01 — At a Glance
From Italian-Thai Orphan to Adani’s Prize Pupil
- 52-Week High / Low₹944 / ₹477
- Q3 FY26 Revenue₹2,315 Cr
- Q3 FY26 PAT₹111 Cr
- Q3 EPS₹6.46
- Annualised EPS (Q3×4)₹25.84
- Book Value₹119
- Price to Book4.53x
- Dividend Yield0.37%
- Debt / Equity0.48x
- Order Book₹21,879 Cr
The Auditor’s Note: Cemindia closed Q3 FY26 with ₹2,315 crore revenue (+2% QoQ), ₹111 crore PAT, 27.4% profit growth YoY, and a juicy order book of ₹21,879 crore. That’s an OBM (Order Book Multiple) of 9.4x annual revenue — meaning 2.35+ years of zero fresh orders and they’re still making money. The stock crashed -35% in 3 months anyway. Welcome to the construction sector: where hard work gets penalised and cement gets cheaper.
02 — Introduction
A Construction Company That Actually Constructs (Novel Concept)
Cemindia Projects Limited — formerly ITD Cementation India Limited — is what happens when a Thai construction company meets Indian ambition meets Adani Group’s chequebook. Established in 1978, this is a 46-year-old firm that spent most of its life as a subsidiary of Italian-Thai Development, making things nobody asked for (but everyone needed). Metro tunnels, marine berths, industrial plants, airports — the stuff that doesn’t make headlines until it collapses.
Then, in May 2025, Renew Exim DMCC (Adani’s investment vehicle) acquired 67.46% stake. Suddenly, Cemindia went from being the company your uncle hadn’t heard of to the company your uncle’s WhatsApp group is discussing. Order book surged. Credit ratings got upgraded. Management got shuffled. And the stock — well, the stock did what stocks do when fundamentals improve: it crashed 35% in three months. Perfect market timing, as always.
Today’s story: A construction company delivering ₹2,315 crore quarterly revenue, 29% ROCE, 4.8% PAT margin, and a bid pipeline worth ₹25,000-30,000 crore. Working on 80+ projects across 15 states and 3 countries. Securing ₹9,725 crore in orders in just 9 months. And trading at 19.8x P/E on annualised earnings. So either the market is right and this thing is overvalued, or it’s right and construction is having a renaissance. Let’s find out with actual numbers instead of CNBC vibes.
Concall Note (Feb 2026): “We are focused on de-risking our project portfolio and improving margins through execution excellence.” Translation: Our margin numbers look weird right now because we’re doing too many loss-making legacy contracts and waiting for the Adani orders to ramp up. Give us time.
03 — Business Model: Building India. Literally.
EPC is Either Genius or Suicide. Cemindia Chose Both.
Engineering, Procurement & Construction (EPC) contracting is the business of bidding on large infrastructure projects, often on a fixed-price basis, and hoping you don’t go bankrupt in the execution phase. Cemindia does this across 8 major segments: Maritime Structures (33.9% of order book), Urban Infrastructure & MRTS (27%), Industrial Buildings (19.7%), Data Centers (8.3%), Hydro & Dams (5.5%), Foundation & Piling (3.3%), Highways (1.4%), and Water Infrastructure (0.9%).
The order book is ₹21,879 crore as of Dec 2025, up from ₹15,548 crore in Mar 2022. That’s a 41% jump in 3.75 years. Of this, 44% is government contracts, 8% is PSU, and 48% is private sector. Meaning they’re not dependent on a single client — a luxury most construction companies dream about while bidding for the same ₹500 crore highway project.
Equipment base: 7 Tunnel Boring Machines, 3 Micro TBMs, 5 Trench Cutters, 120 Cranes, 49 Piling Rigs. They own this gear instead of renting, which means (a) higher capex upfront, but (b) better margins on large projects, (c) faster execution, and (d) no begging to equipment suppliers. The company has completed 100+ projects to date. Current execution: 80+ projects. So they’re not making stuff up — it’s built, it exists, people use it.
Order to Revenue9.4xMultiple
EBITDA Margin10.6%9M FY26
PAT Margin5.0%9M FY26
Active Worksite80+Projects
Real Talk: EPC margins are thin because clients lock in prices 24-30 months upfront. Material cost inflation? Your problem. Rupee depreciation? Your problem. Dumbass change order negotiations? Still your problem. The only way to win is through (a) operational leverage, (b) better project mix, and (c) economies of scale. Cemindia’s under (c) right now because Adani’s feeding them orders. That’s the entire upside.
💬 If a construction company completes 100+ projects and still trades at -35% YTD returns, is the market punishing good fundamentals or warning about hidden landmines? Drop your theory.
04 — Financials Overview
Q3 FY26: The Numbers That Matter
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