CEMINDIAPROJECTS Other 13 May 2026

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).

bullish high

Revenue ₹2,973 Cr +17%

EBITDA ₹450 Cr +66%

PAT ₹242 Cr +114%

EBITDA Margin 12% +433bps

Duration 43 min

Read Time 1 min read

✓ Verified against BSE filing

2-Min Summary

✦ AI-Generated from Full Transcript

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.

Key Numbers

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.

Management Guidance

Revenue growth of 20-25% in FY27

Management expects top-line growth of 20-25% in FY27, driven by strong order book and pipeline.

Management guidance revenue

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.

Management guidance growth

Capex of ₹350-400 cr for FY27

Planned capital expenditure for FY27 is ₹350-400 cr, up from ₹260 cr in FY26.

Management guidance capex

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.

Management guidance margins

Key Risks

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.

high · analyst_question

Delay in Vadwan port project

Execution at Vadwan has been stalled for over a year due to local issues beyond management's control, with no clear timeline for resolution.

medium · management_commentary

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.

medium · data_observation

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.

low · analyst_question

Notable Quotes

We are extremely happy to share that we have crossed the 10,000 cr limit in terms of revenue first time in our company history.

Jentra Vasu · Managing Director

We have secured around 14,000 crores of job excluding the L1 and the job which have secured April put together 19,000 cr we have secured which is normally used to be around 7,000 range in previous years.

Jentra Vasu · Managing Director

This will not be a regular phenomena. It will be around 10 to 10.5% going forward.

Kamlesh Sharma · Head of Accounts and Taxation

Frequently Asked Questions

What was Cemindia Projects's revenue in Q4 FY26?

Cemindia Projects reported revenue of ₹2,973 Cr in Q4 FY26, representing a +17% change compared to the same quarter last year.

What guidance did Cemindia Projects management give for FY27?

Revenue growth of 20-25% in FY27: Management expects top-line growth of 20-25% in FY27, driven by strong order book and pipeline. 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. Capex of ₹350-400 cr for FY27: Planned capital expenditure for FY27 is ₹350-400 cr, up from ₹260 cr in FY26. 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.

What are the key risks for Cemindia Projects in FY27?

Key risks include 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.; Delay in Vadwan port project — Execution at Vadwan has been stalled for over a year due to local issues beyond management's control, with no clear timeline for resolution.; 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.; 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..

Did Cemindia Projects meet its previous quarter's guidance?

Scorecard data is being built as historical quarters are processed.

Where can I read the full Cemindia Projects Q4 FY26 concall transcript?

The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.