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View Claim Ledger →Cemindia Projects Ltd — Q4 FY26
Cemindia Projects delivered a strong Q4 FY26 with revenue of ₹273 cr (+17% YoY) and EBITDA of ₹450 cr (+66% YoY), driven by timely project execution, cost control, and realization of old claims (₹100 cr in Q4).
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Cemindia Projects delivered a strong Q4 FY26 with revenue of ₹273 cr (+17% YoY) and EBITDA of ₹450 cr (+66% YoY), driven by timely project execution, cost control, and realization of old claims (₹100 cr in Q4). EBITDA margin expanded to 15.1% (+433 bps YoY), partly due to one-off claim reversals. Management guided for 20-25% revenue growth in FY27 and an order inflow target of ₹25,000 cr, supported by a robust pipeline of ₹70,000 cr (35-40% from group). However, they cautioned that sustainable EBITDA margins are likely to normalize to 10-10.5% as claim reversals are non-recurring. Key risk: commodity price inflation could pressure margins if not fully passed through, given only ~30% of orders have full price escalation clauses.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Commodity price inflation impact on margins
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Read Transcript →Quarter Snapshot
Order Book (Work in Hand)
₹29,000 cr
+38% YoY
Includes L1 of ₹1,600 cr and April secured orders of ₹3,200 cr.
Order Inflow (FY26)
₹19,000 cr
+171% YoY
Secured orders jumped from ~₹7,000 cr in previous years.
Pipeline
₹70,000 cr
N/A
Includes tenders submitted and upcoming opportunities; 35-40% from group.
Data Center Order Book
₹3,000 cr
N/A
New division; orders secured from group, execution started.
What Changed vs Last Quarter
NEW
Capex of ₹350-400 cr for FY27
Planned capital expenditure for FY27 is ₹350-400 cr, up from ₹260 cr in FY26.
NEW
Sustainable EBITDA margin of 10-10.5%
Management guided that normalized EBITDA margin going forward will be around 10-10.5%, excluding one-off claim reversals.
UPDATED
Revenue growth of 20-25% in FY27
Management expects top-line growth of 20-25% in FY27, driven by strong order book and pipeline.
UPDATED
Order inflow target of ₹25,000 cr for FY27
Target to secure ₹25,000 cr of new orders in FY27, up from ₹19,000 cr in FY26.
DROPPED
EBITDA margin to remain 10-11%
Management expects EBITDA margin to sustain in the 10-11% range going forward, supported by operational efficiencies.
DROPPED
Capex to increase 10-15% YoY in FY26
Capex in FY26 expected to be 10-15% higher than FY25, with ₹200 cr already spent in 9M FY26.
NEW RISK
Commodity price inflation impact on margins
Rising crude, cement, and steel prices may compress margins as only ~30% of orders have full pass-through clauses.
NEW RISK
Dependence on group companies for orders
A significant portion (35-40%) of the pipeline comes from the Adani group, creating concentration risk if group ordering slows.
NEW RISK
Slow-moving project risk
Apart from Vadwan, management did not identify other slow-moving projects, but any delays in metro or tunnel projects could impact cash flows.
RISK GONE
Bangladesh order execution risk
Outstanding receivables from Bangladesh stood at ₹170 cr as of December. While management claims operations are normal, geopolitical risks remain elevated.
RISK GONE
Order inflow slippage to FY27
Several large government tenders expected in FY26 have been delayed, potentially pushing order inflows of ₹3,000-4,000 cr into FY27.
RISK GONE
Revenue growth deceleration in Q3
Q3 revenue grew only 2% YoY, significantly below the company's historical run rate, raising concerns about near-term execution momentum.
Fast read
Guidance and risk preview
Management expects top-line growth of 20-25% in FY27, driven by strong order book and pipeline.
Rising crude, cement, and steel prices may compress margins as only ~30% of orders have full pass-through clauses.
View Risks →