Cemindia Projects Limited (CEMPRO)
🎯 Key Takeaways
- Cemindia Projects Limited is transitioning from a standalone construction firm to a strategically positioned infrastructure player under the Adani Group, with accelerating growth momentum driven by a robust order book and margin expansion. The company is in a high-growth phase, characterized by significant PAT growth and EBITDA margin improvement, supported by strong execution in core infrastructure segments including data centres, hydro, and tunnels.
- Revenue grew 12.8% QoQ to ₹2,245 in Q3FY25.
- ⚠️ Execution risks in large-scale infrastructure projects, regulatory and environmental compliance costs under ESG integration, and potential margin pres
📖 The Story
Cemindia Projects Limited is transitioning from a standalone construction firm to a strategically positioned infrastructure player under the Adani Group, with accelerating growth momentum driven by a robust order book and margin expansion. The company is in a high-growth phase, characterized by significant PAT growth and EBITDA margin improvement, supported by strong execution in core infrastructure segments including data centres, hydro, and tunnels.
📰 What's Happening
In FY26, Cemindia reported a 17% YoY revenue increase to ₹10,061 crores and a 60% YoY PAT surge to ₹598 crores, with EBITDA margin expanding to 11.9% from 10.2%. The company secured ₹3,200 crores in new orders in April 2026 and highlighted a record order book of ₹29,000 crores, including ₹1,600 crores L1 positions. Management reaffirmed FY27 revenue growth guidance of at least 25%, driven by infrastructure expansion in data centres and hydro/tunnel projects under Adani Group's strategic oversight.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,631 | 1,833 | 1,610 | 2,017 | 2,258 | 2,381 | 1,991 | 2,245 |
| Operating Profit | 154 | 170 | 164 | 217 | 242 | 237 | 204 | 214 |
| OPM % | 9.0% | 8.8% | 9.8% | 10.2% | 9.8% | 9.3% | 9.1% | 9.2% |
| Net Profit | 38 | 52 | 54 | 79 | 90 | 100 | 72 | 87 |
| EPS | ₹2.20 | ₹3.04 | ₹3.12 | ₹4.56 | ₹5.21 | ₹5.83 | ₹4.19 | ₹5.07 |
The company demonstrated consistent margin improvement and accelerating profitability, with PAT growth of 60% YoY and EBITDA margin expansion to 11.9% in FY26, supported by operational efficiency and scale. Quarterly trends show improving OPM (9.2% to 9.8%) and EPS growth (₹5.07 to ₹5.83), reflecting strong execution despite modest revenue growth in some quarters, indicating effective cost management and margin accretion from higher-value contracts.
🔮 Management Outlook & What's Next
Management explicitly stated confidence in sustained growth, reaffirming FY27 revenue growth guidance of at least 25% and targeting order book expansion to ₹25,000 crores. The focus remains on scaling infrastructure projects under Adani Group's strategic framework, with emphasis on ESG integration and execution discipline in data centres, hydro, and tunnel segments.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Construction
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Larsen & Toubro Limited | 5.38 L Cr | 33.1 | — | — | — |
| Rail Vikas Nigam Limited | 59,006 | 45.4 | — | — | — |
| NBCC (India) Limited | 25,331 | 49.1 | — | — | — |
| IRB Infrastructure Developers Limited | 24,518 | 3.8 | — | — | — |
| Kalpataru Projects International Limited | 21,476 | 39.0 | — | — | — |
| Cemindia Projects Limited | 15,453 | 44.3 | — | — | — |
| KEC International Limited | 14,602 | 31.4 | — | — | — |
| Techno Electric & Engineering Company Limited | 13,909 | 36.5 | — | — | — |
| Engineers India Limited | 13,868 | 33.4 | — | — | — |
| Ircon International Limited | 13,416 | 17.6 | — | — | — |
⚠️ Risk Factors
Execution risks in large-scale infrastructure projects, regulatory and environmental compliance costs under ESG integration, and potential margin pressure from scaling new segments like data centres and hydro/tunnel projects. The company's growth trajectory is also exposed to macroeconomic volatility in construction demand and interest rate sensitivity in project financing.
📋 Recent Filings
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🔴 Announcement 5 June 2026No summary available
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Announcement 3 June 2026Cemindia Projects Limited announced that its promoter entities Renew Exim DMCC and Valiant Investment DMCC changed their names to Renew Exim FZCO and ...
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🔴 annual report 29 May 2026The 48th AGM of Cemindia Projects Limited (CEMPRO) is scheduled for 27 June 2026, with the Annual Report FY 2025-26 filed on 29 May 2026. The company,...
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🔴 Corporate Action 14 May 2026Cemindia Projects Limited announced a final dividend of Rs 3 per share on 171.78 million equity shares (300% payout) for FY2026, subject to shareholde...
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🔴 Corporate Action 14 May 2026Cemindia Projects Limited announced a final dividend of Rs 3 per share on 171.78 million equity shares (300% payout) for FY2025-26, subject to shareho...
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🟡 Board Meeting 14 May 2026Cemindia Projects Limited announced a recommended final dividend of Rs. 3 per share on 17.18 million shares (300% payout) for FY2025, subject to share...
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Board Meeting 11 May 2026Cemindia Projects Limited announced a board meeting on 14 May 2026 to consider dividend recommendations, with trading closed from 8 May until 48 hours...
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🔴 Financial Results 4 May 2026Cemindia Projects Limited reported FY26 revenue of **₹10,061 crores**, up 17% YoY, with PAT growing 60% to **₹598 crores** and EBITDA margin expanding...
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🔴 Financial Results 30 April 2026Cemindia Projects Limited announced the upload of an audio recording of its analyst and investor conference call held on April 30, 2026, discussing th...
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🟡 Board Meeting 29 April 2026Cemindia Projects Limited announced the outcomes of its 29 April 2026 board meeting, approving audited FY2025-26 financial results and convening the 4...
🧠 Analyst's Read
Cemindia is executing a clear growth strategy under Adani Group's infrastructure umbrella, with strong financials and a record order book supporting confidence in its trajectory. The key watchpoints are execution discipline in new segments and management's ability to deliver on FY27 growth guidance amid execution and regulatory headwinds.
Based on filing content and financial data. Not a recommendation.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.