NSE: CEMPRO · BSE: 509496
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Underground metro and urban transit EPC, Road tunnels and highways, Irrigation, reservoir and hydro works, Marine and port structures, Data-centre construction, Buildings and industrial construction. Project-based, asset-heavy civil EPC contractor; order-book driven and tied to infrastructure capex cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,809 | 5,091 | 7,718 | 9,097 | 10,061 |
| EBITDA (ex other income) | 293 | 400 | 745 | 869 | 1,022 |
| margin % | 7.7 | 7.9 | 9.7 | 9.5 | 10.2 |
| Owners' profit | 69 | 124 | 274 | 373 | 598 |
| EPS, as reported (₹) | 4.01 | 7.23 | 15.93 | 21.70 | 34.79 |
| ROE % · ROCE % | 6.1 · 15.7 | 10.0 · 21.3 | 18.3 · 34.3 | 20.3 · 36.1 | 24.9 · 40.0 |
| Debt / equity (x) | 0.45 | 0.58 | 0.58 | 0.51 | 0.36 |
| Cash from operations | 339 | 471 | 704 | 203 | 500 |
| Capex | (111) | (418) | (356) | (228) | (264) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,991 | 2,245 | 2,480 | 2,542 | 2,175 | 2,315 | 2,973 | 2,721 |
| Profit before tax | 100 | 112 | 157 | 156 | 146 | 152 | 350 | 192 |
| Net profit | 72 | 87 | 114 | 137 | 108 | 111 | 242 | 141 |
| EPS (₹) | 4.19 | 5.07 | 6.61 | 7.99 | 6.27 | 6.45 | 14.10 | 8.20 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED ◆ | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.1 | 13.5 | 80 of 101 | 21% |
| P/B | 8.8 | 1.3 | 83 of 85 | 2% |
| ROCE | 31.7 | 10.0 | 6 of 107 | 95% |
| ROE | 24.9 | 9.1 | 7 of 87 | 93% |
| Debt / Equity | 0.4 | 0.4 | 44 of 87 | 50% |
| EBITDA margin | 10.5 | 12.4 | 52 of 88 | 41% |
| Revenue growth | 7.0 | 6.2 | 41 of 86 | 53% |
| Profit growth | 2.6 | 2.7 | 43 of 84 | 49% |
| Market cap | 21114 | 456 | 4 of 107 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Cemindia Projects schedules Q2 FY27 results conference call | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board meeting set for November 5 to approve September quarter results | results | low | — | — |
| 27 Oct 2026 · Motilal Oswal funds lift Cemindia stake to 5.16% | ownership changes | medium | — | — |
| 23 Oct 2026 · Promoter stake diluted to 62.84% after Cemindia share issue | compliance | minimal | — | — |
| 19 Oct 2026 · Cemindia raises 1400 crore via QIP at 4.37 percent discount to floor price | fund raising | high | — | — |
| 19 Oct 2026 · QIP closed at Rs 1,108, 4.37 percent discount to floor price | fund raising | high | — | — |
| 14 Oct 2026 · Crisil assigns AA or Stable long-term and A1 plus short-term rating | credit debt | medium | — | — |
| 14 Oct 2026 · Newspaper notice on SEBI special window for physical share transfer | compliance | minimal | — | — |
| 14 Oct 2026 · Cemindia Projects opens QIP with floor price of Rs 1158.58 per share | fund raising | high | — | — |
| 8 Oct 2026 · Routine filing of dematerialisation certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.