Detailed Narrative
Q4 & FY25 Financial Performance Overview
ITD Cementation India Limited reported a strong Q4 FY25 with total income of INR2,480 crores, marking a 10% year-on-year growth. EBITDA for the quarter stood at INR268 crores, achieving a margin of 10.8%, and profit after tax was INR114 crores. For the full fiscal year 2025, the company's top line reached INR9,097 crores, representing an 18% growth over the previous year. Full-year EBITDA was INR923 crores with a margin of 10.1%, and PAT surged by 36% to INR373 crores from INR274 crores in FY24.
Robust Order Book and Future Pipeline
The company secured new orders worth INR7,100 crores during FY25, culminating in an order book of INR18,300 crores as of March 31, 2025. Additionally, ITD Cementation is L1 on orders valued at INR600 crores and recently won a INR600 crore order for Jaipur Airport. Management highlighted a substantial project pipeline visibility of approximately INR90,000 crores, with specific opportunities including Vadhvan Port (INR15,000 crores) and airport tenders (INR15,000-20,000 crores).
Strategic Growth and Segment Diversification
ITD Cementation anticipates a continued growth trajectory, projecting 20-25% year-on-year revenue growth for FY26. The company plans to focus on specialized road projects involving tunnels, bridges, and coastal roads, many of which are expected to be on a BOT basis, avoiding highly competitive NHAI tenders. Furthermore, the company aims to enhance its capabilities in larger airport projects and explore new segments like data centers, which require specialized electromechanical and HVAC expertise.
Capital Structure and Debt Management
The company maintains a healthy balance sheet, evidenced by a net debt to equity ratio of only 0.31 times. Planned capital expenditure for FY26 is estimated to be in the range of INR250-260 crores. Following an open offer, the overall promoter holding is expected to reach approximately 67% once the transaction is fully completed. Outstanding mobilization advances as of March 2025 amounted to INR950 crores, with a significant 75% of this being interest-free.
Key Project Execution Highlights
ITD Cementation successfully completed significant projects, including its 60% contribution to Mumbai Metro Line 3, which involved three underground stations and 11 kilometers of tunneling. Phase 1 of the Vizhinjam Port project, encompassing breakwater and jetty work, was also completed. The Bangladesh project, which previously faced political issues, has resumed smoothly since November, with approximately INR400 crores of work completed out of an estimated INR1,500 crores for the year, demonstrating robust execution capabilities.