Cemindia Projects Ltd (CEMPRO)
🎯 Key Takeaways
- Cemindia Projects Ltd is positioned within India's infrastructure upcycle, leveraging strong order inflows and government-led initiatives like NIP and Gati Shakti to drive sustained growth. The company operates in the infrastructure developers & operators segment with a focus on diversified project execution across sectors.
- Revenue declined 8.5% QoQ to ₹2,721 in Q1FY27.
- ⚠️ Ongoing litigation in the Andhra Pradesh High Court involving former employees could pose reputational and operational risks, though no financial impa
📖 The Story
Cemindia Projects Ltd is positioned within India's infrastructure upcycle, leveraging strong order inflows and government-led initiatives like NIP and Gati Shakti to drive sustained growth. The company operates in the infrastructure developers & operators segment with a focus on diversified project execution across sectors. Its financial and operational trajectory reflects a maturing growth phase supported by a robust order book and improving margins.
📰 What's Happening
In Q1 FY27, Cemindia reported revenue of ₹2,721 crores, up 6% YoY, with PAT at ₹141 crores (+9% YoY), driven by stable margins and record order inflows of ₹8,500 crores. The company highlighted a diversified order book of ₹31,307 crores across infrastructure sectors. Additionally, its 49%-owned JV with DMRCL received an arbitral award directing DMRCL to pay ₹212.54 crores plus GST and ₹0.87 crores in costs, though actual receipt remains pending. Management cited India's infrastructure upcycle and rising private capital inflows as key growth catalysts.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 2,195 | 2,315 | 2,973 | 2,721 |
| Operating Profit | 158 | 179 | 319 | 232 |
| OPM % | 7.2% | 7.7% | 10.7% | 8.5% |
| Net Profit | 108 | 111 | 242 | 141 |
| EPS | ₹6.27 | ₹6.45 | ₹14.10 | ₹8.20 |
Revenue declined from ₹2,973 crores in Q3 FY26 to ₹2,721 crores in Q1 FY27, but PAT improved to ₹141 crores from ₹242 crores in the prior quarter, reflecting operational efficiency despite lower top-line. EBITDA margin rose to 10.5% from 10.1% YoY, supported by cost management and stable margins. The sequential dip in revenue appears to be offset by strong order inflows and margin expansion, indicating resilience in execution rather than demand weakness.
🔮 Management Outlook & What's Next
Management emphasized the tailwinds from India's infrastructure upcycle, citing ₹111 lakh cr investment under NIP and Gati Shakti as long-term growth drivers. They highlighted rising private capital inflows and a diversified order book as foundational to future performance. No specific revenue or margin guidance was provided, but the narrative centers on sustained infrastructure spending and execution discipline.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 |
| Reserves | 1,614 | 1,816 | 2,029 | 2,382 |
| Borrowings | 972 | 904 | 982 | 963 |
| Total Liabilities | 6,146 | 5,852 | 6,673 | 7,086 |
| Fixed Assets | 1,039 | 1,077 | 1,120 | 1,162 |
| Investments | 5 | 0 | 56 | 6 |
| Total Assets | 6,146 | 5,852 | 6,673 | 7,086 |
Equity rose 31% YoY to ₹700 crores by Q1 FY27, reflecting strong reserve accumulation, while net worth growth underscores financial resilience. Borrowings remained stable around ₹960-980 crores, indicating controlled leverage. Total assets grew to ₹7,086 crores, supporting expansion without aggressive capital structure changes, suggesting a conservative and internally funded growth model.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +500 |
| Investing | -149 |
| Financing | -243 |
| Net Cash Flow | +108 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 67.5% | 67.5% | 67.5% | 67.5% |
| FII | 8.4% | 8.2% | 7.3% | 7.3% |
| DII | 0.7% | 1.5% | 1.9% | 2.9% |
| Public | 18.2% | 17.8% | 17.8% | 17.0% |
| # Shareholders | 98,422 | 94,807 | 90,782 | 90,808 |
FII holdings declined slightly from 8.36% in Q2 FY26 to 7.27% in Q1 FY27, while DII increased from 0.72% to 2.87%, indicating shifting institutional interest. Promoter holding remained stable at 67.46%. The growing number of public shareholders (90,808) suggests rising retail interest, but the decline in FII presence may reflect sector rotation or valuation concerns despite strong fundamentals.
⚖️ Peer Comparison — Infrastructure Developers & Operators
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| LT | 5.56 L Cr | 33.5 | 17.8% | 18.1% | 0.90 |
| RVNL | 44,682 | 49.7 | 11.2% | 9.1% | 0.49 |
| ACMESOLAR | 27,798 | 40.2 | 13.8% | 13.4% | 2.31 |
| KPIL | 23,650 | 20.8 | 17.7% | 14.5% | 0.43 |
| IRB | 23,033 | 21.2 | 7.7% | 4.8% | 1.04 |
| CEMPRO | 21,792 | 36.2 | 31.4% | 25.1% | 0.40 |
| JNPR | 14,677 | — | — | — | 3.77 |
| ENGINERSIN | 14,267 | 18.2 | 32.7% | 25.7% | 0.00 |
| WABAG | 12,984 | 30.2 | 21.2% | 15.3% | 0.09 |
| TECHNOE | 11,925 | 27.7 | 15.3% | 11.5% | 0.01 |
⚠️ Risk Factors
Ongoing litigation in the Andhra Pradesh High Court involving former employees could pose reputational and operational risks, though no financial impact is currently expected. The pending receipt of ₹212.54 crores from the DMRCL arbitral award introduces uncertainty in cash recovery timing. Margin pressure in sequential quarters, despite YoY improvement, warrants monitoring amid competitive bidding environments. Execution risk remains if order conversion or project delays occur.
📋 Recent Filings
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Announcement 25 August 2026Cemindia Projects Limited announced its upcoming institutional investor meet schedule on September 1, 2026, organized by Elara Capital in Mumbai, with...
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Announcement 20 August 2026Cemindia Projects Limited announced its investor presentation schedule for August 2026, listing one-on-one meetings with ICICI Securities in Singapore...
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Announcement 20 August 2026Cemindia Projects Limited announced its investor meet schedule with ICICI Securities and IIFL Capital on August 25-26, 2026, in Singapore and Hong Kon...
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🔴 Announcement 8 August 2026Cemindia Projects Limited disclosed ongoing litigation in the Andhra Pradesh High Court challenging a lower court's discharge order in a corruption ca...
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Announcement 8 August 2026Cemindia Projects Limited received a GST demand order from the Assistant Commissioner of Ahmedabad on August 7, 2026, levying Rs. 1.24 crore in tax an...
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Announcement 4 August 2026Cemindia Projects Limited announced its schedule for an Institutional Investors Meet on August 13, 2026, organized by Equirus Securities at the Equiru...
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🔴 Announcement 2 August 2026Cemindia Projects Limited disclosed that its 49% owned joint venture with Delhi Metro Rail Corporation Limited received an arbitral award on August 1,...
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Announcement 29 July 2026Cemindia Projects Limited announced that an audio recording of its analyst and investor conference call discussing unaudited financial results for the...
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Announcement 28 July 2026Cemindia Projects Limited announced unaudited standalone and consolidated financial results for Q1 FY27 ended June 30, 2026, showing revenue of ₹2,721...
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🔴 Financial Results 28 July 2026Cemindia Projects Limited reported Q1 FY27 revenue of **₹2,721 crores**, up 6% YoY, with PAT at **₹141 crores** reflecting a 9% YoY increase. EBITDA m...
🧠 Analyst's Read
Cemindia is well-positioned within India's infrastructure growth story, supported by strong order inflows, improving margins, and balance sheet resilience. Investors should monitor litigation developments, cash recovery from the DMRCL award, and management's ability to sustain margin expansion amid competitive market conditions.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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