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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,315 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
₹245 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. However, EBITDA grew 13% YoY to ₹245 cr and PAT surged 28% to ₹111 cr, with EBITDA margin expanding to 10.6% (+100bps YoY). The margin improvement was driven by better project execution and cost controls, despite a ₹15 cr impact from new labor code provisions. Management maintained a bullish outlook, guiding for 15-20% revenue growth in FY27 and double-digit margins. The order book stands at a robust ₹21,800 cr, with year-to-date inflows of ₹11,700 cr. Key growth drivers include data center projects (500 MW capacity in FY26), Pune metro, and Abu Dhabi port. Risks include continued delays at Vadwan port and potential order booking slippages into FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow 15-20% in FY27, driven by ramp-up in Pune metro, Abu Dhabi port, and data center projects.
- Management expects EBITDA margin to sustain in the 10-11% range going forward, supported by operational efficiencies.
- Management maintains order inflow guidance of ₹14,000-15,000 cr for FY26, with potential upside from large-ticket bids.
- Capex in FY26 expected to be 10-15% higher than FY25, with ₹200 cr already spent in 9M FY26.
Risks flagged
- The Vadwan port project, worth ~₹1,600 cr, remains stalled due to local issues, causing a revenue loss of ₹200-300 cr in Q3. No clear timeline for resolution.
- Outstanding receivables from Bangladesh stood at ₹170 cr as of December. While management claims operations are normal, geopolitical risks remain elevated.
- Several large government tenders expected in FY26 have been delayed, potentially pushing order inflows of ₹3,000-4,000 cr into FY27.
- Q3 revenue grew only 2% YoY, significantly below the company's historical run rate, raising concerns about near-term execution momentum.
Key quotes
- We have got the capacity to ramp up the progress by 30% with our existing resources.
- I still maintain around 14,000-15,000 crores because what has happened few of the government tender which you are expecting to have already completed is still getting delayed.
- We are confident of around 3,700-3,800 cr revenue in Q4.
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