Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Cemindia Projects Limited
NSE: CEMPROIndustrialsEngineering & Construction
- Last close
- ₹1,149.90
- Day change
- +₹17.50 (+1.55%)vs
- Market cap
- ₹19,754 crIndian rupees
- Research updated
- 3 reports
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About Cemindia Projects
Cemindia Projects Limited is a well-established Indian construction and civil engineering company with a heritage dating back to 1931 under its earlier incorporation. Primarily engaged in urban infrastructure development, the company specializes in the construction of mass rapid transit systems, airports, highways, bridges, flyovers, and maritime structures such as jetties, breakwaters, and dry docks. Its comprehensive expertise extends to hydroelectric and irrigation projects, tunnels, dams, and industrial structures, alongside foundation and specialist engineering services including geotechnical investigations and ground improvement techniques. Following its acquisition by an Adani Group entity in 2025, Cemindia integrates access to a broad infrastructure ecosystem spanning ports, energy, transport, and logistics, boosting operational synergies. The firm serves a diverse clientele comprising government bodies and private sector clients, reflecting its significant role in India's infrastructure growth. With a workforce nearing 2,800 employees and a market capitalization in the multi-thousand crore range, Cemindia stands out as a major player in India's construction and engineering sector.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: CEMPRO
- Employees
- 3,187
- Headquarters
- Mumbai, India
- ISIN
- INE686A01026
- Website
- cemindia.co.in
Public research · Report of
Business model & financial foundation
Cemindia Projects (NSE: CEMPRO), Heavy civil EPC contractor (marine, urban transit, industrial, data centre, highways, water, hydro and foundations): revenue of ₹10,061 crore in FY26 (+8.8% on FY25), an EBITDA margin of 10.2%, net profit of ₹597.7 crore and net cash of ₹82.1 crore.
- Revenue, FY26 (₹ crore)
- 10,061
- consolidated
- Revenue growth, FY26
- +8.8%
- on FY25
- EBITDA margin, FY26
- 10.2%
- EBITDA (excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 597.7
- to owners
- Return on equity, FY26
- 28.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -82.1
- Net debt (borrowings - cash & bank balances)
- Market capitalisation (₹ crore)
- 19,816
- at the close of 23 Oct 2026
Company profile
Cemindia Projects (formerly ITD Cementation India) is a Mumbai-based heavy civil engineering and construction contractor executing maritime structures, metro and airport works, industrial structures, data centres, highways and bridges, water, hydro/tunnels and specialist foundations, almost entirely in India. Since May 2025 it is controlled (67.46%) by Renew Exim DMCC of the Adani group, which has become its largest client (about 53% of the June 2026 order book). It reports as a single Engineering & Construction segment.
| Item | Value |
|---|---|
| Legal name | Cemindia Projects Limited (formerly ITD Cementation India Limited) |
| Exchange and ticker | NSE: CEMPRO; BSE: 509496 |
| ISIN | INE686A01026 |
| Sector | Construction & Engineering |
| Industry | Heavy civil EPC contractor (marine, urban transit, industrial, data centre, highways, water, hydro and foundations) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2025-11) |
| Market capitalisation | ₹19,816 crore (23 Oct 2026) |
| Shares outstanding | 17.18 crore shares (FY26) |
| Price | ₹1,150 (close, 23 Oct 2026) |
| 52-week range | ₹503.3 - ₹1,649 (to 23 Oct 2026) |
| Website | https://www.cemindia.co.in |
Corporate structure and shareholding
Parent: Renew Exim DMCC (Adani group), 67.46%.
| Entity | Holding | Business |
|---|---|---|
| Ceminfra Construction Limited | 100% | Construction subsidiary (formerly ITD Cementation Projects India), non-material |
| ITD-ITD Cem JV | 55% | Joint operation for construction projects |
| ITD Cem Maytas Consortium | 95% | Joint operation |
| ITD ITD Cem Joint Venture | 49% | Joint operation (DMRC metro works) |
| ITD Cemindia JV | 80% | Joint operation |
| CEC-ITD Cem-TPL Joint Venture | 60% | Joint operation |
| ITD Cem-BBJ Joint Venture | 51% | Joint operation |
| ITD Cementation India Ltd - Transrail Lighting Ltd JV | 72.66% | Joint operation |
| Morsagar Bisalpur Water Limited | 26% | Associate formed in FY26 for a water project |
Control passed from Italian-Thai Development PCL to Renew Exim DMCC (Adani group) on 28 May 2025; renamed from ITD Cementation India on 19 Aug 2025.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 67.46% | 67.46% | 67.46% | 67.46% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.19% | 7.31% | 7.26% | 6.65% |
| Domestic institutions | 1.50% | 1.94% | 2.86% | 4.79% |
| of which mutual funds | 1.02% | 1.41% | 2.31% | 3.93% |
| Retail | 22.84% | 23.28% | 22.40% | 21.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Cemindia Projects is a heavy-civil EPC contractor across marine, metro, industrial, data-centre, highways, water and foundations. It is controlled by Renew Exim DMCC of the Adani group. Revenue follows conversion of the order book, with contract-cost and working-capital intensity determining profit and cash. It reports one Engineering & Construction segment.
| Peer | Why the dossier compares them |
|---|---|
| Afcons Infrastructure (AFCONS) | Closest like-for-like: marine, metro/tunnelling and bridges heavy civil EPC; promoter group parent (Shapoorji Pallonji) |
| Larsen & Toubro (LT) | Sector leader in heavy civil, ports, metro and data-centre EPC; competes on every large tender |
| KEC International (KEC) | Diversified EPC including civil and urban infra; group-backed (RPG) |
| Kalpataru Projects International (KPIL) | Diversified EPC (buildings, water, urban infra) of similar scale |
| NCC Ltd (NCC) | Buildings, water, metro and industrial EPC of similar revenue scale |
| J Kumar Infraprojects (JKIL) | Metro, flyovers and urban infra contractor in Mumbai/Delhi |
| PNC Infratech (PNCINFRA) | Highways EPC peer for the roads/bridges book |
| HG Infra Engineering (HGINFRA) | Highways and railways EPC peer |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 7,718 | 9,246 | 10,061 |
| Cost of revenue (vendor classification) * | 7,043 | 7,424 | |
| Other operating costs (vendor classification) * | 547.3 | 652.2 | |
| EBITDA (vendor classification) * | 842.0 | 1,108 | |
| EBIT * | 662.5 | 957.3 | |
| Finance costs | 218.0 | 236.3 | 215.0 |
| Profit before tax | 383.0 | 508.0 | 817.6 |
| Total tax expense | 108.9 | 135.2 | 219.9 |
| Net profit | 274.2 | 372.8 | 597.7 |
| Diluted EPS (INR) | 15.93 | 21.70 | 34.79 |
| Construction materials + subcontracting & direct costs | 5,011 | 6,998 | 7,420 |
| Employee benefits expense | 619.3 | 723.0 | 882.7 |
| Other expenses | 1,342 | 663.0 | 736.4 |
| EBITDA (excl. other income) | 745.1 | 861.8 | 1,022 |
| Other income | 48.0 | 76.9 | 177.0 |
| Depreciation & amortisation | 207.9 | 194.5 | 165.9 |
| Exceptional items | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.45 | 0.00 | 0.00 |
| Share of associate / JV | 15.8 | 0.00 | 0.00 |
| PAT attributable to owners | 273.7 | 372.8 | 597.7 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity | 1,498 | 1,833 | 2,400 |
| Gross borrowings (non-current + current, excl. leases & supplier credit) | 862.0 | 875.7 | 866.8 |
| Cash + other bank balances (no liquid investments held) | 895.7 | 824.8 | 948.9 |
| Trade receivables | 1,211 | 989.8 | 1,295 |
| Inventories | 684.3 | 643.8 | 750.9 |
| Trade payables (MSME + others) | 1,433 | 2,045 | 2,190 |
| Net property, plant and equipment * | 1,074 | 1,162 | |
| Capital work in progress * | 34.1 | 41.3 | |
| Total assets * | 5,852 | 7,086 | |
| Net debt (borrowings - cash & bank balances) | -33.7 | 50.9 | -82.1 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities | 704.3 | 184.3 | 499.8 |
| Free cash flow (vendor definition) * | -43.8 | 236.0 | |
| Dividends paid (the provider's sign: an outflow is negative) * | -29.2 | -34.3 | |
| Purchase of PPE incl. intangibles, CWIP, capital advances | -356.4 | -228.1 | -263.8 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding (crore, FV INR 1) | 17.18 | 17.18 | 17.18 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,991 | 2,270 | 2,532 | 2,576 | 2,195 | 2,315 | 2,973 | 2,721 |
| Cost of revenue (vendor classification) * | 1,244 | 1,703 | 1,918 | 1,958 | 1,675 | 2,185 | 1,989 | |
| Other operating costs (vendor classification) * | 396.7 | 180.9 | 169.0 | 174.9 | 180.2 | 196.2 | 215.2 | |
| EBITDA (vendor classification) * | 204.2 | 217.2 | 270.6 | 260.5 | 244.9 | 450.0 | 285.1 | |
| EBIT * | 157.3 | 171.8 | 219.1 | 219.3 | 202.2 | 411.3 | 242.4 | |
| Finance costs | 57.2 | 58.5 | 62.4 | 50.4 | 53.4 | 50.1 | 61.1 | 50.0 |
| Profit before tax | 100.1 | 113.3 | 156.6 | 168.9 | 146.4 | 152.1 | 350.3 | 192.4 |
| Total tax expense | 27.9 | 26.3 | 43.3 | 31.6 | 38.7 | 41.2 | 108.1 | 51.5 |
| Net profit | 72.2 | 87.0 | 113.4 | 137.2 | 107.7 | 110.9 | 242.2 | 140.8 |
| Diluted EPS (INR) | 4.19 | 5.07 | 6.60 | 7.99 | 6.27 | 6.45 | 14.10 | 8.20 |
| Construction materials + subcontracting & direct costs | 1,703 | 1,918 | 1,953 | 1,606 | 1,675 | 2,185 | 1,989 | |
| Employee benefits expense | 179.6 | 189.9 | 203.3 | 207.3 | 238.0 | 234.2 | 241.6 | |
| Other expenses | 180.9 | 169.0 | 179.5 | 180.4 | 180.2 | 196.2 | 215.2 | |
| EBITDA (excl. other income) | 207.2 | 255.0 | 240.3 | 201.7 | 221.8 | 357.7 | 274.7 | |
| Other income | 10.0 | 15.5 | 20.2 | 41.3 | 23.1 | 92.3 | 10.4 | |
| Depreciation & amortisation | 45.4 | 51.5 | 41.2 | 43.3 | 42.7 | 38.7 | 42.7 | |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of associate / JV | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to owners | 87.0 | 113.4 | 137.2 | 107.7 | 110.9 | 242.2 | 140.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 19.8% | 8.8% | |
| EBITDA margin | 9.7% | 9.3% | 10.2% |
| Net margin | 3.5% | 4.0% | 5.9% |
| Return on equity | 18.3% | 22.4% | 28.2% |
| Return on capital employed | 26.1% | 32.0% | |
| Return on assets | 6.4% | 9.2% | |
| Net debt (₹ crore) | -33.7 | 50.9 | -82.1 |
| Net debt / EBITDA | -0.05x | 0.06x | -0.08x |
| Interest cover | 2.80x | 4.45x | |
| Asset turnover | 1.58x | 1.56x | |
| Receivable days | 57 | 39 | 47 |
| Inventory days (on revenue) | 32 | 25 | 27 |
| Payable days (on revenue) | 68 | 81 | 79 |
| Cash conversion | 2.57x | 0.49x | 0.84x |
| Capex intensity | 4.6% | 2.5% | 2.6% |
| Free cash flow (₹ crore) | 347.9 | -43.8 | 236.0 |
| Dividend payout | 7.8% | 5.7% | |
| EPS, diluted (₹) | 15.93 | 21.70 | 34.79 |
| Book value per share (₹) | 87.21 | 106.7 | 139.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings - cash & bank balances); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Cemindia Projects includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Cemindia Projects
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