Cemindia Projects Ltd Q1FY26 – From ITD Cementation to Adani’s Favorite Contractor? 37% PAT Growth, 68% 1Y Return, and an Order Book That Looks Like a Buffet

1. At a Glance

Breaking News: The artist formerly known as ITD Cementation has rebranded to Cemindia Projects Ltd, got itself a new promoter (Renew Exim DMCC → Adani camp), pulled a “surprise, we’re family now” move on Italian-Thai, and is now flexing an ₹18,500 Cr order book. With PAT up 37% YoY, ROCE at 27.6%, and the stock delivering 68% returns in one year, this infra baby is suddenly strutting like a rockstar in an industry known for perpetually delayed metros, potholes, and contractors who always “almost got paid.”

2. Introduction

Once upon a time, ITD Cementation was your friendly EPC contractor with a foreign step-parent (Italian-Thai). It built ports, metros, and dams, and occasionally, shareholder patience. Fast forward to 2025: Adani-linked Renew Exim DMCC has entered the chat, promoters have jumped from 46% to 67.5%, and the company has suddenly been reborn with a corporate rebrand shinier than a freshly tarred flyover.

Markets love drama. First, Cemindia delivered 34% revenue growth in FY23, followed by 52% in FY24, and now promises 20%+ revenue growth in FY25. Naturally, the stock went from being a sleepy infra counter to delivering 96% CAGR over 3 years. That’s not compounding, that’s steroids.

But behind the glitter, questions linger: Will Cemindia continue to be a metro-building machine, or is it gearing up to be Adani Infra’s favorite cousin at the wedding buffet of government contracts? Investors are already arguing—half say “this is the next L&T mini-me,” the other half say “book value 7.7x pe hai, bhai, handle with care.”

3. Business Model – WTF Do They Even Do?

Cemindia is essentially that one kid in class who says “main sab kar lunga” and then actually does it—ports, metros, bridges, dams, airports, jetties, piling, tunnels, you name it.

• Maritime Structures (35% order book): They’ve built half the country’s jetties, docks, and dolphins. No, not Flipper-the-dolphin—real marine dolphins that hold berths together.
• Urban Infrastructure (21%): Metro stations, tunnels, airports—basically every place where you’ve cursed delayed construction is likely their handiwork.
• Highways & Flyovers (15%): 500 km of roads done, so technically, if you’ve driven and hit a speed bump, they may have billed it.
• Industrial & Hydro Projects (24% combined): From ArcelorMittal’s steel plants to Adani Renewable tunnels. Yes, they build where Adani digs.
• Water & Foundations (5%): Because what’s infra without digging big holes and calling it “engineering”?

In short: Cemindia is like the Tinder profile of infra—“Into ports, metros, highways, dams, airports. Looking for long-term government contracts, not short-term hookups.”

4. Financials Overview

Commentary:
The QoQ growth looks like an infra contractor’s dream—PAT up 20% while your chaiwala still won’t give credit. But EBITDA slipped sequentially (thanks cost creep), showing margins are still thinner than a dosa at Sukh Sagar. Still, PAT flexes strong thanks to execution speed.

5. Valuation Discussion – Fair Value Range

Let’s roll out the three weapons of finance nerds:

(a) P/E Method

• EPS