Financial Performance Highlights

Q2 FY27 Financial Results (Consolidated):

  • Revenue from operations: ₹1,113 crore (vs. ₹703 crore in Q2 FY26), up 58% YoY
  • EBITDA: ₹69 crore (vs. ₹50 crore in Q2 FY26), up 38% YoY
  • EBITDA margin: 6.21% (vs. 7.10% in Q2 FY26)
  • Profit after tax: ₹30 crore (vs. ₹16 crore in Q2 FY26), up 87% YoY
  • Net profit margin: 2.69% (vs. 2.28% in Q2 FY26)

H1 FY27 Financial Results (Consolidated):

  • Revenue from operations: ₹1,967 crore, up 61% YoY
  • EBITDA: ₹124 crore, up 66% YoY
  • EBITDA margin: 6.30% (vs. 6.12% in H1 FY26)
  • Profit after tax: ₹48 crore, up 193% YoY

Operational and Execution Metrics

Cost Structure:

  • Employee costs increased from ₹33 crore to ₹50 crore YoY in Q2 due to annual increments and increased headcount
  • Depreciation increased from ₹20 crore to ₹26 crore YoY due to asset additions in H1 FY27

Order Book Position (as of September 30, 2026):

  • Total order book: ₹12,872 crore, representing 30% YoY growth
  • Group projects contribution: 72% (₹9,229 crore)
  • External projects contribution: 28%
  • Maximum project timeline: Not exceeding 36 months

Order Inflows:

  • H1 FY27 order inflow: ₹1,305 crore
  • Q2 FY27 order inflow: ₹675 crore across healthcare, airport infrastructure, office buildings, refurbishment, and steel accommodation projects from Adani Group

Project Execution Updates

Completed Projects in Q2 FY27:

  • 17 projects completed during the quarter
  • Major completed projects include:
  • Project Ninety (precast high-rise project completed in 121 days)
  • New PSP corporate house (completed in 240 days including MEP and interior fit-out)
  • Precast Concrete Cable ducts Project and Supply of Noise barrier for National High-Speed Rail Corporation Limited for L&T in Gujarat
  • Service order for SITC of Civil, Structural, façade, Interiors and MEP Work for Navbharat Mega Developers Private Limited

Key Ongoing Projects with Status:

  • Shree Ambaji Mata Temple (₹931 crore): General development work, cutting, filling, and building work at foundation and plinth levels
  • SMC high-rise building (₹613 crore): RCC work completed, MEP work completed till 15th floor, interior work ongoing from 1st to 5th floor, facade work ongoing from 5th to 10th floor
  • Construction of Fintech Building at GIFT City, Gujarat (₹251 crore)
  • Human and Biological Science Gallery at Science City (₹238 crore): RCC and fabrication work completed, MEP work to start soon
  • Biggest residential project in GIFT City (₹187 crore): RCC work completed up to ground floor, executing at different levels for blocks A, B, C, D
  • Development of Dharoi Dam region (₹171 crore)
  • Sabarmati Riverfront Development Phase 2 (₹155 crore)
  • RVNL project: 2 buildings (lab and lab building) handed over, hostel building undergoing flooring, MEP, interior and facade work

Capital Expenditure and Balance Sheet

Capital Expenditure:

  • Q2 FY27 capex: ₹62 crore
  • H1 FY27 capex: ₹91 crore
  • Expected FY27 capex: Approximately ₹100 crore more
  • Long-term capex guidance: 3-4% of revenue annually to support 25-30% growth

Balance Sheet Position (as of September 30, 2026):

  • Gross block: ₹851 crore
  • Net block: ₹451 crore
  • Long-term borrowing: ₹30 crore (includes ₹14 crore short-term maturity)
  • Short-term borrowing: ₹238 crore (excluding ₹14 crore short-term maturities)
  • Net unbilled revenue: ₹632 crore
  • Trade receivable: ₹809 crore
  • Trade payables: ₹499 crore
  • Retention money: ₹229 crore (current and non-current)
  • Mobilization advance: ₹933 crore
  • Inventories: ₹416 crore (₹247 crore construction materials, ₹140 crore work in progress, ₹29 crore finished goods)

Credit Facilities:

  • Revised sanctioned credit facilities: ₹1,387 crore (reduced by ₹110 crore as not required)
  • Non-fund-based facilities utilized: ₹753 crore
  • Fund-based utilization: ₹142 crore
  • Free limit available: ₹492 crore

Fixed Deposits:

  • Total fixed deposits: ₹237 crore
  • Lien-free deposits: ₹44 crore
  • FDs under lien: ₹193 crore (for credit facilities and security deposits to clients)

Management Guidance and Outlook

Revenue Guidance:

  • Maintained FY27 revenue growth guidance of approximately 25% YoY
  • Internal target to cross ₹4,000 crore revenue for FY27
  • Expects to maintain 25% CAGR for next 3 years

Margin Guidance:

  • Expects EBITDA margins to improve to around 7% in H2 FY27 from 6.3% in H1 FY27
  • Potential for margins to reach 7.5-8% as projects progress to finishing stages
  • Adani projects operate on cost-plus model with expected margins around 7%

Order Inflow Guidance:

  • Expects FY27 order inflow of ₹4,000-5,000 crore
  • Current bid pipeline: ₹7,800+ crore with 52% group projects and 48% external projects

Geographic and Business Mix

Geographic Distribution:

  • Approximately 70% of order book within Gujarat
  • Approximately 25% within Maharashtra
  • Small projects in other states (not significant)

Client Concentration:

  • Approximately 75% of order book from Adani Group
  • Approximately 25% from non-Adani clients

Labor and Operational Capacity

Workforce:

  • Current labor strength: 23,000-25,000 employees
  • Sufficient for existing project pipeline with some project-specific variations of 10-15%

Precast Capacity:

  • Operating at full potential with maximum revenue capacity of ₹250 crore annually
  • No major capex planned for precast expansion (only ₹5-10 crore for machines/molds)

Receivables and Provisions

Legacy Project Receivables:

  • Surat Diamond Bourse: ₹90 crore outstanding (no commitment received)
  • UP projects: Received ₹20-25 crore out of ₹40 crore outstanding as of March 2026
  • Expect remaining UP receivables by Q3 FY27

Expected Credit Loss (ECL):

  • Provided ₹8 crore in Q2 FY27 for doubtful advances
  • Typically provide ₹3-4 crore annually for ECL based on aging of trade receivables

Future Growth Opportunities

Key Growth Areas:

  • Tourism infrastructure projects (expertise in Ambaji, Dharoi, Kashi projects)
  • Adani Group infrastructure projects (airports, realty, housing, industrial)
  • Commonwealth Games-related projects
  • Dharavi redevelopment projects (potential third project next year)
  • Mumbai airport developments
  • Medical college and hospital in Navi Mumbai
  • Data center construction capabilities (building with heavy loading criteria)

Corporate Development

New Corporate Office:

  • Commencing operations at new corporate house on November 4, 2026