CEMPRO
Large CapCemindia Projects Limited
Infra
Cemindia Projects Limited (formerly ITD Cementation India Limited) is an Indian infrastructure company with a 9-decade track record. It operates across 8 sectors including Maritime, Urban Infra, Industrial Structures, Highways, Data Centers, Hydro, Foundation, and Water. The company has a presence in 16 Indian states and 3 overseas locations (UAE, Bangladesh, Sri Lanka).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +17% YoY · PAT +114% YoY · margin expansion · +28% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,973 Cr | +17.4% | +28.4% |
| EBITDA | ₹358 Cr | +40.4% | +61.3% |
| Operating margin | 12.0% | +200 bps | +200 bps |
| PAT | ₹242 Cr | +114.2% | +118.0% |
| PAT margin | 8.1% | +368 bps | +335 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Cemindia Projects reports strong Q4 FY26 and full-year FY26 results, driven by robust execution and significant order inflows. Q4 revenue grew 17% YoY, EBITDA 66% YoY, and PAT 114% YoY. FY26 revenue increased 9% YoY, EBITDA 28% YoY, and PAT 60% YoY.
The company delivered strong financial performance in Q4 and FY26, supported by substantial new order wins and a healthy order book. Margin expansion and improved credit profile are positive. However, the reliance on large government/PSU projects and the cyclical nature of infrastructure demand careful monitoring of execution and working capital.
Order Book Share by Sector (as of March 31, 2026)
Latest issuer-disclosed distribution across 8 reported categories.
Infrastructure Megatrend
PositiveIndia's infrastructure upcycle, with ₹12.22 Lakh Cr allocated in Union Budget 2026-27 (4.4% of GDP), offers massive opportunity.
Diversified Portfolio & Strong Order Book
Positive₹24,545 Cr order book across 8 sectors and 16 states ensures multi-year cash flow visibility and reduces client concentration risk.
Adani Group Synergies
PositiveOperational synergies, shared resources, financial strength, and access to group infrastructure project pipeline in India and overseas.
Data Center Expansion
PositiveRising demand for large-scale energy-efficient data centers driven by AI and digital growth, with Cemindia expanding capabilities.
Tunnel Boring Machines (TBMs)
PositiveCompany possesses 7 Tunnel Boring Machines and 3 Micro Tunnel Boring Machines.
Heavy Equipment Fleet
PositiveStrategic equipment base includes 5 Trench Cutters, 120 Cranes, 49 Hydraulic Piling Rigs, 3 Jackup Barges, 42 Batching Plants, and 9 Twin Boom Jumbo Drills.
Increased Government Capex
PositiveIncreased capital allocation and focused government initiatives are driving infrastructure creation.
Rapid Urbanization
PositiveRapid urbanization leading to significant push towards infrastructure creation, with urbanization rising to 50% by 2047.
Improved Banking System Health
PositiveImproved financial health of India’s banking system supports project financing.
Rising Capital Inflows
PositiveRising private and global capital inflows position the company to scale through partnerships.
Client Concentration
NeutralWhile diversified, the client mix of 36% Government and 6% PSU suggests significant exposure to public sector projects, which can entail payment delays or policy risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth trends and the impact of long-cycle infrastructure projects. Q4 YoY provides insight into recent operational momentum and execution efficiency, which is important for a project-based business.
Order Inflow (FY26)
PositiveSecured new contracts worth ₹ 14,821 crore in FY26.
Order Inflow (Q4 FY26)
PositiveSecured new contracts worth ₹ 5,144 crore in Q4 FY26.
Order Book (as of March 31, 2026)
Positive₹24,545 Cr Orderbook.
Revenue Cover
PositiveOrderbook of ₹24,545 Cr against FY26 Revenue of ₹10,061 Cr implies ~2.44x revenue visibility.
Scaling through Partnerships
PositiveManagement believes the company is well positioned to scale through partnerships and technical depth.
Data Center Capability Expansion
PositiveThe company is expanding capabilities in the Data Center segment to meet rising demand.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ₹24,545 Cr (as of March 31, 2026) | Sustained order inflow and execution to maintain revenue visibility above 2.5x. |
| EBITDA Margin | 11.9% (FY26), 15.1% (Q4 FY26) | Ability to sustain or improve margins given potential input cost pressures and competitive bidding. |
| Net Debt to EBITDA | 0.36x (FY26) | Maintenance of a healthy balance sheet and further reduction in leverage, especially with ongoing capex. |
| Trade Receivables | ₹1,295 Cr (FY26) | Efficient working capital management and timely collection from clients to avoid cash flow strain. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +61.6% / mo · near 52W high
Technical chart
CEMPROdaily · 1Y+48.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 75. Wait for confirmation.
- SMA20 rising (~21.5% over last month) — short-term momentum positive.
- RSI(14) at 75 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 11.3%.
- Quality contributes 20/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Infra. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 67.5%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Infra: 100th pctile, median 65 · Large: 98th pctile, median 74
128 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.00
- P/B
- 7.81
- EV/EBITDA
- 16.75
- Market Cap
- 18800.00Cr
Profitability
- ROE
- 27.80%
- ROCE
- 32.80%
- ROA
- 8.44%
- Dividend Y
- 0.27%
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 112.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 68.00%
Balance Sheet
- Debt/Equity
- 0.42
- Interest Coverage
- 4.73×
- Altman Z
- 4.89
- Book Value
- 140.00
Cash Flow
- FCF Yield
- 1.88%
- FCF Positive Y
- 9/5
- OCF
- 500.00 Cr
- EPS TTM
- 34.79
Shareholding
- Promoter Hold
- 67.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.