External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>PSP Projects Limited (PSP) has entered into a SPA with Adani Infra (India) Limited wherein the promoter of PSP Mr Prahaladbhai S Patel, will be selling 30.07% equity share capital of PSP, triggering an open offer for public shareholders</li><li>As informed by the management, the shareholding of the promoters PSP and Adani will continue to remain the same for the next 5 years, post the closure of transaction, and the management will be continued to be led by Mr Patel</li><li>The acquisition by Adani group and the partnership between the promoter groups is expected to complement each other’s capabilities, with PSP lending its expertise in the buildings construction segment and Adani group providing it with group orders in the building segment only.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects Limited (PSP) has entered into a SPA with Adani Infra (India) Limited wherein the promoter of PSP Mr Prahaladbhai S Patel, will be selling 30.07% equity share capital of PSP, triggering an open offer for public shareholdersAs informed by the management, the shareholding of the promoters PSP and Adani will continue to remain the same for the next 5 years, post the closure of transaction, and the management will be continued to be led by Mr PatelThe acquisition by Adani group and the partnership between the promoter groups is expected to complement each other’s capabilities, with PSP lending its expertise in the buildings construction segment and Adani group providing it with group orders in the building segment only.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects: Signs SPA with Adani Group. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SPA with Adani Infra India Limited: On November 19, 2024, PSP Projects Ltd entered into a Share Purchase Agreement (SPA) with Adani Infra India Limited for the sale of up to 30.07% of the company’s paid-up share capital, amounting to Rs 685 Cr for Rs 575 per share. Under the execution of the SPA, the acquirer will be required to make an open offer in compliance with SEBI (SAST) regulations.</li><li>Post-consummation of the open offer, both companies are expected to hold equal equity stakes in PSP Projects Ltd.</li><li>According to management, this strategic deal is anticipated to create operational synergies by leveraging advanced technologies and expanding the scope of work to include building projects, data centres, realty, and airport-related infrastructure. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SPA with Adani Infra India Limited: On November 19, 2024, PSP Projects Ltd entered into a Share Purchase Agreement (SPA) with Adani Infra India Limited for the sale of up to 30.07% of the company’s paid-up share capital, amounting to Rs 685 Cr for Rs 575 per share. Under the execution of the SPA, the acquirer will be required to make an open offer in compliance with SEBI (SAST) regulations.Post-consummation of the open offer, both companies are expected to hold equal equity stakes in PSP Projects Ltd.According to management, this strategic deal is anticipated to create operational synergies by leveraging advanced technologies and expanding the scope of work to include building projects, data centres, realty, and airport-related infrastructure. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects Limited - Company Update Post Stake Sale To Adani Infra

<ul><li>Robust order book: As of 30th Sep 2024, the company’s order book stood at Rs 6,546 Cr, with an order inflow of Rs 1,445 Cr in H1FY25.</li><li>This healthy and robust order book provides revenue visibility for the next two years.</li><li>The company is expected to report a revenue CAGR of 10% over FY24-26E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust order book: As of 30th Sep 2024, the company’s order book stood at Rs 6,546 Cr, with an order inflow of Rs 1,445 Cr in H1FY25.This healthy and robust order book provides revenue visibility for the next two years.The company is expected to report a revenue CAGR of 10% over FY24-26E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects Ltd - Performance to Improve in H2FY25

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Forensic Accounting

<ul>
<li>Gautam Adani and executives indicted in U.S. for bribery, fraud, and obstructing justice tied to renewable energy projects worth billions.</li>
<li>Allegations spotlight governance risks, promoter-driven models, and transparency issues in Indian conglomerates, threatening investor trust in Adani Group and renewable energy sectors.</li>
<li>Adani Group issued media statement saying that charges in indictment are baseless and denied.</li>
</ul>


Gautam Adani and executives indicted in U.S. for bribery, fraud, and obstructing justice tied to renewable energy projects worth billions.
Allegations spotlight governance risks, promoter-driven models, and transparency issues in Indian conglomerates, threatening investor trust in Adani Group and renewable energy sectors.
Adani Group issued media statement saying that charges in indictment are baseless and denied.


Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

<ul><li>PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25.</li><li>The company reported revenue of Rs 623 Cr (up 21% YoY), EBITDA of Rs 74 Cr (up 12% YoY), and APAT of Rs 35 Cr (down 8% YoY).</li><li>EBITDA margins were 11.9% in Q1FY25 (compared to the estimate of 10%), down from 12.9% in Q1FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25.The company reported revenue of Rs 623 Cr (up 21% YoY), EBITDA of Rs 74 Cr (up 12% YoY), and APAT of Rs 35 Cr (down 8% YoY).EBITDA margins were 11.9% in Q1FY25 (compared to the estimate of 10%), down from 12.9% in Q1FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects Ltd - Performance Set To Improve; Upgrade To BUY

India

PSP Projects Limited operates as a construction company. The Company offers industrial, institutional, government, and residential projects construction, as well as allied services including planning, designing, and post-construction activities. PSP Projects serves the private and public sectors in India.

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PSP Projects (PSPPL IN)

PSP Projects: Signs SPA with Adani Group. Maintain ADD

PSP Projects Limited (PSP) has entered into a SPA with Adani Infra (India) Limited wherein the promoter of PSP Mr Prahaladbhai S Patel, will be...

HDFC Securities

PSP Projects Limited - Company Update Post Stake Sale To Adani Infra

According to management, this strategic deal is anticipated to create operational synergies by leveraging advanced technologies and expanding the...

Axis Direct

PSP Projects Ltd - Performance to Improve in H2FY25

Robust order book: As of 30th Sep 2024, the company’s order book stood at Rs 6,546 Cr, with an order inflow of Rs 1,445 Cr in H1FY25.

Axis Direct

Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...

Nimish Maheshwari

PSP Projects Ltd - Performance Set To Improve; Upgrade To BUY

PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25. The company reported revenue of...

Axis Direct

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PSP Projects: Signs SPA with Adani Group. Maintain ADD

PSP Projects Limited (PSP) has entered into a SPA with Adani Infra (India) Limited wherein the promoter of PSP Mr Prahaladbhai S Patel, will be...

HDFC Securities

PSP Projects Limited - Company Update Post Stake Sale To Adani Infra

According to management, this strategic deal is anticipated to create operational synergies by leveraging advanced technologies and expanding the...

Axis Direct

PSP Projects Ltd - Performance to Improve in H2FY25

Robust order book: As of 30th Sep 2024, the company’s order book stood at Rs 6,546 Cr, with an order inflow of Rs 1,445 Cr in H1FY25.

Axis Direct

Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

​Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...

Nimish Maheshwari

PSP Projects Ltd - Performance Set To Improve; Upgrade To BUY

PSP Projects Ltd. (PSPPL) reported a strong set of numbers that exceeded expectations across all metrics in Q1FY25. The company reported revenue of...

Axis Direct

Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...