CEMPRO · Construction
Cemindia Projects Ltd. reported revenue of ₹2,315 cr for October to December 2025, +2.0% on the year and +5.5% on the quarter. Over the last four quarters revenue comes to ₹9,618 cr, +8.1% on the four before.
Operating profit (EBITDA) was ₹222 cr, a margin of 9.6%, +47 bps on the year and +17 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.1% to 10.1%, averaging 9.5%. Operating costs grew +1.5% against revenue growth of +2.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹111 cr, +27.6% on the year and +3.1% on the quarter, with earnings per share of ₹6.46. Profit before other income, one-offs and tax grew 25.2%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹469 cr, +34.3% on the four before.
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. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹27.32 over the last four quarters, the stock at ₹1,200.00 trades at 43.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q2 FY26 |
|---|---|
| Execution rate | 2,195% |
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.
| 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 ₹2,315 cr (+2.0% on the year) and net profit of ₹111 cr (+27.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +25.2% on the year, against +27.6% for reported profit.
None of the 7 checks that could run raised a question.
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