Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
PSP Projects Limited (NSE: PSPPROJECT) Q4 2026 Earnings Call dated Apr. 30, 2026
Corporate Participants:
Prahaladbhai Shivrambhai Patel — Chairman and Managing Director
Analysts:
Krishna Patel — Analyst
Shravan Shah — Analyst
Vaibhav Shah — Analyst
Vishal Periwal — Analyst
Unidentified Participant
Bhavik Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the PS Projects Q4 and FY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded I now hand the conference over to Ms. Krishna Patel. Thank you and over to you.
Krishna Patel — Analyst
Thank you Ditesh and good evening everyone. Welcome you all to PSP Progress Limited Q4, FY26 and FY26 early conference call to take us through the results and to answer your questions. We have with us the management of PSV projects represented by Mr. Klanadhai Patel, Chairman and MD Ms. Suja Fisher, Chief Executive Officer and Ms. Seknik Patel, Chief Financial Officer. Please note that the discussion that we made today may have today contains certain forward looking statements relating to future events and future performance.
Numerous factors can cause the actual results to differ materially from those in the forward looking station. He shows the audio of this on this call is the copyright material of ESP cannot be copied, de broadcasted, attributed in press or media without specific or written consent of the company. With this I would like to now hand over the call to Ms. Pooja to tell the CEO for her opening comments. Thank you and over to you. Thank you Krishna for the introduction. On behalf of the Board and management team of ESV Project Ltd.
I warmly welcome all our investors, shareholders, analysts and other stakeholders. Thank you for joining us today to discuss the financial and operational performance for the fourth quarter and the financial year ended March 31, 2026. We concluded our board meeting earlier today. Financial 28 has been year of execution, sale and strategic information Based on our core philosophy of mid to Nat. I am pleased to share our operational, financial and strategic Progress for quarter four FY26 and FY26.
We are pleased to report a strong closure to FY26 which quarter for delivering our highest ever quarterly revenue reflecting execution momentum across projects during quarter four FY26 the revenue from operation increased by 66% year on year to 1,115 crore driven by accelerated progress across institutional, industrial, residential and government contract. EBITA per quarter grew by 85% year on year 60 crores side grow sharply by 234% year on year 221cr demonstrating operating leverage and execution intensity picture for the full year as revenue from operation grew by 25% year on year to 3,149.
EBITDA stood at 189 crore with EBITDA margin of 6%. Profit after tax was 55 crore while margins moderated on full year basis. Due to the change in project mix and execution in large scale, the underlying operational performance remains stable and aligned with our long term growth strategy. Now on operational updates, operational execution remains the key focus of area during this year. As of 31st March 2026 our outstanding order book is at 13,437 crores 85% year on year growth providing strong multi year revenue visibility for this within group projects account for 67% while external project constitute of 43%.
Highest ever order inflow during FY26 were 10,925 crores with 85% order from Adani. Major order comprises of development work at SBPI Airport Ahmedabad Matunga Rehab Building Mumbai Development of extended temple different area of Sri Ambadi Mata Temple district Banastata. The order book is now well diversified with government projects forming about 2543% of the senior pair of the current order group. Please make note of key projects and their outstanding contract value. SMC Highlights Rupees 7316 Development of D223 Construction of Intech Building at 261 Development Phase 2, 2 and 8Ambadi Mat Temple 966 Human Biology Science J&Science City 250 Biggest residential project in Gift City 210.
Since inception we have completed over 256 projects and as of year end we are executing 94 ongoing projects across Gujarat, Rajasthan, Karnataka, Maharashtra and Delhi and SE. During Quarter 4 FY26 the company has completely successfully completed three projects namely one of the first and tallest residential building of 122 meters completed Vishwam Mehram Padme Ramp Phase 1 a landmark project during which the world record was established for 24,000 cubic meter complete in a continuous 54 hour operation.
The company currently has big book of 6600 plus 60% from group projects and 40% from external projects. During FY26 we successfully executed and progressed several complex and marquee projects including high rise, institution building, airport infrastructure, large residential development, industrial facility and healthcare infrastructure. Our precast manufacturing facility continues to play a critical role in enhancing execution, consistency and life safety. I would also like to take an opportunity to share details on one of the landmark Picas project currently being executed by the company.
Project 90 comprises of three basement ground floor and plus 18 cover floors we executed in an exceptional time frame of 148 days that is less than five months. This remarkable achievement reflects our strong execution capabilities and reinforce our project milestones Redefined construction speed and efficiency through the adoption of CCAS technology. We are extremely proud of this milestone and remain focused on everything advanced construction solution to deliver superior outcomes for our clients.
Now let me share certain project level updates. SMC Our RCC work has been completed and all the finishing items, finishing activities, facade work, MSC MFE work are going on for RBM project our for all the three buildings in that project, our code and shell is completed and finishing the sanctuary work and post sharing work is going on. Project phase one has been handed over and phase two all the finishing activities are going on for airport and city site development. Our major RCT work is going on.
Foundation work has been completed and the project is There are four buildings in that project so one over building is our first floor activity. Work is going on. Second buildings down work is going on third transfer work is going on and fourth improvement one Land power is going on Industry Updates the outlook of India Construction and EPC sector remain structurally strong supported by multiple trends Sustain public infrastructure spending across redevelopment, health care, education, transportation and smart cities Revival in private sector capital expenditure, particular industrial infra in industrial, manufacturing, logistics, pharmaceuticals, data centers and energy Rapid urbanization and redevelopment Driving demand for high quality residential and mixed development Increasing preference for organized financially strong execution focus TPC player benefiting companies with own track records like CSE projects Growing adoption of technology led construction solutions such as recap and modular construction which improves productivity and margins overall over the medium term.
The tailwind position us well to pursue sustainable and profitable growth over the coming years. FY27 outlook as we enter FY27 our priorities remain unchanged. Timely and quality execution of our growing Order group student project selection and margin discipline Strengthening organizational capacity and leadership depth and maintaining strong governance and financial discipline. On behalf of the Board and management, I would like to thank our employees, clients, partners and shareholders for their continued trust and support.
With this I now hand over the call to Hector Mann who shares the financials for other details. Thank you. Good afternoon everyone. We’ll brief about the consolidated financial performance for the quarter and year ended March 31, 2026. Quarter 4 FY 26 versus Quarter 4 FY 25 operations for the quarter is Rupees 1155, sorry 1115Cs such as Rupees 673. This is increased by 66% on YV EBITDA for the quarter is at 60 crores as compared to 32 cr increased by 85% on YV. EBITDA margin is at 5.36% versus 4.81%.
Net profit for the quarter is 21 cr versus Rupees 6 years which is increased by 234% on DYBT. Net profit margin is at 1.88% versus 0.93%. If you look at the whole year numbers FY 26 versus versus FY 25. Revenue from operations for the year is 3149 cr versus 2512 crore which is increased by 25% on YY basis. EBITDA for the year is at 189th year versus 179th year. It is increased by 5% on YY basis. Ebitda margin is at 6% versus 7.7%. Net profit for the quarter is 55 year 56 year which is decreased by 2% of my liability.
Net profit margin is priced at 1.74% or 15.22% during the quarter in the review the other expenditure has increased from 17cr to 26cr. This is mainly due to a kind of provision of expected credit loss on unbilled revenue which is from Kashi project which was amounting to 29cr. Company has provided against this 29cr though the follow up for the amount has it is continued since now and since it is carried on the benefit for since longer time complaint decided to provide for the same though it will continue to follow up for the same as it’s a part of part and parcel of the original contract.
Increase in depreciation from 19cr to 26cr is mainly attributable to addition in asset block during FY26 during status for FY26 company has incurred capex of 40cr and year to date capex addition is 192. Work was as in 3-24-26 is 764 years and net worth is 412 years. We’d like to mention few of the important consolidated balance sheet Numbers as of March 21st 25th long term borrowing 43cr including short term maturity of 90cr. Short term borrowing is 274cr excluding short term maturity for 90cr mater.
Revenue stands at 440p trade receivables 928s trade payables 465pm retention 240 mobilization advanced 814 inventories of 347cr comprises of 190cr of construction materials and 143crores of bulking progress and 15 pair of finished goods out of total sanction credit facility of 1,497 crores. Company has utilized non sun based facilities for 735 crores. And sun based utilization is at 174 cr. Limits available for utilization is 588 cr. As on March 30th of 26 the company held total fixed deposit of 351 cr out of each LC before we stopped and everybody.
As on March 2016,447. The detailed dissertation is provided in the previous presentation. That concludes the update from the financials. And we are now open for the question and answer session. Thank you.
Operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchton phone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Dollars Capital. Please go ahead.
Questions and Answers:
Shravan Shah
Yeah. Thank you. Before asking questions repeat the retention money, mobilization advance and unbilled revenue number. I was not able to get the exact number. Okay. Mobilization
Krishna Patel
Advance 814 here.
Shravan Shah
814 or 40814. Okay. Okay.
Krishna Patel
440 C.
Shravan Shah
440 C. Okay, thank you. Now just wanted to get a sense on particularly on the guidance front and on the margin front. So previously I think we were looking at FY27 4500 to 5000 crore kind of a number and then 20 to 25% kind of a growth for till FY30. So to reach a 9 10,000 crore revenue. So is there any change in the. In the that number?
Prahaladbhai Shivrambhai Patel
We will stick to over 4,500 revenue for the next year. And the margins improving from here in this quarter also you will find it is improved from the last quarter if you consider the 30 kilo of provision being made for the taxi. And so that will give you a figure about 90 crore which is quarter. You will find 8% of EBITDA is there. So we have already started improving our EBITDA margin from here.
Shravan Shah
Okay. So from for FY27. Now if we have to look at let’s say there is no provision or anything. So can we look at now 7 8% kind of a margin or it will be a 8 to 9% kind of a margin that one can now look at. Okay, okay. And going forward also. So obviously this year we have received a significant order inflow particularly from the group 10,900 so kind of 11,000. So for FY27 how we look at and going forward also broader sense how whatever the revenue we will be doing will it be one and a half times of that that minimum that will be bagging the orders.
That way one can look at.
Prahaladbhai Shivrambhai Patel
Yeah we can consider that minimum 5 to 6,000 crores of water can be included on the side. And maybe if we can get opportunity in some of the candidates of combination if we get an opportunity we can think about 1 to 1000, 2000 so these type of things both ways every concentrating group or we can think about Indian projects which is going to come in here.
Shravan Shah
So but sir, now the group total mid pipeline that we have talked about so that that number is 6600 karoso is it one can look at that at least for next six months, one year we may see a lower order inflow from the. From the group that way one can look at.
Prahaladbhai Shivrambhai Patel
No, it’s not like that we will get a lower order because now the company is getting multiple in terms of operation. So again when we get from our current order book we can think about natural orders again from the inside because of 6000crores now it is 4000crores after one year getting almost through with our existing orders keeping the order of AMAD as the order which is going on. And then there will be an opportunity for the company that some of the project will be getting completed. But majorly what we are discussing today is about in the range of 5 to 6,000.
Shravan Shah
Okay. And then now the capex for next year will be the 3, 4% that we are looking at that way so broadly kind of a 120, 150 crore kind of a capex that one can look at.
Prahaladbhai Shivrambhai Patel
Yeah, mostly it will be in the same range because as in my experience and the operations and the size of the project which we are doing now I think it should be broad. Some of the quarter can be larger than we expect because as long as the project starts sometimes the capex goes high. But on an average side we can consider
Shravan Shah
And lastly for employee cost is that still we will be keep on adding the overall strength of the employee. So this kind of a run rate 36, 37 crore quarterly how one can look at will it be kind of in line with 20, 25% kind of a growth in the revenue. The similar kind of a growth that One can look at in the employee cost or how one can look at it.
Prahaladbhai Shivrambhai Patel
Presently we are increasing since there are few peoples to be deployed in the organization to make up these all orders through. So probably it will be in the same line and we’ll try to maintain because other than your remaining goes high and. But this this year was the case when we have started on the top level also the mid side. Mid level also company is increasing so many people and the products initial stage. So that was may have came in this year on an average it will be the same.
Shravan Shah
Okay, got it sir. Thank you. And all the best.
Prahaladbhai Shivrambhai Patel
Thank you. Thank you.
Operator
Thank you. We have the next question from the line of V Sha from GM Financial. Please go ahead.
Vaibhav Shah
Yeah. Hi sir. So on the SDB money, what is the status right now
Prahaladbhai Shivrambhai Patel
It is as it is. But we have been chasing them every quarter by giving them the deal with interest. But I think they have just started the operation in last month already. So let us expect that some things should happen in next year. This year.
Vaibhav Shah
So what is the money that we are expecting which is getting in our books right now in receivables.
Prahaladbhai Shivrambhai Patel
So this year we have already completed 94 year because the interest parties were on the region.
Vaibhav Shah
Okay. Until you mentioned the provision we took off around 29 crores in partial project. So what was the issue over that?
Prahaladbhai Shivrambhai Patel
Because of the provisions of the platform that with anyone year accident. So still we are trying with the organization and being a religious organization, we are chasing just not by through work but through our relationship that we had in the state. But making the.
Vaibhav Shah
Okay and for margins you said around 7 to 8%. So we have earlier targeting closer to 8, 8 and a half percent. So any reason why we are lowering the guidance?
Prahaladbhai Shivrambhai Patel
I’m not worrying. I’m keeping like a little bit conservative. Because if you see this provision of 30,000 it is at 8%. So it can go up in percent plus or not.
Vaibhav Shah
Okay. Are there any major provisions are we expecting in next year?
Prahaladbhai Shivrambhai Patel
Now we are not expecting because only house it is left is rupees. And that is at the level gets closed. Then we’ll get a better idea.
Vaibhav Shah
So still they have not handed. We have not been able to hand over the project to them.
Prahaladbhai Shivrambhai Patel
No, no, no. But the process really that we just think of finding because of being renovation the project cot gets delayed. And that is the reason that our account is not settled. So probably we are trying so much. I was expecting to get closed now. I hope at any point.
Vaibhav Shah
Okay, so lastly we have two Dharavi projects In the order book. So what would be the value of each of them and what is the share of Adan in the overall order book right now?
Prahaladbhai Shivrambhai Patel
So presently if you see the order my total outstanding order 14,400 out of which 67 9,000 is Adani and 4,300 is.
Vaibhav Shah
And projects we have to write in the book. So what is the value of each of them?
Prahaladbhai Shivrambhai Patel
We are not mentioning project wise order intro so we keep the trigger sound not disclosed as of now. Because we are not declaring each and every project on one basis. But it is something you can consider. At first project is 47 next and the second is more than.
Vaibhav Shah
I was not asking the outstanding order book, I was just asking the order value.
Prahaladbhai Shivrambhai Patel
So that’s what I am saying. I’m not declaring any order.
Vishal Periwal
Okay. Okay. Got. Thank you. So those are my questions.
Prahaladbhai Shivrambhai Patel
Yeah,
Operator
Thank you. The next question is from the line of Vishal Perival from PL Capital. Please go ahead.
Vishal Periwal
Yes, thanks for the opportunity. First one clarification in terms of our revenue guidance earlier in the call we have mentioned four to four and a half thousand odd crore. So are we changing that to four and a half plus sort of number on how exactly to look at that?
Prahaladbhai Shivrambhai Patel
Previously also I was expecting that we said we should be having a revenue guide of 4500. Today also we have said it around 4500.
Vishal Periwal
Okay fine. And then I think in this balance sheet that we have provided we have seen good operating cash flow from maybe look like. I mean led by mobilization advance that we have received and cash balance has improved. So these advances that we have of 800 odd crores are they interest varying on how exactly it is structured in our working?
Prahaladbhai Shivrambhai Patel
No, it is not interest bearing any advance coming from the group.
Vishal Periwal
Okay. Okay great sir, and one last thing. Sorry for harking again on this ECL provision. I think the 29 od crore that you mentioned see what happened like you know though it is one off but when it become consistent. So I think it become kind of cost. So. So I mean going ahead also any. Any guidance or probably anything that can be provided will be helpful. How exactly to look at the TCM provisions.
Prahaladbhai Shivrambhai Patel
See it is as for the accounting requirement. Otherwise we are still chasing or taking switches not been paid yet. And in future also presently we don’t have that much issue related to books that it is only a found related tool. Medical problem and caching. So as of now we are under the origin of caching and for medical college and hospitals once their funds get settled we will able to know the real story. But we don’t expect too much detail future because rest of other projects are only human control.
And that’s what we have seen since last.
Vishal Periwal
Sure, sure. I think this is helpful and thanks a lot and best wishes. Thank you.
Prahaladbhai Shivrambhai Patel
Thank you. Thank.
Operator
You. Thank you. The next question is from the line of Ayush Sadhu from choice in institutional equities. Please go ahead.
Unidentified Participant
Can you throw light on the EBITDA margin guidance for FY27 next year going forward? I mean do we see any considerable increase in cost? Your voice is
Prahaladbhai Shivrambhai Patel
Very low. Your voice is very low.
Unidentified Participant
Can you, can you give guidance for the ebitda margins for FY27? And what would there be any significant impact in the ongoing war on a material cost basis? I mean do we see any risk for a decrease in EBITDA margins?
Prahaladbhai Shivrambhai Patel
See, I already given a guideline of 7 to 8% weeks of the year and on the EBITDA margins here, some of the projects which are ongoing like SMC or RBMs can have a little bit that can be marginally because most of the revenue is from Adani Group. And in Adani Group all these materials are pass through. So we don’t see any risk related to hurting the might impact on the overall guidance of the next.
Unidentified Participant
Okay, thank you. So we could consider a 7 to 8% ebitda margin for the next two years.
Prahaladbhai Shivrambhai Patel
Yeah.
Unidentified Participant
Okay. Thank you.
Operator
Thank you. The next question is from the line of Danang J. Mishra from Sunidi Securities. Please go ahead.
Prahaladbhai Shivrambhai Patel
Hello.
Vishal Periwal
Am I audible, sir? Yeah, now it’s better.
Prahaladbhai Shivrambhai Patel
Yeah, yeah, yeah. So congrats on very strong execution. We have achieved our FY26 guidance and exceeded the guidance and also order inflow and order order book is very strong and which provides growth for next four years. But my question is that earlier, I mean before Adani project started we used to make 10, 11%, 12% EBITDA margin and our fat margin used to be 5, 6%. Now even as we are doing 3000 plus revenue fiat margin is close to 2% and we have even all these reason like if you are provisioning for different projects.
But even at 7 and a half 8% EBITDA margin, can we improve net profit margin to the extent of 4,5% by managing our interest cost because we don’t have to pay interest on advances from Adani project. So maybe our we can save on that front.
Vishal Periwal
So can we reach 4, 5% in next two, three years in terms of pat margin?
Prahaladbhai Shivrambhai Patel
So you are absolutely right. This year only we had this problem of using the total which we had available now coming from group and most of the projects new related to the project which are going on. I think that is also getting completed. So deployment of working capital will be mostly sufficed by the only. So we should be in a better position. Or maybe I expect let them expect that we should be dead by next year. So this. This year 41 or 45 crore of interest can be converted into profit which can put us to 3 or 4%.
Vaibhav Shah
Because less than 2% pad margin. I mean even if you do
Vishal Periwal
5,000, 6,000 cr top line. Yeah,
Prahaladbhai Shivrambhai Patel
Yeah,
Vishal Periwal
Yeah. So at least even for construction company one should really look at 4 and
Vaibhav Shah
A half to 5% patch margin. Then any. Any kind of
Prahaladbhai Shivrambhai Patel
We should target only the next year.
Vaibhav Shah
And so what is the outstanding amount in up medical in terms of unbilled or receivable
Prahaladbhai Shivrambhai Patel
Terms?
Krishna Patel
Yeah, I’ll brief about that. We have unbilled of around 56,060
Prahaladbhai Shivrambhai Patel
Unbuilt. Okay.
Krishna Patel
Yeah. Since we have not received the GST invoice of 43 we haven’t covered this. Otherwise all final bills we have submitted and we are waiting for the final certification.
Vishal Periwal
Okay.
Prahaladbhai Shivrambhai Patel
So
Vishal Periwal
If at all we have to take ACL provision in future. Depending I mean how the auditor is suggesting we have to take on this 50 crore. Right.
Prahaladbhai Shivrambhai Patel
We should not take that noise.
Vishal Periwal
I mean that is a max. Yeah. Right. Right. Right. Then I can understand that. I mean despite the it was such a. All I want that the way we are doing in terms of top line order inflow, auto book, similar things
Prahaladbhai Shivrambhai Patel
Could flow in in terms of operating profit and fat. There should not be any surprises on quarter and quarter basis. So that is all. Okay sir. Thank you. And all the best. Hope we will do much better in FY27. Thank you. Yeah. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Shikha Doshi from active securities. Please go ahead.
Krishna Patel
Thank you. Good morning, sir. Good afternoon. I would want to know what is the working capital base that we are expecting for
Vishal Periwal
FY27 and going forward? I believe our current is 94 days.
Krishna Patel
Yeah. So basically once we are we have started getting these projects. The timeline of payments are very single and even we are getting submitted. So there won’t be any other lending of the working government. We see that it should be within 60 days. Okay. Thank you.
Operator
Thank you. The next question is from the line of Lokesh Kashikar from Smiss Institutional Equities. Please go ahead.
Prahaladbhai Shivrambhai Patel
Yeah. Hi. Thank you for the opportunity. A couple of Questions from my side. Firstly on being your, you know we have received secured around 6000 crores of order inflow which has basically bloated our order book around 30,500 crores. So just wanted to understand is there any slow moving orders in the current order book or you know project has a retail level of construction where the revenue
Unidentified Participant
Acquisition will be comparatively lower in the let’s say in the current venture. Just wanted to have a sense on that.
Prahaladbhai Shivrambhai Patel
Actually we should not consider that as a slow moving order. But because of the initial things we can completed Mayan and Mat, we have just completed the extension part and Mat we are just starting the ship time. And in Mumbai there are so many issues related to tree cutting and getting the royalty on time and lasting also they started the royalty. So such types of issues at the foundation level can hold project little bit slow. But it’s not because of any other reason. But once you are in the foundation and once you are in that activities related to foundation and land clearance that can be even slow.
But it’s not practical that it’s a slow moving process.
Unidentified Participant
Okay. Okay. But do you think that around 10,000 crores of projects out of
Vishal Periwal
This 30,500 is moving at a faster pace? Let’s say at the level.
Prahaladbhai Shivrambhai Patel
Yeah. Yeah. You can continue.
Vishal Periwal
Okay. Okay. And secondly basically on receivables front I think I have joined.
Prahaladbhai Shivrambhai Patel
So basically our receivables have jumped to around 928 crores. You know, on. And it is a short jump if you look at 25 level. So what has been the reason for that one and do you think that it will.
Krishna Patel
Basically the quarter revenue had gone to that extent compared to previous quarter. Most of the things have been booked in February and March. So that is still showing in the 35th March number and will be collected in. In the month of February. So that’s the major reason the revenue has increased in this quarter in last two minutes.
Prahaladbhai Shivrambhai Patel
But in terms of days, if you look at in terms of receivable day, do you think that it will. It should get stabilized around 60, 70 days because at current venture it is around, you know, closer to 100 days.
Krishna Patel
As I already mentioned, it’s like unbilled revenue has also converted to receivable revenue has reduced almost more than 100 years. So that has come passing the receivables and that will be materialized over a period of time. And as you mentioned that it should be. It is now 90200 days. But I have, I have already replied to one of the question that since we Will be executing the orders going forward and the payment terms are very favorable for that we will be getting the money on time and we will be making around maintaining 60 to 70 days of.
Prahaladbhai Shivrambhai Patel
And this last one from my side what is the interest bearing portion of this mobilization advance of 814?
Krishna Patel
There is no interest bearing mobilization
Prahaladbhai Shivrambhai Patel
So
Unidentified Participant
All mobilization advanced is industry. Yeah. Yes.
Krishna Patel
Yes
Unidentified Participant
Thank you. Yes
Operator
Thank you. The next question is from the line of Bala Subramaniam from Arian Capital. Please go ahead.
Krishna Patel
Good evening everyone. Thank you so much for the opportunity. Sir, my first question what is our current capacity utilization for our precast facilities? Once we move to 4,500 crore kind of top line Is there any further capacity additions required? If yes, what is the capex cost and when it will be operational?
Prahaladbhai Shivrambhai Patel
See presently the present capacity of the precast plant is 3 million square per week per year and the way the now the operation is growing up after completing we are having two more three more orders from exhibition from also we are group so there will be good amount of data within the group itself. Presently we go back the pace with each we we are doing well. I think much expansion required going forward. If we have to go forward we already expanded our client to say point of if the shapes are ready it can be on the equipment side only.
Even if I have to expand to 1.5 times or something like that it will be required of you equipment. Sorry because the shapes are already been there because we were for this supplying of librarian was so we can say 3 million and we can continue in the service. If the orders are more we can go by responsibly through additional machines.
Krishna Patel
Yes sir. So the Commonwealth stadium it’s around 7,000 to 8,000 case of potential orders, potential tenders. Whether we have received any formal RFQ or RFPs or any any thought process on that when we can expect that this center.
Prahaladbhai Shivrambhai Patel
Actually we were expecting in before March But I think the government has still not used any projects are on anytime in this model.
Krishna Patel
Yes sir. So my last question the credit receivables also increased 530 crore from 928 crore in FY26. Actually the execution is very strong. I’m trying to understand whether
Vishal Periwal
We have seen normalizing trade receivables from this month onwards.
Krishna Patel
We have already answered similar question earlier booked in February in March.
Operator
Thank you. The next question is from the line of Bik Shah from Invexa Capital llp. Please go ahead.
Bhavik Shah
Yeah. Hello sir Congratulations on good execution this quarter. Please
Prahaladbhai Shivrambhai Patel
Be little louder.
Bhavik Shah
Yes so our first Question is regarding the Kashi project. So we told we have 60 crores of unbilled revenue still there.
Prahaladbhai Shivrambhai Patel
It was related to UP Medical College projects. All seven projects of UP Medical College, University.
Bhavik Shah
Yeah. So our unbuild is still 60 crores. How much is still in the receivables?
Krishna Patel
It is 40cr in receivable.
Bhavik Shah
Okay, 4040. Understood. And so like what would be a generally execution timeline of order book? Should we consider two years as the normal execution timeline?
Prahaladbhai Shivrambhai Patel
No. You can see all projects are of a large volume. And some of the project large volumes are in India also. So this will link between two and half to three years.
Bhavik Shah
Regarding our say bit pipeline, can we throw some light on say Adani and non Adani bid pipeline say in FY27 currently what we have.
Prahaladbhai Shivrambhai Patel
So I already said that we are expecting training. The order pipeline is what. So 5,000 will be and more.
Bhavik Shah
Say voice was not clear again. Sorry.
Prahaladbhai Shivrambhai Patel
5,000 and 1,500. So 5,000 will be around on the bridge itself and 1,500. We are
Bhavik Shah
Understood sir. Okay sir. Thank you so much. All the best.
Operator
Thank you. The next question is from the line of Shavan Shah from Dalut Capital. Please go ahead.
Shravan Shah
Hi sir, just wanted a clarification. You were answering to the one of the previous participants. So in terms of the how at a 7, 8% EBITDA margin how one can we can improve the net profit margin? So you were saying that the interest cost which is for FY26, let’s say 45 crore. So will this going forward, are we looking at kind of a nil kind of a number or very very minimal number. That that was the way you were trying to say.
Prahaladbhai Shivrambhai Patel
I think it should be nil. So I’m expecting the company should be debt free by this year or maybe in the next two 40s. We receive all the payments. And even if the receivers are like complex and number and up, even if that we get that money now there will be a big help. So we should be in a better position in terms of impact next.
Shravan Shah
So that’s a big thing. So we are saying that maybe at least 2, 3/4 of down the line we should be from maybe max Q3 or Q4 onwards. This on a quarterly basis 1112 crore interest should become a kind of a zero.
Prahaladbhai Shivrambhai Patel
Yeah, I’m expecting.
Shravan Shah
Gross rate that we have 13, 317 crore. That will be kind of a zero that we are now looking at.
Prahaladbhai Shivrambhai Patel
Yeah.
Shravan Shah
And on the other income front then are we looking at any, any kind of a major shift so for full year we are having a 21 crore in FR26. So is there a way that this number can also be on the higher side.
Krishna Patel
Interest on the F3.5. So if the equity increases it may increase but there won’t be any further addition.
Shravan Shah
Okay. And this depreciation run rate so which is obviously keep on increasing so 26 crore. So at let’s say next year FY27 we will be doing 4500 crore and maybe then 2025%. So maybe close to a 5700 crore revenue in FY28. So at that rate what kind of depreciation one can look at 30 to 35 crore kind of. So that would be a kind of a 140, 150 crore on a yearly basis. Because for us these all numbers is becoming very very important. Because EBITDA margin is seven, seven and half. So any, any change in the way.
So let’s say interest cost if it goes down then it will additional boost at the PAT level. So similar way I’m trying to understand the depreciation.
Krishna Patel
Basically depreciation and interest cost we cannot compare. Interest cost is in our hand means if we collect the funds and all we’ll be able to reduce that. But depreciation is the requirement of the business. Right? So as we have been saying that other 3 to 4% of the top line what we whatever order we have to incur at capex. So this year we have incurred around 190 or 200 crs of capex. So next year it may increase depending on the other group. So we cannot say that we’ll be reducing depreciation extent.
Prahaladbhai Shivrambhai Patel
You can consider that this year order inflow was 10,900 crore and I made a capex of 190 crore. So this is more than 3% of this year’s revenue. But next year revenue if you consider 3 to 3% that cannot be the case that it will be exactly 3%. Most of the capital has been done for the projects which we are going to execute. Now that can vary. So maybe next year we can have a 2% capex also. And in general if you say considering 3% capex inclusion and considering the depreciation of the new assets which are coming every year, you can continue your figures.
I think so. Am I right?
Shravan Shah
Okay. Okay. And. And sir, this entire obviously the some of the projects which we have recently won, obviously it will be at a starting phase in terms of the design and then it will start. But broadly by Q3 the entire this 13,500 crore order book would be kind of contributing in the revenue
Prahaladbhai Shivrambhai Patel
First two quarters. As we said that every May, June and May that can be because of the revenue the situation of the labor in the first quarter, maybe in the month. Otherwise all the projects are on break except Martini where we are in the phase of. So we are also the danger of losing much in monsoon because of this.
Shravan Shah
Okay, but. But at a broader level in terms of our our goal is to keep on increasing the or maintain the growth in terms of the 2024 5% at A for next couple of years. That’s the broader thought and we will be working towards that
Prahaladbhai Shivrambhai Patel
100% because that is the minimum which we are talking in because now visibility is not a problem. Strengthening ourselves to a larger extent in terms of executing large projects and building up company with a large in terms of execution. Easy to take a hand so we can easily go that level.
Shravan Shah
Got it. So thank you and all the best.
Prahaladbhai Shivrambhai Patel
Thank you.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question.
Prahaladbhai Shivrambhai Patel
You can unmute the call.
Operator
Okay sir. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Krishna Patel
Thank you everyone. On behalf of management of CSP Projects Ltd. We sincerely appreciate your participation in today’s post early call. We trust we please trust that we have been able to address most of your questions. Should you have any further queries, please feel free to reach out to me or our investor relationship partners and the team will be happy to follow up with the with you offline moderator. We may now conclude the call. Thank you and have a good day. Thank you everyone.
Operator
On behalf of PHP Projects Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.