Ahmedabad-based construction and infrastructure firm PSP Projects has kicked off the financial year FY25 with robust momentum, announcing the receipt of a significant new order worth INR 107.10 crore from GIFT City, Gandhinagar. The company informed the exchanges about this development during a market holiday, and the stock is expected to remain in focus on Monday’s trading session. It is worth to note that, Ace investor Madhulika Agrawal owns 9,00,000 shares (2.27% stake), reflecting a INR 57.3 crore investment.
Project Details
According to the official exchange filing dated 18 April 2025, PSP Projects has been awarded the civil structure and finishing work for the BIFC-2 Building at Gujarat International Finance Tec-City (GIFT City). The contract has been placed by Brigade (Gujarat) Projects, and falls under the institutional project category.
The project is expected to be completed over a span of 24 months, with the total contract value pegged at INR 107.10 crore, exclusive of GST.
Importantly, the company has clarified that the awarding party has no relation with PSP Projects’ promoter group, ensuring full compliance with related party norms under SEBI regulations.
Order Book Developments
This GIFT City project comes on the heels of PSP Projects’ blockbuster order inflow worth INR 1,764 crore, announced on 28 February 2025. That order included a variety of residential and institutional projects primarily based in Ahmedabad, significantly boosting the company’s visibility in western India’s construction space.
Among the highlights of that announcement:
- INR 647.22 crore contract for the City Side development at Ahmedabad Airport, from Adani Airport Holdings.
- INR 411.72 crore awarded for the Adani Medicity & Research Center.
- INR 223.47 crore airside and landside development at Ahmedabad Airport by Ahmedabad International Airport.
- Additional mid- to large-size projects in Shantigram, Ahmedabad, and a INR 51 crore Vishram Gruh project at Asarva Civil Hospital.
With these in the bag, the cumulative order inflow for FY25 has already reached INR 3,478.58 crore, placing PSP Projects in a strong operational and financial position for the year.
Accolades & Recognition: Awarded ‘Pioneer in Infrastructure Development’
Adding to the positive sentiment, PSP Projects has also been recognized by GROHE HURUN India during the India’s Most Respected Real Estate Leaders Conclave 2025, receiving the award for “Pioneer in Infrastructure Development and Engineering.”
This award is seen as a testament to the company’s ongoing commitment to innovation, sustainability, and leadership in the infrastructure space, further boosting its industry credibility and brand positioning.
PSP Projects Post-IPO Performance
PSP Projects launched its IPO on 17 May 2017, with an issue size of INR 211.7 crore. The IPO was warmly welcomed from the investors which leads the subscription figure to 8.49%. Despite the impressive subscription figures, PSP Projects IPO landed in negative with 5% loss.
However, the stock doubles the investment within 6 months of listing, reaching at INR 569.20 per share. Rally don’t stop here, PSP Projects made an all-time high of INR 819.20 per share on 8 September 2023, reflecting a 269% return on investment. Currently, it is trading around INR 636 per share (a correction of 27.35% from its all-time high).
Despite the flow of positive news, PSP Projects’ stock has shown some volatility in recent months:
- Current Price (as of April 17, 2025): INR 636.10 on BSE, marginally up by 0.19%.
- 52-week High / Low: ₹745.75 / ₹565.40
- YTD Performance: Down 4.75%
- 1-Year Return: Negative 5.55%
The recent awards and fresh project wins could serve as a catalyst to reverse the stock’s subdued performance and potentially attract long-term institutional interest.
Final Verdict
PSP Projects is steadily establishing itself as a trusted contractor in high-value institutional projects across Gujarat. The new order from GIFT City reinforces this positioning and is expected to contribute positively to its topline over the next two years.
With over INR 3,400 crore in orders already secured within the first month of FY25, the company has made a confident start and appears well-positioned to exceed its order inflow targets for the year. Its consistent recognition, operational diversification, and lack of promoter-related dependencies on major contracts speak well of its governance and growth strategy.
Investors and analysts will be closely watching the stock for a potential re-rating, especially if execution and margin visibility on these projects remain strong. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.