Buy PSP Projects; target of Rs 603: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on PSP Projects

With a large contribution of ~Rs 0.9bn revenue coming from SDB (~Rs 2.3bn in 9MFY19) PSP posted a strong 53/24% YoY/QoQ top line growth. Margins continued to remain at the upper end of the 12-14% guidance band. With no significant interest outgo, PAT came at Rs 215mn (+41/22% YoY/QoQ).

Outlook

We have pruned revenue contribution from SDB by ~Rs 1bn in FY20E resulting in a 3% decline in FY20E EPS. Maintain BUY with a TP of Rs 603/sh (18x Dec-20E EPS).

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