### **Company Overview** PSP Projects Ltd is a rapidly growing, India-based **integrated Engineering, Procurement, and Construction (EPC)** company founded in 2008 by **Mr. Prahaladbhai S. Patel**, who remains Chairman, Managing Director, and CEO. Listed on the **NSE and BSE in May 2017**, the company raised ₹211.68 crore through its IPO. It operates as a **one-stop provider** of end-to-end construction services, covering **design, civil construction, MEP (mechanical, electrical, plumbing), interiors, operations & maintenance (O&M), and precast construction**. With a strong reputation for **technical excellence, timely project delivery, and innovation**, PSP Projects has evolved from a regional civil contractor to a **pan-India EPC player**, executing complex, marquee infrastructure projects. --- ### **Business Segments & Geographic Presence** PSP Projects operates across **six Indian states**: **Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, and New Delhi**, with an expanding presence in **Madhya Pradesh and Odisha**. As of November 2025, the company is strategically scaling operations in **Mumbai**, including establishing a new office and appointing key personnel in anticipation of major redevelopment projects led by **Adani Realty** (e.g., Motilal Nagar, Bandra). The company’s project portfolio is **highly diversified**, segmented into five core areas: - **Industrial** (6% of FY24–25 order book): Includes pharmaceutical plants (Nestlé, Torrent, Cadila), food processing units, and manufacturing facilities (The Coca-Cola Company, MRF). - **Institutional** (43%): Hospitals, educational institutions, corporate offices, malls, and hospitality projects (e.g., Zydus, CIMS, Palladium Mall, AIIMS). - **Government** (43%): High-profile, time-sensitive infrastructure such as medical colleges, Smart City developments, and heritage redevelopments (e.g., Kashi Vishwanath Dham, Surat Diamond Bourse). - **Residential** (8%): Group housing, townships, and luxury homes. - **Government Residential** (0% currently): Previously involved in PMAY projects; currently no active projects. PSP serves over **185 domestic and international clients**, including **Adani Group, Reliance Industries, Nirma, Nestlé, MRF, Torrent, and the Indian Railways**, and has delivered **235 completed projects** with **58 ongoing** as of September 2025. --- ### **Strategic Transformation & Growth Drivers** PSP has undergone a **strategic evolution** over the past decade, marked by: 1. **Value Chain Expansion**: Transitioned from civil construction to full **EPC and turnkey contracts**, now accounting for over **90%** of the order book. 2. **Technology Leadership**: Embraced **precast construction, modular formwork, BIM, automation, and AI-driven project management** to enhance speed, quality, and efficiency. 3. **Geographic Diversification**: Reduced dependency on Gujarat, with **non-Gujarat revenues now exceeding 33%** in FY24. 4. **Capital-Light Future**: Aiming to reduce labor dependency by **50% through automation**, including **material handling robots, automated water sprinklers, and precast technology**. --- ### **Strategic Partnership with Adani Group** A pivotal development in November 2024 marked the **entry of Adani Infra (India) Ltd**, part of the **Adani Group**, as a **strategic shareholder**, acquiring up to **30.07%** of PSP’s equity. This partnership is **transformational**, enabling PSP to: - Access **Adani’s $100 billion CAPEX pipeline** across **airports, industrial parks, data centers, logistics, and urban redevelopment**. - Serve as a **core execution partner** for large-scale infrastructure initiatives, including the **Mumbai-Ahmedabad Bullet Train** (supplying cable ducts and noise barriers). - Strengthen pre-qualification credentials and reduce **bid barriers, bank guarantees, and financial risk** in project execution. - Enhance **cash flow stability and scalability** with milestone-based payments and reduced working capital intensity. This collaboration is accelerating PSP’s long-term growth timeline and positioning it as a **world-class construction organization**. --- ### **Pre-Cast Construction & Technology Adoption** PSP commissioned a **60-acre precast manufacturing facility** in **Sanand, Gujarat**, in **December 2021**—a first-mover bet when market demand was uncertain. Today, **precast solutions are now a core competitive advantage**, with adoption rising among clients like **Adani, L&T, and Nestlé**. #### **Key Technological Initiatives:** - **Precast Technology**: Enables **40–50% faster construction**, improved quality, and reduced labor reliance. Used in projects like the **Coca-Cola plant** and **Adani International School**. - **Modular Formwork Systems**: Includes **aluminium formwork and tunnel formwork**, allowing faster casting cycles and reduced rework. - **Meshline (Welded Mesh Reinforcement)**: Adopted in FY23–24 to reduce reinforcement time and labor. - **Digital Integration**: - **BIM (Building Information Modeling)** and **Protrak** for digital tracking of precast elements. - **VisiLean** cloud platform for real-time project monitoring. - Use of **drones, QR-coded safety systems, and laser screeds** to enhance safety and precision. - **GFRP (Glass Fiber Reinforced Polymer) rebars** for corrosion resistance in non-structural elements. The facility currently operates at **450 m³/day**, with capacity expansion planned post-utilization. It also supplies external clients, including **L&T** for the **National High-Speed Rail project**. --- ### **Financial & Operational Highlights (as of Nov 2025)** - **Revenue CAGR (FY17–FY25)**: **26%** (earlier cited as 29.61% till FY24). - **EBITDA CAGR (FY17–FY25)**: **13%**. - **Order Book (as of Sept 30, 2025)**: **₹9,883 crore** (up from ₹7,266 crore in FY25 and ₹6,049 crore in FY24). - **Largest Project Value**: **₹1,960 crore** (a steel plant and government hospital complex). - **Debt Position**: **Low net debt**, with a **debt-to-equity ratio of 0.22** as of March 31, 2025. - **Cash Flow**: Improved due to **Adani partnership**, enabling faster milestone payments. - **Capital Allocation**: - **₹32 crores (Aug 2025)** invested in **cranes, formwork, and machinery**. - **₹433.81 crore** total capex in capital equipment, reducing rental dependency. --- ### **Capital Raising & Financial Discipline** - **April 2024**: Raised **₹244 crore via Qualified Institutional Placement (QIP)**, primarily used to **repay existing debt**. - **Maintains strong credit ratings**: **CARE A+ (Stable)** for long-term and **A1+** for short-term facilities. - **Low gear ratio**, **disciplined bidding**, and **milestone-driven payment structures** contribute to financial resilience. --- ### **Marquee Projects & Execution Excellence** PSP has built a reputation for executing **technically challenging, large-scale projects** under tight deadlines: - **Surat Diamond Bourse** (6.8 million sq. ft.): **World’s largest office building**, delivered despite pandemic disruptions. - **Kashi Vishwanath Corridor**: High-profile cultural and religious redevelopment in Varanasi. - **Veer Savarkar Sports Complex**: 82,507 sq.m Olympic-standard facility under Khelo India Scheme. - **Nestlé KitKat Plant**: Completed **5 months ahead of schedule** (19 months). - **Coca-Cola Sanand Plant**: Delivered across **39.26 acres** despite monsoon conditions and waterlogged terrain. - **Gati Shakti Vishwavidyalaya, Vadodara**: 30-month turnkey project for Rail Vikas Nigam Limited. - **World Trade Centre, GIFT City**: At **113 meters**, Gujarat’s tallest completed building. PSP is currently executing **three projects exceeding 125 meters**, including **Siban and Vida towers**, and is a **key developer in GIFT City**, having contributed over **3 million sq. ft.** of commercial and residential space.