Construction · NSE: CEMPRO
Cemindia Projects
Q2 FY27 earnings call · Guided by management
Call held 6 Nov 2026 · Read the filing on NSEFiling
- M.Cap
- ₹22,772Cr
- P/E
- 36.5×
- 1Y return
- +61.48%
- From 52W high
- −19.6%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 2,749 | 2,175 | +26.3% | 2,721 | +1.0% |
| EBITDA | 268 | 203 | +31.7% | 275 | -2.5% |
| EBITDA margin | 9.7% | 9.3% | +39 bps | 10.1% | -35 bps |
| PBTProfit before tax | 180 | 146 | +23.4% | 192 | -6.4% |
| Net profit | 131 | 108 | +21.3% | 141 | -7.3% |
| EPS (₹) | 7.60 | 6.27 | +21.2% | 8.20 | -7.3% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures. In Q1 FY27 the filing tags the owners' profit as ₹0 Cr against its own period profit; the period profit less minority interest is shown.
Guidance
Not much more expected this year; guidance kept same as given for H1
Jayanta Basu · Managing Director · Q&A · p. 13
Not much more expected this year; guidance kept same as given for H1
“We don't expect much from this year. I think we'll maintain the same guideline what we have done for H1.”
More figures from the call
“Yes, you may see this scale-up again happening at, say, post 24 months when the large machines are deployed and they start contributing towards the top line.”
“It is not only one or two. There are six, seven jobs are in pipeline. Something will happen. If that doesn't happen, then we have money to spend for something else.”
“If you see the job in pipeline, more or less around INR1.3 lakh crores of jobs are in pipeline at various stages.”
In short
- 01Order book at an all-time high of Rs 32,715 crore; Rs 5,968 crore of orders won since start of Q2.
- 02FY27 order inflow target of Rs 25,000 crore to be achieved and may be crossed.
- 03FY27 revenue growth guidance of 20%-25% maintained; margin guided at about 10% plus.
- 04Management looks to keep a 25% top-line CAGR for at least the next three years.
- 05Rs 1,400 crore raised through a QIP; ratings upgraded by ICRA and CARE, CRISIL assigned AA.
- 06Capex Rs 150 crore so far; Rs 150-200 crore more normally, up to Rs 1,500 crore more if a large TBM job is won.
- 07Data centre revenue expected to pick up from Q4 as electromechanical work starts.
Order book
Orders of Rs 5,968 crore since start of Q2: Rs 3,487 crore in Q2, Rs 2,481 crore in October
Nitesh Sharma · Chief Financial Officer · p. 4
Orders of Rs 5,968 crore since start of Q2: Rs 3,487 crore in Q2, Rs 2,481 crore in October
“Since the start of the quarter, we have secured new orders worth INR5,968 crores, that is INR3,487 crores in Q2 FY27, and a further INR2,481 crores in October 2026.”
Order book at all-time high of Rs 32,715 crore across eight business areas
Nitesh Sharma · Chief Financial Officer · p. 4
Order book at all-time high of Rs 32,715 crore across eight business areas
“That makes our order book stood at an all-time high of INR32,715 crores, with strong revenue visibility as well as diversified across eight business areas”
data center: Four main areas make 62% of order book; data centres about 15%
Nitesh Sharma · Chief Financial Officer · p. 4
data center: Four main areas make 62% of order book; data centres about 15%
“together account for 62% of the order book, with data center contributing around 15%.”
About Rs 15,000 crore of orders secured in first two quarters
Jayanta Basu · Managing Director · p. 5
About Rs 15,000 crore of orders secured in first two quarters
“Already we have secured around INR15,000 crores of job in first two quarters.”
Q2 orders: about Rs 1,000 crore in Andhra Pradesh, Dhamra Port Rs 800 crore, Navy Rs 700 crore
Jayanta Basu · Managing Director · p. 6
Q2 orders: about Rs 1,000 crore in Andhra Pradesh, Dhamra Port Rs 800 crore, Navy Rs 700 crore
“We have got around INR1,000 crores in Andhra Pradesh. We have got Dhamra Port around INR800 crores. Project Varsha for Indian Navy, outer harbor, we have got INR700 crores.”
Segments
Vadhavan Port: Work started at Vadhavan Port after no progress for one and a half years
Jayanta Basu · Managing Director · p. 4
Vadhavan Port: Work started at Vadhavan Port after no progress for one and a half years
“Significant event is Vadhavan Port, which was not progressing for last one and a half year, but now we have started the work.”
Bangladesh: Bangladesh job substantially completed and payment received
Jayanta Basu · Managing Director · p. 4
Bangladesh: Bangladesh job substantially completed and payment received
“Bangladesh job, which was very difficult in terms of political situation, we could be able to complete substantially. Payment received.”
data center: Data centre work in hand Rs 5,000-6,000 crore
Jayanta Basu · Managing Director · p. 8
data center: Data centre work in hand Rs 5,000-6,000 crore
“Regarding data center, so far our work in hand is close to INR5,000 crores-INR6,000 crores.”
data center: Data centre value is about 20% civil and 80% electromechanical
Jayanta Basu · Managing Director · p. 9
data center: Data centre value is about 20% civil and 80% electromechanical
“Normally, civil is 20% in terms of value, and rest is 80% from the electromechanical part.”
data center: Six data centres under work: two at Vizag, four in Mumbai; more started in Gujarat
6data centresJayanta Basu · Managing Director · p. 9
data center: Six data centres under work: two at Vizag, four in Mumbai; more started in Gujarat
6data centres“We have got now one six data centers we are working now. Two at Vizag and four here. There are few more we have just started in Gujarat.”
Demand
Pipeline: marine Rs 25,000 cr, tunnels Rs 25,000 cr, nuclear Rs 25,000 cr, PSP Rs 10,000 cr
Jayanta Basu · Managing Director · p. 5
Pipeline: marine Rs 25,000 cr, tunnels Rs 25,000 cr, nuclear Rs 25,000 cr, PSP Rs 10,000 cr
“Out of that, marine will be around INR25,000 crores, underground metro INR6,000, tunnel, road tunnel and railway tunnel INR25,000, PSP INR10,000 crores, and elevated metro around INR5,000 crores. Nuclear also INR 25,000 crores.”
data center: Data centre order flow expected to keep rising
Jayanta Basu · Managing Director · p. 8
data center: Data centre order flow expected to keep rising
“Many of the other data center we are pursuing with our group. So order flow will be more and more in this segment.”
Rs 1,30,000 crore pipeline is mostly external; group pipeline is in addition
Nitesh Sharma · Chief Financial Officer · p. 8
Rs 1,30,000 crore pipeline is mostly external; group pipeline is in addition
“When you say INR1,30,000 crores of pipeline, this is mostly external what we are talking about.”
group: Addressable share of group's yearly capex about Rs 50,000 crore
Jayanta Basu · Managing Director · Q&A · p. 15
group: Addressable share of group's yearly capex about Rs 50,000 crore
“I think it will be around INR50,000 crores.”
group: Group jobs in data centre, PSP and power plant are in addition to the pipeline
Jayanta Basu · Managing Director · p. 5
group: Group jobs in data centre, PSP and power plant are in addition to the pipeline
“In addition to that, there are a lot of internal jobs from the group, which involve data center, again PSP, power plant, which I have not been sitting here.”
Margins and costs
Q2 EBITDA Rs 280 crore, up 15%; margin 10.2% vs 11.1% a year ago
Nitesh Sharma · Chief Financial Officer · p. 3
Q2 EBITDA Rs 280 crore, up 15%; margin 10.2% vs 11.1% a year ago
“EBITDA of INR280 crores, up 15% Y-o-Y from INR243 crores in Q2 FY26. EBITDA margin of 10.2% compared with 11.1% in Q2 FY26.”
Some jobs including Vadhavan Port not yet at threshold to declare margin
Jayanta Basu · Managing Director · p. 6
Some jobs including Vadhavan Port not yet at threshold to declare margin
“In general, there are few jobs which have not achieved the threshold limit to declare the margin. One of them is Vadhavan Port.”
New jobs expected to convert to margin after one or two quarters
1–2quartersJayanta Basu · Managing Director · p. 6
New jobs expected to convert to margin after one or two quarters
1–2quarters“So all this will convert it to margin after one or two quarters.”
Business margins vary 8%-13% by segment
Jayanta Basu · Managing Director · p. 9
Business margins vary 8%-13% by segment
“It varies 8% - 13%, in that range only. It depends upon the segment.”
data center: Data centre margin not expected above 10%
Jayanta Basu · Managing Director · p. 9
data center: Data centre margin not expected above 10%
“Data center being a job which is not the specialized job, I should say that. You don't expect the margin more than 10%.”
Debt and working capital
Net worth Rs 2,619 crore, net debt Rs 773 crore, net debt to equity about 0.3x
Nitesh Sharma · Chief Financial Officer · p. 3
Net worth Rs 2,619 crore, net debt Rs 773 crore, net debt to equity about 0.3x
“As of September 30, 2026, our net worth stood at INR2,619 crores and net debt of INR773 crores, and net debt-to-equity ratio of 0.3x roughly.”
ICRA upgraded to AA (Stable), CARE to AA- (Stable), CRISIL assigned AA (Stable)
Nitesh Sharma · Chief Financial Officer · p. 4
ICRA upgraded to AA (Stable), CARE to AA- (Stable), CRISIL assigned AA (Stable)
“ICRA has upgraded both long-term and short-term rating with AA (Stable). CARE has upgraded to AA- (Stable) again. And CRISIL has assigned a fresh rating of AA (Stable).”
Bangladesh: No Bangladesh backlog; work done has been paid, balance due soon
Jayanta Basu · Managing Director · p. 7
Bangladesh: No Bangladesh backlog; work done has been paid, balance due soon
“There is no backlog as per the terms of the contract, and whatever work we have done, that has been paid to us.”
Balance sheet has headroom to take on debt to fund growth
Nitesh Sharma · Chief Financial Officer · p. 13
Balance sheet has headroom to take on debt to fund growth
“We have got enough headroom to get leverages now to the desired level what we want to fund our future growth pipelines.”
Working capital 96 days, inventory 28 days
Jayanta Basu · Managing Director · p. 5
Working capital 96 days, inventory 28 days
“Working capital 96 days, and inventory 28 days. These are the parameters which we monitor, and all the parameters are within control or getting better.”
Fund raising
Rs 1,400 crore raised via QIP of 1.26 crore shares at Rs 1,108 each
Nitesh Sharma · Chief Financial Officer · p. 3
Rs 1,400 crore raised via QIP of 1.26 crore shares at Rs 1,108 each
“We raised INR1,400 crores through a QIP, issuing 1.26 crores equity shares at INR1,108 per share.”
QIP money to go mainly to capex, debt repayment, working capital, general purposes
Nitesh Sharma · Chief Financial Officer · p. 4
QIP money to go mainly to capex, debt repayment, working capital, general purposes
“The issue proceeds will be utilized primarily for capex, repayment of certain borrowings, working capital requirement, and general corporate purpose.”
Rs 5,000 crore approval is enabling only, not a committed dilution
Nitesh Sharma · Chief Financial Officer · Q&A · p. 13
Rs 5,000 crore approval is enabling only, not a committed dilution
“No, if you are referring to the enabling approval of INR5,000 crores, that is just an enabling one.”
QIP drew bids of about 2.3x the Rs 1,000 crore base deal size
Nitesh Sharma · Chief Financial Officer · p. 3
QIP drew bids of about 2.3x the Rs 1,000 crore base deal size
“The issue attracted bids of around 2.3x the base deal size of INR1,000 crores from a”
Management
Focus on developing leaders and targeting bigger jobs to grow revenue
Jayanta Basu · Managing Director · p. 11
Focus on developing leaders and targeting bigger jobs to grow revenue
“We are focusing on both of the thing. One is development of leadership and the targeting bigger jobs as markets are available.”
One-offs
About Rs 85 crore additional claim received on Udangudi arbitration
Jayanta Basu · Managing Director · p. 4
About Rs 85 crore additional claim received on Udangudi arbitration
“Like in Udangudi, we have received around INR85 crores, the additional claim, which is significant to our company.”
Risks
Margins at risk from delayed certification and execution start delays
Jayanta Basu · Managing Director · p. 5
Margins at risk from delayed certification and execution start delays
“Margin is always challenge, you know, because sometimes certification gets delayed, sometime you cannot start the execution because of various reason.”
China TBM restriction not an issue; TBMs can come from other countries
Jayanta Basu · Managing Director · p. 10
China TBM restriction not an issue; TBMs can come from other countries
“There are other countries as well from where we can get TBM. That is also we are pursuing that. So China is not an issue at all.”
Company avoids labour-heavy jobs such as buildings
Jayanta Basu · Managing Director · p. 12
Company avoids labour-heavy jobs such as buildings
“We try to avoid consciously the job which involves lot of manual labor, particularly building and some other structure like that.”
ROE may fall in the short term due to long-term capex
Jayanta Basu · Managing Director · Q&A · p. 12
ROE may fall in the short term due to long-term capex
“ROE may fall little bit short term, but definitely it will have major impact going forward in long term.”
Rs 1,500 crore building job needs 2,500 workers; same-size underground metro needs 500
Jayanta Basu · Managing Director · p. 12
Rs 1,500 crore building job needs 2,500 workers; same-size underground metro needs 500
“If we are executing a job of building of INR1,500 crores, we require 2,500 labors. If we are executing a INR1,500 crores underground metro, we require 500 labors.”
Other
Q2 FY27 total operating income Rs 2,749 crore, up 25% from Rs 2,195 crore
Nitesh Sharma · Chief Financial Officer · p. 3
Q2 FY27 total operating income Rs 2,749 crore, up 25% from Rs 2,195 crore
“Taking you to the first quarter two FY27 performance, the total operating income of INR2,749 crores, up by 25% year-on-year basis from INR2,195 crores in Q2 FY26.”
Q2 PAT Rs 131 crore, up 21% from Rs 108 crore
Nitesh Sharma · Chief Financial Officer · p. 3
Q2 PAT Rs 131 crore, up 21% from Rs 108 crore
“PAT of INR131 crores, up 21% year-on-year from INR108 crores in Q2 FY26.”
H1 FY27 EBITDA Rs 565 crore, up 12% from Rs 504 crore
Nitesh Sharma · Chief Financial Officer · p. 3
H1 FY27 EBITDA Rs 565 crore, up 12% from Rs 504 crore
“EBITDA of INR565 crores, up 12% year-on-year from INR504 crores in H1 FY26.”
Q2 revenue about Rs 2,700 crore, 1% above Q1
Jayanta Basu · Managing Director · p. 4
Q2 revenue about Rs 2,700 crore, 1% above Q1
“Otherwise, if you see, this quarter, our revenue is around INR2,700 crores, which is just 1% more than the last quarter.”
Net worth about Rs 2,600 crore, ROE 27%, ROCE 33%
Jayanta Basu · Managing Director · p. 5
Net worth about Rs 2,600 crore, ROE 27%, ROCE 33%
“If you see our net worth is around INR2,600 crores, ROE 27%, ROCE 33%.”
Sources
- Earnings call transcript, Q2 FY27 Filed 11 Nov 2026 · 15 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.