Additionally, well-managed balance sheet, strict working capital controls, and healthy return ratios are added positives. Given the favourable outlook, we initiate coverage with a Target Price of Rs905/share (15x Sept’25 estimated EPS), representing an upside potential of ~20%

PSP is well placed for healthy growth at decent margins to be driven by strong executable order book position. Healthy order inflows secured at FY23 and Q1FY24 coupled with robust bidding pipeline brightens company’s prospects. At the CMP, the company is trading at a valuation of ~12x FY25E P/E

New order wins lead to earning upgrades