PSP order book is 72% within-group on 30 September 2026

PSP Projects Limited reported a Rs 12,872 crore order book at 30 September 2026, with 72% classified as within-group projects; institutional and residential work represented 39% and 36%, respectively. Management said the balance was 30% higher year on year, while H1FY27 order inflow was approximately Rs 1,305 crore.

What is PSP's current order book?

PSP's outstanding order book was Rs 12,872 crore at 30 September 2026, according to management. The company said this balance was 30% higher year on year and provided multi-year revenue visibility, while H1FY27 revenue from operations was Rs 1,967 crore and Q2FY27 revenue was Rs 1,113 crore.

The order book was Rs 575 crore below the Rs 13,447 crore reported at FY26, based on the rounded values in the presentation. It nevertheless remained above the Rs 7,266 crore reported at FY25 and Rs 6,049 crore at FY24. PSP reported a five-year compound annual growth rate, or CAGR, of 27% for its order book from FY21 to Q2/H1FY27.

PSP secured approximately Rs 1,305 crore of order inflow in H1FY27, including approximately Rs 675 crore during Q2FY27. Management also disclosed a current bid pipeline of more than Rs 7,800 crore, which represents potential work being pursued rather than orders already included in the outstanding order book.

How much of PSP's order book is within-group work?

PSP classified 72% of its Q2/H1FY27 order book as within-group work and the remaining 28% as external work. This split applies to the Rs 12,872 crore order book disclosed at 30 September 2026 and describes the relationship-based project mix rather than the construction-sector mix.

The presentation does not define the companies, clients or contractual relationships included in the within-group category. It also does not provide earlier within-group and external percentages for FY24, FY25 or FY26, so the disclosed material does not establish whether the 72% within-group share has increased or decreased over time.

PSP linked its order-inflow momentum to expanding pre-qualification credentials. Annual order inflow rose from Rs 3,200 crore in FY24 to Rs 3,506 crore in FY25 and Rs 10,925 crore in FY26, an increase of Rs 7,725 crore between FY24 and FY26. The presentation reports a four-year CAGR of 56% for order inflow.

Which segments make up PSP's order book?

Institutional projects were PSP's largest order-book segment at 39% on 30 September 2026, followed by residential projects at 36%, government projects at 23% and industrial projects at 3%. Institutional and residential work therefore represented a combined 75% of the reported mix; the segment percentages total 101% because the company states that they are rounded.

Institutional work includes hospitals and healthcare facilities, educational institutes, malls, hospitality and hotels, and corporate offices. Residential work includes private group housing, townships and independent houses for select private customers, while government projects include the Chief Minister's Office, riverfront development, Vidhansabha renovation and public-sector undertaking offices or buildings.

Industrial work increased by Rs 107 crore from FY26 to Q2/H1FY27, while institutional, government and residential work each declined over the same comparison. Institutional work remained the largest disclosed category at Rs 5,015 crore, ahead of residential work at Rs 4,576 crore. PSP also lists government residential projects, including affordable housing under Mukhya Mantri GRUH Yojana, but does not provide a current value or percentage for that category.

What project record and pipeline does PSP disclose?

PSP said it had completed 120 institutional, 84 industrial, 40 government, 32 residential and three government-residential projects by 30 September 2026. These figures are completed-project counts and do not indicate the number of contracts in the Rs 12,872 crore outstanding order book.

The company reported repeat assignments of 102 projects for Adani Group, 30 for Zydus Cadila Group, 16 for Torrent Group, 10 for Sabarmati Riverfront and nine for UPPWD. PSP also said it had worked with more than 100 private and public clients across India, but the presentation does not identify how many of those relationships are included in active orders.

PSP identifies Surat Diamond Bourse as its largest executed project, valued at Rs 1,960 crore and spanning 68 lakh square feet. The company said completing this project placed it in the range of handling projects up to Rs 2,500 crore. That statement describes a capability threshold cited by PSP, not a disclosed future order target.

How is PSP using precast construction capacity?

PSP said it is undertaking precast-capacity addition in response to orders and demand from civil and infrastructure projects. Its precast facility manufactures beams, columns, slabs, load-bearing walls, partition walls, staircases and lift cores, and PSP says the approach supports offsite modular construction.

Most of PSP's infrastructure precast orders are from Larsen & Toubro for the National High Speed Rail project, while the balance comes from residential and industrial work within existing orders. PSP highlighted Project Ninety, a 3B+G+18-floor high-rise completed in 121 days, and said its new Corporate House was completed in 240 days, including mechanical, electrical and plumbing work and interior fit-outs. The company does not disclose the amount of added precast capacity, its cost or an expected financial contribution.

Conclusion

PSP's Rs 12,872 crore order book at 30 September 2026 combines a 72% within-group classification with a sector mix led by institutional and residential work. Although the rounded order-book figure was Rs 575 crore lower than at FY26, management reported 30% year-on-year growth and approximately Rs 1,305 crore of H1FY27 order inflow.

The next disclosed items to watch are the conversion of the more than Rs 7,800 crore bid pipeline and the pace of order inflow after Rs 675 crore in Q2FY27. PSP is also adding precast capacity, but has not disclosed a timetable, capacity quantum, capital cost or financial target for that expansion.