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Cemindia Projects Q2 FY27 results: net profit up 21.3% to ₹130.59 crore, revenue up 26.3%
Cemindia Projects Limited reported consolidated revenue of ₹2,749 crore and a net profit of ₹130.59 crore for Q2 FY27. Revenue rose 26.3% from Q2 FY26, while EBITDA was ₹267.68 crore and the EBITDA margin was 9.7%.
Key points
- Q2 FY27 consolidated revenue was ₹2,749 crore, up 26.3% from ₹2,175 crore in Q2 FY26.
- EBITDA was ₹267.68 crore, up 31.7% year on year, with a 9.7% margin against 9.3%.
- The company reported a net profit of ₹130.59 crore and basic EPS of ₹7.6 for Q2 FY27.
- Against Q1 FY27, revenue rose 1.0%, while EBITDA fell 2.5% and net profit fell 7.3%.
- H1 FY27 revenue was ₹5,469.57 crore and net profit was ₹271.42 crore, up 15.9% and 10.8% year on year.
How did Cemindia Projects perform in Q2 FY27?
Cemindia Projects reported consolidated revenue of ₹2,749 crore in Q2 FY27, up ₹573.20 crore or 26.3% from ₹2,175 crore in Q2 FY26. EBITDA rose ₹64.36 crore or 31.7% to ₹267.68 crore, and the margin increased 0.4 percentage points to 9.7%. The company reported a net profit of ₹130.59 crore, up ₹22.90 crore or 21.3%, while basic EPS rose ₹1.33 to ₹7.6.
Against Q1 FY27, consolidated revenue increased ₹27.73 crore or 1.0% to ₹2,749 crore. EBITDA fell ₹6.98 crore or 2.5% to ₹267.68 crore, the margin declined 0.4 percentage points to 9.7%, and net profit fell ₹10.24 crore or 7.3% to ₹130.59 crore. Basic EPS was ₹7.6, compared with ₹8.2 in the previous quarter.
On the standalone basis, Q2 FY27 revenue was ₹2,582.65 crore, up 23.6% from the year-ago quarter, and profit before tax was ₹107.66 crore. The Board approved both standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,749 | 2,721 | 2,175 | +26.3% | +1.0% |
| Other income | 12.26 | 10.43 | 38.54 | −68.2% | +17.5% |
| Total expenses | 2,581 | 2,539 | 2,068 | +24.8% | +1.6% |
| EBITDA | 267.68 | 274.66 | 203.32 | +31.7% | −2.5% |
| EBITDA margin | 9.7% | 10.1% | 9.3% | +0.4 pp | −0.4 pp |
| Profit before tax | 180.15 | 192.37 | 146.01 | +23.4% | −6.4% |
| Tax | 49.30 | 51.54 | 38.70 | +27.4% | −4.3% |
| Net profit | 130.59 | 140.83 | 107.69 | +21.3% | −7.3% |
| EPS (₹) | 7.60 | 8.20 | 6.27 | +21.2% | −7.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Cemindia Projects' costs and profit?
Total expenses rose ₹512.78 crore or 24.8% to ₹2,581 crore in Q2 FY27 from ₹2,068 crore a year earlier. Cost of materials increased ₹238.30 crore or 33.2% to ₹957.02 crore, employee cost rose ₹70.25 crore or 34.7% to ₹272.61 crore, and other expenses increased ₹200.29 crore or 19.1% to ₹1,251 crore.
Finance costs rose ₹4.98 crore or 9.4% to ₹57.69 crore, while depreciation fell ₹1.04 crore or 2.4% to ₹42.10 crore. Other income declined ₹26.28 crore or 68.2% to ₹12.26 crore, and there was no exceptional item. Tax expense increased ₹10.60 crore or 27.4% to ₹49.30 crore, while profit before tax rose ₹34.14 crore or 23.4% to ₹180.15 crore.
Sequentially, total expenses increased ₹41.78 crore or 1.6% from Q1 FY27. Cost of materials rose ₹110.85 crore and employee cost rose ₹31 crore, while other expenses fell ₹107.14 crore. Finance costs increased ₹7.71 crore, other income rose ₹1.83 crore, and tax expense fell ₹2.24 crore. The filings did not state reasons for these changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 957.02 | 718.72 | +238.30 | +33.2% |
| Employee cost | 272.61 | 202.36 | +70.25 | +34.7% |
| Finance costs | 57.69 | 52.71 | +4.98 | +9.4% |
| Depreciation | 42.10 | 43.14 | −1.04 | −2.4% |
| Other expenses | 1,251 | 1,051 | +200.29 | +19.1% |
| Total expenses | 2,581 | 2,068 | +512.78 | +24.8% |
| Other income | 12.26 | 38.54 | −26.28 | −68.2% |
| Tax | 49.30 | 38.70 | +10.60 | +27.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Cemindia Projects reported consolidated revenue of ₹5,469.57 crore, up ₹751.76 crore or 15.9% from ₹4,717.81 crore in H1 FY26. Total income rose ₹721.38 crore or 15.1% to ₹5,492.26 crore, while profit before tax increased ₹70.05 crore or 23.2% to ₹372.52 crore.
Net profit for the first half was ₹271.42 crore, up ₹26.52 crore or 10.8% from ₹244.90 crore, and basic EPS rose ₹1.55 or 10.9% to ₹15.8. The consolidated results therefore showed higher revenue and profit than H1 FY26, although the margin comparison was not provided on the same basis in the facts.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,470 | 4,718 | +15.9% |
| Profit before tax | 372.52 | 302.47 | +23.2% |
| Net profit | 271.42 | 244.90 | +10.8% |
| EPS (₹) | 15.80 | 14.25 | +10.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, consolidated total assets were ₹7,562.72 crore, compared with ₹7,086.45 crore at 31 March 2026. Total equity increased to ₹2,619.40 crore from ₹2,399.59 crore, and borrowings rose to ₹884.99 crore from ₹866.80 crore. Cash and cash equivalents fell to ₹240.33 crore from ₹474.69 crore.
Inventories increased to ₹837.92 crore from ₹750.92 crore, while trade receivables rose to ₹1,443.60 crore from ₹1,294.56 crore. Trade payables were ₹2,189.01 crore, compared with ₹2,189.65 crore at the previous balance sheet date.
H1 FY27 operating cash flow was negative ₹77.65 crore, compared with ₹279.40 crore in H1 FY26. Investing cash flow was negative ₹22.15 crore against negative ₹76.98 crore, financing cash flow was negative ₹133.88 crore against negative ₹111.42 crore, and capital expenditure was ₹203.14 crore compared with ₹137.80 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,563 | 7,086 |
| Total equity | 2,619 | 2,400 |
| Borrowings | 884.99 | 866.80 |
| Cash and equivalents | 240.33 | 474.69 |
| Inventories | 837.92 | 750.92 |
| Trade receivables | 1,444 | 1,295 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −77.65 | 279.40 |
| Cash from investing | −22.15 | −76.98 |
| Cash from financing | −133.88 | −111.42 |
| Capital expenditure | 203.14 | 137.80 |
Source: Company's results filing (XBRL).
How has Cemindia Projects done over the last 8 quarters?
Revenue reached its highest level of the eight-quarter series at ₹2,973.49 crore in Q4 FY26 before easing to ₹2,720.92 crore in Q1 FY27 and ₹2,748.65 crore in Q2 FY27. The lowest quarterly revenue was ₹2,175.45 crore in Q2 FY26.
Net profit peaked at ₹242.17 crore in Q4 FY26 and fell to ₹140.83 crore in Q1 FY27 and ₹130.59 crore in Q2 FY27. The EBITDA margin also peaked at 12.0% in Q4 FY26 before declining to 10.1% and then 9.7% in the latest two quarters. Revenue and profit rose year on year in each of the last eight quarters.
What else did the company announce?
On 5 November 2026, the Board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. It also filed the statement of assets and liabilities, the half-year cash flow statement, the auditors’ limited review report and a press release on the results.
The company filed an investor presentation on 5 November 2026. A prior Board intimation dated 27 October 2026 had scheduled the results meeting for 5 November 2026 and stated that investor and analyst calls would be held to discuss the results and business outlook. The same-day excerpts did not announce a dividend, fund raise or appointment.
What did Cemindia Projects' management say?
Management said the quarter and first half reflected double-digit revenue and profit growth, and highlighted a record order book of ₹32,715 crore and H1 order wins of ₹12,005 crore. The presentation described the order book as spread across eight infrastructure sectors, with private-sector exposure alongside government and PSU customers.
Management said capability expansion was focused on complex engineering in data centres and adjacent sectors, progressing from Marine to Foundation, Metro and Data Center. It also highlighted a 220 MW data centre in Maharashtra and a 100 MW data centre in Andhra Pradesh under construction.
Management identified lower margins as a risk, stating that the Q2 EBITDA margin declined to 10.2% from 11.1%, while the H1 margin declined to 10.3% from 10.6%. It also said the top five states contributed approximately 63% of the order book and only 1% was overseas. No guidance or analyst questions were included in the presentation excerpts.
How did Cemindia Projects shares react?
After the filing appeared, the stock was up 0.3% after five minutes and 0.2% after 15 minutes, before falling 2.9% after 30 minutes. On the reaction day, it closed 2.7% below the previous close of ₹1,308.70, at a base price of ₹1,346.00.
The Civil Construction sector’s other stocks recorded a median reaction-day move of 1.4%. Cemindia Projects therefore lagged the sector median by 4.1 percentage points. Earlier results-day reactions included moves of 20.0% on 29 April 2026, -7.1% on 5 February 2026, -3.9% on 30 October 2025 and 10.4% on 13 May 2025.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +0.3% | |
| 15 minutes | +0.2% | |
| 30 minutes | −2.9% | |
| Reaction day | −2.7% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | −1.0% |
| 29 April 2026 | +20.0% |
| 5 February 2026 | −7.1% |
| 30 October 2025 | −3.9% |
| 30 July 2025 | −1.1% |
| 13 May 2025 | +10.4% |
| 12 February 2025 | −1.4% |
| 7 November 2024 | −0.8% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Thirty-three other Civil Construction companies had filed for the quarter, and their median revenue growth was 9.4%. Of these peers, 22 grew more slowly than Cemindia Projects and 11 grew faster. The company’s revenue growth of 26.3% was above the peer median.
Twenty-five of the 33 peers reported higher profit, compared with 33 peers assessed. The peer comparison was as of 5 November 2026.
| Cemindia Projects revenue growth (YoY) | +26.3% |
|---|---|
| Median of 33 other Civil Construction companies | +9.4% |
| Companies with slower revenue growth than Cemindia Projects | 22 of 33 |
| Companies with faster revenue growth than Cemindia Projects | 11 of 33 |
| Companies whose net profit rose | 25 of 33 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Cemindia Projects' revenue in Q2 FY27?
Revenue from operations was ₹2,749 crore, up 26.3% from ₹2,175 crore in Q2 FY26 (consolidated).
Did Cemindia Projects make a profit in Q2 FY27?
Yes. Net profit was ₹130.59 crore, against a net profit of ₹107.69 crore in Q2 FY26.
What was Cemindia Projects' EPS in Q2 FY27?
Basic earnings per share were ₹7.60, against ₹6.27 in Q2 FY26.
How did Cemindia Projects shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.7% from the previous close; the median Civil Construction stock moved +1.4%.
When did Cemindia Projects announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Unaudited (Standalone And Consolidated) Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 27 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 5 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 5 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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