CEMINDIA PROJECTS LIMITED

Executes civil construction contracts on an EPC basis across India for government, public-sector and large private clients. The work cuts across underground metros, road tunnels, marine structures, roads and highways, irrigation and reservoir projects, hydro works, buildings and a newly launched data-centre construction vertical. Revenue is earned by booking and executing orders against a backlog that stood at ~₹31,000 crore in Q1 FY27 versus FY26 revenue of ₹10,060.58 crore, giving roughly three years of revenue cover at the current run rate. The Adani group is the single largest client, accounting for about 50–53% of the current backlog and roughly half of the ₹90,000 crore bid pipeline identified by management; other named clients include Delhi Metro Rail Corporation and SAIL. Q1 FY27 inflows of ₹8,519 crore were nearly 3x year-on-year and included a ₹3,066 crore Rajasthan reservoir contract and ₹2,337 crore of data-centre work. The cost base is dominated by materials at 33.4% of revenue (cement, steel, other construction inputs) with other operating expenses at 47.7%, likely covering subcontracting and site execution; FY26 EBITDA margin was 11.9% and Q1 FY27 margin was 10.5%.