Cemindia Projects Limited (CEMPRO)
📢 Recent Corporate Announcements
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.
Cemindia Projects Limited has received a demand order from the GST authorities in Ahmedabad for FY 2020-21. The order includes a tax demand of Rs 1.24 crore and an equivalent penalty of Rs 1.24 crore, totaling approximately Rs 2.48 crore. The dispute relates to an Input Tax Credit (ITC) mismatch between the company's GSTR3B filings and the GST portal. Given the company's TTM revenue of Rs 9,502 crore, this demand represents a negligible 0.026% of annual turnover.
- Total tax demand of Rs 1.24 crore for the financial year 2020-21
- Penalty of Rs 1.24 crore levied under Section 74 of the CGST Act, 2017
- Total financial implication of ~Rs 2.48 crore is less than 0.03% of TTM revenue
- Demand comprises IGST of Rs 57.03 Lakhs and CGST/SGST of Rs 33.67 Lakhs each
- Company intends to file an appeal against the order and expects no material impact
The Andhra Pradesh State ACB has filed Criminal Revision Cases (CRLRCs) in the High Court against a previous discharge order dated April 13, 2026, which had cleared Cemindia Projects and its former employees of bribery allegations. The case, involving charges under the Prevention of Corruption Act, dates back to 2018 and involves allegations of attempting to bribe public servants. While the company currently reports no financial implications, the reopening of this legal matter introduces a layer of regulatory and reputational uncertainty. This is particularly relevant given the company's recent acquisition by the Adani Group (67.46% stake) and its focus on large-scale infrastructure projects.
- State ACB filed revision cases against the discharge order dated April 13, 2026
- Company notified of the High Court filing on August 7, 2026, at 17:52 IST
- Case involves allegations under the Prevention of Corruption Act, 1988, and IPC 1860
- The litigation involves a former employee and a former representative no longer with the company
- Company TTM revenue stands at Rs 9,502 Cr, making legal compliance critical for contract eligibility
The State ACB of Andhra Pradesh has filed Criminal Revision Cases in the High Court challenging a discharge order dated April 13, 2026, which had previously cleared Cemindia Projects and a former employee of bribery allegations. The case involves alleged offenses under the Prevention of Corruption Act, 1988, and the IPC. While the company was previously discharged, the reopening of the case introduces legal uncertainty, although no specific financial claim has been quantified in the filing. The company was notified of this development on August 7, 2026.
- State ACB, CIU, A.P. challenged the discharge order dated April 13, 2026, in the Andhra Pradesh High Court.
- The litigation involves allegations under the Prevention of Corruption Act, 1988, against the company and former associates.
- The company received notification of the High Court filing on August 7, 2026, at 17:52 IST.
- The individuals involved (former employee and representative) are no longer associated with the company.
- Cemindia Projects (formerly ITD Cementation) has a TTM revenue of Rs 9,502 Cr and is now 67.46% owned by the Adani Group.
Cemindia Projects Limited (formerly ITD Cementation) has scheduled a physical meeting with institutional investors on August 13, 2026. The interaction is part of the 'Equirus India Growth Summit 2026' held in Mumbai. The company clarified that no unpublished price sensitive information (UPSI) will be shared, and they will utilize the Q1 2027 investor presentation previously released on July 28, 2026. This follows the company's recent acquisition by the Adani Group, which holds a 67.46% stake.
- Institutional Investors Meet scheduled for August 13, 2026, in Mumbai.
- Event organized by Equirus Securities under the 'Equirus India Growth Summit 2026' banner.
- Company to use the Q1 2027 investor presentation originally filed on July 28, 2026.
- Adani Group currently holds a 67.46% stake in the company, influencing the long-term strategic outlook.
Cemindia Projects Limited reported a steady Q1 FY27 with revenue growing 6% YoY to Rs 2,721 Cr and EBITDA margins improving to 10.5%. The company secured massive new orders worth Rs 8,519 Cr in Q1, taking the total order book to ~Rs 31,000 Cr, which is approximately 3.2x its TTM revenue. Management has approved a significant Rs 5,000 Cr QIP to fund future growth and capital requirements for larger projects. The bid pipeline remains robust at Rs 90,000 Cr, with 50% expected from the Adani Group ecosystem.
- Order book reached ~Rs 31,000 Cr, providing revenue visibility for over 3 years of execution.
- Q1 FY27 order inflows of Rs 8,519 Cr represent a ~3x increase compared to Rs 2,900 Cr in Q1 FY26.
- EBITDA margins improved to 10.5% from 10.1% YoY, driven by steady execution.
- Board approved a Rs 5,000 Cr QIP, representing approximately 22.3% of the current market capitalization.
- Bid pipeline stands at Rs 90,000 Cr, with 50% of opportunities originating from the Adani Group.
Cemindia Projects Limited's 49% joint venture (ITD ITD Cem JV) has received a favorable arbitration award against Delhi Metro Rail Corporation (DMRC) regarding a 2013 contract. The Arbitral Tribunal awarded the JV Rs 212.54 crore plus GST and interest, while completely rejecting DMRC's counter-claim of Rs 22.19 crore. Cemindia's share of the principal award is approximately Rs 104.14 crore, which is significant as it represents roughly 22.2% of the company's TTM PAT of Rs 469 crore. The final financial impact will be recognized upon the actual receipt of the awarded amount.
- Arbitral Tribunal awarded the JV Rs 212.54 crore plus GST and Rs 0.87 crore in costs.
- Cemindia holds a 49% stake in the ITD ITD Cem Joint Venture involved in the dispute.
- DMRC's counter-claim of Rs 22.19 crore plus interest was entirely rejected by the tribunal.
- The dispute originated from a contract entered into on January 14, 2013, involving prolongation costs and uncertified work.
- The JV's original claim was Rs 322.22 crore plus interest, GST, and costs.
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).
