Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Pursuant to Regulation 30(6) of the SEBI (LODR) Regulations, 2015 as amended from time to time.
Source: Bse
Cemindia Projects Limited (CEMPRO)
Large CapInfra stocks · Large cap · NSE
Cemindia Projects Limited (formerly ITD Cementation India Limited) is an Indian infrastructure company with a 9-decade track record. It operates across 8 sectors including Maritime, Urban Infra, Industrial Structures, Highways, Data Centers, Hydro, Foundation, and Water. The company has a presence in 16 Indian states and 3 overseas locations (UAE, Bangladesh, Sri Lanka).
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result28 Jul, 08:15 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -5.0% / mo · MACD + · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
CEMPROD candles · FIT view+80.2%Latest close ₹1168.80 on 2026-10-19
Bar
-2.0%
RSI
44
MACD hist
4.33
52W pos
58%
2026-10-19O ₹1193.00H ₹1204.20L ₹1163.70C ₹1168.80Vol 4.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CEMPRONifty InfraNifty 500
- CEMPRO
- -28.2%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -22.6 pp
Chart stats
19 Oct 2026- From 52W high
- -29.1%
- 52W range position
- 58%
- ATR (14)
- 4.9%
- Volume vs 20D
- 1.06x
- Avg traded value
- ₹47.3 Cr
- 20D price channel
- ₹1,101.3 - ₹1,344.6
₹1,649.2
₹503.3 - ₹1,649.2
₹57.3
Latest completed session
20-session average
39.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average35
Revenue +5.6% · PAT +2.9% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-44.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 35/100Rev +6% YoY · PAT +3% YoY · margin expansion
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,721 Cr | +5.6% | -8.5% |
| EBITDA | ₹275 Cr | +14.6% | -23.2% |
| Operating margin | 10.0% | +100 bps | -200 bps |
| PAT | ₹141 Cr | +2.9% | -41.7% |
| PAT margin | 5.2% | -14 bps | -296 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.70
- P/B
- 8.19
- EV/EBITDA
- 16.93
- Market Cap
- 19699.00Cr
Profitability
- ROE
- 27.80%
- ROCE
- 32.80%
- ROA
- 8.50%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 112.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 68.00%
Balance Sheet
- Debt/Equity
- 0.42
- Interest Coverage
- 4.91×
- Altman Z
- 5.05
- Book Value
- 140.00
Cash Flow
- FCF Yield
- 1.79%
- FCF Positive Y
- 9/5
- OCF
- 500.00 Cr
- EPS TTM
- 35.03
Shareholding
- Promoter Hold
- 67.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,721-8.5% vs prev
Net Profit
₹ CrLatest: 141-41.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 44. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.3% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 132% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
93
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.5%
3M return
-28.2%
6M return
+73.1%
1Y return
+39.6%
RS 1D
-1
RS 20D
-3
Sector rank
#14
Industry rank
#22
Stage evidence
- Price is 6.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.4%.
50-DMA
price below
200-DMA
price above
S2 entered
27 May 2026
S2 age
102 trading sessions
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 150.27-1.40%
RS vs Nifty 500150
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth19/25
Quality19/20
Balance Sheet8/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Fair-value margin of safety is negative at -44.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
32.7
PB
8.2
EV/EBITDA
16.9
ROE
27.8%
ROCE
32.8%
FCF Yield
1.8%
Debt/Equity
0.4
MoS
-44.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-44.5%
Previous: -44.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹332.18
-251.9% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹809.19
-44.5% MoS
PEG
0.35
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AGIIL
Small
Agi Infra Limited
Construction & Engineering
match 87
52
31.9
25.0%
-28%
FAIR VALUE
GPTINFRA
Small
GPT Infraprojects Limited
Construction & Engineering
match 87
59
15.4
17.3%
+33%
FAIR VALUE
JKIL
Small
J.Kumar Infraprojects Limited
Construction & Engineering
match 86
74
8.8
12.4%
+61%
UNDERVALUED
GAYAPROJ
Small
Gayatri Projects Limited
Construction & Engineering
match 86
47
8.0
—
+94%
FAIR VALUE
GLOBECIVIL
Small
Globe Civil Projects Limited
Construction & Engineering
match 86
62
9.7
13.7%
+59%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:55:29.979Z
Management commentary snapshot
Cemindia Projects reports strong Q4 FY26 and full-year FY26 results, driven by robust execution and significant order inflows. Q4 revenue grew 17% YoY, EBITDA 66% YoY, and PAT 114% YoY. FY26 revenue increased 9% YoY, EBITDA 28% YoY, and PAT 60% YoY.
The company delivered strong financial performance in Q4 and FY26, supported by substantial new order wins and a healthy order book. Margin expansion and improved credit profile are positive. However, the reliance on large government/PSU projects and the cyclical nature of infrastructure demand careful monitoring of execution and working capital.
Current business mix
Order Book Share by Sector (as of March 31, 2026)
Latest issuer-disclosed distribution across 8 reported categories.
Maritime Structures33.3%
Urban Infrastructure, MRTS and Airports23.2%
Industrial Structures and Buildings15.7%
Highway, Bridges and Flyovers13.1%
Data Center7.1%
Hydro, Dams, Tunnels and Irrigation4.0%
Foundation and Specialist Engineering2.0%
Water and Wastewater1.6%
Growth engines
Infrastructure Megatrend
PositiveIndia's infrastructure upcycle, with ₹12.22 Lakh Cr allocated in Union Budget 2026-27 (4.4% of GDP), offers massive opportunity.
Diversified Portfolio & Strong Order Book
Positive₹24,545 Cr order book across 8 sectors and 16 states ensures multi-year cash flow visibility and reduces client concentration risk.
Adani Group Synergies
PositiveOperational synergies, shared resources, financial strength, and access to group infrastructure project pipeline in India and overseas.
Data Center Expansion
PositiveRising demand for large-scale energy-efficient data centers driven by AI and digital growth, with Cemindia expanding capabilities.
Capacity and execution
Tunnel Boring Machines (TBMs)
PositiveCompany possesses 7 Tunnel Boring Machines and 3 Micro Tunnel Boring Machines.
Heavy Equipment Fleet
PositiveStrategic equipment base includes 5 Trench Cutters, 120 Cranes, 49 Hydraulic Piling Rigs, 3 Jackup Barges, 42 Batching Plants, and 9 Twin Boom Jumbo Drills.
Tailwinds
Increased Government Capex
PositiveIncreased capital allocation and focused government initiatives are driving infrastructure creation.
Rapid Urbanization
PositiveRapid urbanization leading to significant push towards infrastructure creation, with urbanization rising to 50% by 2047.
Improved Banking System Health
PositiveImproved financial health of India’s banking system supports project financing.
Rising Capital Inflows
PositiveRising private and global capital inflows position the company to scale through partnerships.
Risk radar
Client Concentration
NeutralWhile diversified, the client mix of 36% Government and 6% PSU suggests significant exposure to public sector projects, which can entail payment delays or policy risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth trends and the impact of long-cycle infrastructure projects. Q4 YoY provides insight into recent operational momentum and execution efficiency, which is important for a project-based business.
Sector KPIs management disclosed
Order Inflow (FY26)
PositiveSecured new contracts worth ₹ 14,821 crore in FY26.
Order Inflow (Q4 FY26)
PositiveSecured new contracts worth ₹ 5,144 crore in Q4 FY26.
Order Book (as of March 31, 2026)
Positive₹24,545 Cr Orderbook.
Revenue Cover
PositiveOrderbook of ₹24,545 Cr against FY26 Revenue of ₹10,061 Cr implies ~2.44x revenue visibility.
Management forward view
Scaling through Partnerships
PositiveManagement believes the company is well positioned to scale through partnerships and technical depth.
Data Center Capability Expansion
PositiveThe company is expanding capabilities in the Data Center segment to meet rising demand.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ₹24,545 Cr (as of March 31, 2026) | Sustained order inflow and execution to maintain revenue visibility above 2.5x. |
| EBITDA Margin | 11.9% (FY26), 15.1% (Q4 FY26) | Ability to sustain or improve margins given potential input cost pressures and competitive bidding. |
| Net Debt to EBITDA | 0.36x (FY26) | Maintenance of a healthy balance sheet and further reduction in leverage, especially with ongoing capex. |
| Trade Receivables | ₹1,295 Cr (FY26) | Efficient working capital management and timely collection from clients to avoid cash flow strain. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
135 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Infra: 100th pctile, median 64 · Large: 98th pctile, median 73
Evidence depth
Financial-only
135 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 67.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cemindia Projects Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Sep - ICRA upgraded Cemindia’s credit ratings to AA (Stable) from A+.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Sep - CARE upgraded Cemindia’s ratings: term loans, cash credit, vendor financing and BG/LC to AA- Stable; CP to A1+.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug - Pursuant to Regulation 30(6) of the SEBI (LODR) Regulations, 2015 as amended from time to time.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.