CEMPRO · Construction · filed 5 Nov 2026
Cemindia Projects Ltd. reported revenue of ₹2,749 cr for July to September 2026, +25.2% on the year and +1.0% on the quarter. That is faster than this quarter has grown in recent years (+17.0% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹10,758 cr, +12.4% on the four before.
Operating profit (EBITDA) was ₹268 cr, a margin of 9.7%, +32 bps on the year and −36 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.1% to 12.0%, averaging 9.9%. Operating costs grew +24.8% against revenue growth of +25.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹131 cr, +21.3% on the year and −7.3% on the quarter, with earnings per share of ₹7.60. Profit before other income, one-offs and tax grew faster, at +52.3%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹624 cr, +40.4% on the four before.
Of the 23 companies in Capital goods and EPC that have reported Q2 FY27 so far, Cemindia Projects Ltd. ranks 11th on revenue growth; the sector median is +22.5%. Its margin moved +32 bps on the year against a sector median of −58 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹36.36 over the last four quarters, the stock at ₹1,200.00 trades at 33.0 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Operating cash flow for the first half −₹77.7 cr against profit of ₹271 cr.
Source: Cash flow statement
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +21.3% on the year; profit before other income, exceptional items and tax +52.3%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,444 cr | ₹1,295 cr | ▲ 11.5% |
| Inventory | ₹838 cr | ₹751 cr | ▲ 11.6% |
| Cash | ₹240 cr | ₹475 cr | ▼ 49.4% |
| Bank balances | ₹324 cr | ₹474 cr | ▼ 31.6% |
| Long-term borrowings | ₹93.1 cr | ₹92.6 cr | ▲ 0.6% |
| Short-term borrowings | ₹792 cr | ₹774 cr | ▲ 2.3% |
| Trade payables | ₹2,189 cr | ₹2,190 cr | ▼ 0.0% |
| Net block | ₹1,217 cr | ₹1,162 cr | ▲ 4.7% |
| Capital work in progress | ₹42.6 cr | ₹21.6 cr | ▲ 96.9% |
| Equity | ₹2,619 cr | ₹2,400 cr | ▲ 9.2% |
| Total assets | ₹7,563 cr | ₹7,086 cr | ▲ 6.7% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹77.7 cr | ₹328 cr |
| Capital expenditure | −₹203 cr | −₹138 cr |
| Investing cash flow | −₹22.2 cr | −₹126 cr |
| Financing cash flow | −₹134 cr | −₹113 cr |
| Dividends paid | −₹51.5 cr | −₹34.3 cr |
Operating cash flow was -0.29× profit. Receivables at 48 days of sales (+1 days against the last year end). Inventory at 28 days of sales (+1 days).
No emphasis of matter.
₹1,400 cr still unused. “Approved and allotted 1,26,35,379 equity shares at ₹1,108 per share aggregating to ₹1,400.00 crore through QIP on October 19, 2026. Paid-up share capital increased…”
Name of the Company changed from ITD Cementation India Limited to Cemindia Projects Limited following acquisition by Renew Exim DMCC (Adani Group entity).
Tax: Consolidated tax expense of ₹49.30 crore (current tax ₹52.56 crore, deferred tax credit ₹3.26 crore) on Profit before tax of ₹179.89 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 3,485 | — | — |
| Order book (₹ cr) | 32,715 | — | — |
| Book to bill (×) | 2.99 | — | — |
| Execution rate | 2,749% | 2,721% | 2,195% |
| Government share of book | 36% | — | — |
| Working capital days (days) | 3.1 | — | — |
Worked out from filed numbers. Book-to-Bill Ratio: Order Book (₹32,715 crore) / Annualised H1 FY27 Revenue (₹5,469.57 crore * 2) = 2.99x · Government and PSU Order Share: Government clients 11% + PSU clients 25% = 36% (Private sector share 64%) · Working Capital Days: Receivable days (48.17) + Inventory days (27.95) - Payable days (73.02) = 3.10 days calculated on annualised H1 FY27 revenue
Unbilled contract assets grew 20.95% to ₹2,737.78 crore as of September 30, 2026 (vs ₹2,263.49 crore as of March 31, 2026), compared to billed trade receivables which grew 11.51% to ₹1,443.60 crore (vs ₹1,294.56 crore).
Contract assets increased at a faster pace than trade receivables, reflecting ongoing project milestones nearing billing certification.
Order inflow for Q2 FY27 stood at ~₹3,485 crore (H1 FY27 inflow ~₹12,005 crore) against Q2 FY27 revenue execution of ₹2,748.65 crore (H1 FY27 execution ₹5,469.57 crore), representing a strong book-to-bill inflow ratio of 1.27x in Q2.
Order intake comfortably exceeds execution rate, building the order book to a record ₹32,715 crore.
not disclosed
Bank guarantee limit details and outstanding guarantees are omitted from quarterly earnings disclosures.
No liquidated damages, contract penalties, or project cost overruns were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Order book 32715 crore at quarter end, after inflows of 3485 crore in the quarter (2.99× trailing revenue).
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| QIP Proceeds Deployment Target | 1400.00 | Future quarters | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Engineering and Construction | ₹2,749 cr | ▲ 25.2% | ₹180 cr | ▲ 23.1% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,017 cr | ₹2,258 cr | ₹2,381 cr | ₹1,991 cr | ₹2,270 cr | ₹2,532 cr | ₹2,576 cr | ₹2,195 cr | ₹2,315 cr | ₹2,973 cr | ₹2,721 cr | ₹2,749 cr |
| YoY | — | — | +30% | +24% | +13% | +12% | +8% | +10% | +2% | +17% | +6% | +25% |
| EBITDA margin | 10.2% | 9.8% | 9.3% | 9.1% | 9.1% | 10.1% | 9.3% | 9.4% | 9.6% | 12.0% | 10.1% | 9.7% |
| Other income, % of PBT | 14% | 17% | 12% | 23% | 9% | 10% | 12% | 25% | 15% | 26% | 5% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 31% | 26% | 28% | 23% | 28% | 19% | 26% | 27% | 31% | 27% | 27% |
| Net profit | ₹79.0 cr | ₹90.0 cr | ₹100 cr | ₹72.0 cr | ₹87.0 cr | ₹113 cr | ₹137 cr | ₹108 cr | ₹111 cr | ₹242 cr | ₹141 cr | ₹131 cr |
| YoY | — | — | +92% | +33% | +10% | +26% | +37% | +50% | +28% | +114% | +3% | +21% |
| Core profit YoY | — | — | +80% | +43% | +13% | +31% | +25% | +43% | +25% | +83% | +22% | +52% |
| EPS | ₹4.56 | ₹5.21 | ₹5.83 | ₹4.19 | ₹5.07 | ₹6.60 | ₹7.99 | ₹6.27 | ₹6.46 | ₹14.10 | ₹8.20 | ₹7.60 |
| Flags | · | · | ✓ | 1 | 1 | ✓ | 1 | ✓ | ✓ | 2 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cemindia Projects Ltd. reported revenue of ₹2,749 cr (+25.2% on the year) and net profit of ₹131 cr (+21.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +52.3% on the year, against +21.3% for reported profit.
1 check raised a question: Profit with no operating cash behind it. Where did the cash go?
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