Cemindia Projects Ltd (ITD Cementation India) Q2 FY26 – The Contractor That’s Building India Faster Than Its Government Can Announce Projects
1. At a Glance
At ₹846 per share, Cemindia Projects Ltd (formerly ITD Cementation India) is the desi infrastructure stock that’s running like an Adani tender on steroids. The market cap stands at ₹14,538 crore, revenue for the quarter hit ₹2,175 crore (up 9.3% YoY), and PAT clocked ₹108 crore — a whopping 49% YoY jump. ROCE? A saucy 27.6%. ROE? An equally spicy 21.8%.
This construction contractor — backed by Italian-Thai Development (Bangkok) — just pulled off a rebranding masterstroke: name change, management shuffle, and rating upgrades — all in one quarter. With an order book of ₹20,646 crore and new inflows worth ₹3,258 crore this quarter, the cement in this story is clearly setting fast.
Yet, with a P/E of 32.6x and a price-to-book of 7.1x, the market’s treating it like a midcap L&T — only without the L or the T. So, is Cemindia the next infrastructure messiah or just another concrete jungle dream?
Let’s dig in — helmet optional.
2. Introduction
Infrastructure stocks are like Bollywood biopics — everyone wants a piece of the “nation-building” story until they realize it’s mostly delayed payments and arbitration awards. Cemindia Projects, though, seems to have cracked the formula. Born from Italian-Thai parentage (which still holds ~47%), the company’s been pouring concrete across India’s ports, metros, flyovers, and highways since your father’s scooter was new.
The company’s biggest flex? Diversification. Maritime jetties, urban metros, bridges, industrial plants, hydro tunnels — you name it, Cemindia’s probably built it, flooded it, and rebuilt it again.
After a clean streak of 52% revenue growth in FY24 (following 34% in FY23), management is now chasing 20%+ growth in FY25 with the aggression of a contractor chasing a government payment. The ₹20,600 crore order book gives visibility for over two years, and the execution speed is now faster than your local RTO line.
And let’s be honest — in India’s ₹111-lakh-crore National Infrastructure Pipeline era, being a civil contractor is basically like being a band member on a never-ending world tour. You may not always be in the spotlight, but the gigs keep coming.
3. Business Model – WTF Do They Even Do?
If you’ve ever driven over a bridge, taken a metro, or stared at a port wondering “who made this?”, chances are Cemindia did — and probably got paid six months later.
Here’s how this engineering multi-armed monster operates:
1️ Maritime Structures (35% of order book) Ports, jetties, berths, ship lifts, dry docks — Cemindia is the Godfather of marine infrastructure. They’ve worked on all major Indian ports and half the minor ones. Recent contracts: Dahej LNG jetty (₹917 Cr) and Ruwais LNG marine project (US$67.4M). Basically, if it’s near water, they’re in it.
2️ Urban Infra, MRTS & Airports (21%) From Chennai Metro tunnels to Mumbai’s underground stations and Trivandrum Airport, Cemindia’s in every metro where you complain about delays. But remember — those delays pay their bills.
3️ Highways, Bridges & Flyovers (15%) They’ve built over 500 km of roads — enough to connect Delhi’s excuses to Mumbai’s deadlines.
4️ Industrial & Building Structures (13%) Projects include ArcelorMittal’s plants, CPWD housing colonies, and New Delhi’s Residential Phase II project worth ₹1,237 Cr.
5️ Hydro, Dams & Tunnels (11%) Building tunnels for IRCON, dams for Adani Renewables — where others see mountains, Cemindia sees billing opportunities.
6️ Foundations & Specialist Engineering (3%) From diaphragm walling to geotechnical wizardry — they dig where others fear to drill.
This isn’t a contractor; it’s a one-stop infrastructure buffet with 25,000 crore worth of bid pipeline ready to serve.
4. Financials Overview
Metric
Latest Qtr (Sep’25)
Same Qtr Last Yr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹2,175 Cr
₹1,991 Cr
₹2,542 Cr
9.3%
-14.4%
EBITDA
₹203 Cr
₹182 Cr
₹233 Cr
11.5%
-12.9%
PAT
₹108 Cr
₹72 Cr
₹137 Cr
49.4%
-21.2%
EPS (₹)
6.27
4.19
7.99
49.6%
-21.6%
Commentary: Even with a slight QoQ dip, Cemindia’s YoY numbers are built like its bridges — strong, long, and not collapsing under debt. EPS annualized comes to ₹25.1, implying a P/E of ~33x, which is a tad higher than peers but justified by superior ROCE and margin consistency.
In short — this isn’t a cement stock, it’s a cemented stock.
5. Valuation Discussion – Fair Value Range Only
Method 1: P/E Method EPS (TTM): ₹25.9 Industry Avg P/E: 22x Cemindia’s premium justified at 28–35x for execution quality. Fair Value = ₹25.9 × 28 = ₹725 (Lower range) ₹25.9 × 35 = ₹907 (Upper range)
