Cemindia Projects Ltd Q2 FY26 – ₹20,646 Cr Order Book, 27.6% ROCE, ₹108 Cr PAT: Infra Giant or Adani’s Gym Membership?
1. At a Glance – Blink and You’ll Miss the Scale
Cemindia Projects Ltd (formerly known in polite company as ITD Cementation India Limited) is currently walking around the Indian infra market like a guy who just got a fresh gym membership from Adani Group and now wants everyone to notice his biceps. Market cap of ₹11,150 crore, stock chilling near ₹649, promoter holding a solid ~67.5%, and a ROCE of 27.6% that makes most EPC peers spit out their site-office chai.
Latest quarterly numbers? Revenue of ₹2,175 crore and PAT of ₹108 crore. That’s a 49% YoY profit jump, while sales grew a more civilised 9%. Translation: execution efficiency has improved, margins are behaving, and cost discipline has entered the room instead of ghosting management meetings.
But here’s the real flex: an order book of ₹20,646 crore as of Q2 FY26. That’s nearly 2.2x FY25 revenue, giving visibility that most EPC companies can only dream of while waiting for the next NHAI tender PDF to open. And with Adani-linked Renew Exim DMCC now firmly in the promoter seat, Cemindia is no longer just another contractor—it’s a politically connected, globally networked infra beast with access to capital, tech, and big-ticket projects.
Sounds impressive? Of course. But infra companies are like Bollywood trailers—flashy until you watch the full movie. Let’s dig in.
2. Introduction – From Cement Bags to Mega Ports
Cemindia Projects Ltd has been around long enough to remember when infrastructure meant “one flyover and a press conference.” Incorporated decades ago, the company has evolved into a full-stack EPC player covering ports, metros, highways, tunnels, dams, and anything else that requires concrete, steel, and patience.
The big turning point came when Renew Exim DMCC (linked to the Adani ecosystem) acquired control. Overnight, Cemindia went from “solid mid-sized EPC contractor” to “strategic infra arm with international backing.” Suddenly, order wins accelerated, ratings improved, and management commentary started using phrases like “big-ticket jobs” and “overseas opportunities” instead of “challenging macro environment.”
But infra veterans know this story well. Order book growth is easy to announce; execution is where companies either build shareholder wealth—or build arbitration cases. Cemindia’s recent numbers suggest it’s currently on the right side of that divide, but the journey is far from risk-free.
So the question is simple: is Cemindia now a structurally stronger EPC player, or just riding a very powerful promoter wave?
3. Business Model – WTF Do They Even Do?
Imagine a company that wakes up every morning asking, “What’s India building today?” That’s Cemindia.
Here’s the simplified version for lazy but smart investors:
They build hard stuff: ports, metros, highways, tunnels, dams, industrial plants.
They don’t own assets (mostly): they design and construct, then move on to the next site.
They live on execution: margins depend on finishing projects on time, managing costs, and not fighting clients in court for five years.
Segment-wise chaos (beautiful chaos):
Maritime Structures (35% of order book) Jetties, berths, LNG terminals, dry docks. Basically, if something floats nearby, Cemindia wants to pour concrete next to it.
Urban Infra, MRTS & Airports (21%) Underground metros, stations, airports. High complexity, high prestige, and high chances of delays if a tunnel hits unexpected geology.
Highways, Bridges & Flyovers (15%) Roads, flyovers, bridges. Lower margin but steady execution if land acquisition doesn’t become a soap opera.
Hydro, Dams, Tunnels & Irrigation (11%) Engineering-heavy projects where mistakes are expensive and experience matters.
Foundation & Specialist Engineering + Others (6%) Piling, diaphragm walls, geotechnical work—the unsexy but critical backbone of infra.
Top 5 clients contribute ~46% of revenue. Not ideal, but also not shocking in EPC land. Question for you: would you rather have 50 small clients who delay payments, or 5 big ones who actually pay?
4. Financials Overview – Numbers That Actually Matter
Quarterly Performance Snapshot (₹ Crore)
Metric
Latest Qtr (Q2 FY26)
YoY Qtr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue
2,175
1,991
2,542
9.3%
-14.4%
EBITDA
203
182
233
11.5%
-12.9%
PAT
108
72
137
49.4%
-21.2%
EPS (₹)
6.27
4.19
7.99
49.6%
-21.5%
Annualised EPS (Q2 Rule): Q2 EPS × 4 = ₹25.1
At current price ₹649, that implies a P/E of ~25.9, broadly in line
