Cemindia Projects Ltd(CEMPRO)

NSE: CEMPROBSE: 509496

₹ 1,120.55-1.06%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 19,250 crWebsite: www.itdcem.co.inUpdated: 24 Oct 2026

About

Cemindia Projects Limited (CEMPRO) is an Indian civil construction EPC contractor operating across eight verticals including marine, tunnels, metro rail, thermal power, roads, and data centres. The company crossed ₹10,000 Cr in annual revenue for the first time in FY26, reaching ₹10,061 Cr. Its order backlog reached a historic high of ₹31,307 Cr as of Q1 FY27, underpinned by the Adani group as a key client.^[1][2]

Order book and book-to-bill

Order backlog reached a historic high of ₹31,307 Cr as of Q1 FY27, up from a prior normal range of ₹18,000 - 20,000 Cr.^[3]
Book-to-bill ratio stood at ~2.9x in Q1 FY27, based on the ₹31,307 Cr backlog against annualised quarterly revenue.^[3]
Order book was ₹24,545 Cr at end of FY26 and ₹21,879 Cr at end of Q3 FY26, versus ₹18,300 Cr in March 2025 and ₹19,918 crore at 31 March 2024.^[1][4][5]
No single sector exceeds 25% of the order backlog as of Q1 FY27; private-sector share exceeds 60%.^[3]
As of March 2025, maritime structures were the largest vertical at ₹6,323 Cr (35% of the order book), followed by industrial structures and buildings at ₹4,473 Crores (24%).^[4]

Order inflow by period and client

Q1 FY27 order inflows were ₹8,519 Cr, roughly 3x the ₹2,900 Cr secured in Q1 FY26.^[3]
FY26 full-year order inflows were ₹14,821 Cr, nearly double the ~₹7,000 Cr secured in prior years.^[1]
Of the ~₹8,000 Cr Q1 FY27 inflows, ₹6,000 Cr came from the Adani group; Adani's share of the ₹31,307 Cr backlog is ~53% as of Q1 FY27.^[3]
Including July 2026 additions of ₹1,247 Cr and L1 of ~₹990 Cr, near-term visibility stands at ~₹10,756 Cr as of Q1 FY27.^[3]
Bid pipeline stands at ~₹90,000 Cr in Q1 FY27, approximately 50% Adani group and 50% external; hit ratio is ~15%.^[3]

Business verticals and services

The company operates across eight verticals including marine, tunnels, metro rail (underground and elevated), thermal power, roads/highways, irrigation, data centres, and international EPC.^[1]
A data centre division was opened in FY26; ₹3,000 Cr was secured from the Adani group, with ₹1,738 Cr in the order book at end of FY26 (7.1% of total).^[1]
FY26 completions included Udangudi thermal power (100% commissioned), Bangalore Metro, Mumbai Metro underground, and Ganga Expressway.^[1]
A road-cum-elevated corridor in Bihar was secured in Q4 FY26, marking entry into the roads/highways sub-segment.^[1]
Projects under execution as of FY25 include civil and hydro-mechanical works for a 500 MW pumped storage project in Andhra Pradesh.^[4]

Operations and execution

The company has no plants; it works from project sites, per the FY25 annual report.^[4]
Five data centre buildings are under construction in Navi Mumbai: three at ~140 MW each and two at ~30 MW each; total capacity under execution is ~320 - 400 MW as of Q1 FY27.^[3]
Data centre scope includes civil and electromechanical (MEPF) integration; annual execution capacity is estimated at ~500 MW with current resources (Q2 FY26).^[6]
An additional data centre civil structure project was secured in Vizag as of Q1 FY27.^[3]
~₹10,000 - 12,000 Cr of recently-won orders (Munger, Delhi Metro, Pune Metro, Morsagar) were in mobilisation in Q1 FY27, contributing nil revenue.^[3]
Net working capital days were 120 days in Q1 FY27, up from 90 days in Q2 FY26; trade receivable days (including retention) were 69 days in Q1 FY27.^[3]

Customers and international reach

Clients include central and state agencies, public sector enterprises and private companies, per the FY25 annual report.^[4]
Named customers in FY25 include INGKA Centres India (IKEA), CPWD, ArcelorMittal Nippon Steel India, Adani Renewable Energy, IRCON, RVNL, JSW Steel and Ahmedabad Municipal Corporation.^[4]
International projects as of H1 FY26 include an Abu Dhabi ADNOC Port job (~₹700 Cr, in mobilisation), a Colombo project (near-complete), and a Bangladesh project (~₹1,400 - 1,500 Cr total, ~50% remaining).^[6]
Bangladesh receivables stood at ₹170 Cr in Q3 FY26, up from ~₹120 Cr in Q2 FY26.^[7]
The company is pursuing 2 marine jobs in UAE and 1 - 2 in Bangladesh; a marine pipeline of ~₹15,000 Cr is being tendered as of Q1 FY27.^[3]

Expansion and capex

FY27 capex is planned at ₹350 - 400 Cr (base case), up from ~₹260 Cr in FY26, driven by TBM purchases for Pune Metro and Delhi Metro tunnel contracts.^[1]
Q1 FY27 capex additions were ₹81 Cr.^[3]
The board approved a QIP enabling resolution of up to ₹5,000 Cr, earmarked for capex-intensive projects (large-diameter tunnels/TBMs) and acquisitions, with issuance contingent on market conditions.^[3]
High-speed rail and nuclear power are being evaluated as new verticals beyond the existing eight sectors as of Q1 FY27.^[3]

Ownership, ratings and recent developments

After FY25, Adani Group entity Renew Exim DMCC acquired 67.46% of the company's shares, becoming the controlling shareholder; the board later approved the name change to Cemindia Projects Limited.^[4]
ICRA upgraded long-term ratings to AA (Stable) from A+ (Stable) across all facility types, announced on 3 September 2026.^[8]
CARE upgraded long-term facilities to CARE AA- (Stable) from CARE A+ (Stable) and commercial paper to CARE A1+ from CARE A1, announced on 3 September 2026.^[9]
Both CARE and ICRA had upgraded the company to A+ (Stable) in February 2026.^[7]
Vadhvan Port (₹1,600 Cr in order book) remained stalled as of Q4 FY26 due to local issues; the breakwater technical bid was opened in October 2025 with no further progress.^[1]

Market Cap

₹19,250 Cr

High / Low

₹1,650 / 481

Stock P/E

32.0

Price / Book

8.0

Book Value

₹140

EPS

₹34.8

No. of Shares

17.18 Cr

ROCE

34.0%

ROE

28.2%

OPM

10.1%

Debt / Equity

0.36

Sales

₹10,061 Cr

Net Profit

₹598 Cr

Promoter holding

67.5%

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