PSP Projects Limited (PSPPROJECT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-101.5%

-₹10.92

vs ₹737.50 price

Levered DCF

₹544.23

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	41.11×	44.33×	20.89×	18.31×	11.65×	20.45×	9.11×	18.75×
P/B	4.81×	2.07×	2.81×	3.02×	2.83×	3.11×	2.58×	4.54×
P/S	1.93×	0.99×	1.03×	1.25×	1.11×	1.34×	0.78×	1.6×
EV / EBITDA	31.73×	13.69×	10.62×	9.67×	6.97×	11.14×	5.62×	9.76×
Gross margin	6.2%	14.2%	19.1%	17.9%	20.4%	15.6%	17.6%	19.2%
Operating margin	3.4%	9.4%	11.8%	10.0%	13.0%	9.1%	10.9%	11.9%
Net margin	1.8%	2.2%	4.9%	6.8%	9.5%	6.6%	8.6%	8.5%
Current ratio	1.33×	1.58×	1.42×	1.39×	1.45×	1.53×	1.39×	1.49×
Debt / equity	0.26×	0.22×	0.5×	0.18×	0.15×	0.16×	0.18×	0.08×
Interest coverage	2.37×	5.4×	5.83×	6.06×	8.58×	7.56×	10.9×	12.95×
Dividend yield	0.0%	0.0%	0.4%	0.7%	0.7%	0.0%	3.7%	1.3%
Payout ratio	0.0%	0.0%	7.3%	13.6%	8.6%	0.0%	33.8%	24.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.4%	4.7%	13.4%	16.5%	24.3%	15.2%	28.3%	24.2%
Return on invested capital	5.0%	11.6%	15.7%	14.9%	21.6%	13.6%	35.1%	31.1%
Return on assets	1.8%	2.4%	6.0%	7.5%	13.1%	8.2%	13.3%	12.2%
Free cash flow yield	1.9%	-0.6%	-14.2%	-1.4%	3.6%	-0.3%	-1.5%	-1.1%
Earnings yield	0.9%	2.3%	4.8%	5.5%	8.6%	4.9%	11.0%	5.3%
Enterprise value	₹61.4B	₹26.9B	₹29.1B	₹24.7B	₹19.5B	₹16.4B	₹12.1B	₹16.7B
Net debt / EBITDA	0.36×	0.97×	1.25×	0.2×	0.04×	-0.22×	0.18×	-0.03×
Cash conversion cycle (days)	93	61	105	87	47	42	52	32