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Revenue
₹2,973 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
₹450 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects top-line growth of 20-25% in FY27, driven by strong order book and pipeline.
- Target to secure ₹25,000 cr of new orders in FY27, up from ₹19,000 cr in FY26.
- Planned capital expenditure for FY27 is ₹350-400 cr, up from ₹260 cr in FY26.
- Management guided that normalized EBITDA margin going forward will be around 10-10.5%, excluding one-off claim reversals.
Risks flagged
- Rising crude, cement, and steel prices may compress margins as only ~30% of orders have full pass-through clauses.
- Execution at Vadwan has been stalled for over a year due to local issues beyond management's control, with no clear timeline for resolution.
- A significant portion (35-40%) of the pipeline comes from the Adani group, creating concentration risk if group ordering slows.
- Apart from Vadwan, management did not identify other slow-moving projects, but any delays in metro or tunnel projects could impact cash flows.
Key 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.
- 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.
- This will not be a regular phenomena. It will be around 10 to 10.5% going forward.
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