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CEMPRO - Cemindia Project

📊 NSE: CEMPRO 🏢 Civil Construction 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Cemindia Projects Releases Q3 FY26 Earnings Conference Call Transcript

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 05:35 PM

Cemindia Projects Limited, formerly known as ITD Cementation India Limited, has officially released the transcript of its analyst and investor conference call held on February 5, 2026. The call focused on the company's unaudited financial results for the third quarter and the nine-month period ending December 31, 2025. This filing is a standard regulatory requirement to provide transparency regarding management's discussion on performance and future outlook. Investors can access the full text on the company's website to understand the nuances of the recent quarterly performance.

Transcript pertains to the investor call conducted on February 5, 2026.
Covers financial and operational performance for Q3 and 9M FY26.
The company operates under its new name, Cemindia Projects Limited (formerly ITD Cementation).
Filing is compliant with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should read the transcript to gain insights into management's commentary on the order book and execution challenges. No immediate action is required as this is a routine compliance filing.

Cemindia Projects Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 05 Feb 2026, 08:15 PM

Cemindia Projects Limited, formerly known as ITD Cementation India Limited, has released the audio recording of its analyst and investor conference call held on February 5, 2026. The call addressed the company's unaudited financial results for the third quarter and the nine-month period ending December 31, 2025. This disclosure is in compliance with SEBI Listing Obligations and Disclosure Requirements. The recording provides a platform for investors to understand management's perspective on the company's recent performance and future growth trajectory.

Audio recording of the Q3 FY26 earnings conference call is now available on the company website.
The call was conducted on February 5, 2026, at 6:30 p.m. following the results announcement.
Covers financial performance for the quarter and nine-month period ended December 31, 2025.
The company recently rebranded from ITD Cementation India Limited to Cemindia Projects Limited.

💡 Investors should listen to the recording to gain insights into the company's order book status and margin outlook. Pay close attention to management's commentary regarding the rebranding and its impact on future project bidding.

Cemindia Projects Q3 FY26 Standalone Net Profit Rises 26% YoY to ₹109.86 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:34 PM

Cemindia Projects (formerly ITD Cementation) reported a strong bottom-line performance for Q3 FY26, with standalone net profit growing 26.2% YoY to ₹109.86 crore. While revenue from operations saw modest growth to ₹2,304.15 crore from ₹2,270.44 crore YoY, the company significantly improved its profitability margins. Notably, the results include a one-time provision of ₹16.18 crore related to the notification of new Labour Codes. For the nine-month period ended December 2025, the company's net profit stands at ₹354.54 crore, up from ₹259.25 crore in the previous year.

Standalone Net Profit increased by 26.2% YoY to ₹109.86 crore in Q3 FY26.
Revenue from operations grew slightly to ₹2,304.15 crore compared to ₹2,270.44 crore in Q3 FY25.
Earnings Per Share (EPS) rose to ₹6.39 from ₹5.07 in the corresponding quarter last year.
Recognized a ₹16.18 crore impact in employee benefit expenses due to the notification of new Labour Codes.
Nine-month (9M FY26) net profit surged to ₹354.54 crore from ₹259.25 crore YoY.

💡 Investors should take note of the robust profit growth and margin expansion despite relatively flat revenue. The company's ability to absorb the one-time labour code provision while growing the bottom line suggests strong operational efficiency.

Cemindia Q3 FY26: PAT up 27% to ₹111 Cr; Order Book stands at ₹21,879 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:22 PM

Cemindia Projects reported a strong Q3 FY26 with PAT growing 27% YoY to ₹111 crore, driven by margin expansion and disciplined cost management. The company's order book stands robust at ₹21,879 crore, providing revenue visibility for approximately two years. During the quarter, the company secured new contracts worth ₹3,535 crore, including a major ₹1,393 crore Pune underground metro project. Financial health remains strong with a Net Debt to EBITDA ratio of 0.55x and a recent credit rating upgrade to A+.

Q3 FY26 PAT increased by 27% YoY to ₹111 Cr, with EBITDA margins improving to 10.6% from 9.6%.
Total order book reached ₹21,879 Cr as of Dec 31, 2025, with ₹3,535 Cr in new orders secured in Q3.
9M FY26 PAT grew by 37% YoY to ₹356 Cr, supported by a 6% growth in revenue to ₹7,087 Cr.
Balance sheet remains lean with Net Debt of ₹563 Cr and a healthy Net Debt/EBITDA ratio of 0.55x.
Credit ratings upgraded to A+ (Stable) by CARE and ICRA in February 2026 reflecting improved scale and ownership.

💡 Investors should take note of the consistent margin improvement and the strong order book which provides high revenue visibility. The company's diversification into Data Centers and its improved credit profile make it a strong contender in the infrastructure space.

Cemindia Projects Q3 FY26 Net Profit Rises 26% YoY to ₹109.86 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:20 PM

Cemindia Projects Limited (formerly ITD Cementation) reported a strong 26% year-on-year growth in standalone net profit for Q3 FY26, reaching ₹109.86 crore. Revenue from operations remained steady at ₹2,304.15 crore, showing marginal growth compared to the previous year. For the nine-month period ended December 2025, the company's net profit surged to ₹354.54 crore from ₹259.25 crore in the prior year. The results include a one-time impact of ₹16.18 crore due to provisions for new labour codes notified by the Government of India.

Standalone Net Profit increased 26.2% YoY to ₹109.86 crore in Q3 FY26.
Revenue from operations grew to ₹2,304.15 crore from ₹2,270.44 crore in the year-ago quarter.
9M FY26 Net Profit reached ₹354.54 crore, a significant jump from ₹259.25 crore in 9M FY25.
Recognized a provision of ₹16.18 crore in employee benefits expense due to the notification of new Labour Codes.
Earnings Per Share (EPS) for the quarter improved to ₹6.39 from ₹5.07 YoY.

💡 Investors should take note of the robust bottom-line growth and the company's ability to maintain margins despite one-time regulatory provisions. The steady revenue execution suggests a healthy order book and operational stability in the infrastructure sector.

Cemindia Projects Q3 Net Profit Rises 26% YoY to ₹109.86 Crore; Revenue at ₹2,304 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:16 PM

Cemindia Projects (formerly ITD Cementation) reported a strong bottom-line performance for Q3 FY26, with standalone net profit growing 26.2% YoY to ₹109.86 crore. Revenue from operations remained stable with a marginal increase to ₹2,304.15 crore. Profitability improved significantly as Profit Before Tax rose 33% YoY to ₹150.74 crore, despite a one-time provision of ₹16.18 crore for new labour code obligations. For the nine-month period ended December 2025, the company's net profit surged 36.7% to ₹354.54 crore.

Standalone Net Profit increased 26.2% YoY to ₹109.86 crore in Q3 FY26.
Revenue from operations stood at ₹2,304.15 crore compared to ₹2,270.44 crore in Q3 FY25.
Profit Before Tax (PBT) grew by 33% YoY to ₹150.74 crore.
Recognized a ₹16.18 crore impact in employee expenses due to the new Government of India Labour Codes.
Nine-month FY26 Net Profit reached ₹354.54 crore, up from ₹259.25 crore in the previous year.

💡 Investors should take note of the strong margin expansion and the company's ability to absorb regulatory cost headwinds while maintaining profit growth. The significant 36% jump in nine-month profits suggests a strong execution trajectory for the full fiscal year.

Cemindia Projects Shareholders Approve PWC as Auditor and Name Change with 99.99% Majority

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 27 Jan 2026, 05:21 PM

Cemindia Projects Limited (formerly ITD Cementation India Limited) has announced the results of its postal ballot, where shareholders approved two key resolutions with near-unanimous support. The company received approval to appoint Price Waterhouse Chartered Accountants LLP as Statutory Auditors to fill a casual vacancy. Additionally, shareholders ratified the compliance certificate for the company's name change from ITD Cementation India Limited to Cemindia Projects Limited. Approximately 74.64% of total shares were polled, with over 99.99% of votes cast in favor of both resolutions.

Appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors approved with 99.9995% votes in favor.
Ratification of the company's name change to Cemindia Projects Limited approved by 99.9995% of voting shareholders.
Total of 12,82,30,601 votes were polled for the special resolution, representing a 74.64% turnout of the total share capital.
The auditor appointment fills a casual vacancy following the resignation of M/s T R Chadha & Co. LLP and is valid until the 2026 AGM.

💡 The transition to a 'Big 4' auditor like Price Waterhouse is a positive signal for corporate governance and financial transparency. Investors should view the successful name change and high shareholder participation as a sign of stability during the company's rebranding phase.

Cemindia Projects Schedules Q3FY26 Earnings Conference Call for February 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Jan 2026, 04:59 PM

Cemindia Projects Limited, formerly known as ITD Cementation India Limited, has scheduled its Q3FY26 earnings conference call for February 5, 2026, at 6:30 PM IST. The management team, including the Managing Director and CFO, will discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. This call provides a platform for institutional investors and analysts to engage with management regarding the company's recent performance and strategic direction. The announcement follows the company's recent rebranding and name change.

Conference call scheduled for February 5, 2026, at 18:30 hours IST.
Management representation includes MD Jayanta Basu, CFO Nitesh Sharma, and IR Head Rahul Agarwal.
Focus on unaudited financial results for the quarter and nine months ended December 31, 2025.
Company recently underwent a name change from ITD Cementation India Limited to Cemindia Projects Limited.

💡 Investors should monitor the Q3 results for execution updates and use the conference call to seek clarity on the company's order book and margin outlook under its new identity.

Cemindia Projects Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 04:29 PM

Cemindia Projects Limited, formerly known as ITD Cementation India Limited, has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that share certificates were mutilated and cancelled after due verification, and the depositories' names were updated in the register of members within the 15-day limit. This is a standard administrative filing required for all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025
KFin Technologies Limited confirmed all dematerialization requests were processed within 15 days
The filing confirms the company's name change from ITD Cementation India Limited to Cemindia Projects Limited
All share certificates received for dematerialization were duly mutilated and cancelled as per SEBI norms

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's core business performance and upcoming financial results.

Cemindia Projects Limited to Close Trading Window from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 08:10 PM

Cemindia Projects Limited (formerly ITD Cementation India Limited) has announced the closure of its trading window starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The window pertains to the unaudited financial results for the quarter and nine months ending December 31, 2025. The trading window will reopen 48 hours after the results are officially declared to the exchanges.

Trading window closure effective from Thursday, January 1, 2026.
Closure is related to the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
The window will remain closed until 48 hours after the financial results are announced.
Compliance is maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015.
The company was formerly known as ITD Cementation India Limited.

💡 This is a routine regulatory announcement with no direct impact on the stock's valuation. Investors should monitor for the upcoming board meeting date when Q3 FY26 results will be discussed.

Cemindia Projects Seeks Shareholder Approval for New Auditor and Name Change Compliance

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Dec 2025, 07:56 PM

Cemindia Projects Limited (formerly ITD Cementation) has issued a postal ballot notice to seek shareholder approval for two primary resolutions. The first is the appointment of Price Waterhouse Chartered Accountants LLP as statutory auditors to fill a casual vacancy following the resignation of T R Chadha & Co. LLP. The second resolution involves the ratification of compliance certificates related to the company's recent name change. The e-voting period is set for December 28, 2025, through January 26, 2026.

Proposed appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors to fill a casual vacancy.
The appointment follows the resignation of previous auditors M/s T R Chadha & Co. LLP.
Ratification of compliance certificate dated May 26, 2025, regarding the name change from ITD Cementation India Limited.
Remote e-voting period runs from December 28, 2025, to January 26, 2026, with results by January 28, 2026.
The cut-off date for shareholder eligibility to vote was Friday, December 19, 2025.

💡 Investors should note the transition to a Big 4 accounting firm, which is generally positive for governance transparency. No immediate portfolio action is required beyond participating in the e-voting process.

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💰 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.