CEMPRO
Cemindia Projects share price & financials
- Price
- ₹1,252
- Market cap
- ₹21.4k Cr
- Sector
- Construction
- Calls analysed
- 5
CEMPRO Q4 FY26
What went well
- 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.
What to watch
- 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.
What Cemindia Projects Limited does
Cemindia Projects Limited (formerly ITD Cementation India Limited) is an engineering, procurement and construction (EPC) company that designs and builds complex heavy-civil infrastructure, drawing on a 90-year engineering legacy. It executes projects across maritime structures (jetties, berths, breakwaters, dredging), urban infrastructure (metro rail, airports), industrial buildings, data centres, hydro/dam/tunnel and irrigation works, foundation and specialist engineering, highways/bridges/flyovers, and water and wastewater works. It earns fee-based construction revenue by delivering these projects for government bodies, PSUs and private developers across India and select overseas markets, and became part of the Adani Group ecosystem in FY 2025-26.
Segments
- Maritime Structures
- Urban Infrastructure, MRTS and Airports
- Industrial Structures and Buildings
- Data Centre
- Hydro, Dams, Tunnels and Irrigation
- Foundation and Specialist Engineering
- Highways, Bridges and Flyovers
- Water and Wastewater
- Projects under execution
- ~80
- Permanent employees
- 3,187
- Contractual workforce
- 33,621
- Geographic footprint
- 16 states in India; overseas operations in Bangladesh, Sri Lanka and UAE
- Underground metro tunnelling & elevated viaducts completed
- ~40 km
- Highways, bridges and flyovers constructed
- 600+ km
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 3 delivered 2 missed 2 open- FY26 Order Inflow delivered said Q3 FY25 Promised: around ₹12,000-13,000 crores Q4 FY26: Company reported securing INR 19,000 crores in jobs for FY26, significantly beating the final guidance.
- FY26 Revenue Growth missed said Q4 FY25 Promised: 20% to 25% Q4 FY26: Full FY26 operating income growth was 9% YoY, missing the 20-25% target by a wide margin.
- EBITDA Margin revised down said Q3 FY25 Promised: around 9.5% to 10% Q4 FY26: After achieving an exceptional 11.9% in FY26, management reset future expectations downwards to '10% to 10.5% going forward'.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 5.6%, net profit up 2.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,991 | 2,270 | 2,532 | 2,576 | 2,195 +10% | 2,315 +2% | 2,973 +17% | 2,721 +6% |
| EBITDA | 182 | 207 | 255 | 240 | 202 +11% | 222 +7% | 358 +40% | 275 +15% |
| Net profit | 72 | 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.
Performance +56.3% 1Y
1Y: ₹795.85 on 10 Sept 2025 → ₹1,244.3. High ₹1,639.6 (21 Jul 2026), low ₹509.7 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +20.0%
- 30 Apr
- Q3 FY26
- −3.0%
- 5 Feb
- Q2 FY26
- −4.3%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.2% a year over 2 years, FY24 to FY26. Operating margin widened to 10.2%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹7.7k Cr | ₹9.2k Cr | ₹10.1k Cr |
| Operating profit | ₹746 Cr | ₹865 Cr | ₹1.0k Cr |
| Operating margin | 9.7% | 9.4% | 10.2% |
| Interest | ₹218 Cr | ₹231 Cr | ₹214 Cr |
| Depreciation | ₹208 Cr | ₹192 Cr | ₹166 Cr |
| Net profit | ₹275 Cr | ₹372 Cr | ₹598 Cr |
| Net margin | 3.6% | 4.1% | 5.9% |
| ROCE | 27.0% | 28.0% | 33.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.4k Cr |
| Borrowings | ₹458 Cr | ₹560 Cr | ₹766 Cr | ₹889 Cr | ₹982 Cr | ₹1.0k Cr |
| Other liabilities | ₹1.7k Cr | ₹1.9k Cr | ₹3.0k Cr | ₹3.5k Cr | ₹3.6k Cr | ₹3.7k Cr |
| Total liabilities | ₹3.2k Cr | ₹3.6k Cr | ₹5.0k Cr | ₹5.9k Cr | ₹6.7k Cr | ₹7.1k Cr |
| Fixed assets | ₹601 Cr | ₹655 Cr | ₹847 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k Cr |
| Capital work in progress | ₹53 Cr | ₹2 Cr | ₹117 Cr | ₹10 Cr | ₹25 Cr | ₹22 Cr |
| Investments | ₹194 Cr | ₹113 Cr | ₹45 Cr | ₹5 Cr | ₹56 Cr | ₹0 Cr |
| Other assets | ₹2.3k Cr | ₹2.8k Cr | ₹4.0k Cr | ₹4.8k Cr | ₹5.5k Cr | ₹5.9k Cr |
| Total assets | ₹3.2k Cr | ₹3.6k Cr | ₹5.0k Cr | ₹5.9k Cr | ₹6.7k Cr | ₹7.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.07 pp while FIIs trimmed −1.95 pp. The shareholder count shrank 2% to 90,808.
- Promoters
- 67.5%
- FIIs
- 7.3%
- DIIs
- 2.9%
- Public
- 22.4%
Since Jun 2025
- DIIs +2.07 pp
- FIIs −1.95 pp
- Public −0.15 pp
How it drifted, 12 quarters
Over this window promoters went from 46.6% to 67.5% — +20.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 46.6%, FIIs 14.4%, DIIs 3.4%, Public 35.6%.Dec '23: Promoters 46.6%, FIIs 13.9%, DIIs 1.9%, Public 37.5%.Mar '24: Promoters 46.6%, FIIs 17.1%, DIIs 1.8%, Public 34.5%.Jun '24: Promoters 46.6%, FIIs 20.0%, DIIs 2.4%, Public 30.9%.Sep '24: Promoters 46.6%, FIIs 21.0%, DIIs 2.3%, Public 30.1%.Dec '24: Promoters 46.6%, FIIs 17.0%, DIIs 2.6%, Public 33.7%.Mar '25: Promoters 46.6%, FIIs 13.9%, DIIs 6.1%, Public 33.3%.Jun '25: Promoters 67.5%, FIIs 9.2%, DIIs 0.8%, Public 22.6%.Sep '25: Promoters 67.5%, FIIs 8.4%, DIIs 0.7%, Public 23.4%.Dec '25: Promoters 67.5%, FIIs 8.2%, DIIs 1.5%, Public 22.8%.Mar '26: Promoters 67.5%, FIIs 7.3%, DIIs 1.9%, Public 23.3%.Jun '26: Promoters 67.5%, FIIs 7.3%, DIIs 2.9%, Public 22.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Cd Equifinance Private Limited +0.26 pp 1.80% held
- Cohesion Mk Best Ideas Sub-Trust FPI fund +0.08 pp 1.12% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cemindia Projects Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Renew Exim Dmcc | 67.46% | unchanged |
| Cd Equifinance Private Limited | 1.80% | +0.26 pp |
| Hitesh Ramji Javeri | 1.78% | unchanged |
| Cohesion Mk Best Ideas Sub-Trust FPI fund | 1.12% | +0.08 pp |
| Acadian Emerging Markets Small Cap Equity Fund, Ll Global fund house | 1.03% | −0.08 pp |
| Valiant Investment DMCC | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CEMPRO
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+1.1%).
- Held by funds
- ₹17 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹11 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹11 Cr | +0.01 L | Mar '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | +0.01 L | Mar '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Mar '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Mar '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +1,587 shares (+1.1%)
- Funds are sitting on
- +128%
- vs est. average cost
- Held by funds
- ₹17 Cr
- 5 schemes · ≈ 0.08% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹11 Cr · 0.3% of that fund
Shares held by these funds −0%
Mar '26 1.41 L shares Jul '26
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Cemindia Projects Limited
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