Cemindia Projects Limited (CEMPRO)
₹1,149.90 +1.55% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Cemindia Projects' revenue was ₹2,721 Cr (+7.0% year on year, -8.5% on the previous quarter), and net profit ₹141 Cr (+2.6% year on year); the operating margin was 10.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,721 | +7.0% | -8.5% |
| Operating profit | ₹275 | +18.0% | -23.3% |
| Net profit | ₹141 | +2.6% | -41.8% |
| EPS (₹) | 8.20 | +2.6% | -41.8% |
| Operating margin | 10.1% | — | — |
CEMPRO delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 41.97% of the CEMPRO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.46%. That is lower than usual for this stock. It traded 2.3 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 45.7% · 50.4% · 46.9% · 62.6% · 42.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Cemindia Projects Limited (formerly ITD Cementation India) has approved the allotment of 1,26,35,379 equity shares via a Qualified Institutions Placement (QIP) raising ₹1,400.00 crore. The issue price was set at ₹1,108.00 per share, representing a 4.37% discount to the floor price of ₹1,158.58. The fundraise represents approximately 7.0% of the company's current market cap of ₹20,068 crore. Key institutional allottees include Motilal Oswal funds (46.43% of issue) and Mirae Asset funds (8.57%).
- Allotted 1,26,35,379 equity shares of face value ₹1 each, raising ₹1,400.00 crore.
- Issue price fixed at ₹1,108.00 per share, a 4.37% discount to the floor price of ₹1,158.58.
- Paid-up equity share capital increases from ₹17.18 crore (17,17,87,584 shares) to ₹18.44 crore (18,44,22,963 shares).
- Motilal Oswal Mutual Fund entities took the largest chunk, securing 46.43% of the total issue size.
Cemindia Projects Limited (formerly ITD Cementation India Limited) has approved the closure of its Qualified Institutional Placement (QIP) on October 19, 2026. The company approved the allocation of 1,26,35,379 equity shares at an issue price of ₹1,108.00 per share, raising approximately ₹1,400 crore. The issue price reflects a 4.37% discount (₹50.58 per share) to the SEBI floor price of ₹1,158.58. The capital raised equals approximately 7.0% of the company's current market cap of ₹20,068 crore.
- Approved allocation of 1,26,35,379 equity shares of face value ₹1 each
- Issue price fixed at ₹1,108.00 per share (including ₹1,107.00 premium)
- Issue closed on October 19, 2026, following receipt of funds in escrow
- Pricing reflects a 4.37% (₹50.58/share) discount to the floor price of ₹1,158.58
Cemindia Projects Limited (formerly ITD Cementation India Limited) has received fresh credit ratings from CRISIL Ratings Limited for its bank loan facilities. CRISIL assigned a long-term rating of 'CRISIL AA/Stable' and a short-term rating of 'CRISIL A1+'. The ratings follow the company's recent ownership transition to the Adani Group (which holds a 67.46% promoter stake) and robust annual revenues topping ₹10,000 Cr in FY26. These high-grade investment ratings reflect strengthened creditworthiness and likely lower borrowing costs for ongoing infrastructure and EPC contracts.
- CRISIL assigned 'CRISIL AA/Stable' for Long Term bank loan facilities
- CRISIL assigned 'CRISIL A1+' for Short Term bank loan facilities
- Filing follows the formal change in promoter ownership (Adani Group holds 67.46% stake)
- Supports financing execution for a company with ₹10,184 Cr in TTM revenue
Cemindia Projects Limited (formerly ITD Cementation India Limited) has formally opened a Qualified Institutions Placement (QIP) on October 14, 2026. The floor price for the issue has been set at ₹1,158.58 per share, which aligns closely with its current market price of ₹1,153.50. The company may also offer a discretionary discount of up to 5% under SEBI ICDR regulations. The issue is being managed by SBI Capital Markets, ICICI Securities, and IIFL Capital Services, though the total fundraising target was not disclosed in the filing.
- QIP issue opened on October 14, 2026, following board approval on July 23, 2026, and shareholder approval on August 17, 2026
- Floor price fixed at ₹1,158.58 per equity share of face value ₹1 each
- Company permitted to offer a discount of up to 5% on the floor price pursuant to SEBI regulations
- SBI Capital Markets, ICICI Securities, and IIFL Capital Services appointed as book running lead managers
Cemindia Projects Limited (formerly ITD Cementation India Limited) announced that it has withdrawn its Execution Petition filed before the Hon'ble Delhi High Court with liberty to file afresh. The execution petition was originally filed on December 9, 2024, to enforce an arbitration award dated August 25, 2023, totalling Rs 4.71 crores plus interest against Baya Weaver Ltd and Saya Cementation Ltd. The company confirmed that this withdrawal has no material financial impact. Relative to the company's TTM revenue of Rs 9,743 crore, the Rs 4.71 crore claim is negligible (<0.05%).
- Arbitration award involves Rs 4.71 crores approximately plus interest thereon
- Execution petition was filed on 09th December, 2024 before Hon'ble Delhi High Court
- Court order communicating withdrawal was received on 23rd September, 2026 at 18:53 hours IST
- Company retains liberty to file the execution petition afresh in due course
Cemindia Projects Limited (formerly ITD Cementation India Limited) has scheduled an Institutional Investors Meet on September 21, 2026. The meeting is organized by Anand Rathi and will be conducted physically in Mumbai as one-on-one or group interactions. The company noted that its investor presentation uploaded on August 20, 2026, remains available on its website, with no new commercial or operational developments disclosed in the filing.
- Institutional Investors Meet scheduled for September 21, 2026
- Meeting arranged by Anand Rathi in Mumbai via physical mode
- Meeting format includes both one-on-one and group interactions
- Reference to investor presentation previously uploaded on August 20, 2026
Cemindia Projects Limited (formerly ITD Cementation India Limited) has issued a regulatory compliance notice to physical shareholders urging them to update their KYC and nomination details. The communication, dispatched via registrar KFin Technologies, highlights that pending dividends for FY 2025-26 remain withheld for non-compliant folios. This follows SEBI master circular directives mandating PAN, nomination, bank details, and dematerialisation compliance.
- Reminder issued in compliance with SEBI Circular dated February 6, 2026, and June 10, 2024
- Shareholders holding physical folios must submit forms ISR-1, ISR-2, ISR-3, or SH-13 to KFin Technologies
- Dividend for FY 2025-26 remains withheld for accounts lacking verified KYC and bank details
- Notice dated September 8, 2026, communicated to exchanges on September 9, 2026
ICRA Limited has upgraded the credit ratings for Cemindia Projects Limited's credit facilities. Long-term fund-based facilities (Term Loans and Working Capital) were upgraded to [ICRA]AA (Stable) from [ICRA]A+ (Stable). Non-fund based facilities were also upgraded to [ICRA]AA (Stable) / [ICRA]A1+ from [ICRA]A+ (Stable) / [ICRA]A1. The rating upgrade reflects an improved credit profile and balance sheet strength following recent corporate developments.
- Long-term Term Loan rating upgraded to [ICRA]AA (Stable) from [ICRA]A+ (Stable)
- Long-term Working Capital rating upgraded to [ICRA]AA (Stable) from [ICRA]A+ (Stable)
- Non-fund based limits upgraded to [ICRA]AA (Stable) / [ICRA]A1+ from [ICRA]A+ (Stable) / [ICRA]A1
- Rating agency communicating the revision: ICRA Limited
CARE Ratings Limited has upgraded the credit ratings of Cemindia Projects Limited across all long-term and short-term debt instruments. Long-term facilities, including term loans, cash credit, and vendor financing, have been upgraded from 'CARE A+; Stable' to 'CARE AA-; Stable'. Short-term facilities, including Commercial Paper and short-term non-fund-based instruments (BG/LC), were upgraded from 'CARE A1' to the highest short-term rating of 'CARE A1+'. This rating revision reflects strengthening creditworthiness and operational profile following its acquisition and scale expansion.
- Long-term facilities (Term Loan, Cash Credit, Vendor Financing) upgraded to CARE AA-; Stable from CARE A+; Stable
- Commercial Paper rating upgraded to CARE A1+ from CARE A1
- Non-Fund-Based facilities (BG/LC) upgraded to CARE AA-; Stable / CARE A1+ from CARE A+; Stable / CARE A1
- Credit rating revision communicated by CARE Ratings on September 3, 2026
Cemindia Projects Limited has informed exchanges regarding an upcoming Institutional Investors Meet scheduled for September 1, 2026. The physical meeting will be organized by Elara Capital in Mumbai as a one-on-one/group session. The company noted that its latest investor presentation had previously been uploaded to stock exchanges on August 20, 2026.
- Investor conference scheduled for September 1, 2026 in Mumbai
- Meeting organized by Elara Capital via physical one-on-one/group sessions
- Investor presentation previously submitted on August 20, 2026
Cemindia Projects Limited (formerly ITD Cementation) released an updated investor presentation ahead of roadshows in Singapore and Hong Kong. The company highlighted an all-time high order book of ₹31,307 Cr as of June 30, 2026 (~3.2x TTM revenue of ₹9,743 Cr), supported by ₹8,519 Cr in fresh orders secured during Q1 FY27. For Q1 FY27, revenue reached ₹2,721 Cr (up 6% YoY) with a PAT of ₹141 Cr (up 3% YoY) and net debt at ₹700 Cr. Following its acquisition by the Adani Group, the private sector now constitutes 63% of the order book.
- Record order book of ₹31,307 Cr as on June 30, 2026, equivalent to ~3.2x TTM revenue
- Secured new orders worth ₹8,519 Cr in Q1 FY27 alone
- Q1 FY27 revenue stood at ₹2,721 Cr (up 6% YoY) with EBITDA of ₹285 Cr and PAT of ₹141 Cr
- Order book client composition: 63% Private, 27% Government, and 10% PSU
Cemindia Projects has scheduled physical one-on-one and group investor meetings in Singapore (August 25, 2026) and Hong Kong (August 26, 2026) hosted by ICICI Securities and IIFL Capital Services. Along with the intimation, the company released an updated investor presentation highlighting its highest-ever order book of ₹31,307 Cr as of Q1 FY27 (~3.21x TTM revenue). The order book comprises 63% private clients, 27% PSUs, and 10% government contracts, supported by strong execution across marine, metro, and data center verticals.
- Scheduled overseas investor roadshows in Singapore on August 25, 2026, and Hong Kong on August 26, 2026.
- Reported an all-time high order book of ₹31,307 Cr as of June 30, 2026, with ₹8,519 Cr in fresh orders secured in Q1 FY27.
- Order backlog mix stands at 63% Private, 27% PSU, and 10% Government (98% India, 2% Overseas).
- Q1 FY27 standalone metrics show revenue of ₹2,721 Cr (up 6% YoY), PAT of ₹141 Cr, and net debt of ₹700 Cr.
Cemindia Projects Limited (formerly ITD Cementation) announced physical investor/analyst meetings in Singapore on August 25, 2026, and Hong Kong on August 26, 2026. Along with the schedule, the company shared its updated investor presentation highlighting an all-time high order book of ₹31,307 crore as of Q1 FY27 (over 3.2x TTM revenue). In Q1 FY27, new order inflows stood at ₹8,519 crore, with quarterly revenue reaching ₹2,721 crore and PAT of ₹141 crore.
- Highest-ever order book of ₹31,307 crore as of June 30, 2026 (Q1 FY27)
- Secured new orders worth ₹8,519 crore during Q1 FY27
- Reported Q1 FY27 revenue of ₹2,721 crore (+6% YoY) and PAT of ₹141 crore (+3% YoY)
- Schedule of physical investor meetings: Singapore (Aug 25, 2026) and Hong Kong (Aug 26, 2026)
Cemindia Projects Limited (formerly ITD Cementation India Limited) has secured shareholder approval at its EGM held on August 17, 2026, for raising capital via issuance of equity shares and/or other eligible securities in one or more tranches. The special resolution passed overwhelmingly with 99.01% (12.94 Cr votes) in favour out of 13.07 Cr total votes polled. Promoter group voted 100% in favour (11.59 Cr votes), while public institutional shareholders supported the proposal with a 91.28% majority (1.35 Cr votes in favour vs 12.91 lakh against). This enabling approval provides the company with flexibility to raise funds to support its ongoing EPC expansion.
- Shareholders approved special resolution for capital raise through equity/securities with 99.01% votes in favour
- Total voter turnout was 76.10% with 13,07,32,458 votes polled out of 17,17,87,584 total shares
- Promoter and Promoter Group cast 11,58,92,883 votes (100% in favour)
- Public institutional investors supported the resolution with 91.28% favour (1,35,08,504 votes in favour vs 12,91,170 against)
Cemindia Projects Limited shareholders have approved an enabling special resolution to raise capital through the issuance of equity shares and/or other eligible securities in one or more tranches. At the Extra-Ordinary General Meeting held on August 17, 2026, the resolution passed with 99.01% majority, representing 12.94 crore votes in favor out of 13.07 crore total votes polled. The overall voter turnout stood at 76.10% of the total 17.18 crore outstanding equity shares. Institutional holders voted 91.28% in favor (1.35 crore votes), while 100% of promoter votes (11.59 crore shares) supported the proposal.
- Special resolution to raise capital via equity or eligible securities approved with 99.01% favorable votes (12,94,41,105 votes).
- Total votes polled stood at 13,07,32,458, representing 76.10% of total 17,17,87,584 outstanding shares.
- Promoter and Promoter Group voted 100% in favor with 11,58,92,883 votes.
- Institutional shareholders cast 91.28% votes (1,35,08,504) in favor and 8.72% (12,91,170) against.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 18% in FY25 to INR 9,097 Cr and 9% YoY in Q2 FY26 to INR 2,175 Cr. While specific segment % growth is not fully itemized, the company is pivoting toward Data Centers (INR 1,307 Cr order) and Marine/Metro projects which are identified as higher-margin segments.
Geographic Revenue Split
The majority of revenue is domestic (India), with projects in Maharashtra, West Bengal, Kerala, and Chhattisgarh. Overseas operations contribute through projects in Abu Dhabi, Sri Lanka, and Bangladesh, though specific % split per region is not disclosed.
Profitability Margins
PAT grew 49% YoY in Q2 FY26 to INR 108 Cr. Net Profit margin for FY25 stood at 4.1% (Consolidated). Margins are expected to remain stable as operating leverage from a higher top-line absorbs corporate overheads.
EBITDA Margin
EBITDA margin improved to 11.1% in Q2 FY26 from 10.3% in Q2 FY25. For H1 FY26, EBITDA margin was 10.5% (INR 496 Cr). The company targets a sustainable EBITDA margin of approximately 11% through better project selection and cost control.
Capital Expenditure
Term debt has been reducing as the current asset base is deemed adequate for the existing order book. Specific planned INR Cr for future capex is not disclosed, but the company maintains a net debt-to-equity ratio of 0.25x to support conservative growth.
Credit Rating & Borrowing
CareEdge and ICRA provide ratings with a stable outlook. Interest coverage ratio improved to 3.9x in FY25 (from 3.7x). Ratings could be upgraded if interest coverage exceeds 6.0x on a sustained basis.
Operational Drivers
Raw Materials
Steel and Cement are the primary raw materials, though their specific % of total cost is not disclosed. These are critical for heavy civil engineering and marine construction.
Import Sources
Not disclosed in available documents; however, projects are executed across India and in the Middle East/South Asia, suggesting localized sourcing for construction materials.
Key Suppliers
Not disclosed in available documents, though the company maintains long-standing relationships with suppliers to fund working capital through extended credit periods.
Capacity Expansion
The company is expanding its service capacity into the Data Center vertical (30MW project secured) and large-diameter tunneling. It aims to double revenues in less than 3 years by increasing execution cycles per quarter.
Raw Material Costs
Input costs are subject to volatility; however, most contracts include price escalation clauses to mitigate the impact of rising steel and cement prices on the 9.5-10% operating margins.
Manufacturing Efficiency
Efficiency is measured by execution speed; the company noted that H2 revenue is historically higher than H1, with Q2 typically seeing a 14-16% dip due to monsoon impacts on construction sites.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by the Adani Group acquisition (67.46% stake), which is expected to increase in-house project contribution from 14% to 50% of the order book. The company is also targeting new high-margin verticals like Data Centers (15% order book target) and airports.
Products & Services
EPC services for Urban Infrastructure (Metro, MRTS, Airports), Marine Works (Jetties, Breakwaters), Data Centers, Hydroelectric power, and Irrigation projects.
Brand Portfolio
Cemindia (formerly ITD Cementation India Limited).
New Products/Services
30MW Data Center EPC (INR 1,307 Cr contract), large diameter tunnels, and airport infrastructure are the primary new growth areas.
Market Expansion
Expansion into the Adani Group ecosystem and increasing the share of specialized civil/electromechanical (EMP) works in the order book.
Market Share & Ranking
Cemindia is one of the few players in India capable of executing complex underground metro and specialized marine works, though specific % market share is not stated.
Strategic Alliances
Acquisition by Renew Exim DMCC (Adani Group entity) provides operational synergies and enhanced financial flexibility.
External Factors
Industry Trends
The industry is shifting toward integrated EPC contracts including electromechanical parts. Cemindia is positioning itself by recruiting specialized consultants and building EMP capabilities to capture this 15% order book segment.
Competitive Landscape
Intense competition from small and medium players in general infrastructure, but limited competition in specialized segments like deep-sea breakwaters and underground tunneling.
Competitive Moat
Moat is built on 4+ decades of experience in technically complex projects (marine, underground metro) where entry barriers are high due to required technical qualifications and equipment intensity.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and GDP growth, as these drive the pipeline for metro, port, and airport projects.
Consumer Behavior
Not applicable for B2B/Government EPC; demand is driven by infrastructure policy and industrial expansion (e.g., data center demand).
Geopolitical Risks
Operations in Sri Lanka and Bangladesh expose the company to potential political instability and regulatory changes in those regions.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations 2015 and Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018 for share dematerialization.
Environmental Compliance
The company maintains IMS standards including ISO 14001:2015 (EMS) and ISO 45001:2018 (OHS-MS) for operational safety and environmental management.
Legal Contingencies
The company has sizeable contingent liabilities in the form of bank guarantees for contractual performance and retention money (INR 600 Cr), though no specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Execution risk on 32% of the order book in early stages; potential for 14-16% revenue volatility due to weather; and dependency on the Adani Group for future order flow synergies.
Geographic Concentration Risk
Significant concentration in India, with specific large projects in Chennai, Kolkata, and Vizhinjam (Kerala).
Third Party Dependencies
High dependency on client-provided mobilization advances (INR 900 Cr) and supplier credit to maintain a current ratio of 1.1x.
Technology Obsolescence Risk
Risk is mitigated by continuous upgrades in construction technology and entering the high-tech Data Center construction market.
Credit & Counterparty Risk
Receivables quality is managed through milestone-based billing; Debtors Turnover stands at 57 days (Consolidated).
