PSPPROJECT
PSP Projects Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
PSPPROJECT
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹978 today
BEAR
₹287
-71%
24.8% a year · 16.4x exit
BASE
₹418
-57%
42.9% a year · 20.9x exit
BULL
₹986
+1%
58.3% a year · 44.5x exit
Where the market has priced it
9x70x today — outside the range45x
- the last 3 years priced this company 113% above its ten-year median (44x vs 21x) — the exit multiple here is the ten-year one, so a sustained re-rating would not be captured
- at 70x its FY26 earnings the stock already trades above the top of its own ten-year range (44x)
- the range is unusually wide — read it as the span of management's own claim, not as a forecast
- this company's own median multiple sits 31% above its filed-industry peers; the scenario uses its own
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹14 (screener) |
|---|---|
| Guided growth | 42.9% a year, said on the call of 06-May-2026 · transcript |
| Read across as | operating: absolute ₹ revenue target — medium confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 16.44x / 20.87x / 44.47x, this company’s own p20 / median / p80 across 9 filed years |
| Filed-industry peers | median 15.95x across 36 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from a third-party research digest · not our own extraction
implied earnings growth 43%
For FY27, management now reaffirmed revenue guidance of INR4,500 crores and narrowed EBITDA margin guidance to 7% to 8%.
Call 06-May-2026 · bridge confidence medium · transcript PDF