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PSP Projects Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,090.62Undervalued by 49.60%vs CMP ₹729.00

P/E (80.1) × ROE (5.4%) × BV (₹309.00) × DY (2.00%)

₹477.29Overvalued by 34.53%vs CMP ₹729.00
MoS: -52.7% (Negative)Confidence: 54/100 (Moderate)Models: 2 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹792.0026%Fair (+8.6%)
Graham NumberEarnings₹251.6719%Over (-65.5%)
Earnings PowerEarnings₹148.1712%Over (-79.7%)
Net Asset ValueAssets₹308.758%Over (-57.6%)
EV/EBITDAEnterprise₹546.3710%Over (-25.1%)
Earnings YieldEarnings₹91.108%Over (-87.5%)
ROCE CapitalReturns₹779.1110%Fair (+6.9%)
Revenue MultipleRevenue₹622.556%Over (-14.6%)
Consensus (8 models)₹477.29100%Overvalued
Key Drivers: EPS CAGR -27.4% drags value — could be higher if earnings stabilize. | Wide model spread (₹91–₹792) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -27.4%

*Investments are subject to market risks

Analyst Summary

PSP Projects Ltd operates in the Construction & Contracting segment, current market price is ₹729.00, market cap is 2,890 Cr.. At a glance, stock P/E is 80.1, ROE is 5.40 %, ROCE is 8.70 %, book value is 309, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹477.29, around 34.5% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹2,468 Cr versus the prior period change of 0.2%, while latest net profit is about ₹56 Cr with a prior-period change of -54.8%. The 52-week range shown on this page is 1,031/569, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisPSP Projects Ltd. is a Public Limited Listed company incorporated on 26/08/2008 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L45201GJ…

This summary is generated from the stock page data available for PSP Projects Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

50
PSP Projects Ltd scores 50/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 8.7% AverageROE 5.4% WeakD/E 0.13 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money20/100 · Weak
FII holding down -5.33% (6mo) SellingDII holding down 5.81% MF sellingPromoter holding at 68.8% Stable
Earnings Quality40/100 · Moderate
OPM contracting (14% → 9%) Declining
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +7% YoY GrowingProfit (4Q): -45% YoY Declining
Industry Rank55/100 · Moderate
P/E 80.1 vs industry 38.8 Premium to peersROCE 8.7% vs industry 6.5% Above peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 25, 2026, 11:39 pm

Market Cap 2,890 Cr.
Current Price 729
Intrinsic Value₹477.29
High / Low 1,031/569
Stock P/E80.1
Book Value 309
Dividend Yield0.00 %
ROCE8.70 %
ROE5.40 %
Face Value 10.0
PEG Ratio-2.93

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for PSP Projects Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
PSP Projects Ltd 2,890 Cr. 729 1,031/56980.1 3090.00 %8.70 %5.40 % 10.0
Ramky Infrastructure Ltd 3,474 Cr. 502 706/42015.5 2970.00 %16.8 %10.9 % 10.0
SPML Infra Ltd – a Multi-sector Infrastructure Player 1,790 Cr. 213 323/15130.1 1050.00 %8.91 %7.78 % 2.00
Simplex Infrastructures Ltd 1,707 Cr. 216 330/13631.9 1180.00 %0.05 %4.40 % 2.00
Supreme Infrastructure India Ltd 773 Cr. 79.3 133/56.5 35.50.00 %%% 10.0
Industry Average6,280.85 Cr186.7938.81102.940.05%6.51%9.08%7.10

All Competitor Stocks of PSP Projects Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 497727510607697649612578623655513694771
Expenses 436650445533625597538539588625488646719
Operating Profit 62786574715273393530244852
OPM % 12%11%13%12%10%8%12%7%6%5%5%7%7%
Other Income 6766764545444
Interest 109912151413111010111211
Depreciation 10121214192017181919172024
Profit before tax 486349534424471510602121
Tax % 27%26%26%26%26%36%28%25%40%18%52%28%25%
Net Profit 35463739331534116501516
EPS in Rs 9.8112.8610.2010.959.034.248.652.811.531.250.053.764.05

Last Updated: February 4, 2026, 12:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2102804554017301,0441,4991,2411,7491,9272,4622,4682,633
Expenses 1942584153356288951,3081,1061,4921,6992,2002,2892,478
Operating Profit 17223966102149191135257228262180155
OPM % 8%8%9%16%14%14%13%11%15%12%11%7%6%
Other Income 471013182325142124241617
Interest 22389915152632514444
Depreciation 4578112427263240657379
Profit before tax 152139641001391741092191801707848
Tax % 35%34%36%35%36%35%26%26%26%26%27%28%
Net Profit 101425426490129811621331245636
EPS in Rs 125.88175.6278.5314.4517.8825.0735.9122.4445.1136.9534.4214.249.11
Dividend Payout % 16%5%19%17%28%20%14%18%11%7%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)40.00%78.57%68.00%52.38%40.62%43.33%-37.21%100.00%-17.90%-6.77%-54.84%
Change in YoY Net Profit Growth (%)0.00%38.57%-10.57%-15.62%-11.76%2.71%-80.54%137.21%-117.90%11.13%-48.07%

PSP Projects Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:24%
5 Years:10%
3 Years:12%
TTM:-8%
Compounded Profit Growth
10 Years:15%
5 Years:-15%
3 Years:-30%
TTM:-82%
Stock Price CAGR
10 Years:%
5 Years:11%
3 Years:7%
1 Year:7%
Return on Equity
10 Years:19%
5 Years:15%
3 Years:12%
Last Year:5%

Last Updated: September 5, 2025, 12:45 pm

Balance Sheet

Last Updated: December 4, 2025, 1:50 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.800.80329363636363636364040
Reserves 344663782673354215026497648791,1691,184
Borrowings 2633456822267581100145455272364
Other Liabilities 751061171402603334273714828116538561,059
Total Liabilities 1361862293155847319599901,2671,7562,0222,3372,647
Fixed Assets 1933525177103108116207240322307359
CWIP 000020042018332
Investments 91318222044111111
Other Assets 1091401582424866238478321,0591,4981,6972,0262,284
Total Assets 1361862293155847319599901,2671,7562,0222,3372,647

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 203041137028197112043-22755
Cash from Investing Activity + -41-26-43-19-122-34-115-140-48-25-106
Cash from Financing Activity + 9431781-22-2-2-81226920
Net Cash Flow -12801129-28674-28617-31
Free Cash Flow 161015722-12-14-845-36-368-13
CFO/OP 148%163%135%42%109%50%39%70%72%44%-69%60%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-9.00-11.00-6.00-2.0080.00123.00116.0054.00157.0083.00-193.00-92.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 24318495850556565825078
Inventory Days 71289456666825996151146
Days Payable 183175133199164140148237188232198186
Cash Conversion Cycle -152-132-117-142-60-24-27-89-64-54238
Working Capital Days -113-140-98-112-53-17-1413223467
ROCE %34%33%44%50%44%41%41%22%35%25%19%9%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 67.59%66.22%66.22%66.22%66.22%60.14%60.14%60.14%60.14%60.14%68.82%68.82%
FIIs 2.47%4.20%4.23%3.30%2.31%7.02%8.58%7.63%7.82%3.11%2.58%2.49%
DIIs 4.51%5.33%5.35%5.01%4.53%10.45%10.94%8.09%7.99%2.34%2.10%2.18%
Public 25.43%24.26%24.20%25.48%26.94%22.39%20.35%24.14%24.05%34.42%26.50%26.51%
No. of Shareholders 36,25236,91142,34648,54145,77241,86140,83943,24441,19737,29433,52235,636

Shareholding Pattern Chart

No. of Shareholders

PSP Projects Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Infrastructure Fund 486,120 0.45 36.46N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 14.3234.1636.6546.2922.65
Diluted EPS (Rs.) 14.3234.1636.6546.2922.65
Cash EPS (Rs.) 32.9552.3148.5155.0930.28
Book Value[Excl.RevalReserv]/Share (Rs.) 304.97254.13222.50190.82148.86
Book Value[Incl.RevalReserv]/Share (Rs.) 304.97254.13222.50190.82148.86
Revenue From Operations / Share (Rs.) 633.71696.05538.28485.57344.68
PBDIT / Share (Rs.) 49.6379.2170.8577.8242.11
PBIT / Share (Rs.) 31.3061.1959.7468.9234.99
PBT / Share (Rs.) 20.1547.0750.8661.5630.82
Net Profit / Share (Rs.) 14.6234.2937.4046.1923.16
NP After MI And SOA / Share (Rs.) 14.2334.1636.6546.2922.65
PBDIT Margin (%) 7.8311.3713.1616.0212.21
PBIT Margin (%) 4.938.7911.0914.1910.15
PBT Margin (%) 3.176.769.4412.678.94
Net Profit Margin (%) 2.304.926.949.516.71
NP After MI And SOA Margin (%) 2.244.906.809.536.57
Return on Networth / Equity (%) 4.6613.4416.4724.2515.21
Return on Capital Employeed (%) 10.0822.9625.5635.1523.34
Return On Assets (%) 2.396.037.4713.118.22
Long Term Debt / Equity (X) 0.010.040.040.020.01
Total Debt / Equity (X) 0.220.490.180.140.13
Asset Turnover Ratio (%) 1.141.321.271.551.27
Current Ratio (X) 1.581.421.391.451.53
Quick Ratio (X) 1.301.121.221.311.34
Inventory Turnover Ratio (X) 7.834.075.135.834.28
Dividend Payout Ratio (NP) (%) 0.007.3113.648.640.00
Dividend Payout Ratio (CP) (%) 0.004.7910.467.240.00
Earning Retention Ratio (%) 0.0092.6986.3691.360.00
Cash Earning Retention Ratio (%) 0.0095.2189.5492.760.00
Interest Coverage Ratio (X) 4.455.617.9810.5810.10
Interest Coverage Ratio (Post Tax) (X) 2.313.435.217.286.55
Enterprise Value (Cr.) 2570.242697.962319.671846.771512.95
EV / Net Operating Revenue (X) 1.021.081.201.061.22
EV / EBITDA (X) 13.069.469.096.599.98
MarketCap / Net Operating Revenue (X) 0.990.981.251.111.34
Retention Ratios (%) 0.0092.6886.3591.350.00
Price / BV (X) 2.072.703.022.833.11
Price / Net Operating Revenue (X) 0.990.981.251.111.34
EarningsYield 0.020.040.050.080.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

PSP Projects Ltd. is a Public Limited Listed company incorporated on 26/08/2008 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L45201GJ2008PLC054868 and registration number is 054868. Currently Company is involved in the business activities of Construction of buildings. Company's Total Operating Revenue is Rs. 2468.28 Cr. and Equity Capital is Rs. 39.64 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Construction, Contracting & EngineeringPSP House, Opposite Celesta Courtyard, Ahmedabad Gujarat 380058Contact not found
Management
NamePosition Held
Mr. Prahaladbhai S PatelChairman & M.D & CEO
Ms. Pooja P PatelWhole Time Director
Mr. Sagar P PatelExecutive Director
Mrs. Achala M PatelIndependent Woman Director
Mr. Vasishtha P PatelIndependent Director
Mrs. Swati MehtaIndependent Woman Director

FAQ

What is the intrinsic value of PSP Projects Ltd and is it undervalued?

As of 27 April 2026, PSP Projects Ltd's intrinsic value is ₹477.29, which is 34.53% lower than the current market price of ₹729.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (5.40 %), book value (₹309), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of PSP Projects Ltd?

PSP Projects Ltd is trading at ₹729.00 as of 27 April 2026, with a FY2026-2027 high of ₹1,031 and low of ₹569. The stock is currently in the middle of its 52-week range. Market cap stands at ₹2,890 Cr..

How does PSP Projects Ltd's P/E ratio compare to its industry?

PSP Projects Ltd has a P/E ratio of 80.1, which is above the industry average of 38.81. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is PSP Projects Ltd financially healthy?

Key indicators for PSP Projects Ltd: ROCE of 8.70 % is on the lower side compared to the industry average of 6.51%; ROE of 5.40 % is below ideal levels (industry average: 9.08%). Dividend yield is 0.00 %.

Is PSP Projects Ltd profitable and how is the profit trend?

PSP Projects Ltd reported a net profit of ₹56 Cr in Mar 2025 on revenue of ₹2,468 Cr. Compared to ₹162 Cr in Mar 2022, the net profit shows a declining trend.

Does PSP Projects Ltd pay dividends?

PSP Projects Ltd has a dividend yield of 0.00 % at the current price of ₹729.00. The company is currently not paying meaningful dividends.

Last Updated: April 25, 2026, 11:39 pm
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in PSP Projects Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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