Financial Performance Summary

Q1 FY27 Financial Results (Unaudited)

  • Operating Income: ₹2,721 crores, increased by 6% YoY from ₹2,576 crores in Q1 FY26
  • EBITDA: ₹285 crores, grew 9% YoY from ₹261 crores in Q1 FY26
  • EBITDA Margin: 10.5%, improved from 10.1% in Q1 FY26
  • Profit After Tax: ₹141 crores, increased 3% YoY from ₹137 crores in Q1 FY26

Order Book & Business Development

Order Inflows

  • Q1 FY27 Orders Secured: ₹8,519 crores
  • July 2026 Additional Orders: ₹1,247 crores
  • Current L1 Position: Approximately ₹990 crores
  • Total New Order Pipeline: Approximately ₹10,756 crores

Work in Hand

  • Current Order Backlog: ₹31,000 crores (significant increase from previous ₹18,000-20,000 crores range)
  • Adani Group Share in Backlog: Approximately 53%
  • Export Share in Order Book: 2-3%

Recent Major Order Wins

  • Two metro projects: Pune Metro and Delhi Metro Underground (under mobilization)
  • West Bengal project for Steel Authority of India Limited involving structural fabrication
  • Group projects: Munger Elevated Corridor Road (₹6,000 crores) and Morsagar irrigation project in Rajasthan

Operational Highlights

Project Execution Update

  • Vadhvan Port Project: Execution yet to start due to external issues beyond company's control
  • Bangladesh Project: Execution under control, expected completion by September-October 2026
  • Receivables from Bangladesh: Approximately ₹178 crores plus retention amounts
  • New Projects: Delhi Metro, Pune Metro, Munger, and Morsagar projects (₹10,000-12,000 crores) in design/mobilization phase with expected revenue contribution from Q3 FY27

Segment Focus & Pipeline

  • Marine Segment Pipeline: Approximately ₹15,000 crores of projects in tender stage
  • Data Center Projects: Working on 320-400 MW capacity across Navi Mumbai and Vizag
  • Total Bid Pipeline: Approximately ₹90,000 crores with estimated hit ratio of 15%
  • Segment Distribution: Marine, underground metro, airports, data centers, highways, water projects (each ~₹15,000-20,000 crores opportunity)

Capital Structure & Financial Position

Debt Position (as of June 2026)

  • Gross Debt: ₹1,000 crores
  • Net Debt: ₹700 crores
  • Net Debt-to-Equity: 0.28

Working Capital Metrics

  • Trade Receivables (including retention): 69 days
  • Net Working Capital: 120 days
  • Inventory: 30 days
  • Work in Progress: 107 days

Fundraising Plans

  • QIP Approval: ₹5,000 crores enabling resolution passed
  • Purpose: Growth capital for anticipated expansion, new plant & equipment, and potential inorganic opportunities
  • Timing: Dependent on market conditions and near-term order visibility

Management Guidance & Outlook

FY27 Targets

  • Order Inflow Target: Approximately ₹25,000 crores (already secured ₹8,519 crores in Q1)
  • Revenue Growth Guidance: 25% YoY
  • Margin Outlook: Maintain double-digit EBITDA margins (~10%+)

Growth Strategy

  • Focus on digitalization and technology adoption in construction methods
  • Expansion into new segments: data centers, high-speed rail, nuclear power
  • Potential inorganic growth opportunities being evaluated
  • Continued focus on marine, underground metro, road tunnels, and PSP hydro projects

Capital Expenditure

  • Normal Capex: ₹350-400 crores annually for conventional projects
  • Exceptional Capex: Possible for specialized equipment like tunnel boring machines for large projects

Risk Factors & Challenges

  • Labor shortage in construction industry
  • Geopolitical situations affecting material availability and costs
  • Project-specific mobilization delays (Vadhvan port)
  • Monsoon impacts on project execution, particularly in Q2