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 realizati...
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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Plans and margins for road project in order book.
Asked by Koshik Toshi, ICA securities
Management refused to give margin estimate, citing early stage.
no margin guidancedeferred to later
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Question
You have got a road project in your order book. What are the plans here? Can we expect more projects? What will be the margin given in the subcontract to you?
Management
We just secured a road come bridge... it is very initial stage... margin you know in the road sector you know what is the margin. So unless you start and do the job it is difficult to say what will be the margin.
Answered
High priority
Guidance for FY27 revenue and order book.
Asked by Koshik Toshi, ICA securities
Management gave specific growth percentages and order book target.
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Question
What will be the guidance for FI27 in terms of revenue uh order book?
Management
Revenue should be at least 25% more than this year and order book this year we have secured around 19,000 cr... maybe 25,000 crores is our target.
Partial answer
High priority
Driver behind margin expansion and sustainable margin.
Asked by Koshik Toshi, ICA securities
Explained drivers but did not give a sustainable margin figure.
no sustainable margin number given
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Question
What was the driver behind the margin expansion? What will be the sustainable number if you can highlight on that margin responsive driver for this financial?
Management
We have done good job... project executed on time... few claims realized. So put together margin is improved compared to other financial years.
Answered
High priority
One-off items in 12% margin and sustainable margin.
Asked by Tanj Mishra, Suni Securities
Management clarified one-offs and gave sustainable margin range.
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Question
This quarter margin... showing 12% so was there any one off in this margin... can you because we have been guiding 10% every morning uh 10 less than 5%.
Management
Few jobs like Bangalore metro and Bombay metro has contributed... few claims we have realized... margin is better... for annual basis we should take 10.5 to 11% kind of margin excluding available.
Partial answer
Medium priority
Order inflow expectations for first half of FY27.
Asked by Tanj Mishra, Suni Securities
Gave sectors but no specific order inflow guidance or timing.
no specific timelinevague on projects
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Question
Going ahead in the first half... how do you see order inflow coming as you mentioned the 70,000 opportunity is there... which all projects we are expecting?
Management
Road highways and tunnel... opportunities are huge only thing when they will be materialized... large chunk of order may come from roads and highways and tunnel large diameter tunnel.
Answered
High priority
Data center business progress and order book.
Asked by start sha, MK ventures
Management gave specific order book figure and progress update.
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Question
My question was on the data center business if you can highlight how is it progressing and what kind of orders we have win... and what is the potential?
Management
We have opened a new division have already secured three or four jobs from Madani group... opportunities are huge... so far it is around 3,000 crores we have secured from our group.
Evasive
Medium priority
Interest rate and promoter proportion on mobilization advances.
Asked by Bavin, Anandati
Management did not quantify interest rate or promoter share.
no specific rateno proportion given
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Question
Contact liabilities increasing... mobilization advance... what is the interest rate and what proportion is from the promoter group?
Management
Interest rate is mixed some job we have got interest some we do not have interest... it depends upon the project... there is no generic rules or clause.
Answered
High priority
Pipeline of 70,000 cr includes group pipeline and segment breakup.
Asked by Parikut Kpal, HDSC securities
Management gave group share and segment market sizes.
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Question
Pipeline of 70,000 crores... does it include the parent companies pipeline also... what will be the breakup segment wise?
Management
Group will be around 35 to 30 40% out of this... tunnel... is around one lakh cr... roads and highway also around close to one lakh cr market available.
Answered
High priority
Margin trajectory: 12% EBITDA margin sustainable or one-off?
Asked by Parikut Kpal, HDSC securities
Management clarified one-off nature and gave forward margin guidance.
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Question
Was there any LD reversals... this quarter closures led to some reversals... is the trajectory on the margin side becoming more positive?
Management
Margin this quarter has come from few provisions... jobs got completed but this will not be a regular phenomena. It will be around 10 to 10.5% going forward.
Answered
High priority
Quantify claims and provision reversal for Q4 and full year.
Asked by web of Sha, JM Financial
Management gave specific numbers for Q4 and full year claims.
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Question
Can you quantify the amount of claims and provision reversal for the quarter?
Management
Quarter 4 is the total claim which we have realized from one of the projects is that 100 cr... 150 for the whole year.
Answered
High priority
Order inflow in Q1 FY27 so far and L1 position.
Asked by web of Sha, JM Financial
Management gave specific order inflow and L1 figures.
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Question
In first quarter of this 127 what would be the order inflow we have received so far?
Management
3200 cr for one order... we are L1 in one job at BPU 1,600 crores odd... including L1 it should be 5,000 crores.
Partial answer
Medium priority
Revenue growth expected for next 3-5 years.
Asked by Dalpat Ma, Sun City Advisor
Management gave near-term growth but was vague for longer term.
vague beyond 2 years
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Question
What can revenue growth expected for next 3 to 5 years?
Management
We should grow around 25% for another one or two years... up to 3 years is okay... we wish to grow at the rate of 20 25%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue guidance: at least 25% more than this year | 25% | 17% | Overstated vs filing |
| Sustainable EBITDA margin: 10.5 to 11% | 10.5% | 12% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.