PSP Projects: Prabhudas Lilladher Recommends 'BUY' with Rs 1028 Target

• PSP Projects reported Q3FY26 revenue of Rs7.7bn, a 24% YoY increase, showing improved execution after flat growth in 1HFY26.
• EBITDA margin was 6.7%, with management maintaining an 8–9% margin guidance from FY27E due to operating leverage.
• Strong order inflows of Rs50bn in 9MFY26, largely from the Adani Group, with a reiterated FY26 order inflow guidance of Rs100bn.
• The order book expanded to Rs91bn (~3.5x TTM revenue), providing strong execution visibility, with 59% from Adani Group and 41% from external clients.
• Prabhudas Lilladher maintains a 'BUY' rating with a target price of Rs1,028, based on a 20x exit P/E multiple on FY28E EPS, expecting accelerated growth.