8,000 Cr); debt-free status expected within 2–3 quarters.
— This quarter: met
No quarter-specific Street estimate for PSP could be found; full-year FY27 analyst consensus points to revenue of ~₹4,160 Cr (+39.3% YoY) and EPS of ~₹39, with the company reiterating its own ₹4,400–4,500 Cr FY27 revenue guidance. H1 FY27 consolidated revenue of ₹1,975.67 Cr (+60.8% YoY) is comfortably ahead of management's "20%+" growth floor from the August concall and keeps the full-year target in reach, though H2 would still need to run roughly 23–28% above H1's pace. Management's EBITDA-margin guidance of 7–8% is explicitly framed as "H2 FY27 onwards," so Q2's 6.21% doesn't yet count as a miss — but it leaves no room to slip further. Consolidated debt fell to ₹267.4 Cr from ₹317.2 Cr at FY26-end (-15.7% in H1), consistent with the prior guidance of turning debt-free within 2–3 quarters. The filing carries no fresh order-inflow disclosure against the guided ₹4,000–5,000 Cr for FY27 (revised down from ₹6,000–8,000 Cr last quarter); the most recent public order-book figure (Q1 FY27) was ₹13,250 Cr, 4.2x FY26 revenue. The board also approved shifting the registered office within Ahmedabad effective November 4, 2026 — administrative, not financially material to the print.
W1
Q3/Q4 FY27 EBITDA margin against management's 7–8% guidance (explicitly "H2 onwards") — Q2's core OPM was 6.21%, a third straight quarter of decline
W2
Order inflow run-rate against the guided ₹4,000–5,000 Cr for FY27 (revised down from ₹6,000–8,000 Cr) — this filing discloses no fresh order-booking number
W3
Debt trajectory toward "debt-free within 2–3 quarters" — needs roughly another ₹267 Cr reduction from the current consolidated borrowings level
Consolidated PAT nets a tiny JV loss share of ₹0.04 Cr (GDCL and PSP Joint Venture, 49% stake); no exceptional items in any period shown, both statements. Columns and figures are clean/typed, no scan artifacts.