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Cemindia Projects
SectorIndustrials
The Quarter story
The two most recent quarterly results, compared side-by-side.
Cemindia secures a robust ₹31,307 Cr order book driven by data centre and urban infrastructure wins, though seasonal billing cycles and rising debt require monitoring.
Consolidated order book grew from ₹18,820 Cr in Q1 FY26 to ₹31,307 Cr in Q1 FY27, securing strong revenue visibility.
Net debt rose from ₹430 Cr in Q4 FY26 to ₹700 Cr in Q1 FY27, indicating higher leverage for project mobilizations.
Orders secured jumped from ₹2,900 Cr in Q1 FY26 to ₹8,519 Cr in Q1 FY27, accelerating the project pipeline.
EBITDA fell from ₹1,199 Cr in Q4 FY26 to ₹285 Cr in Q1 FY27, reflecting seasonal execution and billing cycles.
Data centre order book expanded from ₹1,305 Cr in Q2 FY26 to ₹4,154 Cr in Q1 FY27, capturing rapid infrastructure demand.
Hydro and dams order book declined from ₹1,441 Cr in Q1 FY26 to ₹760 Cr in Q1 FY27, showing project completions without fresh awards.
Water and wastewater order book surged from ₹203 Cr in Q3 FY26 to ₹3,414 Cr in Q1 FY27, reflecting major utility wins.
Client count remained flat at 30 from Q3 FY26 to Q1 FY27, highlighting a stable but unexpanded customer base.
Urban infrastructure order book climbed from ₹4,168 Cr in Q1 FY26 to ₹6,494 Cr in Q1 FY27, sustaining transit and airport projects.
Active projects held steady at 80 from Q3 FY26 to Q1 FY27, indicating consistent execution capacity without scaling up.
Company insights, generated from the most recent coverage.
QIP lead managers are ICICI Securities, IIFL Capital and SBI Capital Markets; the issue allows upsize beyond 90.3 lakh shares, so final raise size could climb toward the earlier ~₹5,000 Cr indication depending on institutional demand.
Adani Group share of the client mix has eased to roughly 50-50 vs external clients, down from ~53% Adani — a gradual de-risking of the single-client concentration that underpins the order book.
QIP opened 14 Oct 2026 at a ₹1,158.58 floor / ₹1,108 indicative price for up to 90.3 lakh shares (~₹1,000 Cr), far below the ~₹5,000 Cr size flagged in Aug — final size unconfirmed; stock trading ~6% above floor signals book-building demand, with allotment/pricing filing the next hard datapoint.
