Cemindia Projects Limited — Q4 FY26 earnings call

Call held 30 Apr 2026

Management summary

Cemindia Projects Limited reported exceptionally strong Q4 and full FY26 results, with revenue crossing INR10,000 crores for the first time and significant margin expansion driven by efficient execution and claim realizations. The company achieved a record order book of INR29,000 crores with robust order inflows. Management guided for continued strong revenue growth and a normalized EBITDA margin for FY27, while acknowledging project delays and inflationary risks.

Highlights

  • Revenue crossed INR10,000 crores for the first time in company history in FY26.

  • Q4 FY26 operating income of INR2,973 crores, up 17% YoY from INR2,532 crores.

  • Q4 FY26 EBITDA of INR450 crores, up 66% YoY from INR271 crores.

  • Q4 FY26 EBITDA margin at 15.1%, significantly up from 10.7% in Q4 FY25.

  • Full FY26 PAT of INR598 crores, up 60% YoY from INR373 crores.

  • Order book at INR29,000 crores, providing strong revenue visibility.

  • Secured INR19,000 crores of jobs in FY26, a substantial increase from previous years.

Concerns

  • EBITDA margin expected to normalize to 10-10.5% going forward, after one-time gains in Q4 FY26.

  • Vadhvan Port project delayed for over a year due to local issues beyond management's control.

  • Inflationary pressures on raw materials, though 80% of contracts have escalation clauses, some impact is expected.

Key financials

2 periods

Q4 FY26

  • Operating Income
    ₹2,973 Cr
    YoY +17%
  • EBITDA
    ₹450 Cr
    YoY +66%
  • EBITDA Margin
    15.1%
  • PAT
    ₹242 Cr
    YoY +114%

FY26

  • Operating Income
    ₹10,061 Cr
    YoY +9%
  • EBITDA
    ₹1,199 Cr
    YoY +28%
  • EBITDA Margin
    11.9%
  • PAT
    ₹598 Cr
    YoY +60%
  • Debt-Equity Ratio
    0.18

What they filed

Q1 FY27: revenue up 5.6%, net profit up 2.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,991 2,270 2,532 2,576 2,195 +10%2,315 +2%2,973 +17%2,721 +6%
EBITDA182 207 255 240 202 +11%222 +7%358 +40%275 +15%
Net profit72 87 113 137 108 +50%111 +28%242 +114%141 +3%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

₹29,000 Cr

as of 2026-04-30 quantified

Composition

  • Data Center (segment) ₹3,000 Cr
  • Road-cum-bridge (Bihar) (segment)

Pipeline

deal pipeline tcv

Total job pipeline, including tenders submitted and yet to be out, with some overseas jobs.

Cancellations & deferrals

  • deferred: Vadhvan Port project delayed due to local issues.
The company has a strong work in hand position with no legacy jobs left out, and the future looks promising with promoter push.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex ₹260 Cr
    Capex, INR260 crores.
  • Debt Debt disclosed
    Conservatively financed with a debt-equity ratio is 0.18%.
  • Liquidity Liquidity disclosed Management states they are 'okay with the fund what we have' and have 'no plan as yet' for fundraising.
    No, I think we are okay with the fund what we have. So there is no plan as yet.

Guidance & targets

Revenue

  • Revenue Growth Revenue · FY27 · High confidence at least 25%
    Revenue should be at least 25% more than this year.

    — Jayanta Basu

  • Revenue Growth Revenue · next 1 or 2 years · High confidence around 25%
    We should grow now around 25% for another 1 or 2 years.

    — Jayanta Basu

  • Revenue Growth Revenue · up to 3 years · Medium confidence 20%, 25%
    So up to 3 years is okay. But beyond that, it's difficult to predict, but we wish to grow at the rate of 20%, 25%.

    — Jayanta Basu

Order Book

  • Order Book Target Order Book · FY27 · Medium confidence INR25,000 crores
    And order book this year, we have secured around INR19,000 crores, you can see more than that, maybe INR25,000 crores is our target. Let us see.

    — Jayanta Basu

Margin

  • EBITDA Margin Margin · going forward · High confidence 10% to 10.5%
    But this will not be a regular phenomenon. It will be around 10% to 10.5% going forward.

    — Jayanta Basu

Capex

  • Capex Capex · FY27 · High confidence INR350 crores to INR400 crores

    Previously INR260 crores → INR350 crores to INR400 crores

    No, no, no, no. This is for the last year. '27, it will be more. It will be around INR350 crores to INR400 crores.

    — Jayanta Basu

What to watch in Q1 FY27

EBITDA Margin Sustainability

next quarter (Q1 FY27)
Current 15.1% in Q4 FY26
Target 10-10.5%

Why it matters

To verify if the margin normalizes as guided or if inflationary pressures/execution challenges impact it further, affecting profitability.

But this will not be a regular phenomenon. It will be around 10% to 10.5% going forward.

Risks & concerns

  • Vadhvan Port Project Delay

    medium

    Project delayed for over a year due to local issues beyond management's control, impacting execution timeline and future revenue.

    Management acknowledged

  • Raw Material Inflation

    medium

    Inflationary pressures on raw materials are a concern; while 80% of contracts have escalation clauses, some exposure remains, potentially affecting margins.

    Both acknowledged

  • Margin Normalization

    low

    EBITDA margin expected to normalize to 10-10.5% going forward, lower than Q4 FY26's 15.1%, due to one-time gains from provision reversals and claims in Q4.

    Management acknowledged

  • State Government Payment Delays

    low

    While central government payments are generally on time, some state government projects require caution regarding payment timeliness.

    Management acknowledged

Q&A highlights

4 direct, 1 evasive
Margin expansion drivers and sustainability for Q4 FY26 and going forward. Direct
See, basically, we have done good job. That is the driver. The project has been executed on time, within the budgeted cost and cost monitoring done properly, proper execution and a few of the claims which was pending from the client that has been realized. So put together, margin has improved compared to other financial years. But this will not be a regular phenomenon. It will be around 10% to 10.5% going forward.

Clarifies the one-time nature of some Q4 margin gains (claims, provision reversals) and sets realistic expectations for future margin levels, which will normalize lower.

Asked by Kaushik Doshi

Status and delays of the Vadhvan Port project. Evasive
Vadhvan project, as you know, we have been there for last more than a year because of local issues, which is beyond our control, things are getting delayed. So we want to be settled down there once the things are okay. So it's totally up to the customer when they want to release it, when they open it. Why they are delaying also is not known to us.

Highlights a significant project delay impacting future order book and execution, with management indicating a lack of clear information or control over the resolution timeline.

Asked by Siddharth Shah

Order book contribution from the new Data Center business. Direct
So far, it is around INR3,000 crores we have secured from our group.

Provides specific quantification for a new and growing segment, indicating successful diversification and new revenue streams within the group.

Asked by Siddharth Shah

Details on mobilization advances, specifically the interest-bearing and interest-free portions. Direct
It's INR1,400 crores. Interest-bearing is, I think, around 10% of the total advances as of now. Yes, 90% as of now as on today is interest free.

Clarifies the company's working capital structure, showing a significant portion of advances are interest-free, which is positive for cash flow and cost of funds.

Asked by Bhavin

Impact of raw material inflation on margins and the presence of pass-through clauses in contracts. Partial
Totally it depends upon the terms and conditions that we have. But most of the time, as you see there around 80% of the jobs are provided with a clause where you protect your inflation cost, normal inflation cost, not abnormal inflation cost because of war and all.

Addresses a key sector-wide risk (inflation) and explains the company's contractual mechanisms, indicating that most jobs have some protection, but acknowledges some exposure.

Asked by Bajrang Bafna

Reason for delay in dividend declaration for the current year. Direct
Yes, dividend was supposed to be declared, but there is some delay in our process. It is there. It will be declared very soon. Within a few weeks, it will be declared.

Clarifies a common investor query regarding shareholder returns, assuring that a dividend is forthcoming despite a procedural delay.

Asked by Nipurn Khemka

Company's strategy and comfort level with Jal Jeevan Mission and HAM model water supply projects. Partial
Not really. Provided it is from the group, they bid, they get, then we'll be there as EPC contractors. I mean we'll try to get the EPC contract job. See, this is a totally different ball game. It doesn't depend upon the construction at all. It depends upon the business model. So what group is thinking and all is not known.

Indicates the company's cautious approach to certain project types (HAM water projects) and reliance on the group for such opportunities, suggesting a focus on pure EPC and avoiding asset-heavy models.

Asked by Bhavin

2 min read 6 chapters

Detailed narrative

Strong Q4 and FY26 Financial Performance

Cemindia Projects Limited reported robust financial results for Q4 and full FY26. Q4 FY26 operating income grew 17% YoY to INR2,973 crores, with EBITDA surging 66% YoY to INR450 crores, leading to a significant EBITDA margin expansion to 15.1% from 10.7% in Q4 FY25. For the full fiscal year 2026, total operating income reached INR10,061 crores, marking the first time the company crossed the INR10,000 crore revenue mark, representing a 9% YoY growth. PAT for FY26 increased by 60% to INR598 crores, with an EBITDA margin of 11.9%.

Record Order Book and Robust Inflow

The company achieved a record order book of INR29,000 crores as of April 30, 2026, a substantial increase from INR20,000-21,000 crores in the previous year. This was driven by strong order inflows of INR19,000 crores secured during FY26, significantly higher than the typical INR7,000 crores in prior years. Management also highlighted a substantial pipeline of INR70,000 crores, with 35-40% expected from the group, and has already secured INR4,800 crores in Q1 FY27 (INR3,200 crores in April and INR1,600 crores as L1).

Margin Drivers and Future Outlook

The strong Q4 FY26 EBITDA margin of 15.1% was attributed to efficient project execution, adherence to budgeted costs, proper cost monitoring, and the realization of pending claims and provision reversals. However, management clarified that this elevated margin is not a regular phenomenon and guided for a normalized EBITDA margin of 10-10.5% going forward. For FY27, the company aims for at least 25% revenue growth and targets an order book of INR25,000 crores, with a broader outlook of 20-25% revenue growth for the next 1-3 years.

Strategic Segment Focus and Diversification

Cemindia is actively diversifying its project portfolio. It has secured approximately INR3,000 crores in data center projects from the Adani Group, marking a new division for the company. While marine projects are a limited market, opportunities are anticipated from Vadhvan Port and Bangladesh. The company sees significant prospects in roads, highways, and large-diameter tunnel projects, emphasizing its focus on pure EPC contracts and a cautious approach to asset-heavy models like HAM water projects.

Capital Expenditure and Debt Management

The company reported a capex of INR260 crores for FY26 and projected a higher capex of INR350-400 crores for FY27. Cemindia maintains a conservative debt-equity ratio of 0.18%. A significant portion of its working capital is supported by mobilization advances, with INR1,400 crores outstanding as of March 2026. Notably, 90% of these advances are interest-free, which positively impacts the company's cost of funds.

Project Delays and Inflationary Headwinds

The Vadhvan Port project, a significant opportunity, has been delayed for over a year due to 'local issues' beyond management's control, impacting its commencement. The company also acknowledged inflationary pressures on raw materials. While approximately 80% of its contracts include escalation clauses to mitigate cost increases, some exposure remains. Management also noted that central government payments are generally timely, but caution is exercised with certain state government projects.

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