Cemindia Projects Limited — Q3 FY26
Cemindia reported Q3 FY26 revenue of ₹2,315 cr (+2% YoY), below expectations due to delays at the Vadwan port project and slower conversion of recent order wins.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Sustainability of double-digit margins and order inflow pipeline.
Asked by Dhanj Mistra, Sunnid Securities
Management confirmed double-digit margins are sustainable and consistent.
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Question
we have seen very strong margin expansion... is it going to be kind of double digit margin sustainable for upcoming quarter as well?
Management (not named)
definitely have double digit margin which is expected next quarter or going forward... consistently are doing if you see last quarter also it was double digit margin
Partial answer
High priority
Order inflow pipeline for next 3-6 months and sector mix.
Asked by Dhanj Mistra, Sunnid Securities
Provided some pipeline details but no concrete numbers or timeline.
vague pipeline sizeno specific timeline
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Question
can you give some road map about order inflows pipeline for next 3 to 6 months whether these order will come from groups or outside private and government
Management (not named)
around 9,000 work jobs till now... we have submitted our bid and we are waiting for the results like metro jobs at Delhi and one port job in Odisha... another 30 to 40,000
Evasive
High priority
Status of Vadodara port order and FY26 revenue guidance.
Asked by Dhanj Mistra, Sunnid Securities
Did not confirm or deny 11,000 cr target; gave vague revenue growth estimate.
no commitment on guidanceblamed external factors
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Question
on guidance front because of this Q3 soft revenue... what is the status over there and are we still maintaining 11,000 cr mark
Management (not named)
it is not very sure how will take place because this totally not in our control... it will be at least 15 to 20% more than the quarter roughly of the current quarter
Partial answer
High priority
Capability and visibility for data center orders from Adani.
Asked by Nit Manena, White Fine Investment Management
Described readiness but no concrete order pipeline numbers.
no specific order valuevague on timing
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Question
how much are you ready to and incapability to take those orders and number two what is your visibility on the orders of those coming in
Management (not named)
we have ramped up our capability... we have already started two data center building in Mumbai... visibility that has got a big plan and even if we do half of that that'll be quite big
Evasive
Medium priority
Revenue potential per megawatt for data center projects.
Asked by Nit Manena, White Fine Investment Management
Refused to provide a revenue estimate, only gave revenue recognition pattern.
declined to give revenue rangeonly gave percentage split
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Question
how much would that if you get an order of 120 megawatt how much revenue could you book on that side as a potential range?
Management (not named)
very difficult to answer because it depends upon the condition... 120 megawatt timeline may take two to 27 months time and first year 20% revenue next year 80% revenue
Answered
Medium priority
Status and outstanding book of Bangladesh order.
Asked by Analyst from JM Financial, JM Financial
Provided clear status update on Bangladesh order.
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Question
Can you provide some clarity on the Bangladesh order status right now?
Management (not named)
Bangladesh work is going on absolutely okay... we are delivering the job as per our schedule. We're getting paid on time and we are almost completing the piling jobs by end of May.
Declined
Medium priority
Outstanding book value for Bangladesh order.
Asked by Analyst from JM Financial, JM Financial
Management said they need to check, did not answer.
did not provide numberdeferred
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Question
What is the outstanding book as of December in the Bangladesh order?
Management (not named)
Outstanding I have to check out some time.
Answered
Medium priority
Gross debt as of December.
Asked by Analyst from JM Financial, JM Financial
Provided a specific number.
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Question
what would be our gross debt as of December?
Management (not named)
It's close to 924.
Partial answer
High priority
Status of L1 orders and order inflow guidance.
Asked by Unnamed analyst
Provided current order inflow but did not clarify previous L1 status.
did not reconcile previous L1 statusvague on timing
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Question
what is the status of those L1 and because that also totaled up to about 11,000 plus and currently also we are about 11,000 including the two projects what you mentioned
Management (not named)
total 11,700 crores and that includes Pune metro of 1,500 crores... there are no such job where we have L1 except a small job... we have submitted a bid of around 25,000 crores total
Answered
High priority
Revenue and margin guidance for FY26.
Asked by Adita Sahu, HDSC Securities
Provided specific growth percentage and margin range.
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Question
what would be the revenue guidance for FI26 the revenue data margin and the order inflow guidance
Management (not named)
it will be around 15 to 20% rise in the revenue and margin... on the bit margin 10 11% is what I could gather
Partial answer
Medium priority
Capex guidance for FY26 and deployment so far.
Asked by Adita Sahu, HDSC Securities
Did not confirm the 300 cr figure, gave a range and partial deployment.
did not confirm 300 crgave vague percentage
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Question
the guidance was 300 crores for fi26 Is that the same keeping items we have right now and how much have been deployed till now?
Management (not named)
this year also will be around whatever we spend last year this is 10% 15% more than last year... in 9 months you have spent around two 200 odd crores towards the unders
Partial answer
High priority
Impact of Vadodara port delay on revenue and margins.
Asked by Disha from ON Portfolio, ON Portfolio
Acknowledged revenue loss but did not fully reconcile margin improvement.
did not explain expense impactvague on redeployment
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Question
we have seen a revenue loss but your margins are actually better. So how should we think about it?
Management (not named)
another 200 300 cr revenue would have been more at this port is in operation and regarding margin betterment we have done good we have efficiently handled the project
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth 15-20% for FY26 | 15% | 2% | Overstated vs filing |
| EBITDA margin 10-11% | 10% | 10.6% | Matches filing |
| Q4 revenue 15-20% higher than Q3 | 15% | 2% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.